Is their any logic to credit ?

Anonymous · ‎08-21-2015

My question is about credit score and how much it really matters. I seem to have pretty good credit I have several cc's. I was just denied a new card from Citibank whom just gave me the simpliciti card a few months ago with 0% int for 21 months with a CL of $2200. I also have a few AMEX cards and they approved my app for a Hilton card a few days after Citi wouldnt give me there Hilton card with a $2000 limit ? I have 2 other Sears card's which are from citi that ive had in good standing for years, so I was very shocked that I wasnt approved for the Hilton card even if it had a low limit. I read online that someone else had a similar situation with citi I belive and called and asked them to lower the limit on one card to gain approval for that other which they say they did. So with that being said my ? is Do they have a formula that I should be abiding by other than dont pay late or miss payments or use too much of your avalible credit. Or is it just American Express approved me because I have a good history with them vs Citi not having a long enough history on a non store branded card even though one of my Sears cards is a MC ? Any info would be appreciated I'm always looking to improve my credit and also get the advanteges good credit gives you im going to get 2 free rt flights from delta b/c of good credit and possibly almost 3 free nights at Hilton { but could have been 7 with other card } I was also told to call them after I get letter explainig why I was denied and let them know that AMEX approved me and i had this score and great payment history and that they would probably app me but not sure how true that is ? Thanks in advance for the info.

mitchblue · ‎08-21-2015

Many many things. Don't forget inquiries.. some places don't want to see more than a few. Have a healthy AAoA helps as well.. Just so many things.

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)

takeshi74 · ‎08-21-2015

@Anonymous wrote:
My question is about credit score and how much it really matters.

It's used in credit decisions but it's not the only consideration.

@Anonymous wrote:
I was just denied a new card from Citibank whom just gave me the simpliciti card a few months ago with 0% int for 21 months with a CL of $2200. I also have a few AMEX cards and they approved my app for a Hilton card a few days after Citi wouldnt give me there Hilton card with a $2000 limit ?

Your credit profile is not static. Adding new accounts affects your credit profile. Depending on your profile a given a creditor may only be comfortable with a certain level of activity as far as adding new accounts is concerned. Just because creditor A approves you for a new card with $X limit doesn't mean that they will continue to approve you for new cards with $X limit. It also means nothing with regard to whether or not creditor B will approve you and for what limit.

None of that means that your score doesn't matter. It just means that creditors have different underwriting critieria. Don't assume that they're all identical.

@Anonymous wrote:
is Do they have a formula that I should be abiding by other than dont pay late or miss payments or use too much of your avalible credit.

We can't tell you what each creditor's specific criteria are. However, the standard factors for FICO scoring and a rough guide to their relative weights are known. This is just a starting point and doesn't cover everything.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

While it's not just a matter of score you can use such info as a guideline on improving your credit profile.

@Anonymous wrote:
I was also told to call them after I get letter explainig why I was denied and let them know that AMEX approved me and i had this score and great payment history and that they would probably app me but not sure how true that is ?

Again, creditor A's underwriting criteria are irrelevant for any creditor aside from creditor A. Use the denial reason(s) as a starting point and keep in mind that they're not always quite so straightforward. A common one is "inquiries" which should read "inquiries for your credit profile".