topic Re: How Solid is this? in Credit Cards

How Solid is this?

Anonymous — Mon, 02 Jan 2017 18:19:13 GMT

My scores dont really warrant a DC pre-approval like i just received do they?

Re: How Solid is this?

Anonymous — Mon, 02 Jan 2017 18:22:46 GMT

Possibly. Those are not good terms -- 23.49% with no 0% period (some offers have 18 mo. at 0%). And probably a low SL -- upside is that Citi is good with CLIs and APR reductions. If you want the card, go for it.

Citi uses FICO 8 Bankcard, which may be higher than the scores in your sig.

Re: How Solid is this?

bourgogne — Mon, 02 Jan 2017 18:23:29 GMT

unless you want yet another low sl/cl high % card you should pass. imo you dont need any more cards.

Re: How Solid is this?

Anonymous — Mon, 02 Jan 2017 18:40:40 GMT

I would garden some more and get those scores up before going for any new cards.

Re: How Solid is this?

SouthJamaica — Mon, 02 Jan 2017 19:21:15 GMT

@Anonymous wrote:
My scores dont really warrant a DC pre-approval like i just received do they?

Citibank preapprovals are considered reliable.

Re: How Solid is this?

Ysettle4 — Mon, 02 Jan 2017 19:27:34 GMT

Mostly will get you an approval but beware of a very low starting limit (typically $1K - 2K) and obviosuly that unsually high APR.

Re: How Solid is this?

Anonymous — Mon, 02 Jan 2017 19:41:30 GMT

Im not going to jump on it, I was just shocked that I had a pre-approval for it. I thought my scores would be way too low for them. Im waiting for a few more months then I will be out of 5/24 to apply for chase cards

Re: How Solid is this?

newhis — Mon, 02 Jan 2017 20:21:58 GMT

@Anonymous wrote:
Im not going to jump on it, I was just shocked that I had a pre-approval for it. I thought my scores would be way too low for them. Im waiting for a few more months then I will be out of 5/24 to apply for chase cards

The great thing about Citi pre-qual (and Cap1) is that as your score/credit gets better, you can see better offers with lower APR. DW first pre-qual APR was high, her score increased with time and now the pre-qual put her at lowest APR available.

Re: How Solid is this?

Anonymous — Mon, 02 Jan 2017 20:42:04 GMT

keep checking online for prequalified offers with citi. the more you check the more they mail you and the terms should get better. you should be able to get a dc with 0% for 15-18 months on bt's AND purchases with a lower APR. however the highest apr is what you're seeing which is possibly due to your scores. once you are in the high 700's that should change.

HOWEVER, if you need the BT now, you can still take advantage of 2% if you pay in excess of the minimum payment to cover the monthly charges.

If you want to get chase cards that is a wise idea to worry about 5/24.

Your shared secure addition was a good idea.

Do the 2 non major CC's in OP's sig count towards 5/24? If not, check online with chase to see if you have any prequalified offers.

Anyway yes it may start with a low CL, but you can always take a HP later on when scores are better to get an increase. Mine started at 2400 and got a sp increase to 3800 in under 5 months. Then when it was 7 months old got an increase to 10k, then when it was a year old increased to 15k. Scores at approval were 700. And I was getting mail offers just like that and online, then one day a 0 for 18 months then 13.99 (now 14.49) offer came in the mail on purchases and BT's, so I took it.

To recap, if those 2 store cards don't count, which here says they dont http://millionmilesecrets.com/2016/10/23/do-store-cards-count-towards-the-chase-524-rule/ then you should check chase for prequalified offers, and if you see any post it here

Re: How Solid is this?

NRB525 — Mon, 02 Jan 2017 20:52:32 GMT

@newhis wrote:
@Anonymous wrote:
Im not going to jump on it, I was just shocked that I had a pre-approval for it. I thought my scores would be way too low for them. Im waiting for a few more months then I will be out of 5/24 to apply for chase cards
The great thing about Citi pre-qual (and Cap1) is that as your score/credit gets better, you can see better offers with lower APR. DW first pre-qual APR was high, her score increased with time and now the pre-qual put her at lowest APR available.

+1 and to others also.

Use this as a gardening measure. Over time, checking at the first of the month, you should see your offer improve.

Re: How Solid is this?

Anonymous — Mon, 02 Jan 2017 20:55:50 GMT

I've read that the store cards do count into 5/24. I checked chase pre-qual and got nothing

Re: How Solid is this?

Anonymous — Mon, 02 Jan 2017 20:56:45 GMT

The share secured loan hasn't yet hit my credit reports either. I just opened it mid December so I'm hoping for a 20-30 point jump. (Fingers crossed)

Re: How Solid is this?

Anonymous — Mon, 02 Jan 2017 21:06:31 GMT

@Anonymous wrote:
The share secured loan hasn't yet hit my credit reports either. I just opened it mid December so I'm hoping for a 20-30 point jump. (Fingers crossed)

awesome!!!!

Well if you do have chase branch near you may be worth a visit. If not, definitely gardening is in your best interest. I don't think many people under 5/24 would not see chase online yet see something in branch.

I always thought as long as it wasnt a major credit card it didnt count. Might require a recon call but for instance a lowes card would not count? "

If the card can be used outside of a specific store (e.g it has a payment network such as Visa, Mastercard, American Express or Discover) it will be counted. If it can only be used for a specific store, it will not be counted. Data points: 1, 2"

Re: How Solid is this?

EAJuggalo — Mon, 02 Jan 2017 21:59:15 GMT

I just got and took the exact same offer from Citi with scores very similar to yours. Only got an $800 SL but I have some things going on that it was worth it for me to take the card. Plus it's a World Elite MC.

Re: How Solid is this?

Anonymous — Mon, 02 Jan 2017 22:13:23 GMT

EAJuggalo what was your highest limit and lowest limit card when you applied?

Re: How Solid is this?

EAJuggalo — Tue, 03 Jan 2017 01:02:29 GMT

Highest limit is two Cap 1's at 2000 each, lowest is a GM BuyPower at 300

Re: How Solid is this?

K-in-Boston — Tue, 03 Jan 2017 01:18:03 GMT

Unless something has drastically changed on your reports very recently, in my experience the BOA, Chase and Citi prequals are rock solid. For Citi, I had a preapproval for a lot of their cards and in November I took them up on the Diamond Preferred for the 21 month 0% BTs. (I am an AU on my wife's Double Cash, which we actually did a PC from Diamond Preferred about 9 months ago.) I did get the same 12.24% in my prequal, but the SL was fairly average ($5600).

There is really good advice in this thread about waiting for better offers, but if you don't think your reports will merit significantly better options in the amount of time you want to wait, go for it. We always just used my wife's DP for BTs, so didn't notice that the APR crept up to something like 25.24% along with the balance chasing during the credit crunch. We asked if there were any APR reduction offers available for the account by chat every 48 hours and got a 2% reduction 5 times in a row and another 1% 2 days after that 5th one to 14.24%. Stopped asking there, but this was a great tactic learned from this board and something to keep in mind if you do want to grab the card now.

Re: How Solid is this?

oldman425 — Tue, 03 Jan 2017 05:15:32 GMT

I have had zero luck with the Citi's pre-approval site. You could take it or not and garden for another 6 months to a year.

Re: How Solid is this?

Anonymous — Tue, 03 Jan 2017 08:46:57 GMT

Oh I wish Citi would use TU. :/
They don't like me.
I have been "pre-approved" 3X and all 3 have been denials.

I'm done until I get an EX of 775 or higher and less than 3 INQ's and less than 5 new accounts.
(Aka Never the way I'm going)

GL OP if you try tho-let us know how it turns out. I never care about APR as I PIF every month.