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preapproved for $5000 from citifinancial

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Anonymous
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preapproved for $5000 from citifinancial

It says you`re pre-selected for $5000 personal loan from citifinancial because of your excellent credit, but it`s excellent Smiley Wink.

Has anyone before received such letter? should i go for it?
Message 1 of 30
29 REPLIES 29
Anonymous
Not applicable

Re: preapproved for $5000 from citifinancial

From what I've read, from when I've received a similar offer, we should avoid any lender with "financial" in the name - consumer finance lenders being subpar.  A search will prove informative...
Message 2 of 30
jmbfl
Valued Contributor

Re: preapproved for $5000 from citifinancial



mindbot7 wrote:
It says you`re pre-selected for $5000 personal loan from citifinancial because of your excellent credit, but it`s excellent Smiley Wink.

Has anyone before received such letter? should i go for it?


Sure! What's the APR on that letter you got?
 
Message 3 of 30
Veee
Frequent Contributor

Re: preapproved for $5000 from citifinancial

I get those all the time but I have had loans with them before.  I actually just paid one off in May of this year.  Was my last installment loan!
 
Once you have the loan they send you more letters trying to increase it.  I did this back when I was married, needed the money and didn't pay attention (so to speak) to my credit.  Over a period of years I ended up with a 2nd morgage, originally starting at like 4000.00 ... increase after increase after increase.
 
and they try to charge you for everything ... paying on time is a must!
Myfico scores as of 11/12/08 TU 750 EX 722

MyFico scores as of 9/20/08 TU 638 EX 663 EQ 691
Message 4 of 30
Anonymous
Not applicable

Re: preapproved for $5000 from citifinancial

Thank for all the replies

@ jmbfl, That is starnge because they didn`t mention anything about any kinda of fees or APR.


@ Veee, so what would you advice me, i need the money too but i don`t want to hurt my credit except for hard pull. also you mentioned "they try to charge you for everything" what do you mean. is it not the same as credit cards just APR fees?
Message 5 of 30
jmbfl
Valued Contributor

Re: preapproved for $5000 from citifinancial



mindbot7 wrote:
@ jmbfl, That is starnge because they didn`t mention anything about any kinda of fees or APR.


I knew that when I asked the question - I just wanted you to look!
 
The offer is open-ended and generic. Overall pretty meaningless. Dealing with Citi Financial is like dealing with the finance guy in a used car operation. The goal is to separate you from as much of your money as possible. Now, since it is Citi Financial you can be pretty sure (but not 100% certain) they are going to be operating legally. When you go in for the loan they will ask you how much you want and for how long, run your credit and come back with an payment. They wil not want to discuss this in terms of APR. Legally they have to. If you like the offer you are in. If you don't you say no thanks. You will get a hard INQ one way or the other.
 
They send you the letter because your name was provided by one of the CBRs when they asked for pre-screened candidates for their offer. Who knows what the criteria for selection are. I went through a phase where I got this letter monthly. I let it linger until I got something better. When I did I took it and the Citi Financial letters stopped coming.


Message Edited by jmbfl on 09-27-2008 08:58 AM
Message 6 of 30
Anonymous
Not applicable

Re: preapproved for $5000 from citifinancial

yeah, good point. i started to get a lot of preapproval specially from citi related cards after getting my new Citi card. I`ll give them a call and ask for more details like APR, monthly payment, etc. i like it though, just because of the cash Smiley Happy and i need it.

do u mind asking you what was the maximum limit they offered you? if they gonna double, i`ll wait for it.
Message 7 of 30
Anonymous
Not applicable

Re: preapproved for $5000 from citifinancial

I get those too. I called once to discuss APR and they wanted me to complete the application process first. One of my friends with a 650ish FICO applied for their loan and the APR was 29.99%! So beware of this.
Message 8 of 30
Veee
Frequent Contributor

Re: preapproved for $5000 from citifinancial

Believe me ... over the years they have saved my butt!  They also are really nice (or were to me) about giving me money ... eventually (because they are SO nice) (over the corse of probably 10 years) ended up with a 2nd mortgage with them.  When I think of it now ... what a sucker I was.
 
If you need the money and you are okay with there terms .. I would go for it!
 
Mine were installment loans not a CC.  You just HAVE to pay on time because they are big on charging you a late fee, even if only a half a day late.  When we had like four hurricanes here within a month they sent me a letter stating that if I needed to waive a payment or two they would work with me ... I would still be paying that loan if I had taken them up on thier nice gesture.  I'm not saying they are crooked but sometimes it just felt like it.  At one point I started actually watching my applied payments and I use to think it would never be over because the principal amount being paid every month was like $15.00 .
 
It's over now, they are on my CR showing as paid in full/as agreed.  I did have late payments with them from time to time and not one is showing.
 
Goodluck,
Veee

mindbot7 wrote:
Thank for all the replies

@ Veee, so what would you advice me, i need the money too but i don`t want to hurt my credit except for hard pull. also you mentioned "they try to charge you for everything" what do you mean. is it not the same as credit cards just APR fees?


Myfico scores as of 11/12/08 TU 750 EX 722

MyFico scores as of 9/20/08 TU 638 EX 663 EQ 691
Message 9 of 30
Anonymous
Not applicable

Re: preapproved for $5000 from citifinancial

wow, 29.99% APR is sucking blood. sure i`ll ask them first about APR before anything else.

Thanks veee for the advice, i`ll not put my feet into it until i know everything about the offer. i am expecting to get a better job soon, i might be able to pay them full in short time

Good new, as i`m typing this post, i got $2000 CLI from my lovely BOA
Message 10 of 30
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