So, what you're basically saying is that Citibank turned me down for some stealth reason — it could be anything from "We don't accept people who have opened new credit cards in the past 90 days" to "We don't like people with Hispanic-sounding names." Then, Citibank sent me an adverse action letter that contained "reasons" that really have little or no bearing on the real reason I wasn't approved. Is that an accurate summary of your position on the matter?
No, she's saying you were likely denied for the recent/excessive (to Citi) credit seeking and/or they simply may not be willing to extend you any more credit.
Lenders are required by law to give you *a* reason for denial, but it may not be the main reason. And as great as your score is, it isn't everything, as already explained.
Also, just because you get a pre-approval, it doesn't guarantee an approval when a full application is ran.
@Remedios wrote:
@Zosimus wrote:So, back to my original question: If 814 isn't good enough, what kind of a score does someone need to get?
Score is not as relevant as you think.
Two credit profiles:
Person A: 13 months credit history, 3 credit cards always paid in full, one SSL loan for $3,000.
Person B: 20 years credit history, 25 credit cards always paid in full, one mortgage paid down 80%.
These profiles have around the same score ~ 790 while telling completely different credit stories.
If you have to manually argue to an underwriter who should get a new credit product or loan, I'm fairly sure you'd give it to person B as opposed to person A.
How many new accounts do you have? How new are those accounts?
@GZG wrote:
@Remedios wrote:
@Zosimus wrote:So, back to my original question: If 814 isn't good enough, what kind of a score does someone need to get?
Score is not as relevant as you think.
Two credit profiles:
Person A: 13 months credit history, 3 credit cards always paid in full, one SSL loan for $3,000.
Person B: 20 years credit history, 25 credit cards always paid in full, one mortgage paid down 80%.
These profiles have around the same score ~ 790 while telling completely different credit stories.
If you have to manually argue to an underwriter who should get a new credit product or loan, I'm fairly sure you'd give it to person B as opposed to person A.
How many new accounts do you have? How new are those accounts?
I've been in the United States since 2017. I'm not going to say exactly how, because it violates MyFico's terms of service to discuss these things, but I was added as an authorized user to someone's account, giving me an 812 credit score. On the strength of this score, I got a credit card with Utah Community Credit Union, overdraft protection with Utah Community Credit Union, a credit card with Barclays, a Credit Card with Security Service FCU, and a credit card with HSBC. So, my oldest "legit" account is from June 2017.
I currently have 32 open tradelines, so that's an average of about 6 new tradelines per year or about one every 2 months. I have opened 5 tradelines in the last 24 months. So, looking at it that way, my rate of application has slowed to one new tradeline every 4.8 months. My most recent tradeline was opened two months ago — a Discover card. According to Credit Karma, I owe $15,173 on my $131,400 credit limits.
I have two paid, closed installment loans for autos. I have one open installment loan for an auto, which was opened in June 2020. I currently owe 32.7 percent of the starting balance on that. The payment amount is $146.34 a month. It will be paid off in 1.54 years, if my spreadsheet is right. I also have two open business installment loans, which show up on my personal credit.
Never late on anything. 3 TUC inquiries in the last 24 months. 0 Equifax inquiries in the last 24 months. AAoA 3y6m. Total debt $222,234.21.
They likely don't factor AU cards into their criteria, so the age of your oldest account, average age of accounts, and especially the age of your newest account would be working against you, regardless of your actual score.
CC companies tend to use stricter criteria for handing out their top tier card.
The online applications are completely automated, so it could be that you just didn't tic one of the boxes for approval.
In cases like that, you could be successful with calling them on the phone and asking a human to reconsider it.
@Zosimus wrote:I recently got a preapproved offer from Citibank, a place where I have two cards already. I applied, but got turned down. Well, yesterday, I got the adverse action letter. By way of reference, they pulled TransUnion. Here's what I know about my TUC score.
The adverse action letter claimed that they have a scoring model that goes as high as 900. I scored 814. That's not high enough.
I can only assume this is FICO 09.
What score does one need to qualify for credit under such a model?
What are the reasons they cited for the denial? It has nothing to do with your score.
@Zosimus wrote:
@GZG @CYBERSAM @CreditCuriosity @SweetCreditObsession @OmarGB9
The 3 items listed as what they "found" are the reason your application was denied.
@Zosimus wrote:
@GZG wrote:
@Remedios wrote:
@Zosimus wrote:So, back to my original question: If 814 isn't good enough, what kind of a score does someone need to get?
Score is not as relevant as you think.
Two credit profiles:
Person A: 13 months credit history, 3 credit cards always paid in full, one SSL loan for $3,000.
Person B: 20 years credit history, 25 credit cards always paid in full, one mortgage paid down 80%.
These profiles have around the same score ~ 790 while telling completely different credit stories.
If you have to manually argue to an underwriter who should get a new credit product or loan, I'm fairly sure you'd give it to person B as opposed to person A.
How many new accounts do you have? How new are those accounts?
I've been in the United States since 2017. I'm not going to say exactly how, because it violates MyFico's terms of service to discuss these things, but I was added as an authorized user to someone's account, giving me an 812 credit score. On the strength of this score, I got a credit card with Utah Community Credit Union, overdraft protection with Utah Community Credit Union, a credit card with Barclays, a Credit Card with Security Service FCU, and a credit card with HSBC. So, my oldest "legit" account is from June 2017.
I currently have 32 open tradelines, so that's an average of about 6 new tradelines per year or about one every 2 months. I have opened 5 tradelines in the last 24 months. So, looking at it that way, my rate of application has slowed to one new tradeline every 4.8 months. My most recent tradeline was opened two months ago — a Discover card. According to Credit Karma, I owe $15,173 on my $131,400 credit limits.
I have two paid, closed installment loans for autos. I have one open installment loan for an auto, which was opened in June 2020. I currently owe 32.7 percent of the starting balance on that. The payment amount is $146.34 a month. It will be paid off in 1.54 years, if my spreadsheet is right. I also have two open business installment loans, which show up on my personal credit.
Never late on anything. 3 TUC inquiries in the last 24 months. 0 Equifax inquiries in the last 24 months. AAoA 3y6m. Total debt $222,234.21.
Most likely the denial reason was because of too many new cards in too short a time. If it's important to you get a Citibank card, you should avoid other applications for awhile.
@SouthJamaica wrote:
@Zosimus wrote:
@GZG wrote:
@Remedios wrote:
@Zosimus wrote:So, back to my original question: If 814 isn't good enough, what kind of a score does someone need to get?
Score is not as relevant as you think.
Two credit profiles:
Person A: 13 months credit history, 3 credit cards always paid in full, one SSL loan for $3,000.
Person B: 20 years credit history, 25 credit cards always paid in full, one mortgage paid down 80%.
These profiles have around the same score ~ 790 while telling completely different credit stories.
If you have to manually argue to an underwriter who should get a new credit product or loan, I'm fairly sure you'd give it to person B as opposed to person A.
How many new accounts do you have? How new are those accounts?
I've been in the United States since 2017. I'm not going to say exactly how, because it violates MyFico's terms of service to discuss these things, but I was added as an authorized user to someone's account, giving me an 812 credit score. On the strength of this score, I got a credit card with Utah Community Credit Union, overdraft protection with Utah Community Credit Union, a credit card with Barclays, a Credit Card with Security Service FCU, and a credit card with HSBC. So, my oldest "legit" account is from June 2017.
I currently have 32 open tradelines, so that's an average of about 6 new tradelines per year or about one every 2 months. I have opened 5 tradelines in the last 24 months. So, looking at it that way, my rate of application has slowed to one new tradeline every 4.8 months. My most recent tradeline was opened two months ago — a Discover card. According to Credit Karma, I owe $15,173 on my $131,400 credit limits.
I have two paid, closed installment loans for autos. I have one open installment loan for an auto, which was opened in June 2020. I currently owe 32.7 percent of the starting balance on that. The payment amount is $146.34 a month. It will be paid off in 1.54 years, if my spreadsheet is right. I also have two open business installment loans, which show up on my personal credit.
Never late on anything. 3 TUC inquiries in the last 24 months. 0 Equifax inquiries in the last 24 months. AAoA 3y6m. Total debt $222,234.21.
Most likely the denial reason was because of too many new cards in too short a time. If it's important to you get a Citibank card, you should avoid other applications for awhile.
@Zosimus Would also suggest not renting trade lines...
Dont assume a Trillion dollar international corporation isn't smart enough to figure out what you are doing.
