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Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
0

Citi Secured

Hi all, I have a friend who is in the same boat as some of us, (rebuilding, or in my case building from scratch) and he is "too embarassed" to get an Orchard card like many of us have, and asked about the Citi secured card.
 
I can't give any advice since I am not a Citi user... how is their secured card program?
 
Please give both the good and bad sides... 
____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Member
yoyo
Posts: 5
Registered: ‎04-18-2008
0

Re: Citi Secured

The good thing...you'll get your money back in 18 months w/interest....
Regular Contributor
siangirl34
Posts: 242
Registered: ‎07-26-2008
0

Re: Citi Secured

Well if he is building from scratch, he should apply for BOA's secured card. Unless he doesn't mind the 18 month wait to become unsecured from Citi.
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
0

Re: Citi Secured

He burned BoA when we were in college. Ha ha ha! Guess it is Citi or nothing for him. At least he will get his money back. I have Orchard and heard they are no longer upgrading to unsecured.
____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Frequent Contributor
creditreformer
Posts: 395
Registered: ‎04-25-2008
0

Re: Citi Secured

i burned ba in college- they don't blacklist.  i apped for their platinum plus after my BA chargeoff (2) from college had been off my reports for 3-5 yrs.  ba declined me for the plat plus, but approved me for the 99/500.  ficos @ the time were in the mid-high 500s, reports weren't clean (2-3 CAs, some lates, 2 chargeoffs, unpaid tax lien).  def. try ba
 
other options
 
us bank
 
wells fargo
 
wamu
 
all those graduate in 12 mos usually.  however, read the fine print carefully- some will NOT take you if you have BK (usbank), unpaid liens (wells fargo), etc
 
 
Established Contributor
granny031350
Posts: 951
Registered: ‎12-04-2007
0

Re: Citi Secured

I was told by a Citi rep that they DO NOT report to the credit bureau's when your card is secured.  B of A does.
Member
crazylady949
Posts: 31
Registered: ‎08-08-2008
0

Re: Citi Secured

I am on the Citi website right now and they do report to all bureaus.
 
Build Your Credit Score and Earn a Competitive Interest Rate1

Deposit an amount, from $200 to $25,000 into a CD (Certificate of Deposit). Your credit card limit then becomes equal to the amount of money in your CD. We report your account performance to major credit bureaus, and after 18 months, you could become eligible for an unsecured Citi Platinum Select credit card. Meanwhile, you'll earn a competitive annual interest rate on your CD.

6/25/2008 FICO: TU: 0 EXP: 581 EFX: 548
8/8/2008 FICO: TU:606 EXP: 590 EFX 573
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
0

Re: Citi Secured

I gotta agree with the crazy lady, I have Orchard and even they report to all three CRA's. I should have gone with Citi, but I don't need another secured card, in fact I just need a store/gas/both for the mix.
 
I think what he is more worried about is actually being turned down for a secured card. Some here have had that happen. He was wondering if Citi does?
 
I know Orchard doesn't turn you away but like I told him, they also don't upgrade anymore. (From what I have read here.)
____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Frequent Contributor
creditreformer
Posts: 395
Registered: ‎04-25-2008
0

Re: Citi Secured

i have heard of people being declined for secured ccs- usually b/c of bk or unpaid liens or recent baddies. Some have said citi secured is for people who have NO credit, NOT rebuilding, but i have seen both types of people approved. Also, whether a cc reports as secured or not does NOT impact your fico scores.


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