Hi folks -
I've no interest in the Citi Thank You Preferred (and have no relationship with Citi other than 7 years with the Forward).
Over the next month, with 4 pending arrivals (after 7 years of, well, not gardening, but standing pat), I'll about double my aggregate limit and all but eliminate outstanding balances, embracing AZEO. And, per a chat session I just had with a Citi rep, the Forward will no longer be valid 90 days from receipt of the TYP (expected towards the end of January). So ...
Scenario 1 - Call and see if I can product change to a Citi Double Cash. [Edited - no luck on this.]
[Update: Ultimately, called to ask if any trailing interest would be assessed on my account if paid in full prior to the statement cutting. Advised there wouldn't be. Asked if I could product change -- rep said 'Yes' (third time lucky, I guess).]
Scenario 2 - Pay off the Forward and close it before it expires.
Scenario 3 - Pay off the Forward and do nothing before it expires.
Is there a difference in FICO impact between scenarios 2 & 3? (Or, indeed, a possible difference in future loan outcome if the file were manually reviewed, all other things being equal (which they never are).)
Insight welcome.
@expatCanuck wrote:Hi folks -
I've no interest in the Citi Thank You Preferred (and have no relationship with Citi other than 7 years with the Forward).
Over the next month, with 4 pending arrivals (after 7 years of, well, not gardening, but standing pat), I'll about double my aggregate limit and all but eliminate outstanding balances, embracing AZEO. And, per a chat session I just had with a Citi rep, the Forward will no longer be valid 90 days from receipt of the TYP (expected towards the end of January). So ...
Scenario 1 - Call and see if I can product change to a Citi Double Cash.
Scenario 2 - Pay off the Forward and close it before it expires.
Scenario 3 - Pay off the Forward and do nothing before it expires.
Is there a difference in FICO impact between scenarios 2 & 3?
Insight welcome.
I would try Scenario 1, the product change. That way the opening date of your Forward account will be kept open as the Citi Double Cash will show the Forward's opening date as its own.
Tried scenario 1. No luck.
So ... as between 2 & 3, is there any difference as regards FICO score outcome?
@expatCanuck wrote:Tried scenario 1. No luck.
So ... as between 2 & 3, is there any difference as regards FICO score outcome?
Zip, zero, swabo.
That said I think it always looks better to be closed by consumer than closed by credit grantor. Show that you manage your credit, without lenders having to help you do so.
@Revelate wrote:
@expatCanuck wrote:Tried scenario 1. No luck.
So ... as between 2 & 3, is there any difference as regards FICO score outcome?
Zip, zero, swabo.
That said I think it always looks better to be closed by consumer than closed by credit grantor. Show that you manage your credit, without lenders having to help you do so.
Certainly that's what my gut tells me.
@Anonymous wrote:Can you clarify for us whether the Citi Forward is your oldest card? If so, how much older is it than your next oldest open card? (My apologies if you have discussed this on another thread.)
If it is your oldest by several years, I'd reconsider the PC issue. ...
To answer your question, I don't think anyone thinks #2 vs. #3 makes a difference to your FICO score. ...
My oldest card is 17. I just closed a second 17-year-old card to comply with the bank's conditions to obtain a construction loan / 2nd mortgage. The Forward and another card are each are 7. That's it for credit cards. My mortgage (refi) and the construction loan are new, and have yet to report ... presumably real soon now.
@expatCanuck wrote:Tried scenario 1. No luck.
So ... as between 2 & 3, is there any difference as regards FICO score outcome?
Sorry they wouldn't do the PC.
As between 2 & 3 there's no scoring difference, but definitely pay it down to zero right away.
Had success when calling to ask about whether there'd be any trailing interest if I paid off new purchases prior to the statement date. When I then asked whether I could convert to the DC, the rep said 'Yes'.
