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Super Contributor
longtimelurker
Posts: 8,078
Registered: ‎04-22-2013
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Re: Critique/Advice!

The highest tier cards (which to me is very different from prestigious, just a choice of where to spend money!) are things like the Citi Prestige, with an AF around $400 and Citi Executive AA, with an AF of $450.   The cards you mention are much less "prestigious" for almost any meaning of that word!

Contributor
MMB85
Posts: 163
Registered: ‎06-23-2013
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Re: Critique/Advice!

[ Edited ]
 
Contributor
MMB85
Posts: 163
Registered: ‎06-23-2013
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Re: Critique/Advice!

[ Edited ]

I am using the word "prestigous" loosely. When I say that, I mean a card that is top tier, need excellent credit to get and offers very high credit limits. My spending habit is just fine. Very careful with my money. Not looking for credit cards so that I can spend a lot. Looking for top tier credit cards that will give me top tier credit limits and strengthen my credit score. So when I use the word prestigous, I mean high tier cards that require excellent scores and offer very high credit limits.

 

I like citi diamond preferred over citi simplicity because of the Citi Private Pass. I am  a big concert go'er. My citi platinum select has it and I love it. By the looks of it, the Citi simplicity doesn't have it. I thought it was for all Citi cards, but I guess not. But the simplicity offers No Late Fees Ever. Which is nice, but I have never ran into that problem and always pay my card in full. My credit cards are more so a hobby. Just trying to increase my credit limits over time and strengthen my credit score and history for when I really need that high score.

 

I use my Chase Freedom regulary, pay it off in full and I like it's reward programs. So i would rather put most of my purshases into that rather than building reward points over 3 cards. If it was my choice, I would only have 1 credit card (Chase Freedom) but when I was a college student back in 2009, I was an idiot and got two cards at the same time. I am stuck with that and I do not want to close them. So rather than just having them sit there. I would rather build their credit limits and also convert them to higher tier cards within their respective company.

 

My two other cards are low tier, beginner and college student cards. So with my Discover Card, I will be converting it to a Discover it. And hoping that a higher credit limit will come with it. With my Citi card, I am looking to convert it to a top tier card like Discover Diamon Preferred or whatever else is a top tier citi card. And also hoping a higher credit limit comes along with that upgrade.

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09Lexie
Posts: 26,593
Registered: ‎09-13-2012
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Re: Critique/Advice!

Higher credit limits has nothing to do with higher credit scores. You can have 2 - $500 CL's with an 8 yr AAOA, no baddies and be at 800. If you want to PC your Dividend to DP that is a lateral move IMO. The next 'tier' from Freedom is the CSP and Discover well, is just Discover IT or Escape.

You can easily have higher CL's on your current cc's by hp CLI or sp CLI's. There are people on this board with $10k Freedom Siggys , $35k Discover's.
Point is, your credit, history and income will be the main factors on whether you reach top tier status.
Contributor
MMB85
Posts: 163
Registered: ‎06-23-2013
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Re: Critique/Advice!

[ Edited ]

09Lexie wrote:
Higher credit limits has nothing to do with higher credit scores. You can have 2 - $500 CL's with an 8 yr AAOA, no baddies and be at 800. If you want to PC your Dividend to DP that is a lateral move IMO. The next 'tier' from Freedom is the CSP and Discover well, is just Discover IT or Escape.

You can easily have higher CL's on your current cc's by hp CLI or sp CLI's. There are people on this board with $10k Freedom Siggys , $35k Discover's.
Point is, your credit, history and income will be the main factors on whether you reach top tier status.

I don't have a Dividend card. My citi card is the Citi platinum select. So upgrading it to a Diamond Preferred is a bit more than a lateral move. The amount of credit you have available and your credit utilization plays a factor in your score. Of course, a long with many other factors. Each time my credit limit has increased, so has my credit score. having a very high limit and controlling it very well helps your credit history.

Valued Contributor
parakleet
Posts: 1,145
Registered: ‎04-13-2013
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Re: Critique/Advice!

If you like your Citi Plat Select but are concerned about "high credit limits" for your score, why don't you just get a CLI from Citi for your current card? It sounds like you've done the research on the perks of each type of citi card and already have the card that fits your needs. Not sure what more you're looking for. 


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Moderator
09Lexie
Posts: 26,593
Registered: ‎09-13-2012
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Re: Critique/Advice!

Whether it be a Plat or a Dividend is irrelevant when it comes to assigning CL's unless we are referring to siggys or WM/WEMC. You can have DP with a lower CL than your current cc.

Util can still be low using the example I gave as long as your rev bal reports accordingly. Your CS may have increased not because of your increased CL but because your bal that you are reporting are being offset by the higher CL.

Yes, everyone likes higher CL but that has nothing to do with CS as long as the util is kept below 10% with one card reporting a bal.

I
Super Contributor
longtimelurker
Posts: 8,078
Registered: ‎04-22-2013
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Re: Critique/Advice!


MMB85 wrote:

I don't have a Dividend card. My citi card is the Citi platinum select. So upgrading it to a Diamond Preferred is a bit more than a lateral move. The amount of credit you have available and your credit utilization plays a factor in your score. Of course, a long with many other factors. Each time my credit limit has increased, so has my credit score. having a very high limit and controlling it very well helps your credit history.


Just looking at credit karma DB, the average score for the Diamond Preferred is 727, for the Platinum Select 712.  And yes, this is just their users, and uses their own score, but it is consistent across the cards, so this suggests that Diamond Preferred is really not more difficult to obtain than select.

Valued Contributor
android01
Posts: 1,227
Registered: ‎09-22-2009
0

Re: Critique/Advice!


MMB85 wrote:

I am using the word "prestigous" loosely. When I say that, I mean a card that is top tier, need excellent credit to get and offers very high credit limits. My spending habit is just fine. Very careful with my money. Not looking for credit cards so that I can spend a lot. Looking for top tier credit cards that will give me top tier credit limits and strengthen my credit score. So when I use the word prestigous, I mean high tier cards that require excellent scores and offer very high credit limits.

 

I like citi diamond preferred over citi simplicity because of the Citi Private Pass. I am  a big concert go'er. My citi platinum select has it and I love it. By the looks of it, the Citi simplicity doesn't have it. I thought it was for all Citi cards, but I guess not. But the simplicity offers No Late Fees Ever. Which is nice, but I have never ran into that problem and always pay my card in full. My credit cards are more so a hobby. Just trying to increase my credit limits over time and strengthen my credit score and history for when I really need that high score.

 

I use my Chase Freedom regulary, pay it off in full and I like it's reward programs. So i would rather put most of my purshases into that rather than building reward points over 3 cards. If it was my choice, I would only have 1 credit card (Chase Freedom) but when I was a college student back in 2009, I was an idiot and got two cards at the same time. I am stuck with that and I do not want to close them. So rather than just having them sit there. I would rather build their credit limits and also convert them to higher tier cards within their respective company.

 

My two other cards are low tier, beginner and college student cards. So with my Discover Card, I will be converting it to a Discover it. And hoping that a higher credit limit will come with it. With my Citi card, I am looking to convert it to a top tier card like Discover Diamon Preferred or whatever else is a top tier citi card. And also hoping a higher credit limit comes along with that upgrade.


Higher credit limits do not necessarily come with more "prestigious" or higher end cards.  Higher CL's are a result of higher credit scores due to good money management and time.  Based on what you've told us, I don't think you'd have any problem "upgrading" your cards to something else, but I wouldn't expect higher CL's simply because of a product change.  

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