Citi secured CLI?

[Creditdreamer]

I am interested in applying for the Citi secured MasterCard to get in with a prime lender. However, I don't have a lot of extra money sitting around right now to make my limit where I want it to be.

Has anyone had any luck increasing their limits after they receive the card, within the 18 month secured timeframe? I'd be fine having the CL be completely secured. But I would like to start the clock on my 18 months as soon as possible. The Discover it secured allows people to add secured funds later to increase the credit limit but I haven't seen anything about this from Citi.

Anyone know? Thanks!

[taxi818]

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@Creditdreamer wrote:
I am interested in applying for the Citi secured MasterCard to get in with a prime lender. However, I don't have a lot of extra money sitting around right now to make my limit where I want it to be.

Has anyone had any luck increasing their limits after they receive the card, within the 18 month secured timeframe? I'd be fine having the CL be completely secured. But I would like to start the clock on my 18 months as soon as possible. The Discover it secured allows people to add secured funds later to increase the credit limit but I haven't seen anything about this from Citi.

Anyone know? Thanks!

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Honestly. Getting secured should be with any lender to increase score. Does not matter with who. As scores increase prime lender will come. I would never want a card to have a name on it. It needs to have some meat on the card. Limit I can do something with. Anyway. Most lenders allow you to add money even if secured. As long as you want go increase. Kind of A waste I imo. I started secured with 50 dollars cap one. 200 card. Within 6 months had 30k unsecured. In a year and a half. 100k unsecured. Whatever route you take. The key is paying. Using. Wash riinse and repeat. 

[Creditdreamer]

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@taxi818 wrote:

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@Creditdreamer wrote:
I am interested in applying for the Citi secured MasterCard to get in with a prime lender. However, I don't have a lot of extra money sitting around right now to make my limit where I want it to be.

Has anyone had any luck increasing their limits after they receive the card, within the 18 month secured timeframe? I'd be fine having the CL be completely secured. But I would like to start the clock on my 18 months as soon as possible. The Discover it secured allows people to add secured funds later to increase the credit limit but I haven't seen anything about this from Citi.

Anyone know? Thanks!

---

Honestly. Getting secured should be with any lender to increase score. Does not matter with who. As scores increase prime lender will come. I would never want a card to have a name on it. It needs to have some meat on the card. Limit I can do something with. Anyway. Most lenders allow you to add money even if secured. As long as you want go increase. Kind of A waste I imo. I started secured with 50 dollars cap one. 200 card. Within 6 months had 30k unsecured. In a year and a half. 100k unsecured. Whatever route you take. The key is paying. Using. Wash riinse and repeat. 

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I'm sure you were probably in a different situation than I am though. I have past charge offs, etc. I used my original secured cards (back in 2011) just fine and my scores did not increase by much (see my siggy). However, I'm much farther away from those baddies right now. In my mind it makes more sense to "pay" to get a higher credit limit (through having a high limit secured card) than play the waiting game on a $300 unsecured card and hoping for a couple hundred dollar credit limit every 6 months. Maybe that's just me though. Untill my baddies fall off, low level unsecured and secured are all I can hope for. I'm just trying to get in with the prime lenders because then it should be easier to work my way up from there. I just want to have two-three cards with prime lenders that have medium limits and will unsecure within a year or so, and don't have high annual fees like my really low level unsecured cards currently do.

[CH-7-Mission-Accomplished]

I'm pretty sure you can't add to this account once opened because it is an 18 month CD.  So it is for a fixed amount for a fixed term.

For those of us with BK's on our report, the only way in with Citibank is through the secured card.  Without it, it is an automatic decline until 7 years have passed.

Since I burned BofA, I am also going this route to get in with them.

I want Citi and BofA because I want Citi's American Airlines bonuses and cards and I want an Alaska Air card from BofA, plus their cash back card.

So everyone has their reasons ... but you are right Taxi, in terms of scoring.

[Creditdreamer]

I

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@CH-7-Mission-Accomplished wrote:

I'm pretty sure you can't add to this account once opened because it is an 18 month CD.  So it is for a fixed amount for a fixed term.

For those of us with BK's on our report, the only way in with Citibank is through the secured card.  Without it, it is an automatic decline until 7 years have passed.

Since I burned BofA, I am also going this route to get in with them.

I want Citi and BofA because I want Citi's American Airlines bonuses and cards and I want an Alaska Air card from BofA, plus their cash back card.

So everyone has their reasons ... but you are right Taxi, in terms of scoring.

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I burned Citi. They might not even let me have their secured card. Who knows. I just didn't want to apply for it and be stuck with a $200 limit. So maybe I'll just wait a while and see what happens or try to save up a bit more and then do it.

[taxi818]

Well we all have different situations of course. i did start with a charge off. it was already 6plus years old. and a collecton that was 5 years old. Both removed. citi still was very elusive to be honest. until i stopped applying. Got the Best buy mastercard first to get in door. after a year the double cash. But secured does not really mean low limits. even with the low lmits. my secured only grew as you said a few hundred dollars. But the doors that were opened from the secured is what i was talking about. after using the card a few months. the other lenders will come knocking for you then. and even with a BK i think you can get in with citi. just not sure when. i only have 1 friend with a bk and he has not tried citi. i know he had a hard time with chase as well. I didnt know it was a CD on the secured. as i read it was just a 200 dollar minimum to open.

[gibeon]

Unfortunately, they killed the CD for the security deposit when they put the application online (and raised the interest rate).

Now they just put the deposit in a no-interest collateral holding account - which gives me hope for CLIs.

Because ita no longer a CD, I'm hoping they will allow CLIs - either additional deposits or "earned" through responsible usage.

I'll ask about it when I get mine in the mail in a week or so!

[Creditdreamer]

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@gibeon wrote:
Unfortunately, they killed the CD for the security deposit when they put the application online (and raised the interest rate).

Now they just put the deposit in a no-interest collateral holding account - which gives me hope for CLIs.

Because ita no longer a CD, I'm hoping they will allow CLIs - either additional deposits or "earned" through responsible usage.

I'll ask about it when I get mine in the mail in a week or so!

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Please update when you do! I noticed it wasn't a CD anymore and figured the same thing. But the no CD thing is very recent. What starting deposit did you put on it?

[CH-7-Mission-Accomplished]

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@gibeon wrote:
Unfortunately, they killed the CD for the security deposit when they put the application online (and raised the interest rate).

Now they just put the deposit in a no-interest collateral holding account - which gives me hope for CLIs.

Because ita no longer a CD, I'm hoping they will allow CLIs - either additional deposits or "earned" through responsible usage.

I'll ask about it when I get mine in the mail in a week or so!

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Please do update us.  This is the next card I want to get.  I would really like to make it a 3K limit, since Citi can be so cheap about giving limits on unsecured cards.  But if I could make that 3K in three deposits, I could do it sooner.

[taxi818]

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@gibeon wrote:
Unfortunately, they killed the CD for the security deposit when they put the application online (and raised the interest rate).

Now they just put the deposit in a no-interest collateral holding account - which gives me hope for CLIs.

Because ita no longer a CD, I'm hoping they will allow CLIs - either additional deposits or "earned" through responsible usage.

I'll ask about it when I get mine in the mail in a week or so!

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This is exactly what i saw online. Regular secured application with no metion of a CD. high interest. 21.9% apr i believe. with a $25 AF. $200 minimum to open. Im sure you can add anytime you want to.