I applied for a business credit card, and was declined due to "too many inquiries" on my account.

I've had exactly 1 inquiry on my credit file.

I have no debt, whatsoever.

I have a FICO score ranging between 839 and 850.

I have ample cash reserves, as well as a variety of other liquid assets.

Obviously no collections, public records, etc.

In other words, pretty much a perfect credit rating.

Not for Citi. I escalated this to their senior management, and was told "I had too many inquiries". Challenging this, the (rather rude) agent told me that THEIR credit report showed 'way too many' to be approved. I asked for a copy of this, and they refused.

In my correspondence to Citi, I attached a copy of my credit report which backed up my claims.

Is there any rhyme or reason to this?