Citibank Secured CC

[Mickey11]

So my cards/scores are in my siggy yet I'm scared to apply again for a few reasons. We are going to be actively house hunting in August and I've been denied by Citibank before. They are the last Prime bank I want to cultivate a relationship and I just can't take a denial.

Is the secured CC a good option for me? I was thinking of putting up between $500-$1000 as a deposit which I believe I would get back. I'm very responsible now with my credit so I know I won't do anything stupid I am just hoping this establishes some sort of path towards their more reward laden CCs.

Thoughts?

[sengpatt]

Since you have quite a few unsecured cards, I don't see any reason to go back to a secured card with Citibank.

If you're interested, I think you could qualify for the Dividend (5% rotating categories) or the ThankYou/ThankYou Preferred. The Diamond Preferred is a good balance transfer card which you would probably get approved for. If you are feeling more ambitious and fly on American Airlines at all, you could also look at their lower-tier AAdvantage cards.

[Mickey11]

I'm just scared to reapply and get the HP, I would like to get a thank you card, we plan on using chase for airmiles

I know my scores will go up because my util is going to drop when my statements report

[sengpatt]

My understanding is that the basic ThankYou card is not too difficult to get. I completely get your aversion to HPs, but if you haven't had too many recently, I don't think one is going to make a huge difference. In the long run, having history with Citibank could be worth taking the lone HP now.

[Elcid89]

You need to be focusing on having no inquiries at all for at least 6 months prior to the mortgage app, and your utilization needs to be as low as possible going into that.

I see no purpose for the card. Focus on stashing cash away for closing and paying down credit card debt.

[Mickey11]

Ugh....the voice of reason.....that's probably the best course to take. Chances are we will be using them as our lender.....maybe they can use my mortgage app for a CC

[Elcid89]

Focus on getting the mortgage. The last thing in the world you want is your app held up or uprated (or the dreaded DTI denial) because you have too many inquiries or your util is too high.

Once you've closed, feel free to go nutso and apply for whatever you like. Best advice would be to pursue a Diamond Preferred with them after you've closed on the mortgage and get rid of the low limit cards altogether.

[Mickey11]

My low limits are sentimental to me ☺