The CIti Prestige - apply or wait?

[csryang]

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@Anonymous wrote:

So I've set my eyes on the Citi Prestige, but i'm not sure if I should pull the trigger now or wait until August. Here are my stats before I get into my rationale on waiting/not:

CCs

Nordstrom Visa Siggy - 10k 

BOA - 9.1

Citi Dividend - 4.3k 

Wells Fargo - 1.6k 

TOTAL Utilization - 4%

1 Citi Secured Loan of $950, established Feb 2015 (just to have installment history) 

AAoA - 1 year 7 months

Oldest Acct - 2 years 

No derrogs, no missed payments or any negs

Newest Acc - 1 month 

2 Inq on TU 9/14 and 3/15

1 Inq on EQ 2/14 

1 Inq on EX 1/15 

EQ FICO - 739

TU according to CK - 746

EX Vantage - 745

So originally I was going to wait until August for 2 reasons, 1. Because the installment loan would gain some history and boost my score and 2. becuase then my Citi Divident limit would increase to over 5.5k and I would be able to move 5k to the Prestige and get ahigh limit. But now I'm think it might be better to go ahead and apply sometime before August because in June and/or July I am going to be applying for some students loan both private and federal so that will bring on both inqs and debt. And to a lesser degree I'm just itching to get the card. I guess I could always just move 3.8k from DIvidend to Prestige instead of 5k

So after all that it leads me to my questions. Do you think I have a good chance of approval? Does the Citi give out good limits with the card? And most importantly, should I wait til August or apply in April/May? I would really appreicate some reasoning and justification behind your reccommendation. 

Regards

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I think I heard it somewhere that as long as you dont have more than 6 inquiries within the past 6 months, you should have a chance for citi approval. But then again, you just applied for citi secure loan and most recent account is 1 month. I would guess that they will probably approve you but who knows about their internal rules. If you dont have any travel or immediate use soon, I would suggest you to apply just before your student load in June or July to maximize your chance of approval. If you really need it bad, try app for it now then and report back!

It's a great card but I kind of have a buyer's remorse now haha. I think I will probably app for Citi Premier in a couple of months. Premier will have better reward structure than Prestiqe minus lounges and hotel credits which I probably wont utilize too much. 

[Anonymous]

Why are you having buyer's remorse?

[Dawggie14]

OP, I had 11 EX and 4 EQ inquiries when I was instantly approved for the Prestige (they pulled both), and if your EQ FICO is near consistent across the three CRA's, I'd say you have a pretty good chance of getting the card. My income is pretty good and I waited until many of my existing cards had higher credit limits (hence the inquiries), so that may have pushed the decision in my favor as well - something else to consider.

The prudent side of me says to wait. If you feel you'll be in better credit/financial standing in August compared to where you are now, then just think in terms of what a better credit line you could receive upon approval. Clearly I couldn't wait, but I'm probably not as careful as you seem to be.  #goodforyou

Either way, good luck with what you decide, and keep us posted!

[Anonymous]

Thanks for the input everyone! So I just applied for the card in branch last week, and since they have to fax it in I still don't know if I am aproved. I have some oversees vacations coming up so I really want to utliize the 4th night free (about 9 times at $300 each in the coming months). I have income of $75k so hopefully that helps and i hope my age isn't working against me. 

If I do get denied are there any numbers I can call or things I can plead to get the decsion overturned? I want to plan for the worst and hope for the best. 

I am going to call monday morjning and see whats the status, I will keep you guys updated

[Anonymous]

I almost made it to August! hopefully its enough to get approved. Im going to try and reallocate 3.7k from my dividend if I get approved. Has anyone had luck increasing the limit right after approval? if so, how?

[longtime_lurker]

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@Anonymous wrote:

I almost made it to August! hopefully its enough to get approved. Im going to try and reallocate 3.7k from my dividend if I get approved. Has anyone had luck increasing the limit right after approval? if so, how?

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I got 8k instant with much less income than you...lol. I think you'll be fine.

[Anonymous]

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@Anonymous wrote:

Thanks for the input everyone! So I just applied for the card in branch last week, and since they have to fax it in I still don't know if I am aproved. I have some oversees vacations coming up so I really want to utliize the 4th night free (about 9 times at $300 each in the coming months). I have income of $75k so hopefully that helps and i hope my age isn't working against me. 

If I do get denied are there any numbers I can call or things I can plead to get the decsion overturned? I want to plan for the worst and hope for the best. 

I am going to call monday morjning and see whats the status, I will keep you guys updated

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That is a hell of an income for your age.  But then again I am probably only 4-5 years older than you and bringing in about the same so I guess it ins't too crazy.  I think you will be fine.  Have you noticed a new inquiry from them yet to indicate to you if they have a decision or not?  If you get overturned you can always call Citi EO and ask them for a review, but I don't think that will be the case for you

[kdm31091]

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@bch238 wrote:

OP, you said,

"But now I'm think it might be better to go ahead and apply sometime before August because in June and/or July I am going to be applying for some students loan both private and federal so that will bring on both inqs and debt. And to a lesser degree I'm just itching to get the card. I guess I could always just move 3.8k from DIvidend to Prestige instead of 5k."

You don't say why you want the card.  As a student starting out on your credit journey (I'm inferring from your AAoA), are you sure that a $450 AF card is justified?  Possibly you will be taking advantage of the air fare credit ($200) [EDIT:  ($250)] and some other things.  If not, give it some serious consideration whether it is the right card for your needs.  Consider the CSP also. 

With regard to applying for the card, I understand that Citi is sensitive to inquiries.  Limits are probably based on your pre-existing limits with other cards and your stated income.

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I second this. I understand the Prestige is popular, but as a student...are you sure $450 AF is going to make sense? Do the math. Run the numbers. It won't lie. Determine your spend and see what rewards you will get. Prestige is a travel card, designed for fairly heavy travelers. Most students (though not all) do not have the time/resources to really maximize these types of cards. Most of the cardholders seem to be older (as in not students) and mid to high income, who either have time to travel a lot or travel for work etc. I'm not trying to discourage you. Just make sure you aren't just acting on what's popular.

With regard to waiting -- if your gut tells you should probably wait until August -- then do so. You may get a better limit and/or APR that way. Usually if someone asks "should I wait" they know the answer is yes.

[Anonymous]

I definitely spent a large amount of time running the numbers. the AF is $350 and ten subtract the air credit of $250, bringing down the AF to $100, then subtract the TSA credit ($100 over 5 years) that brings down the AF to $80. If we go one step further, the sign up bonus of 60k points is equal to, at minimum $600 (divide by 80) and that will pay for the remaining $80 [net] AF for 7 years. Then I factor in the 4th night free. You're right in saying I don't vacation too much, probably 2-3 times a year. So, if I use the 4th night free only once on each trip that's still $400 - $600 in net savings ($200-$300 per night hotel cost). I ended up getting the card earlier becuase I plan on doing some oversees travel soon and the 4th night fee will save me about $800-$1200. Some people want to monotize the lounges, but persoannly its just a perk beacuse if I didn't have the card I wouldn't pay to go to the lounges, plus I will only use the priority pass lounges because I very rarely fly American (its a a pretty bad airline in my opinion). While I was initially drawn to this card because of its aesthetic (and the Amex Plat) I made sure to work the numbers to ensure its in my favor. 

[Anonymous]

Is the prestige expedited? The CSR said it would take 7 days to arrive, but I thought they overnighted it, or at the very least two day shipping.