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New Member
Posts: 5
Registered: ‎06-19-2013
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Citi Simplicity after home closing?

Hi all! I'm new here, and hoping to get your thoughts. I've always Googled my way to this forum when I had credit questions in the past, so I figured I might as well post about my own situation sometime!

 

We're about to close on our first home on July 1st (huzzah!). I already know that it's a big no no to apply for anything before closing, but I'm looking at the time frame after closing. I want to open an 18 month 0% card to get some orthodontic work, and I've landed on Citi Simplicity, which I've received offers for in the mail. I've also received offers for a USAA card with a similar promotion, but I think I've heard they have lower initial limits? I am needing/hoping for a CL of at least $3,000. 

 

My total account history is 4 years.

AAoA is 2.5 years.

Credit score is 730-750.

I currently have JCP $1,500, CapOne $500, Best Buy $3,000, and AmEX BC $11,700.

Current Uti is below 10% (I pay in full each month)

I also have an auto loan and student loans, each totaling around $10k.

Income is just over $40k.

No late payments or collections, etc.

 

So my questions:

 

1) Does Citi Simplicity sound like the right card for me? Do you think I'll be approved?

2) What kind of credit limit might I be able to expect from them? Does $3,000 seem realistic?

3) Should I apply immediately after closing, under the assumption that it's best to apply before my mortgage shows up? Or wait a bit to get past the hard inquiries from the lender? (I imagine the huge new mortgage will be more damaging than a couple inquiries, but you tell me).

 

Thanks so much for taking the time to look at my situation, I really do appreciate it.

Moderator Emeritus
Posts: 10,924
Registered: ‎12-30-2011
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Re: Citi Simplicity after home closing?

Welcome to the forums!

 

I don't know the Citi Simplicity (or virtually any Citi card, one lender I've never looked at mea culpa), but historically they're pretty good with limits and you are sitting pretty as far as your other tradelines go with that Amex at 11.7K; do you happen to know offhand what the highest reported balance on that card is?  It wouldn't surprise me if Citi looked at that at least somewhat before determining a limit in addition to the limits on your existing cards.  There are a bunch of people on this forum who know Citi far better than I ever will and will probably give a more insightful response.

 

You have enough installment tradelines on your report that waiting for the mortgage to report isn't going to help much, and the inquiries from the mortgage will all be rolled up into a single one if they were all within a roughly 30 day period; however, in this day and age, having a mortgage on your report probably helps far more for underwriting than other tradeline possible, and more than it hurts.  If nothing else, Citi underwriting will be able to tell nearly identically what your household discretionary income is at a  minimum given that mortgages are pretty explicit in their front and backend ratios.

 

Anyway if it were me I'd want to wait till the mortgage reported, but it probably won't make that much difference when you do it, and if you're getting pre-approvals there's a good chance you'd be approved straight after closing.  

 

In any event, congrats on the impending housage!

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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New Member
Posts: 5
Registered: ‎06-19-2013
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Re: Citi Simplicity after home closing?

Thanks for the reply! Some good information for me to consider.

 

Regarding the highest balance on my AmEx, it probably wouldn't be higher than $2,000 at the very most (and maybe not even that). That was during my initial credit limit, and I've gotten two CLI's since then.

Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
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Re: Citi Simplicity after home closing?

I think the Thank You card offers more as far as rewards but someone else will chime in I am sure

Regular Contributor
Posts: 220
Registered: ‎08-10-2012
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Re: Citi Simplicity after home closing?

The Thank You cards give rewards but don't think they do good BT or any at all. I have the Simplicity card and used it at the 18 months at 0%. Still have it open with no balance but it has a good limit. My starting limit was $6200 and at $9200 now

Citi Thank You Premier Visa Signature-$9K, Citi Thank You Preferred Vis Signature-$8.3K, Citi AA Signature- 8.5K, Citi Simplicity 9.2K, Citi Diamond-6.1K, Lowes-$10K, Chase Sapphire Preferred- $ 5K, AMEX BCE $14.5K, AMEX Starwood Preferred $15K, ,AMEX Everyday-$5K, Fidelity Amex-$10K, US Bank 123 rewards Kroger-$17K, Penfed Platinum Rewards Visa Signature-$30K, Amex Delta-$10K, Barclay Arrival Plus- $10K, Penfed Travel Rewards Amex-$10K, Bank of America Cash Rewards- $14K
Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
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Re: Citi Simplicity after home closing?


rudy0720 wrote:

The Thank You cards give rewards but don't think they do good BT or any at all. I have the Simplicity card and used it at the 18 months at 0%. Still have it open with no balance but it has a good limit. My starting limit was $6200 and at $9200 now


oh your right I think thank you has 5% balance transfer fee and not sure about %, my bad

New Member
Posts: 5
Registered: ‎06-19-2013
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Re: Citi Simplicity after home closing?

Thank you both for your replies. I'm not too concerned with rewards, as I get plenty with my AmEX BCE. I'm mostly planning to use this card to finance my orthodontic work, then leave it for emergencies/anywhere they don't take AmEx. (Then I can finally stop using my CapOne card).

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Citi Simplicity after home closing?

For medical expenses, you can find out about care credit with your dentist. Care credit offers up to 24 months 0% financing if I am not wrong.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
New Member
Posts: 5
Registered: ‎06-19-2013
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Re: Citi Simplicity after home closing?

My dentist's office said Care Credit will finance for 12 months (maybe it has to do with the amount? Not sure). I'd prefer a little longer buffer. Care Credit also charges all of the deferred interest if I were to be late on a payment (never have been, but better safe than sorry...)

Regular Contributor
Posts: 229
Registered: ‎02-20-2013
0

Re: Citi Simplicity after home closing?

I got a Simplicity on June 7th. It was my first Citi card and I am so far pleased. My scores were slightly higher and a slightly higher AAoA and they gave me a $7000 limit which I though was on the small side. I previously had a $10.3K Discover, $1.5K Cap1, and 2 newer $2K GE cards.

The other cards I app'd for gave me higher limits. I'm sure it's a YMMV situation.
Chase Sapphire Preferred $17,800; Discover IT $15,000; PenFed Plat Rewards Signature $14,000; AMEX BCE $11,800; AMEX SPG $8,100; Citi Simplicity $10,000; Chase United MileagePlus Explorer $5,000; Chase Ink Classic $3,000; GE Lumber Liquidators $7000; GE Care Credit $2000
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