Secured Citibank credit card

[Anonymous]

Hi all,

I'm new to myfico and I've been reading a lot of people's post and have learn a lot of things. Thank you!

Just want to give a few info about myself. So, a couple of months ago I decided that I want to own a home. I gave myself 4-5 years to built up my credit score, save money for down payment and etc. I checked my credit reports and I didnt find any baddies except that my credit history is so thin, I decided to open up 3 cc to start building. Since I've been banking with Citibank for years, I decided to get a secured Citibank cc. A month later I applied for unsecured Cap1 plat and a week ago I applied for Quicksilver one. 

I was hoping that when its time for my secured cc to graduate that they will upgrade it to unsecured. Today, I was told that they don't have graduation period for their secured card and if I want unsecured card that I have to apply for one. Does anyone know if this is true? If I new this I would have probably tried to get a secured BOA instead since I know that they have this option. Im still planning on keeping this cc since I already paid for the annual fee and just close the acct before the year is up unless they change their policy. 

Thanks,

Tess1

[CH-7-Mission-Accomplished]

My understanding is that they put your money in an 18 month CD and then will graduate at 18 months if you pay on time.  

[Dahlia77]

That's the same thing they told me at my branch.  Secured CD, graduation in 18 months with stellar payment.

[Anonymous]

Anyone know what the minimum deposit is with their secured card?

G 

[Anonymous]

I hope that when 18 mths  is up that they will change it to unsecured. I really like them and that's  why I've been banking with them for a long time, I also heard that they are one of the good lenders. 

[injustifiiable]

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@Anonymous wrote:

I hope that when 18 mths  is up that they will change it to unsecured. I really like them and that's  why I've been banking with them for a long time, I also heard that they are one of the good lenders. 

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You should be good to go in maybe 6 or 12...you don't have any baddies which is the main thing Citi would have an issue with. I'd try applying for one of their better cards in a year and then close if approved. The effect should be minimal.

Good luck!

[Anonymous]

@ G... it's $200 minimum and they have annual fee of $29.99