I would like to take a invitation for the Citi Diamond Preferred card, but would also like to cancel my gold Amex, a Capitol one and an HSBC card. I also have a Nordstom Visa and Wells Fargo Visa, both of which have high CL's. Basically I'd like to have just 3 credit cards with high CL's. Should I cancel the Amex, Cap one and HSBC before I take the Citi Diamond invite?
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???
To me, it looks like you're in a good shape. They had me call in and the CSR talked to me for a while (computers were being flaky). He asked me questions and if I remember correctly, asked if I was doing a banace transfer. I think you'll definitely get at least $1500. I'm looking forward to seeing your results. They gave me the $100 faster than I would have thought and the CSRs seem genuinely nice and helpful. I really don't see how you can go wrong.
I've received 2 invites to apply, and am giving it some consideration. Tinuviel, did you ever go for it?
Hi, Cain; thanks for asking!
I replied on a different thread that, unfortunately, I was denied due to "current or past delinquency with one or more of your creditors" -- ie: charge offs. Amex approved me with COs still showing, so I hoped that perhaps Citi would, as well -- especially since they invited me to apply. No go. All of the COs will drop off by this time next year, so I'm just going to sit back and wait. I figure that if I stay on my current course of responsible credit behavior, then in another year I'll be in good shape to app for desireable cards.
I received an invitation in the mail today and decided to apply after reading the success stories on this forum and I was approved for 3200!
They pulled from Experian and on the approval page they put my credit score which was 709. ( I just checked all 3 scores on 10/31 and Expeiran score was 647) so I'm really shocked!
I just received another invite to apply for this card. It's my 3rd invite so far, I'm kind of tempted to apply. Anyone else having luck with these invites?
I did . Read my post above.
I applied today after really giving this invite some serious thought because of inquiries and recent approvals with Amex. I was approved for 8K @ 12.99%/ 0% for 18 months on purchases and BT.
They pulled EX. I'm in Florida. Good Luck!