Denied BlockFi Bitcoin Card

[Times]

Thought I would test the waters since they dont do a hardpull unless you accept their offer. Well, no offer for me at all, I was denied for the following reason:

"Insufficient number of credit references provided"

I guess they want to see me have more credit cards than what I have now. I technically only have 2 personal CC and 1 business CC. 

I do have over $5k with BlockFi and was planning to put more if approved. Guess that didn't matter tho

My other goal card of Amex plat is put on hold as Morgan Stanely version no longer waives the AF for the first year. So, I am not sure what cards make sense for me atm. 

[4sallypat]

Bummer to hear - I thought BlockFi was trying to gain business by issuing more cards to keep customers in their ecosystem..

I am the opposite of you:

Thick old file, lower scores than you, Tomo hates me (dropped their $500 card last month for the X1), and $0 in BlockFi wallet (trying to figure out how to transfer from SoFi & Venmo crypto)....

But got $8K SL approved - figure that one out!

[justjac2]

I tried the pre-qualifier a few weeks ago and was denied due to excessive obligations related to my income. I didn't think 26% (including mortgage) was excessive but that's fine.

[FinStar]

---

@4sallypat wrote:

Bummer to hear - I thought BlockFi was trying to gain business by issuing more cards to keep customers in their ecosystem..

I am the opposite of you:

Thick old file, lower scores than you, Tomo hates me (dropped their $500 card last month for the X1), and $0 in BlockFi wallet (trying to figure out how to transfer from SoFi & Venmo crypto)....

But got $8K SL approved - figure that one out!

I'm sure their strategy is much different than most traditional lenders, and like other Fintechs, they can afford to be selective by acquiring the right customer base.

[MrT_521]

---

@4sallypat wrote:

I thought BlockFi was trying to gain business by issuing more cards to keep customers in their ecosystem..

---

Does BlockFi have anything to do with approvals? I am under the impression that Deserve takes care of that.

I don't know though...

[Anonymous]

BlockFI doesn't seem to factor in how much cash you have invested with them. I was denied a card with $200k of investments. No defaulted payments in my CRs, but I didn't have enough of an established history.

[Times]

---

@4sallypat wrote:

Bummer to hear - I thought BlockFi was trying to gain business by issuing more cards to keep customers in their ecosystem..

I am the opposite of you:

Thick old file, lower scores than you, Tomo hates me (dropped their $500 card last month for the X1), and $0 in BlockFi wallet (trying to figure out how to transfer from SoFi & Venmo crypto)....

But got $8K SL approved - figure that one out!

Congrats! Did you get approved on your first try? 

Seems blockFi lets anyone reapply as much as they want after denial message. Wonder how easy it is after making adjustments 

[RehabbingANDBlabbing]

I can confirm that they hate negative accounts. Even after I paid down a lot of my revolving balances, they still denied me for "past or present delinquencies" with a score of 686.

[Times]

If anyone intially got the "Insufficient number of credit references provided" message and managed to get approved, please share what you did!  


Been trying different things with no luck

[FinStar]

---

@Times wrote:

If anyone intially got the "Insufficient number of credit references provided" message and managed to get approved, please share what you did!  


Been trying different things with no luck

---

@Times- not sure if your signature is up-to-date, but are these the only 2 revolving or personal tradelines reporting on your CRAs?

Credit Cards:
Self lender: $1.6k
Tomo Credit: $5k

Do you have any closed accounts, or any active installment loans?