Dylan1982 wrote:Hey CC Deville, I thought you would get a kick as to why GM Card denied my CLI.
Then sent me my rejection letter, it says my score is a 727 (not sure which bureau they used?) As a week earlier my credit score is a 676 with Trans Union.
Anyways, here is why I was denied..
Payments are low compared to balance owed. Balance in relation to amount of payments number of inquiries
Say what? In english, lol...
Sorry! Yeah, it looks like they wanted to see higher payments. Well...they are about to get their wish! LOL. Watch you get an auto CLI after you transfer the balance
It is unfortunate that the banks have models in place that take some of the human aspect out of it. For instance, they must have a risk model that indicates that there is a higher likelyhood of someone with a higher balance defaulting so they decline a CLI request. Obviously, they have good reason to believe that; however, each case is different. And the decisions they make with those models can ultimately end a long relationship.
I am glad that you have realized that there are plenty of other banks out there vying for your dollars and will hopefully treat you better. I am overall pleased with Citibank and they will grow with you.
Again though, another way to look at it is fine, they don't want to give you a CLI, but if you truely are in the market for a new GM car or truck I would use the GM card like a debit card; use it for everything and then pay in full. In the end you can get about $1500 knocked off the cost of the new car-and they can do that right at the dealership without having to send in paperwork and forms.