Citibank Secured Mastercard -- a good option or as picky as BofA & WAMU?

[lajntx]

I know my credit is bad, and when Orchard only offers you a secured card... you know its bad

However, I REALLY dont want to go with them..... or New Millenium... or Applied Bank for secured cards as those dont self graduate to an unsecured card later -- though they will help you get them but the tradeoff is age of credit gets lower by opening new accounts

I have heard BofA is a stickler and I am also on the hook on a joint checking account with them that went bad 4 years and I dont think that would work

WAMU... Forget it as I cant open any checking or savings account with them due to BofA being on Chex for another year.

Anyone know anything about Citi as in terms of pickiness? I have their rates and fees, and am willing to take part in their 18 month minimum requirement to nonguaranteed unsecured graduation, but I dont want to send in an application with a check for a deposit only to get rejected and spend 6 weeks to 6 months waiting for a "refund". I went through CH13 BK in `05 and then went through some other issues in late 2007 that wiped the post BK rebuild process off the map.

PS.... I know this card if approved the deposit is a CD account and not a security savings deposit ( meaning you cant deposit more $$$ later to increase your limit ) ..... Also, before someone opens a 12oz can of CU Whoop-@zz and begins to read the CU speech.... Not an option where I live as none of the CU's I could go to offer secured cards of any kind. Later I will be going to them for secured CD loans... but right now I need to have had  a credit card 6 months ago as I have none right now and my scores are stagnant ( Eq-557, TU-513, EQ- 565 FAKO ) and arent going to budge much once the current bad marks surpass 2 years in the upcoming month

Message Edited by lajntx on 07-18-2009 01:27 AM

[creditwherecreditisdue]

---

@lajntx wrote:

I know my credit is bad, and when Orchard only offers you a secured card... you know its bad

However, I REALLY dont want to go with them..... or New Millenium... or Applied Bank for secured cards as those dont self graduate to an unsecured card later -- though they will help you get them but the tradeoff is age of credit gets lower by opening new accounts

I have heard BofA is a stickler and I am also on the hook on a joint checking account with them that went bad 4 years and I dont think that would work

WAMU... Forget it as I cant open any checking or savings account with them due to BofA being on Chex for another year.

Anyone know anything about Citi as in terms of pickiness? I have their rates and fees, and am willing to take part in their 18 month minimum requirement to nonguaranteed unsecured graduation, but I dont want to send in an application with a check for a deposit only to get rejected and spend 6 weeks to 6 months waiting for a "refund". I went through CH13 BK in `05 and then went through some other issues in late 2007 that wiped the post BK rebuild process off the map.

PS.... I know this card if approved the deposit is a CD account and not a security savings deposit ( meaning you cant deposit more $$$ later to increase your limit ) ..... Also, before someone opens a 12oz can of CU Whoop-@zz and begins to read the CU speech.... Not an option where I live as none of the CU's I could go to offer secured cards of any kind. Later I will be going to them for secured CD loans... but right now I need to have had  a credit card 6 months ago as I have none right now and my scores are stagnant ( Eq-557, TU-513, EQ- 565 FAKO ) and arent going to budge much once the current bad marks surpass 2 years in the upcoming month

Message Edited by lajntx on 07-18-2009 01:27 AM

---

If you have a ChexSystem problem is it resolved or unresolved? An unresolved ChexSystem problem will keep you from opening an account pretty much everywhere.

[Anonymous]

BoA secured card is better. Citi is the pickiest secured card, if you have negative or BK on your report. You will automatically denied. BoA takes 9 months to graduate, Citi is 18months.

Goodluck

[granny031350]

When I was looking for secured cards, I discovered that CIti secured card did not report to the credit bureaus until it became unsecured in 18 months.  I went with B of A.  Much better deal.  Now Citi may report but I was told that they did not report secured cards to the bureaus. 

[Anonymous]

Is Wells Fargo not an option??

I was in the same exact sit as you when i applied, mid 500's only bad TLs and i had been denied by BofA.

Wells Fargo approved me, you can add to the account whenever you want, it un secures in 1 year as long as no lates no over the limit and your scores crawl to over 600, which is super easy if you keep using this forum and did i mention they didn't deny me?

citi was gonna be next if i didnt get approved there, im glad i did because i was turned off by the 18 month wait til it un secured.

[creditwherecreditisdue]

I would view the non-reporting as a show stopper. How does the card build your credit if it doesn't report?

[granny031350]

well it doesn't so that is why I did not go for the Citi secured.