Citi DC - need advice

[Anonymous]

Hi Gang,

I need a bit of advice; I am looking to apply for the Citi DC card. In addition to the 2% cash back, I want to get the card now so that  next year when the AF comes up on my CITI TYP premier I can try transfering the limit to the DC and close the Premier. Secondly the HP for this card will be together with the rest of my HPs and fall off around the same time.

A bit history on scores: as of 02/02 credit check total shows FICO 08 at EX-709, EQ=702, TU=701. With the Citi Premier I got the credit score they used to issue the card and it shows EQ-721. Inquiries, EX->14, EQ->11, TU-4.

Since January I have gotten the following cards: Amex BCP, PRG, Chase SLATE, Penfed Sig. Visa, PenFed Promise, City TY Premier. Only Chase Slate has posted to the reports, others haven't posed yet.

From the above, do you think i have a chance? Is my strategy right to apply together so that they age together and fall off at same time or should I let the reports cool a bit and then apply? I am thinking DC or the regular TY (but not sure if they'll aprove TY since i have the TY Premier). Oh and my exposre with CITI is 8k on the Premier.

Thanks for any and all advice.

[Anonymous]

That's a lot of recent cards I would be a little concerned.  I don't think your gameplan is bad, however.  There is no way to know unless you try!  I would probably go ahead and do it.  If they flat deny you you can always wait the two years for all this to age off and hit them then.  If you have to close your other citi card before then meh not the end of the world.  I apped and then took a 2nd HP for CLI to my DC where it is so you can always do that in a few years.  I think they would approve you though.. just maybe not with a monster limit.

[CreditUnionFan]

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@Anonymous wrote:

Hi Gang,

I need a bit of advice; I am looking to apply for the Citi DC card. In addition to the 2% cash back, I want to get the card now so that  next year when the AF comes up on my CITI TYP premier I can try transfering the limit to the DC and close the Premier. Secondly the HP for this card will be together with the rest of my HPs and fall off around the same time.

A bit history on scores: as of 02/02 credit check total shows FICO 08 at EX-709, EQ=702, TU=701. With the Citi Premier I got the credit score they used to issue the card and it shows EQ-721. Inquiries, EX->14, EQ->11, TU-4.

Since January I have gotten the following cards: Amex BCP, PRG, Chase SLATE, Penfed Sig. Visa, PenFed Promise, City TY Premier. Only Chase Slate has posted to the reports, others haven't posed yet.

From the above, do you think i have a chance? Is my strategy right to apply together so that they age together and fall off at same time or should I let the reports cool a bit and then apply? I am thinking DC or the regular TY (but not sure if they'll aprove TY since i have the TY Premier). Oh and my exposre with CITI is 8k on the Premier.

Thanks for any and all advice.

---

I believe Citi expects eight days between approvals. Citi may actually HP two different bureaus if the application is borderline.

The bigger issue I might be mindful of is that when all of these new accounts report, one or more lenders may take AA, ranging from CLD to account closure.

[Closingracer99]

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@CreditUnionFan wrote:

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@Anonymous wrote:

Hi Gang,

I need a bit of advice; I am looking to apply for the Citi DC card. In addition to the 2% cash back, I want to get the card now so that  next year when the AF comes up on my CITI TYP premier I can try transfering the limit to the DC and close the Premier. Secondly the HP for this card will be together with the rest of my HPs and fall off around the same time.

A bit history on scores: as of 02/02 credit check total shows FICO 08 at EX-709, EQ=702, TU=701. With the Citi Premier I got the credit score they used to issue the card and it shows EQ-721. Inquiries, EX->14, EQ->11, TU-4.

Since January I have gotten the following cards: Amex BCP, PRG, Chase SLATE, Penfed Sig. Visa, PenFed Promise, City TY Premier. Only Chase Slate has posted to the reports, others haven't posed yet.

From the above, do you think i have a chance? Is my strategy right to apply together so that they age together and fall off at same time or should I let the reports cool a bit and then apply? I am thinking DC or the regular TY (but not sure if they'll aprove TY since i have the TY Premier). Oh and my exposre with CITI is 8k on the Premier.

Thanks for any and all advice.

---

I believe Citi expects eight days between approvals. Citi may actually HP two different bureaus if the application is borderline.

The bigger issue I might be mindful of is that when all of these new accounts report, one or more lenders may take AA, ranging from CLD to account closure.

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I got approved for the simplicity and Thank you preferred in the same day like 2 minutes apart

[OmarGB9]

^YMMV, you seem to be an outlier with two approvals in one day.

[takeshi74]

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@Anonymous wrote:

Hi Gang,

Since January I have gotten the following cards: Amex BCP, PRG, Chase SLATE, Penfed Sig. Visa, PenFed Promise, City TY Premier. Only Chase Slate has posted to the reports, others haven't posed yet. 

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That is a lot of activity.  It's not just about scores.  Recent credit seeking activity matters as well as your entire credit profile.

Take a look at the rates and limits you've been approved for and see if there's a trend.  Granted, creditors/proudcts have varying underwriting critieria that also have an impact on that.

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@Anonymous wrote:

A bit history on scores: as of 02/02 credit check total shows FICO 08 at EX-709, EQ=702, TU=701. With the Citi Premier I got the credit score they used to issue the card and it shows EQ-721. Inquiries, EX->14, EQ->11, TU-4. 

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What model does Citi use?  Do they use the FICO 8 Bankcard that they provide?  If so, keep in mind that is not the same thing as a FICO 8.  A 721 EQ FICO 8 Bankcard does seem reasonable for a 702 EQ FICO 8 but the offsets between any 2 scoring models is not fixed.

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@CreditUnionFan wrote:

The bigger issue I might be mindful of is that when all of these new accounts report, one or more lenders may take AA, ranging from CLD to account closure.

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+1.  It's not just the approvals that matter.  One's entire credit profile always matters.  If all of these new accounts and credit seeking activity have enough of an impact they could concern some creditors.  We really can't say for certain one way or another.  Again, it's a lot of new credit even for a thick, established profile in good standing.  I recommend letting the accounts report and seeing the impact before doing anything else.

[CreditUnionFan]

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@Anonymous wrote:

Hi Gang,

I need a bit of advice; I am looking to apply for the Citi DC card. In addition to the 2% cash back, I want to get the card now so that  next year when the AF comes up on my CITI TYP premier I can try transfering the limit to the DC and close the Premier. Secondly the HP for this card will be together with the rest of my HPs and fall off around the same time.

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As I re-read this after a cup of coffee, if you know from the start that you don't want to carry the Premier after the AF is charged, why even apply for the DC; save yourself the HP(s) and new account and just do a product conversion (PC) in a year to the DC.

Or, if you find you want both the TYP and DC, perhaps by that time there will be a nice sign-up bonus. Also remember that while inquiries remain for two years, most lenders pay the most attention to the last six or last twelve months.

[Anonymous]

Thanks all for your input. Especially the reference to potential AA when all these accounts hit. I am leaning on the side of waiting to apply for the DC.

The reasoing for wanting to apply for the DC now instead of PC'ing to it, is to accumulate age on it and secondly have its own separate SL now and move over the limit of the Premier to it next year.

Thanks again to all for your input; if you have more feedback on this i definitely want to hear it so that i make a good decision.

The part of me that wants to apply for it, i guess wants to do it just so i can be done with and garden for a while as I have the cards I want and don't anticipate app'ing for anything for a while..