Cit bank credit card offer

ormanfan7 · ‎07-13-2011

I am new to financial management..Marital separation will do that. Anyways, I am working on establishing and rebuilding my credit. My fico score with Equifax was 541 11/10, 604 12/10, and 596 on 5/11. I recently received a credit offer from citi bank, which I used to have an account with years ago that was left in good standing.

I don't currently have a credit card, and I know that having one can help me rebuild. I just don't know if it is worth applying, if I'll get credit, or if it will hinder my score. Any advice on this topic would be greatly appreciated.

Thanks

xlr8d · ‎07-13-2011

IMO i would not take the bait.. try to get some preapprovals on capone website. With scores in your range I would not yet try with citi

Starting Score: EQ 515 TU 490 EXfaco 510
Current Score: EQ 660 TU 665 EXplus 661
Goal Score: 700

Take the FICO Fitness Challenge

unlucky_hove · ‎07-13-2011

Fools gold! I dont know what requirements you have to meet to receive an offer, maybe just a pulse. I have a friend who's score Fico is about 490 and she received an offer to apply for the Thank you preferred, I told her not to apply but she couldnt help it..........you know the rest

Anonymous · ‎07-13-2011

@unlucky_hove wrote:
Fools gold! I dont know what requirements you have to meet to receive an offer, maybe just a pulse. I have a friend who's score Fico is about 490 and she received an offer to apply for the Thank you preferred, I told her not to apply but she couldnt help it..........you know the rest

Well..... Did she get it? LOL

Yeah, definitely don't take the bait. While you had a good account with them in the past, I doubt they'll overlook your sub-600 score. Grab another card for now. In 6 months, or when your score is above 660 (whichever comes first), then apply and you'll be pretty much guaranteed to get it, as long as you manage your card you're getting now well.

unlucky_hove · ‎07-13-2011

@Anonymous wrote:
@unlucky_hove wrote:
Fools gold! I dont know what requirements you have to meet to receive an offer, maybe just a pulse. I have a friend who's score Fico is about 490 and she received an offer to apply for the Thank you preferred, I told her not to apply but she couldnt help it..........you know the rest
Well..... Did she get it? LOL

Yeah, definitely don't take the bait. While you had a good account with them in the past, I doubt they'll overlook your sub-600 score. Grab another card for now. In 6 months, or when your score is above 660 (whichever comes first), then apply and you'll be pretty much guaranteed to get it, as long as you manage your card you're getting now well.

H... E... double hockey sticks NO! LOL.

Anonymous · ‎07-13-2011

Really??? SHOCKING!!!

mark925 · ‎07-13-2011

Do you have any accounts currently?

I don't think Citi would approve anyone with those scores. What you might want to do is try a secured card through a local credit union, if you have no other cards right now.