Citibank secured card, am I in?

[tobey]

I mailed in my app for Citibank's secured card 6 days ago, and to my surprise they already cashed my check (it's supposed to take around 4 weeks according to their site...). Has anyone else applied for this card through the mail? Does this usually mean you've been approved?

[ScottsdaleDad]

I applied online (When they allowed you to do so about 3 weeks ago), they took my money ACH from my account, turned me down, then mailed me a check back for the deposit. It took about 2 weeks to get my money back. I was also turned down by Wells. It turned out for the best though because I've been approved for secured cards with Addison FCU (2 day approval, $500 minimum, 16% rate, no annual fee) and Navy FCU (1 week approval, $500 minimum, 17.4% rate, no annual fee). I just applied to USAA as a limited member, and I was told approval was guaranteed. We'll see how that goes. I would definitely recommend Addison. Great to work with.  

[Anonymous]

Scotts ...

Can you private message me who you talked to at USAA?  I spoke with them about a month back (i'm a limited memeber) and they told me I wasn't eligible because of my limited membership!  Been looking for an *in*.  So if there is a specific email address or person you spoke with, with phone number, I would certainly appreciate it!

[ScottsdaleDad]

I actually didn't get the person's name. I was turned down 3 times by phone and 1 time by e-mail before I finally got someone to send me the application. I sent it in on Saturday. I would keep calling until you get someone to send the app. Other limited members said they have been approved for cards, so we're definitely eligible. Good luck.

[Anonymous]

citibank is NOT BK friendly! I've applied 2 months back, sent them $400 cashier check. By the second week, they cashed it. By the end of the second week. They denied me and sent me a check in the mail.

[tobey]

Heh, ok, so I guess cashing the check isn't a sign of anything. I suppose they just want to see if you actually have the money before they proceed with your app.

No BK here, just limited history. I was also approved by WF for a secured card a few months ago. Maybe I have a chance...

Still don't know why it's so hard to get a secured card... They already have your money, what's the risk to them?

[tobey]

I just got an email saying I was apporoved and my card is in the mail! It only took about 10 days to process my snail-mail app. Not nearly as bad as the 4 weeks I was expecting.

I put the max 5k into the 4.07% CD, so even with the anual fee in 18 months this card will have made me money. Plus, I would think having a card with a fairly decent CL will look good to other CCCs...

[Anonymous]

The risk to them is you maxing out the card and then defaulting for whatever reason, leaving a bunch of unpaid interest as well as accumulated late fees.

congrats on the cards

[laz98]

what does it mean to be a limited member?  does that mean you don't have a checking account with them?

[sjt]

I just read the disclosure statement for the Citibank Secured Mastercard. It states that you cant have a BK, Collection, or charge off within the last two years. This is a big change because Citibank Secured card was known as a builder, not rebuilder, and did not approve card if there was a BK on your CRA, no matter how old.