Citi Secured Does Not Report To Bureaus Per This Leter...

[Andy77]

Maybe the card at one time did, but my account was opened on 10/24/09 and when I called to inquire the CSR told me it did not report and they even sent me the following letter: 

Thank you for your inquiry regarding your Citi® secured account.

Credit history is not reported on this account because the

account is secured by a Certificate of Deposit (CD). However, if

this account becomes two months delinquent, the past due status

will be reported to the credit bureaus along with the payment

history from that time forward.

While your account remains secured, no other type of reports will

be made to the credit bureaus.

We hope this information is helpful to you.

Sincerely,

S. Larson

Customer Service

FEDERAL REGULATIONS REQUIRE THE STATEMENT PRINTED ON THE REVERSE

SIDE

[DI]

That makes sense.  It's a CD, and CD's are not reported to the CRA's. 

Message Edited by DI on 11-01-2009 07:26 PM

[MrShush]

Not entirely true; loans secured by savings or property may be reported to bureaus to help build credit. Typically, these savings secured loans sole purpose is to build credit. Citi not reporting is not typical to many bank practices.

[DI]

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@MrShush wrote:
Not entirely true; loans secured by savings or property may be reported to bureaus to help build credit. Typically, these savings secured loans sole purpose is to build credit. Citi not reporting is not typical to many bank practices.

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I opened a $10,000 CD with State Farm.  The CD wasn't reported to the CRA's.   It's not any creditors business what my investments are if I don't tell them.  I never known CD's to appear on a consumer's credit report. 

Now on the other hand, if I was to take out a loan against my CD, the loan will appear on my credit reports.  

[MrShush]

That's what I said, the loan is reported which has nothing to do with the product against which it is leveraged.

[DI]

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@MrShush wrote:
That's what I said, the loan is reported which has nothing to do with the product against which it is leveraged.

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Ok

[manyquestions]

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@DI wrote:
That makes sense.  It's a CD, and CD's are not reported to the CRA's. 

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The OP is refering to a Citi Secured Credit Card that is secured by a CD.  Most secured credit cards report to all three.  Not much use in having them if they don't.

[voidman]

Try getting bofa or wells Fargo secured card. They report to cras for sure. WF gives $500 cli after thecRd graduates

And once you get it close the citi card coz itis plain useless.

Good that I did not try to get this card. about 2 years back i was planning to get a secured card from citi by putting $5000 in the CD.

Message Edited by voidman on 11-02-2009 06:07 AM

[cashnocredit]

i like Citi/

They are reproting all 3 and they are paying me $1,000 a year from the CD.

It's a great deal!

[YoungEntrepeneur]

I currently have a Citi Secured Card and opened it in September '08 and it's been reporting to all 3 bureaus for the past year or so.