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Cutibank and 100,000 SUB Returns

RickNATL
Established Contributor
Message 1 of 8
7 REPLIES 7
4sallypat
Frequent Contributor

Re: Cutibank and 100,000 SUB Returns

Interesting read and true as I am seeing more and more card invites in the mail - mostly from Citibank and BofA.

 

Nothing from Chase - I guess the last failed app may have spooked both of us ?

Message 2 of 8
designated_knitter
Established Contributor

Re: Cutibank and 100,000 SUB Returns

Now if Citibank would just return my 1000 dollar deposit they have been holding on to for nearly 2 years for my secured card!

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 3 of 8
PaHi808
Valued Member

Citi & Chase Easier Approval?

Does this mean that it is now easier to obtain a Citi Core Card? Such as, they won't deny you for stupid reasons like "too many inquiries" or "lack of any RE credit"? Lol

 

Does this also make it likely that Chase may lift it's 5/24 rule? Or BofA may loosen their Requirements?

 

https://www.bloomberg.com/news/articles/2021-04-15/credit-card-king-eyes-comeback-as-100-000-point-b...

Message 4 of 8
Remedios
Moderator

Re: Citi & Chase Easier Approval?


@PaHi808 wrote:

Does this mean that it is now easier to obtain a Citi Core Card? Such as, they won't deny you for stupid reasons like "too many inquiries" or "lack of any RE credit"? Lol

 

Does this also make it likely that Chase may lift it's 5/24 rule? Or BofA may loosen their Requirements?

 

https://www.bloomberg.com/news/articles/2021-04-15/credit-card-king-eyes-comeback-as-100-000-point-b...


Those denial reasons aren't stupid.

From lenders perspective, they are some of the most valid reasons.

 

Anyway, nope, that's not what it means.

Chase's restrictions were put in place to curb churning, and they are rather effective. Their business grew since they were imposed, they have no reason to change them. 

 

Citi, totally profile driven. Some cannot get approved with 0 inquiries, others have no issues with HPs in double digits. 

 

Also, better the SUB, higher demand, lender can be pickier than usual (simple UW tweak for them). 

Best thing you can do is stop trying to apply for everything under the sun and moon. Then in time you will have options based on your CR, not on news article. 

Undead Danny Trejo looks strangely like dead Danny Trejo, who looks exactly like alive Danny Trejo. Thanks, Netflix!
Message 5 of 8
PaHi808
Valued Member

Re: Citi & Chase Easier Approval?

@Remedios 🤔 I only have 3 inquiries total in 12 months. And only 1 was for a denied app. I'm not a person who applies endlessly. So not sure where that came from? But BoA denied me for "lack of RE credit" and that doesn't make sense to me on many levels. 1) A huge portion of people don't WANT to buy a home and LIKE renting. 2) Some people OWN but did NOT use a mortgage (i.e. inheritance, buy cheap & remodel, etc.) 3) Some (older) people DID finance, but have since PIF and it has aged off...

 

So that seems like a dumb thing to factor into a CC app...

Message 6 of 8
Remedios
Moderator

Re: Citi & Chase Easier Approval?


@PaHi808 wrote:

@Remedios 🤔 I only have 3 inquiries total in 12 months. And only 1 was for a denied app. I'm not a person who applies endlessly. So not sure where that came from? But BoA denied me for "lack of RE credit" and that doesn't make sense to me on many levels. 1) A huge portion of people don't WANT to buy a home and LIKE renting. 2) Some people OWN but did NOT use a mortgage (i.e. inheritance, buy cheap & remodel, etc.) 3) Some (older) people DID finance, but have since PIF and it has aged off...

 

So that seems like a dumb thing to factor into a CC app...


It came as a general recommendations for those aiming for cards where lenders any have certain sensitivities. I can respond to your post while including general info and not just things applicable to you, since it's not you as a topic here, but instead, news article. 

 

Reasons you mention are common for younger and thinner files, its a round about way of telling you "not enough history there, not enough different types of accounts" so it's not a dumb thing. In time, you wont see those reasons

Undead Danny Trejo looks strangely like dead Danny Trejo, who looks exactly like alive Danny Trejo. Thanks, Netflix!
Message 7 of 8
Dumbee
Established Contributor

Re: Citi & Chase Easier Approval?


@PaHi808 wrote:

@Remedios 🤔 I only have 3 inquiries total in 12 months. And only 1 was for a denied app. I'm not a person who applies endlessly. So not sure where that came from? But BoA denied me for "lack of RE credit" and that doesn't make sense to me on many levels. 1) A huge portion of people don't WANT to buy a home and LIKE renting. 2) Some people OWN but did NOT use a mortgage (i.e. inheritance, buy cheap & remodel, etc.) 3) Some (older) people DID finance, but have since PIF and it has aged off...

 

So that seems like a dumb thing to factor into a CC app...


@PaHi808 
It may sound random but it's more like a algorithmic segmentation, an example like:

 

BoA deposits/relationship = 0, then if

FICO >=600 and 680<=
And 

Open bankcards in lst 12 mo >=2

Open RE trades = 0, then deny application

 

If it wasn't for no RE trade you may well have or not been denied for another reason, however, lenders aren't required to list all of them IIRC

 

Obviously there's much more factors going on but generally UW algorithms for these large banks segment people based on things like relationship, risk score, credit, for approval and then a segmentation of similar factors to calculate  ability to pay for CL assignment and minimum approval guideline


Smiley Embarassed
Personal/40.15K Biz/23K POT/17K
Message 8 of 8
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