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I was pondering over this for a while, I thought I could get some experts Idea over here.
I was denied for Citi CashBack due to low credit History and they would not reconsider it either, and so they offered me a secured card.
I was wondering if that is a good idea or not over these points.
1. I get a secured card for $5000, as this puts me on a 2k plus category probably viewed better?
2 It will help me with the Util, My normal monthly expenses is around $500-700. (I pay in full all the time)
3. Build credit history with a prime company.
4. The deposit would earn Interest as it is a CD with 4% APY, So I earn more money if I put there rather than ~0.30 in the savings account.
5. I will get into good books of Citi quicker then it normally takes? (not sure about this)
6. It is easy to do product change with Citi, good Customer Service, blah blah.
7. The interest earned on CD is as good as earning cash back
What do you guys think?
Message Edited by voidman on 06-25-2008 08:28 PM
I was denied for Citi CashBack due to low credit History and they would not reconsider it either, and so they offered me a secured card.
I was wondering if that is a good idea or not over these points.
1. I get a secured card for $5000, as this puts me on a 2k plus category probably viewed better?
2 It will help me with the Util, My normal monthly expenses is around $500-700. (I pay in full all the time)
3. Build credit history with a prime company.
4. The deposit would earn Interest as it is a CD with 4% APY, So I earn more money if I put there rather than ~0.30 in the savings account.
5. I will get into good books of Citi quicker then it normally takes? (not sure about this)
6. It is easy to do product change with Citi, good Customer Service, blah blah.
7. The interest earned on CD is as good as earning cash back
What do you guys think?
Message Edited by voidman on 06-25-2008 08:28 PM
voidman wrote:
I was pondering over this for a while, I thought I could get some experts Idea over here.
I was denied for Citi CashBack due to low credit History and they would not reconsider it either, and so they offered me a secured card.
I was wondering if that is a good idea or not over these points.
1. I get a secured card for $5000, as this puts me on a 2k plus category probably viewed better?
2 It will help me with the Util, My normal monthly expenses is around $500-700. (I pay in full all the time)
3. Build credit history with a prime company.
4. The deposit would earn Interest as it is a CD, So I earn more money if I put there rather than ~0.30 in the savings account.
5. I will get into good books of Citi quicker then it normally takes? (not sure about this)
6. It is easy to do product change with Citi, good Customer Service, blah blah.
7. The interest earned on CD is as good as earning cash back
What do you guys think?
Sounds like everything works out in your favor in the long run. I say go for it. But before you do, make sure and verify that this is a card that DOES in fact graduate. I know that there are some secured cards that don't change over to an unsecured.
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