Denied for Citi ThankYou Preferred

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bisbicos
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Location: Newton, MA

Denied for Citi ThankYou Preferred

Postby bisbicos » Fri Aug 26, 2011 10:49 pm

So I was denied the Citi Prefered Card. the reasons posted were
" Your credit report shows your accounts have a low credit
limit."

and

"Your credit report shows too many accounts with balances."

What does this mean? does Citi bank only offer a minimum credit line that is too high for me?

also is there any way to contact Citi bank and have them reconsider me? I have been a loyal customer for over a year now, always pay on time, and carry a balance. They also approved me for a credit line increase in June
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Zync NPSL
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink


zapper_89
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Joined: Thu Aug 25, 2011 8:51 pm
Location: South Bend, IN

Postby zapper_89 » Fri Aug 26, 2011 11:07 pm

Citi: 888-201-4523 (New App Approval Status)
Citi AA: 888-662-7759
Citi App Status: 800-645-7240, 800-288-4653, 800-750-7453
Citi: 800-444-2568 (Retention Dept.)
Citi: 800-763-9795 (Credit Dept.)
Citi Credit Bureau Dispute Fax: 866-713-5028

Call and try to persuade them to give you a small limit. It can't hurt to try!

ooxs
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Location: Michigan

Postby ooxs » Sat Aug 27, 2011 1:19 am

Approval and Credit Limit for this card is determined by your yearly income or assets. They’re picky with specific cards however I will recommend you write them instead of calling, this way you can express your interest and your loyalty.

JNK
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Location: USA

Postby JNK » Sat Aug 27, 2011 8:58 am

It's also determined in general by your credit score and report and this is what the rep said generally translates into:

- too many accounts with balances = your debt to credit ratio is negatively impacting your credit score

- accounts with small credit limits = potential indication of your income level and/or that you are still kind of "new" in establishing your credit history and/or have not established any big ticket credit in the installments department

Also, Citibank is famous for not wanting their current customers to have too many credit cards/carry too much debt. Despite the fact that my debt to credit ratio wasn't even 10% for my Citicard and despite the fact that I have excellent credit and have maintained excellent credit for the last 7 years, I still got the preapproved account paydown offer for the chance to pay down my card with Citibank matching my payments up to 30% or whatever it was in exchange for the card's limit being cut.

When I called them after seeing the email and website notification, they apologized to me for sending me out the mailer and when I asked them who the mailer had been geared towards and why I had received one out of the blue, they told me that they had a lot of customers who had multiple lines of credit open with them with high debt to credit ratios and so were giving incentives to help them pay the debts off. I asked if Citibank would think it bad if I wanted to apply for one of their other cards and they said 2 shouldn't matter, but more than two can become kind of iffy.

I have a business card with Chase and Chase told me the same thing, but in a much less polite manner.
Personal Collection:

AMEX: Everyday (MR), Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)


Business Collection:

AMEX: Costco True Earnings
MASTER: None
VISA: Chase Ink Cash

ooxs
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Posts: 304
Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Sat Aug 27, 2011 10:40 am

I completely agree with you JNK that is a few of the reasons I dislike Citi and shy away. I have the Forward card that mailed me without applying, a few weeks ago a representative called me wondering why i was not using my card; i explained them her that the credit limits on the card was an inconvenience for me. She was extremely polite, sound cute and i enjoyed her funny conversation skills, she asked me what card i was using and i told her that i have and regularly use Discover Card & Flex from US bank. They were offering 0% balance transfer and after almost doubling my credit limit i took advantage of it. I will not go out of my way for a citi card

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bisbicos
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Posts: 284
Joined: Sun Jul 17, 2011 12:38 am
Location: Newton, MA

Postby bisbicos » Sat Aug 27, 2011 2:54 pm

Thanks for the advice guys. I'm going to try and call Citi on monday
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Zync NPSL
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink

ooxs
Centurion Member
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Posts: 304
Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Sat Aug 27, 2011 3:59 pm

Good Luck Bis, i am sure it is going to work out. Remember you are only taking YES for an answer :)



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