topic Re: Citi or Cap1? in Credit Cards

Citi or Cap1?

Anonymous — Wed, 14 Jun 2017 21:56:59 GMT

I am in the rebuilding stages currently, and as my scores increase i would like to get an AMEX BCE (goal card), a Chase FU (had chase before). I currently have an NFCU CR and 2 secured cards, one discover and one plat cap1. When i started this, the plan was to get my scores up and have one of each with good rewards. Now i'm seeing the benefit of keeping older ones and SD them. As i get built up i would like to get a Citi DC, and if my cap1 ever graduates, PC that to a QS. I have been lucky so far that i was able to get more prime lenders and avoid sub-prime (did that in my younger years and it was aweful) Is Citi and Cap1 considered more prime lenders? i have heard mixed reviews on if cap1 was or not and would like to get everyones opinion.

Thanks for reading all this, didnt expect it to be this long.

Re: Citi or Cap1?

Total80sKid — Wed, 14 Jun 2017 22:12:21 GMT

I can't offer much info, but I have a secured Cap1 that's going on 3yrs and they haven't increased my limit and won't PC me.

I think if you got it fairly recently you might have a better chance of getting it upgraded to unsecured.

Re: Citi or Cap1?

Anonymous — Wed, 14 Jun 2017 22:43:15 GMT

Chase, CITI and Capital One all have prequalification links. Use them.

Chase limits you to the 5/24 rule so that would be a first app once you qualify for it. Then I'd do another Capital One or CITI or both.

Note that Capital One offers everything from super sub-prime to super prime cards and sometimes there is no way to know if you're getting a sub prime QS or a prime QS or what. Capital One is the friendliest bank for growing credit limits, though, as you can app for a new card every 6 months and combine that CL into an older card. After 3-4 years it's feasible to have $20,000-$50,000 CLs with Capital One if you wanted to go that high.

Chase gives very low SLs if your FICOs are low. I just got a $500 Freedom Unlimited at 635 TU and now I figure I'll be stuck there for quite awhile. If I waited until 670 I might have gotten a $2000 or $5000 SL.

If you don't have an installment loan reporting, do the Alliant SSL tomorrow.

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 00:19:17 GMT

I just got the three cards and an installment loan in the last two months and I've already just about gained a 100 points. My discover wouldn't grad before oct and the cap1 in Feb next year. I have a client in Aug for the nfcu card but I'd like to have more done before I request that

I'm working on the collections now so I can get to the mid 600's before I go after more cards. Even tho my score is low the reconnect guy at Chase said I could get another once a few of the collections we're gone. Had a Chase card in good standing for over 10yrs, bit recent is holding me back.

For me I just don't want to end up with subprime again.

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 00:21:00 GMT

Sorry auto correct on my phone sucks haha

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 00:25:10 GMT

I'm also wondering about the secured cards of even when they graduate that I would be stuck in a low bucket since o got them when I was at a lower point in my rebuild too

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 00:56:29 GMT

Secured cards, when graduating, generally means you will be approved for a better card. Some lenders like Capital One will let you combine your old secured-graduated CL into a new prime CL so you can get rid of the old card. Discover I don't believe lets you combine but after a year you can apply for a prime card although some folks who did graduate from secured said their CLIs on the graduated line were big.

As your scores go up and your AAoA goes up, you can plan points where adding a new account won't destroy your AAoA too much. In my sig is a spreadsheet that includes an AAoA calculator/estimator -- use that to monitor when is a good time to add new accounts without pulling your AAoA into a lower year group. As you increase your AAoA from 1 year to 2 years to 6 years your FICO score goes up. Going above 6+ years AAoA puts you into the best scorecard assuming all your derogatories are off your report. So getting super prime FICOs takes time, but if you plan your apps correctly you can keep your FICO scores high and always growing.

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 01:03:07 GMT

Thanks ABCD. One good thing I have is my mortgage is almost 10 yrs, so even with 3 card just added, my AAOA is still 2y5m. Not great but decent I hope

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 01:04:51 GMT

Debating on trying for a reg QS at the 6 month mark. If/when my secured graduated I could combo them

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 01:11:30 GMT

Use the AAOA estimator in my spreadsheet in my signature link. Enter all your current accounts.

Then, add a new account (call it whatever you want) and enter any future month/year as the opening date. Then tweak that future month/year to try to keep your AAoA from falling into the next lower year mark. So if you are at 2 years 9 months when you add an account, don't let it fall below 2 years 0 months. If you're at 3 years 2 months, don't let it fall below 3 years 0 months even if it means you have to wait 1-2 months to apply.

Keeping your AAoA in the current year mark helps your FICO score a lot and as the new account ages, it is easier to add newer accounts without significantly dropping your AAoA.

One of my neighbors has an AAoA of 6 years or so but he has over 18 old accounts on there, so when he adds a new account, his AAoA barely moves!

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 13:01:22 GMT

I tried the link and it was read only, not sure if there is another step for that. I havent used google sheets before.

I still have that old chase acct on my report but its not being calculated into my AAOA anymore, just my mortgage.

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 13:30:34 GMT

It's read only so you don't share your data with others. Go to File->Make a copy and it'll create your own private copy in Google Docs.

How do you know that account is not in your AAoA? Don't go by what Credit Karma or other free monitoring sites tell you, they're wrong.

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 14:04:14 GMT

Thank you i was able to get it to work. You have made an amzing tool

I only use karma for alerts on my reports since the vs is junk. but my AAOA before the cards was exactly what my mortgage was, didnt look like my old chase acct was on there.

Re: Citi or Cap1?

AverageJoesCredit — Thu, 15 Jun 2017 18:18:17 GMT

Citi

Re: Citi or Cap1?

Anonymous — Thu, 15 Jun 2017 21:35:16 GMT

@AverageJoesCredit wrote:
Citi

Man of many words

So i have been playing with this AAOA tool, and if i can get my score up and get the better cards then wouldnt sooner be better so as they age, they all age and then i would have multiple accounts getting year marks at the same time?