Citi Diamond Preferred Invitation

[dharalex]

I just received a Citi thank you card. I chose it because I kept getting pre approvals for it. Even with baddies as recent as April, I got approved for $7200 cl! My DH just got one before me with $10200 Cl. So I think they are pretty generous with their Cl...this by itself was worth the inq. By the way, I give pre approvals a little more weight than most. When I first applied, I didn't have the invitation code...I was declined. The very next day, I found the code and tried it again, and got it! So if you are still building your credit, I would use the offer codes to be safe....even though there really is no guarantee! Good luck!

[tinuviel]

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@dharalex wrote:
I just received a Citi thank you card. I chose it because I kept getting pre approvals for it. Even with baddies as recent as April, I got approved for $7200 cl! My DH just got one before me with $10200 Cl. So I think they are pretty generous with their Cl...this by itself was worth the inq. By the way, I give pre approvals a little more weight than most. When I first applied, I didn't have the invitation code...I was declined. The very next day, I found the code and tried it again, and got it! So if you are still building your credit, I would use the offer codes to be safe....even though there really is no guarantee! Good luck!

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Wow! Thanks for the info. My baddies are from 6 years ago, so that gives me a sense of optimism.

I went up to financeglobe.com to research the card. I've been approved for cards this past year that have higher recommeded FICOs than I currently held. In this case, my scores are actually a little bit better than the recommendations. The recommendations listed are as follows:

"Credit Record Needed:
Based on the FICO score recommendation, applicants should have a fairly solid credit record, with no recent negative marks on their report. A FICO credit score of 660 is recommended for a higher chance of approval, but it is not required. There are a number of other factors that this issuer may also consider when making decisions for approval."

My scores are in my sig, so you can see that I'm within the target range. Of course, nothing is guaranteed. I'll just have to pull the trigger and see what happens. Until I hit the button and see the results, I'll sit tight and keep my fingers crossed.

Oh, and thanks for the advice about the invitation number. I'll make absolutely certain to hang onto it!

[sheaoaurus]

When comparing the Citi Diamond to the City Thank You, which one would you say is better?  I've read that a lot of people are switching to the Thank You or Dividentd MasterCard.  The only reason I really wanted the Diamond was because it looks nice  I plan on getting most of my points from Chase and Amex.

[clocktick]

I wouldn't get a card because it looks nice.  The Diamond Preferred if you want 0% on purchases and/or balance transfers.  There are no rewards.  The Thank You card if you want the Thank You points and want to earn rewards.  There is no "best" choice and it depends on the person.

Edited because of a typo!

[dharalex]

I like cards with points, rewards, cash back and the like. I don't care about interest because I PIF every month. For that reason, I've ignored the Citi diamond preferred offer.
Be sure to update us when you go for it!

[clocktick]

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dharalex wrote:
I like cards with points, rewards, cash back and the like. I don't care about interest because I PIF every month. For that reason, I've ignored the Citi diamond preferred offer.
Be sure to update us when you go for it!

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I hear you.  I PIF too and never carry a balance...until...this 0% percent offer.  I used one from Barclays and this one.  I even put a used truck on one of them instead of paying in cash.  To me, it's a win-win while my money sits in the bank making interest (although low!). 

[tinuviel]

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@dharalex wrote:
I like cards with points, rewards, cash back and the like. I don't care about interest because I PIF every month. For that reason, I've ignored the Citi diamond preferred offer.
Be sure to update us when you go for it!

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Will do!

[drkaje]

It is a nice looking card, LOL!

The points are essentially useless, to me. I'm no fan of points where spending money is required for their redemption. The card serves a purpose but I'll be ecstatic once it's paid off in about six months.

[thom02099]

I have the Diamond Preferred card and it's rapidly becoming my "go to" card for every day use.  Even though I PIF always, I like that option they offer of 0% IF I need it.  When I applied, it was available for 21 months, so no change til 2013.  And yes, the card is very cool looking! 

[tinuviel]

I appreciate all of the feedback. I've decided that I'm going to go for it. As stated previously, my DD's upcoming college expenses tipped the scales for me. In-state tuition in Florida is very affordable, especially at the two year colleges. So, my options for her upcoming semester are:

Pull a lump sum out of savings account. I can do this, but then I would have to decide how I wish to tender payment. My Cap1 rewards card doesn't have a large enough CL to accommodate. I COULD put it on my Amex Green, but I don't want to do anything "out of pattern" and risk triggering a FR; not worth it to me. I'd have to put it on a non-rewards card and then PIF, or write a check. Either way, I'd get nothing back. Meh...

Spread it out over time by using the Tuition Installment Plan. I can then spread payments out over three months, but there's a $35 processing fee. Yuck...

Accept the invitation for the Citi Diamond card and hope to be approved with a CL of at least $1500 -- preferably higher. Then, I can keep the money in my savings, spread the tuition out over three months and pay for it out of already budgeted monthly income, and get a $100 statement credit. Use someone else's money interest free and get money back? It's really hard to say no!

So... I'm planning on apping a week from tomorrow. That way, the one year mark for the "new credit ding" for my Cap1 MC will no longer be factored into my FICO scores. Also, a balance that I allowed to post to my Visa last month will be updated and back to $0. I wound up with the AF on my Orchard hitting before canceling the card, and a $14 charge sneaked in on my Cap1 MC the day the statement cut. So, on the day I plan to app, my util will look like this:

Cap1 Visa - 0 / 6400

Cap1 MC - 14 / 750

Orchard MC - 74 / 400 (card has been closed and is now at $0, but won't update until later in the month)

Dillard's Amex - 0 / 1700

JC Penney - 0 / 1500

Kay Jeweler - 0 / 5100

Amex Green - 604 (paid right after the statement cut)

(ETA): SST Visa - 0 / 3200 -- had this card since 2000. Formerly a Providian card. Card issuer declined to renew the card at one point, but it has been faithfully paid in full down to $0 and STILL reports as an open, active account. It helps my util and my AAoA, so I hope it sits on my report as open and active for a good, long time.

Overall util on revolving accounts: 1%

So, I think that I look good on util. Thoughts???