topic Re: Citi Diamond Preferred in Credit Cards

Citi Diamond Preferred

Anonymous — Thu, 19 Mar 2015 11:03:42 GMT

Hi All,

Hope things are well.

Monday morning, the 16th of March I deposited a Balance Transfer check from my CDP into my checking account. I wrote the check for $7,200.00 and it posted yesterday to both my bank and when I log in to Citi.

I plan on using the funds to negotiate the purchase of another piece of rental property over the next couple of weeks. There are a couple I'm looking at.

Anyways, I plan on paying this '5% loan' off by September. The transaction looks like this.

CL - $8,600.00

BT - $7,200.00

BT fee - 360.00 bringing the utilization to around 87% for this one card and I'm currently at less than 1% total utilization on the rest of my cards. The 0% interest is good until the end of May, 2016

Earlier this month, Suntrust(LightStream) started reporting to all three agencies a car loan I took out in September of '14 so that is already figured into all of my scores as I lost about 15 points across the board.

I plan on staying in the garden as outlined in my sig but I thought some folks might be interested to see what this kind of UT will do to scores without anything else really changing. Citi hasn't reported this to any of the agencies yet but when it does I'm the bells and whistles will start going off.

I believe that, for me anyways, that Citi has carved out a niche with this card that just keeps on giving. Cash when I want it with no additional HP's or tradelines to worry about. A drop in my scores don't concern me as I won't be applying for anything new for a while and as I pay it back over the next few months my scores will come back even stronger I would think.

Anyways, thanks for taking the time to read and I'll keep everyone posted on how things progress.

Current MyFico's 03/19/15

EQ - 809 TU - 734 EX - 752

Current VantageScore 3.0

EQ=793 TU=743 EX=761

Re: Citi Diamond Preferred

Anonymous — Sat, 21 Mar 2015 19:15:40 GMT

Wow! Your scores are all over the place. Interesting....

I'm kind of new at this but are you sure writing a check to yourself is intrest free? Citi sends me checks all the time but if you read the fine print, it only applies to actual Transfers. Writing a check to yourself is a cash advance and intrest begins immediately. Please correct me if I'm wrong. Like i said.... kinda new at this.

Paul

Re: Citi Diamond Preferred

NRB525 — Sat, 21 Mar 2015 19:35:43 GMT

@Anonymous wrote:
Wow! Your scores are all over the place. Interesting....
I'm kind of new at this but are you sure writing a check to yourself is intrest free? Citi sends me checks all the time but if you read the fine print, it only applies to actual Transfers. Writing a check to yourself is a cash advance and intrest begins immediately. Please correct me if I'm wrong. Like i said.... kinda new at this.
Paul

Agreed, those scores are quite different.

As to the BT offers leading to cash in your bank account, yes they can. You usually have to use specific checks that they mail to you, with an offer code (or one of several offer codes if multiple offer terms are available) but the cash looks just like a BT on your CC statement.

There is the terminology that if you just write a check against the CC account, and it does NOT have the offer code, or it is not one of the specially coded checks, those do indeed not get the favorable interest rate. They would start at the cash advance APR of the card if not part of the offer code.

You also have to check how the offer handles the cash advance at the expiration of the BT term. Sometimes they just go to your standard APR, other times they go to Cash Advance, higher APR, it depends on the CCC.

Re: Citi Diamond Preferred

Anonymous — Sat, 21 Mar 2015 19:54:47 GMT

Can you elaborate on codes? I have no idea what/where these are. Like i said.... i get these checks all the time and never really paid much attention. What should i be looking for?
Thanks,
Paul

Re: Citi Diamond Preferred

NRB525 — Sat, 21 Mar 2015 20:05:10 GMT

@Anonymous wrote:
Can you elaborate on codes? I have no idea what/where these are. Like i said.... i get these checks all the time and never really paid much attention. What should i be looking for?
Thanks,
Paul

From which bank?

For my US Bank accounts, when they send me the offer in the mail, it usually has 3-4 hardcopy checks attached, but in the instructions at the top of the page, the option is to go on line, request a BT, and use the Offer Code to pick up the same terms.

I got a recent offer from Citi, no hardcopy checks, but in the mailer it says funds can be advanced to a checking account as well. There was a specific link in the online account info.

For BofA, they send checks, and usually have a click link in the online account to select a particular offer. They refer to it as "Balance Transfer, Direct Deposit, or Check Cash Advance", all the same.

With any BT offer, particularly if you aren't certain, it is important to read through all the documents that come with it, trace all the asterisks and footnote references, read all the microscopic print (magnifying glass recommended) so you fully understand what the specific offer to you is, when it expires, when the promotional APR ends, etc, etc, etc. Once you get familar with it, it's a breeze, but it is important to go through at least one cycle of OCD to prevent surprises later.

Re: Citi Diamond Preferred

Anonymous — Sat, 21 Mar 2015 20:18:26 GMT

Thank You for taking the time to explain. I appreciate it very much! Learn something new everyday around here. : )
Good Luck with your property venture!
Again.... Thank You
Paul

Re: Citi Diamond Preferred

Anonymous — Sun, 22 Mar 2015 20:35:32 GMT

@Anonymous wrote:
Wow! Your scores are all over the place. Interesting....
I'm kind of new at this but are you sure writing a check to yourself is intrest free? Citi sends me checks all the time but if you read the fine print, it only applies to actual Transfers. Writing a check to yourself is a cash advance and intrest begins immediately. Please correct me if I'm wrong. Like i said.... kinda new at this.
Paul

Yeah, the scores are for another topic but in a nutshell my main/local bank that I've done business with since 1989 only reports to Experian so none of my auto or real estate loans show up on Equifax or Transunion. 30 some tradelines over the years.

As far as Citi, it still hasn't reported to any of the reporting agencies as far as I can tell, no alerts from anywhere.

This is definately a 0% offer from them except for paying the 'upfront' 5% BT fee and I will not be charged any addttiional interest unless it extends past May 2016. And that's the rub with these types of 'loans' is that something goes wrong with your plan and you don't pay it off before it's time.

The first time I used it I made the call to verify what I was reading and came away with all the answers I needed to confirm that I would not be charged interest. Writing a check to myself in this case is a BT and not a Cash Advance.

Re: Citi Diamond Preferred

Anonymous — Sun, 22 Mar 2015 20:47:41 GMT

@NRB525 wrote:
@Anonymous wrote:
Can you elaborate on codes? I have no idea what/where these are. Like i said.... i get these checks all the time and never really paid much attention. What should i be looking for?
Thanks,
Paul
From which bank?
For my US Bank accounts, when they send me the offer in the mail, it usually has 3-4 hardcopy checks attached, but in the instructions at the top of the page, the option is to go on line, request a BT, and use the Offer Code to pick up the same terms.
I got a recent offer from Citi, no hardcopy checks, but in the mailer it says funds can be advanced to a checking account as well. There was a specific link in the online account info.
For BofA, they send checks, and usually have a click link in the online account to select a particular offer. They refer to it as "Balance Transfer, Direct Deposit, or Check Cash Advance", all the same.

With any BT offer, particularly if you aren't certain, it is important to read through all the documents that come with it, trace all the asterisks and footnote references, read all the microscopic print (magnifying glass recommended) so you fully understand what the specific offer to you is, when it expires, when the promotional APR ends, etc, etc, etc. Once you get familar with it, it's a breeze, but it is important to go through at least one cycle of OCD to prevent surprises later.

NRB is dead on here again, know what is going to happen if you don't get it paid off thru the BT timeslot. In this instance, for me, it reverts to my standard APR of 12.99%.

Another important item to remember is that I don't use this card for any 'transactions' during this BT time frame as that can/will throw a monkey wrench into things. I have other cards in the wallet and the Diamond Preferred stays home until this transaction is paid off.

Re: Citi Diamond Preferred

Anonymous — Mon, 23 Mar 2015 07:36:18 GMT

That's what I forgot! Thought I had read something about purchases after accepting the offer. Wasn't quite sure what it was saying. Hmmm... So a purchase during the 0% interest period will void the offer?

Re: Citi Diamond Preferred

Anonymous — Mon, 23 Mar 2015 10:28:02 GMT

@Anonymous wrote:
That's what I forgot! Thought I had read something about purchases after accepting the offer. Wasn't quite sure what it was saying. Hmmm... So a purchase during the 0% interest period will void the offer?

It can, yes. This is from my terms

If you transfer a balance with this offer, interest will be charged on purchases made with your credit card, unless your purchases have a 0% APR, or you pay the entire balance (including any transferred balances) in full each month by the payment due date.

So like I said, this card doesn't leave my house with me just so there's no mistake.

All the Best

Re: Citi Diamond Preferred

Anonymous — Fri, 03 Apr 2015 07:49:38 GMT

Nothing really new to report here as Citi still hasn't reported to the CRA's of my transfer, even tho Chase reported an $850 charge the day it posted to catch me off guard for paying in full before it reported. Dinged the scores a bit.

This is the way my account looks as of this morning and they still haven't attached the BT fee. Most likely will all happen on the next closing date of the 9th

And not to drift off to a real estate thread but the purpose of this BT was to give me some cash to go after another piece of rental property. I'm happy to say it worked out and I believe both party's got what they wanted.

A divorced lady with two children got $7,000 cash to pack up and move back to her home state of Georgia and I have a 6 month option to buy her home. The property is now vacant and I'll have my small crew go thru the place next week, rip up some carpet, patch some holes in the walls, stucco the ceilings and give the place a fresh coat of paint. We'll be working off and on for the next couple of months.

The deal. From what I can tell, when I'm done with it the 3Bedroom ranch w/2car garage on a 2.5 acre lot will appraise around $110k

She was asking $75k for it and I told her I would give her that much on my terms, $7k now and another $68k at the end of September

At that time, I will take out an $90k or so mortgage from the bank, pay what's left of her mortgage and send her the rest of what I owe her. Then I'll pay off Citi and hopefully have some left over for the 'Bank of Brad'

Then I will nicely ask Citi for a CLI and start looking for another investment.

All the Best

Re: Citi Diamond Preferred

Anonymous — Fri, 03 Apr 2015 09:02:43 GMT

@Anonymous wrote:
Hi All,

Hope things are well.

Monday morning, the 16th of March I deposited a Balance Transfer check from my CDP into my checking account. I wrote the check for $7,200.00 and it posted yesterday to both my bank and when I log in to Citi.

I plan on using the funds to negotiate the purchase of another piece of rental property over the next couple of weeks. There are a couple I'm looking at.

Anyways, I plan on paying this '5% loan' off by September. The transaction looks like this.

CL - $8,600.00
BT - $7,200.00
BT fee - 360.00 bringing the utilization to around 87% for this one card and I'm currently at less than 1% total utilization on the rest of my cards. The 0% interest is good until the end of May, 2016

Earlier this month, Suntrust(LightStream) started reporting to all three agencies a car loan I took out in September of '14 so that is already figured into all of my scores as I lost about 15 points across the board.

I plan on staying in the garden as outlined in my sig but I thought some folks might be interested to see what this kind of UT will do to scores without anything else really changing. Citi hasn't reported this to any of the agencies yet but when it does I'm the bells and whistles will start going off.

I believe that, for me anyways, that Citi has carved out a niche with this card that just keeps on giving. Cash when I want it with no additional HP's or tradelines to worry about. A drop in my scores don't concern me as I won't be applying for anything new for a while and as I pay it back over the next few months my scores will come back even stronger I would think.

Anyways, thanks for taking the time to read and I'll keep everyone posted on how things progress.

Current MyFico's 03/19/15
EQ - 809 TU - 734 EX - 752
Current VantageScore 3.0
EQ=793 TU=743 EX=761

Thank you for sharing your story. Good luck with your business adventures!!!

Re: Citi Diamond Preferred

Anonymous — Sat, 11 Apr 2015 10:55:03 GMT

A little update.

My Diamond Preferred statement closed on the 10th of April with the balance transfer fee added, bringing the total to $7,560 and I'm going to assume that it will/has been reported to all CRA's.

I logged into CK this morning and it is first to report the balance change on my Equifax report and I lost 49 points for increased utilization.

Re: Citi Diamond Preferred

Anonymous — Mon, 13 Apr 2015 07:15:14 GMT

Got a couple of alerts from MyFico overnight. My EQ score got dinged 41pts and my EX dropped 17 pts due to the 87% utilization on this card, but we were expecting that.

As a reminder, these were my scores on 03/19/15 when I started this transfer

EQ - 809 TU - 734 EX - 752

Current VantageScore 3.0

EQ=793 TU=743 EX=761

Current scores in sig.

Here's the way they set the 'minimum payment' up. Remember, my 0% interest on this BT ends May of 2016 and if I only make the minimum payment I will definately run past that. I will most likely put 1k towards it for the first payment.

As it worked out with closing dates and such, it will be right at 7weeks from the time I deposited the check into my bank to the time that I will have to make the first payment, nice.

I am currently at 8% UT reported on my Amex and the rest of my cards are clear.

All the Best

Re: Citi Diamond Preferred

Anonymous — Wed, 22 Apr 2015 21:31:32 GMT

Last week I received an alert from MyFico that my Transunion score had dropped 32 points with the increase on the CDP but I didn't make time to log in and let you know.

So now, all the CB's are reporting the balance and my scores are all current in the 'dashboard' image.

CreditKarma up dates weekly and my scores fell almost point for point on TU and EQ as they did with MyFico, but Credit.com only updates monthly so it hasn't reflected the increase in the utilization for EX.

All other cards are currently at 5% total UT.

I still have plans to make a $1,000 payment to the CDP by the 7th of May, so we'll see what happens after that.

All the Best

Re: Citi Diamond Preferred

Anonymous — Sat, 16 May 2015 06:41:51 GMT

Just a monthly update on the CDP balance transfer.

I made the first $1,000 payment on the 4th of May dropping my balance accordingly and also dropping the minimun payment due by $15. I plan on making another payment of 1k by the due date shown below. The utilization for the other cards are hovering at 3%.

The only score not showing the up to date total on the CDP is my Experian MyFico for some reason, everything else including the VantageScores are current.

Thursday I received a 'pop-up' pre approval for the Citi DC for 14k and 14.99apr and kindly closed the window. No Apps 'till December

Things are going well with the new property that we are buying along with a very busy Spring in my handyman business.

Hope all is well with your credit journey...

Starting scores for reference.

MyFico's 03/19/15

EQ - 809 TU - 734 EX - 752

VantageScore 3.0

EQ=793 TU=743 EX=761

Re: Citi Diamond Preferred

Anonymous — Sat, 16 May 2015 11:18:13 GMT

Your scores dropped that much from the ultil on that card?! Crazy, I did the same with $4,300 check I threw into my account to pay off a loan with interest. 4300/5400 = 80% util on that card, my score dropped maybe three points on CK after citi reported the balance, and this is out of $17k overall available credit.

Re: Citi Diamond Preferred

NRB525 — Sat, 16 May 2015 17:52:04 GMT

@Anonymous wrote:
Your scores dropped that much from the ultil on that card?! Crazy, I did the same with $4,300 check I threw into my account to pay off a loan with interest. 4300/5400 = 80% util on that card, my score dropped maybe three points on CK after citi reported the balance, and this is out of $17k overall available credit.

What are your scores from MyFICO, and the change from the increased utilization?

Re: Citi Diamond Preferred

Anonymous — Sat, 16 May 2015 23:28:21 GMT

@Anonymous wrote:
Your scores dropped that much from the ultil on that card?! Crazy, I did the same with $4,300 check I threw into my account to pay off a loan with interest. 4300/5400 = 80% util on that card, my score dropped maybe three points on CK after citi reported the balance, and this is out of $17k overall available credit.

Apples to Apples? You did this with a CDP I take it, but like NRB asked, did you have the MyFico Scores when you went thru this? and was it before CK went to VantageScore 3.0 and included Equifax? I ask because you only mention one score dropping three points, which even at that I find a tad hard to believe for 80% utilization on any card for any reason unless you're maybe running with all three scores up around the 850 mark.

Anyways, thanks for reading and I'm sure my scores will be back up, maybe even a tad higher when I take a look at exiting the garden in December.

Re: Citi Diamond Preferred

Anonymous — Tue, 22 Dec 2015 02:41:48 GMT

Been a while since I've updated this thread.

Long story short, took out a 80k loan first of September on an appraised value of 113k, so I was able to pay the lady off with what I owed her on the option. Paid off materials to get it remodeled and currently have it rented with a $205.00 monthly positive flow after all expenses. That end of the deal has gone well...

I still owe 3k to Citi and the main reason for that is a job thru my business still owes me near 14k and has for the last couple of months. Attorney has it now and if nothing else, will be a write off on this years taxes. Something is always going to come up and bite ya...

Other than that, I stopped by to pick up the new spade and update the scores. Running at around 21% overall utilization.

All the Best.

Brad