topic Re: Citi Double Cash card: question about credit limits and requesting increase in Business Credit

Citi Double Cash card: question about credit limits and requesting increase

Anonymous — Wed, 12 Aug 2015 22:42:20 GMT

I am interested in this card, but have heard that Citi is stingy with their credit limits.

I will be using this for a business, and we put $150k/mo on our current credit card (Chase Ink Bold). So I will need at least a $70-$80k limit.

My credit is excellent and the gross income of the business is $3.5MM a year, so technically that shouldn't be a problem. But I've had very different experiences with credit limits with different companies. Chase gave me a $70k limit right off the bat, whereas CapOne started me at $20k or something and it took a long time and many declined requests for increase to get up to $80k.

Another question: is it possible to speak to an underwriter on the phone at Citi? It's not at CapOne, which drives me crazy, but it is at Chase.

Re: Citi Double Cash card: question about credit limits and requesting increase

coldnmn — Wed, 12 Aug 2015 22:55:42 GMT

I'm sorry I don't have an answer to credit limits but here is a link on backdoor numbers. Welcome to the forum.

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Backdoor-Numbers/m-p/408066

Re: Citi Double Cash card: question about credit limits and requesting increase

Anonymous — Wed, 12 Aug 2015 23:03:34 GMT

Welcome to the forums. Hope you can get what you need from Citi. I've only tried once with them. You woud definitely have to call.

Re: Citi Double Cash card: question about credit limits and requesting increase

FinStar — Wed, 12 Aug 2015 23:14:18 GMT

It appearsyour business is pretty well-established so I don't know if this will fly with Citi for the Double Cash since it's not a business card (granted it's possible some folks may use it for business transactions versus personal use).

The viability of speaking to a Citi UW is slim to none unless you have the appropriate channels to get in contact with them, not to mention if you have significant business deposits or a strong relationship with them.

Re: Citi Double Cash card: question about credit limits and requesting increase

Anonymous — Wed, 12 Aug 2015 23:33:29 GMT

I'd say call a CSR. This is a personal card, not a business card...so will have to see what citi thinks about that. Also, do you own the business 100%?

Re: Citi Double Cash card: question about credit limits and requesting increase

Anonymous — Wed, 12 Aug 2015 23:47:41 GMT

Thank you. Does anyone know of a business card that offers 2% cash back other than CapOne Spark Business?

Re: Citi Double Cash card: question about credit limits and requesting increase

icyhot — Wed, 12 Aug 2015 23:53:22 GMT

What do you primarily buy? You may be able to look into the Amex SimplyCash

Re: Citi Double Cash card: question about credit limits and requesting increase

Anonymous — Wed, 12 Aug 2015 23:55:02 GMT

@Anonymous wrote:
Thank you. Does anyone know of a business card that offers 2% cash back other than CapOne Spark Business?

http://www262.americanexpress.com/landing-page/business-cards/sclp/spg/aff0017/42732?PID=15-12115262-3842381-267baf259078a708&BUID=SBS&PSKU=SWB&CRTV=BSPGLTO15 This is the only one I found...not sure if you'll like it though (for travel).

Re: Citi Double Cash card: question about credit limits and requesting increase

Anonymous — Wed, 12 Aug 2015 23:56:32 GMT

@icyhot wrote:
What do you primarily buy? You may be able to look into the Amex SimplyCash

Pretty sure he's just looking for a flat-rate 2%+ card, which is why he mentioned the DC and Cap1 cards.

Re: Citi Double Cash card: question about credit limits and requesting increase

Anonymous — Thu, 13 Aug 2015 00:00:26 GMT

I own an integrative medicine clinic, so the biggest categories of spend by far are 1) lab kits we order for patients, and 2) supplements that we order from distributors and drop-ship to patients. I'd say these two categories account for 80% of our monthly spending.

That is why I don't like the tiered cards with 5% cash back in certain categories, 3% in others, and then 1% everything else. I don't spend much in those 5/3% categories. We're better off with a card that is flat 2% cash back.

Sounds like we may need to stay with Capital 1 and keep asking for CLIs. Sigh.

Re: Citi Double Cash card: question about credit limits and requesting increase

axlm — Thu, 13 Aug 2015 00:26:36 GMT

Not exactly 2% but here is another option: Amex Plum (link to nerdwallet review)

Re: Citi Double Cash card: question about credit limits and requesting increase

peaceonearth — Thu, 13 Aug 2015 00:33:13 GMT

@Anonymous wrote:
I am interested in this card, but have heard that Citi is stingy with their credit limits.

I will be using this for a business, and we put $150k/mo on our current credit card (Chase Ink Bold). So I will need at least a $70-$80k limit.

My credit is excellent and the gross income of the business is $3.5MM a year, so technically that shouldn't be a problem. But I've had very different experiences with credit limits with different companies. Chase gave me a $70k limit right off the bat, whereas CapOne started me at $20k or something and it took a long time and many declined requests for increase to get up to $80k.

Another question: is it possible to speak to an underwriter on the phone at Citi? It's not at CapOne, which drives me crazy, but it is at Chase.

Welcome to myfico Forums.

Wow! your monthly spending on a credit card is more than half of the company's gross income.

Why don't you get a credit card(s) from your local bank? they may even give you $200K or more.

Re: Citi Double Cash card: question about credit limits and requesting increase

Anonymous — Thu, 13 Aug 2015 00:52:25 GMT

The labs are a big chunk of it. We don't make any money on them; we charge the patient what we pay the vendor.

So, in a month we might have $100k in lab fees, but we collect $100k from patients for those labs. So it's a lot coming in and out that doesn't really affect the P&L. The labs are on the balance sheet.

But it does impact the credit card spend.