Tossing Citi Secured cc idea around. **UPDATE**

[pizza1]

Ill try to keep it brief....

Citi was IIB with one of their legacy cc's and the HD cc in 2013, and we all know that its 7yrs from BK DC before they will approve again for another legacy card. Also, for those that dont know, their retail side (HD, best buy visa, etcc..), is different from the legacy division (DC, etcc), even though it s all Citi. 

The facts about the card:

unsecures at 18mo

$25 AF

22% apr

rebuilder card

Now, MY reasons for getting this card is to have the chance to be back in a lot sooner on their legacy division before the 7yrs. Im currently at 2.9yr post DC, end of August will be 3 yrs. If I got the card, and was approved for it, it would unsecure at my 4.5yr post DC mark, which is way sooner than the 7 yr mark.

I also currently have the following cards with Citi now:

Home Depot-$12k

Brooks Brothers MC-$2.5k

Sears MC-$4k

I obviously DONT need the CC, but its a way to be on the other side of the cc division, and build a more positive history with them.  I also dont need a secured cc, since Im WAY past that in my rebuild, but again, its to get back in on their legacy side.

Thoughts?

****UPDATE**** 06/02/2016

So, last thursday I called the EO inquiring about my "app", and was told the app from his end look "approved", they were just waiting on funding to happen.  I told him that I spoke with my bank that morning and there's been no attempt from Citibank to pull funds. He said to be patient that it could take up to 7 business days to do it.  Im like great, ok!

Friday....I decide to check the app status online again, and to my shock, the status says the app was declined, and letter was sent with  reasons. Im like...ok whatever..Hopped on phone and called contact at EO, and LM..(left message).

Of course holiday weekend, so called This week on Tuesday and LM, wednesday LM.  Called today, and explained to guy my app was declined, even though he told me approved last week, so what was the deal. He said, Oh Im sorry looks like the app was declined because there was a recent bankrupcty. 

Heres where it gets ugly.....

I said, "your app critieria specifically states no BK history within 2 yrs.  Im 3 yrs post filing, and 2 yr 10 months post discharge, with scores 690 fico EX.  Im sure that qualifies.". He says.....let me see what I can find out more of why it was declined then. 

Calls me back and says this......"looks like you were declined because you recently included a citi account in BK last month."

I FREAKING SPIT MY COFFEE OUT!!!   Im like....Excuse me????? Um, NO, my BK is stated on my EXP report, which Im looking at BTW, and it clearly states 08/21/2013 DISCHARGED.  I KNOW WHEN I FILED A BK!!!!!! He says.....mmmmm, let me call over to UW and dig a little further, and Ill call you back. 

While he's "collaborating" with UW, and their BS dept, Ive paid for and pulled another EX report directly from EX to see this "recent BK last month" that he speaks of, which I see none. 

Calls me back......He says, OK, It looks like you were declined because you recently included an acct  with us in BK last month. Im SILENT...I said..."I pulled a new report and see NO recent BK LAST MONTH.   He says...It looks like a HOme Depot acct was IIB last month.  

I said...NO, that acct was DISPUTED last month with the CRA, and was merely UPDATED last month.  The acct was IIB in 2013!!!!

He said...well, we cant approve it because it states it was IIB May 2016. At this point...I HUNG UP. Freaking idiots!!!!!!!  So, basically I was declined because I disputed last month with a few IIB accts on my reports, and they "updated" correctly and showed an update "date" of 05/2016, but still shows correct DOFD.  They didnt even LOOK AT MY PR, just the updated acct from the dispute. 

Im over it. People are clearly stupid. So, there you have it. Secured card declined for bogus **s reason.  I mean, I could accept it a lot better if they just came out and said....We declined you because of past relationship, and you IIB us in your BK. I would have been like, I understand, and thank you for the consideration.  But this BS?? Declined because their original IIB acct "updated"??? 

I dont even want anything with them anymore...and considering closing my 3 accts I DO have with them, just because they run a circus over there.  Im a little ticked by it all, but whatever....its done.

[RonM21]

Have you seen any info relating to how often or early they approve someone in this situation?

[pizza1]

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@RM21 wrote:
Have you seen any info relating to how often or early they approve someone in this situation?

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Not much info out there, and Im a big researcher, lol.  Thinking of testing the waters a little, and see what happens. 

[Closingracer99]

I would honestly wait if you dont need it...

[kdm31091]

Personally I'd say no. You're past it. I also think an "in" is overrated and if you just wait you'll likely qualify for a regular citi card. No need to "get in" with a card that is basically useless.

[creditguy]

I seen the criteria on another forum and it said must not have filed BK in the last two years, so your good there. But do they hold you to a longer waiting period if you burned them? Can't say. I have also seen someone who said it graduated to a diamond preferred for them, so if true you'll get that when you graduate, although some people have thought it graduates to a DC, although I see no evidence of that.

While your certainly past the point of needing a secured card, I think people are missing your point. If it all goes to plan you will have a two year head start on the seven year rule. Of course none of us can say what's going to be the outcome until you apply. I don't know, if you can spare a HP then why not give it a shot. Nothing ventured nothing gained right?

[pizza1]

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@creditguy wrote:
I seen the criteria on another forum and it said must not have filed BK in the last two years, so your good there. But do they hold you to a longer waiting period if you burned them? Can't say. I have also seen someone who said it graduated to a diamond preferred for them, so if true you'll get that when you graduate, although some people have thought it graduates to a DC, although I see no evidence of that.

While your certainly past the point of needing a secured card, I think people are missing your point. If it all goes to plan you will have a two year head start on the seven year rule. Of course none of us can say what's going to be the outcome until you apply. I don't know, if you can spare a HP then why not give it a shot. Nothing ventured nothing gained right?

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ahhh, yes, someone who understands my thinking here, lol.  Yes, My whole purpose of doing this would be to get back in sooner with them on their legacy division. I have not seen anyone with a BK get a legacy card sooner than 7 yrs post DC, and for me, that means 09/2020.  Now, sure, I could wait another 4 yrs and try then since I have plenty of credit, and its a secured card, with no rewards, but I dont care, I have plenty of unsecured cards with rewards and a crap ton of available credit. This would strictly be a Citi rebuilder/get back in good graces card. 

the chance to have a legacy card at 4 1/2 yrs post BK DC, vs 7 yrs, thats worth it too me. I have a feeling the card I want (Citi Costco), will be a legacy card, and hoping with some good gardening, and  ( the secured card if approved), my chances of getting it will be much better. 

[joltdude]

Creditwise you don't need it....

That said.. I think it would be a good datapoint and experiment.. And it costs less than a full set of reports....(Edit: im referring to the AF)

There are many folks who don't think you should bother with trying to get an "IN" esp with other prime cards and lines of credit....

I tend to think it can be a good strategy sometimes if you do desire one of their prime products... (DC for instance).....

If it were me.. id give it a go as a challenge....Id do the small reoccuring charge and autopay thing.. and occasionally use it on top....

If after a year, or even so much as the second AF.... your not feeling it...  Close it.. and call it a day. 

As always, Your Milage May Vary

-J

[Anonymous]

Citi has a long memory.  They might not approve a secured card since you burned them.  Or if they do, there's no promise offered that it will graduate after 18 months.

http://www.beverlyharzog.com/review-citi-secured-mastercard/

[Anonymous]

I threw this exact idea around about a month ago but I never went in and got a card. I had some vet bills to take care of. In my case I have 3 citiBank charge-offs in 2013.No BK. As I have stated before bankruptcies are seen as a better obstacle than a charge off and I never understood why