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Regular Contributor
strong_lady
Posts: 221
Registered: ‎03-25-2008
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Is Citi a excellent Secured Credit Card Choice?

Hello Everyone and Happy Holidays

 

Is Citi Financial secured credit cards a good choice... the other two I have heard that are good are First National and BOA.

 

I already have one CC in excellent standing and want to get a secured CC.  I have been thinking of getting one from CIti because I read that if you pay on time in 18 months you would qualify for one of their unsecured
CC's.  Any information would be appreciated... Thanks

 

Strong

Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008
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Re: Is Citi a excellent Secured Credit Card Choice?

I personally like bofa, expecially if you can get the 99/500, also they graduate 6-9 mo. sooner than citi.

"WTB Access Number"
Regular Contributor
strong_lady
Posts: 221
Registered: ‎03-25-2008
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Re: Is Citi a excellent Secured Credit Card Choice?


fender wrote:

I personally like bofa, expecially if you can get the 99/500, also they graduate 6-9 mo. sooner than citi.


Oh wow.. that is sooner I had no idea... what is 99/500?  Do they do a credit check on secured CC's

 

Does it really matter how much I put in my CC, someone told me I should put as much as I can like if the min is 200 and the max is 1,000 put alot down towards the max so that it will look better on my credit report?  Is this true?

 

Thanks

Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008
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Re: Is Citi a excellent Secured Credit Card Choice?

BofA usually graduates at 9 months, at which time you could maybe qualify for an unsecured Citi.  The 99/500 is a card that some people get offered as a counter offer online when turned down for the platinum plus visa.  Your counter offer will be either a partially secured visa (99/500) which means you pay $99 and get $500 credit, or a completely secured card. 

 

As for the amount to secure your card at, of course it is nice if you can put $1000 down for your secured line, but it isnt necessary.  You can open a line with $200, it is just harder to manage and keep at a low utility.

 

good luck, hope you get a 99/500 offer, I just got mine a few weeks ago and love it!

"WTB Access Number"
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
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Re: Is Citi a excellent Secured Credit Card Choice?

I recommend BOA secured also. They will hard you on EX and TU if you are borderline.
Here we go again...
Regular Contributor
strong_lady
Posts: 221
Registered: ‎03-25-2008
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Re: Is Citi a excellent Secured Credit Card Choice?


fender wrote:

BofA usually graduates at 9 months, at which time you could maybe qualify for an unsecured Citi.  The 99/500 is a card that some people get offered as a counter offer online when turned down for the platinum plus visa.  Your counter offer will be either a partially secured visa (99/500) which means you pay $99 and get $500 credit, or a completely secured card. 

 

As for the amount to secure your card at, of course it is nice if you can put $1000 down for your secured line, but it isnt necessary.  You can open a line with $200, it is just harder to manage and keep at a low utility.

 

good luck, hope you get a 99/500 offer, I just got mine a few weeks ago and love it!


Fender

 

Hi.... I cant find a partially secured visa card application on the website.. do you have to apply for the platinum visa first?

 

Thanks

Regular Contributor
strong_lady
Posts: 221
Registered: ‎03-25-2008
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Re: Is Citi a excellent Secured Credit Card Choice?


FretlessMayhem wrote:
I recommend BOA secured also. They will hard you on EX and TU if you are borderline.

 

What do you mean when you say that "they will hard you on EX and TU if you are borderline"

 

Thanks

Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008
0

Re: Is Citi a excellent Secured Credit Card Choice?

Yes you must first apply for the platinum plus visa, if you are declined they will counter offer partially secured or fully secured. 

 

I think the other guy meant you will have one hard inquiry, and maybe a second hard inquiry if your credit is low.  I think I got one hit on two reports.

"WTB Access Number"
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
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Re: Is Citi a excellent Secured Credit Card Choice?


strong_lady wrote:

FretlessMayhem wrote:
I recommend BOA secured also. They will hard you on EX and TU if you are borderline.

 

What do you mean when you say that "they will hard you on EX and TU if you are borderline"

 

Thanks


BOA is a pretty notorious EX puller. If they pull your EX and they consider you to be a borderline approval per their criteria, sometimes they will also hard pull TU. 

Here we go again...
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
0

Re: Is Citi a excellent Secured Credit Card Choice?

I asked this question when I first started out, and people told me that Citi takes 18 months to unsecure. I too recommend either BoA or your own bank/CU if they offer a secured card. (It makes payments easier that way!) 
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