jwgmaldives

Was just denied for a Citi Hilton 75k Card...the reason being too many inquiries in the past 6 months. They pointed to:

one in May (CSP)
one in June (Citi Premier)
two in July (Amex Gold and Chase Hyatt)

When I called recon, they told me that it was the closeness in trend of the inquiries that concerned them...even though I explained to them that I had to take out a mortgage and was forced to close all of my credit cards as part of the loan agreement (which FYI Capitalone will require you to do)...but no budge. Recon girl was very nice and spend an hour chatting with me, but in the end said there is nothing they can do (even after checking genuinely with a supervisor) as it is their policy (note policy, not system coded). They would not give me a magic number when I pressed for it.

Now, the new Chase rule is for ACCOUNTS OPENED, and is for 24 months. The Citi rule focused on INQUIRIES (for credit only), and is for 6 months. Together with the Amex personal card once in a lifetime rule, these could be lethal.

My plan is to sit for 2-3 months and be a good boy...unless you guys have any ideas?

sdsearch

Welcome to FlyerTalk, jwgmaldives.

This is not cracking down, and this is nothing new. Citi has used 6 months for inquiries (shown on whichever bureau they pull) for over a decade. The most common limit has been 6 inquiries in 6 months, but YMMV.

Also, you're wrong about the Chase rule. The even newer chase rule is no new UR cards (CSP, Freedom, etc) for you at all if you opened 5 or more cards with any banks in the past 24 months. (This is not based on inquiries, it is based on looking at opened accounts on your credit report.)

Btw, if a mortgage company really required me to close all my credit cards (including the ones I've had for 20 or 30 years), I'd walk to another mortgage company. I've never heard of a demand from any credit company to close my 20 or 30 year-old cards from another bank! Was your credit really poor that they demanded this of you? Would lowering the CL on those cards not have sufficed?

pstravels

Can you provide a data point on Credit Score, and Average age of Accounts?

Thanks!

Blueskyheaven

I would say F U to that lender that says you need to close all your cards that with long history. Doing so may make that particular lender happy but will also destroy your credit.

ninim2200

I have applied 3 days ago for a platinum card and was approved, i had a citi card for every month of this year total 7, this was #8, i still got approved, there are many reasons for a bank to deny you a credit card, credit score, inquiries, credit limit exposure, income, credit history...etc. your case is just a YMMV and my case as well, no generalization here on new policies or new crack downs, city crack down is the 18 months rule that they started late of last year, before you apply next time, make sure to follow the 8/65 rule, and lower your CL prior to your application, and may be take a break from applying if you wish.

jwgmaldives

722 FICO, but due to the card closings I only have a 6 month credit history.

I bit the bullet on the mortgage because I got a rock bottom rate and it was for my first home...but believe me it hurt.

I have been adhering to the 8/65 rule as well as the 18 month rule...I did not realize that Citi had this inquiry policy though >.<

Btw, I tried to utilize Experian's free credit report following adverse action, but was told, via automated service, that I must mail in a lot of info to get it...isn't that against the law? I have seen a lot of complaints about Experian's online services, but no one seems to be doing anything about it.

Thanks for the help!

Hank Scorpio

This doesn't really sound like new behavior from Citi...was the premier your first Citi card? Early last year they gave me a hard time about not having a Citi account for long enough when I applied for a a second Citi card about 3 months after my first. Seems a little similar to your scenario if that's the case, and if it works out anything like mine, the good news is that I went on applying for other cards in the meantime and in just two more months I got another Citi card without a problem.

Big_Foot

Geezee... FACEPALM... I would deny you too.

mia

This doesn't sound accurate. Closed accounts should remain on your account for about a decade.

neutralist

I would like to know which mortgage company require people to close CC accounts especially if they are zero-balances. You only ask to close CC account if your backend DTI is just above 43% and paying off the CC brings it below 43%. (AFAIK this is a Fannie Mae underwriting requirement. If your lender uses Freddie Mac there is no such condition.)

jk2

I would say that who is really cracking down in recent inquiries is BoFa. They never did before but now despite of anything they are not willing to approve new apps for Alaska or virgin cards.

mia

Apparently CapitalOne, but I doubt it is their broad practice.

pstravels

6 mo's is really low. that's probably why and not due to the inquiry reason.