Declined by Citi (too many inquiries).

Old Oct 18, 2023, 10:36 am
  #1  
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Declined by Citi (too many inquiries).

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?
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Old Oct 18, 2023, 11:19 am
  #2  
mia
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Citi stated "Too many inquiries". The other factors that you listed do not seem to be directly relevant. Citi is looking for customers who will use cards ongoing. Do you have a history of opening cards, using them only to earn a new account bonus, and then letting them go dormant?
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Old Oct 18, 2023, 12:59 pm
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Short answer is 'no'.

I don't see how a 'perfect' credit rating, high income level, zero debt, multiple properties owned - paid in full - and several million of $ cash on hand DON'T apply??? And to that point, 'too many inquiries' is the reason given - how is that related to opening a card and letting it go dormant?

There is a high spending threshold (to which I've agreed) to qualify for the miles, so what's the problem????
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Old Oct 18, 2023, 1:21 pm
  #4  
mia
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Originally Posted by rrz518
....'too many inquiries' is the reason given - how is that related to opening a card and letting it go dormant?
People with a high number of credit inquiries have probably opened a larger number of accounts, and may not use all of them on a regular basis. Citi is a mass market issuer. They are not interested in individual circumstances. An algorithm predicts that you are unlikely to be a profitable customer.

Which Citi business card requires a high amount of spending to earn the new account bonus?
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Old Oct 18, 2023, 1:48 pm
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Originally Posted by mia
People with a high number of credit inquiries have probably opened a larger number of accounts, and may not use all of them on a regular basis. Citi is a mass market issuer. They are not interested in individual circumstances. An algorithm predicts that you are unlikely to be a profitable customer.

Which Citi business card requires a high amount of spending to earn the new account bonus?
I have exactly 1 (one) inquiry on my account. In the past 5 years - 1 inquiry. I'm very careful about my credit, hence the 839 average score. It has gotten to 850 on occasion.

It's a business card with I believe an 80K points bonus, and one must spend about 6K over a few months. May be higher, doing this from memory.
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Old Oct 18, 2023, 2:07 pm
  #6  
mia
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If you have only authorized one credit inquiry in five years, but Citi is reporting "too many", I would order copies of my reports to verify that there is not any unauthorized activity.
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Old Oct 22, 2023, 5:01 pm
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Originally Posted by rrz518
I have exactly 1 (one) inquiry on my account.
Are you adding up the inquiries on all 3 credit reports (Equifax, Experian, Trans Union)? Inquires are issued to a specific credit agency, and which agency that is can depend on the bank as well as on other things.

So while you generally only need to look at one of those 3 credit reports to see your open card accounts, you need to look all 3 to see how many inquiries are on each.
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Old Oct 24, 2023, 8:26 pm
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Just applied for the Citi AA Business MCard and got denied. On the screen where I was informed of the denial, there was a number listed that I could call if I had further questions. When I called, the automated system told me that the primary reason for the denial was the length of time my accounts had been established according to the credit report. I then called two other reconsideration lines that I found on the web and got a different recording that mentioned the denial reason as the time since my last trade line had been established.

My LLC is less than 3 years old, and I input my SSN on the application (apart from the FEIN for my LLC).... just trying to understand if they only pulled credit on the LLC....? Because my personal credit profile has various accounts that have been opened for at least 3 years.... my average FICO score is 760 (personal credit).

Bummed out that I got denied (of course), but trying to understand what I can do better next time...? Im thinking of perhaps calling again tomorrow and hope to be able to speak to a Human Agent and try to get more details.... perhaps they can reconsider if I send them proof of my overall relationship with Citi and provide more information on the other trade lines I have for my LLC...?

Any insight/tips would be appreciated. Thanks !!
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Old Nov 2, 2023, 5:32 pm
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Update on my (initially) declined application for the Citi AA Business Card.

After trying to work with the reconsideration line and striking out, I reached out to the Citibank Branch and requested assistance from the Banker assigned to my account. Turns out that Citi has a specific procedure for CitiGold customers, I had to fill out some paperwork and my Banker filed a request for reconsideration. 48 hours after this was submitted, my application was approved.
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