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New Contributor
Posts: 50
Registered: ‎05-23-2008
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Citi Platinum Offer - What are my chances?

Hi,
  I just got what I think is a great offer in the mail today for a Citi Platinum card which I am "pre-approved" for.  The card details are:
0% Apr purchases and transfers until July 2009
8.99% Fixed thereafter
Not sure of the BT fees
 
My credit is:
$1800 of $6000 on HSBC Union Plus card - this is the amount I want to transfer
$500 of $1800 on WAMU
$0 of $2000 on chase
various student loans totalling about $15k
Transunion Credit score: 718
Only negatives are 2 student loans that have been consolidated that are 6 years old (but were 180 days late due to an issue with the consolidation processing).
 
My questions are:
Am I guaranteed this card because it is "preapproved"?
What do you think based on my credit lines, utilization, and score that I would get approved?
If I am approved, what do you think my CL will be?
Anyone else ever get this offer, and what you end up qualifying for from them?
 
Thanks!
 
Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
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Re: Citi Platinum Offer - What are my chances?

You're most definitely not guarunteed the card.  However, if you're not looking at purchasing a home or a car in the next 6 months to a year, go for it.  That's a good deal and I'd say based on what you've said that you have a very good chance of getting it.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
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Re: Citi Platinum Offer - What are my chances?



Artzdelux wrote:
Hi,
  I just got what I think is a great offer in the mail today for a Citi Platinum card which I am "pre-approved" for.  The card details are:
0% Apr purchases and transfers until July 2009
8.99% Fixed thereafter
Not sure of the BT fees
 
Looks like a pretty good, very basic card offer.  No rewards, but it has a very low APR, which is good if you carry balances.  I would expect BT fees to be 3%.  Is this a Citi Platinum Select card?
 
My credit is:
$1800 of $6000 on HSBC Union Plus card - this is the amount I want to transfer
$500 of $1800 on WAMU
$0 of $2000 on chase
various student loans totalling about $15k
Transunion Credit score: 718  Where did you get this score?  If it's not a FICO score, you should not pay any attention to it.  Also, Citi may not pull TU.  You need to find out what all three *real* FICOs are.
 
Only negatives are 2 student loans that have been consolidated that are 6 years old (but were 180 days late due to an issue with the consolidation processing).
 
How old are the lates?
 
My questions are:
Am I guaranteed this card because it is "preapproved"?
 
No.  There is no such thing as a guaranteed preapproval.  It is still possible to be denied.
 
What do you think based on my credit lines, utilization, and score that I would get approved?
 
Your utilization is not so bad.  It will be important to find out how old the 180-day lates are, as well as your current, *real* FICO scores.
 
If I am approved, what do you think my CL will be?
 
No idea.  That depends on so many other factors we don't have, like household income and FICO scores.
 
Anyone else ever get this offer, and what you end up qualifying for from them?
 
Thanks!
 


 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Frequent Contributor
Posts: 440
Registered: ‎08-08-2007
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Re: Citi Platinum Offer - What are my chances?

The expected credit line is a very inexact science. No way of really knowing, but I'd say based on your current lines, it likely could be anywhere between $3,000-$7,500. Of course it could be more or less, you never know.
 
Go for it, you'll likely be approved.
Rust never sleeps and neither does my fico score...
New Contributor
Posts: 50
Registered: ‎05-23-2008
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Re: Citi Platinum Offer - What are my chances?

This is a Citi Platinum Select card.  I am not looking to make any large purchases in the next 6 months, just transfer the balace to a 0% to pay it off.  If I were to be looking to buy a car/ house in the next 6 months, would your recommendation be different and if so why? (credit novice here).
 
The Transunion score is through my WAMU card, which provides credit history information.
Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
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Re: Citi Platinum Offer - What are my chances?



Artzdelux wrote:
If I were to be looking to buy a car/ house in the next 6 months, would your recommendation be different and if so why? (credit novice here).

Just because the inquiry showing up on your credit report along with the possibility of a new account may scare away picky lenders.  Over applying for one card, I wouldn't worry too terribly much, but your scores might take a minor dip in the few months following opening the new account.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
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Re: Citi Platinum Offer - What are my chances?

[ Edited ]


Artzdelux wrote:
This is a Citi Platinum Select card.  I am not looking to make any large purchases in the next 6 months, just transfer the balace to a 0% to pay it off.  If I were to be looking to buy a car/ house in the next 6 months, would your recommendation be different and if so why? (credit novice here).
 
The Transunion score is through my WAMU card, which provides credit history information.


Yes, if you were planning to buy a house in the next 6 months, you should not be getting any new credit.  If you are planning to buy a car, that's no big deal.
 
Your TU score from WaMu is what we call a PFICO.  It is a bankcard-enhanced version of your TU FICO score.  I can't emphasize enough that you really should get all three real FICO scores before you apply.  Citi is unpredictable, and could pull any of the three.
 
You haven't answered the question of how old the 180-day lates are, which, IMO, is the most important factor that will determine whether you are approved or not.  Citi does not like recent lates one bit, and 180-day lates are major derogatories.
 


Message Edited by cheddar on 06-23-2008 07:52 AM
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
New Contributor
Posts: 50
Registered: ‎05-23-2008
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Re: Citi Platinum Offer - What are my chances?

The lates were back in 2002, 1 year away from dropping off my report totally.  where/ how would you suggest that I get all 3 scores in the most cost-effective manner?
Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007
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Re: Citi Platinum Offer - What are my chances?



Artzdelux wrote:
The lates were back in 2002, 1 year away from dropping off my report totally.  where/ how would you suggest that I get all 3 scores in the most cost-effective manner?


This site is the only place to get all three FICO scores.
 
Click the Products tab at the top of this screen.  The product you want is called FICO Credit Complete, and it provides a one-time pull of all three reports and FICO scores.  (Note that this product does not update with new information over time.  It is a snapshot of your scores and reports at the time of purchase.)
 
You can Google "myFICO discount code" for a code to apply at purchase to get as much as 20% off.

 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: Citi Platinum Offer - What are my chances?

With a PFICO that high I would say chances are decent they give you in the neighborhood of 3K. Go for it. PFICO has more to do with credit card scoring than the classic scores you would pull here and be 40 dollars lighter. I say apply Citi is prime. Good luck.
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