topic Re: Prequals? in Credit Cards

Prequals?

Harvey26 — Mon, 04 Dec 2017 20:34:43 GMT

Mom recently tried to do prequal for Citi and was preapporved but for the highest rate possible. Scores are all 770 and above AAoA is 5+ years so we are kind of confused as to why the rate is so high. Can anyone chime in?

Re: Prequals?

Anonymous — Mon, 04 Dec 2017 20:44:00 GMT

Any past history with Citi?

Re: Prequals?

Harvey26 — Mon, 04 Dec 2017 20:56:15 GMT

@Anonymous wrote:
Any past history with Citi?

Um. She said she had one back in the 90's but was charged off I think my dad unknowingly included her in his BK. But this was over 10+ years ago..

Re: Prequals?

Anonymous — Mon, 04 Dec 2017 21:07:41 GMT

@Harvey26 wrote:
@Anonymous wrote:
Any past history with Citi?
Um. She said she had one back in the 90's but was charged off I think my dad unknowingly included her in his BK. But this was over 10+ years ago..

Citibank may have long memories. I charged off a card with them a very long time ago and they won't approve me yet.

Just because it's not on her credit reports doesn't mean the original creditor may not have a long memory. Could be that. Could be something else. Either way, it's best to offer this information from the start as I had an itch telling me she probably had a derogatory history and the lender didn't forget it.

Re: Prequals?

trusty — Mon, 04 Dec 2017 21:26:05 GMT

The ideal way to use credit cards is either to totally defer paying any interest, or to always pay in full. The only reason to be concerned about the interest rate on a credit card is if you're planning to carry balances. In which case, it would appear that the bank has cleverly discerned your actual intentions, and set the rate according to your perceived risk, and of course, their profit.

It's funny how credit works. When we actually need credit... the harder it is to get a fair rate. Whilst, those with no need for credit continue to bear little to no interest burdens.

Capitalism at work. Or, loan sharking - take your pick.

Re: Prequals?

Harvey26 — Mon, 04 Dec 2017 21:27:06 GMT

@Anonymous wrote:
@Harvey26 wrote:
@Anonymous wrote:
Any past history with Citi?
Um. She said she had one back in the 90's but was charged off I think my dad unknowingly included her in his BK. But this was over 10+ years ago..
Citibank may have long memories. I charged off a card with them a very long time ago and they won't approve me yet.

Just because it's not on her credit reports doesn't mean the original creditor may not have a long memory. Could be that. Could be something else. Either way, it's best to offer this information from the start as I had an itch telling me she probably had a derogatory history and the lender didn't forget it.

Any way for us to find out. Could we call Citi EO and would they be able to see

Re: Prequals?

Anonymous — Mon, 04 Dec 2017 21:37:20 GMT

I wouldn't bother the EO at first -- just see if you can find phone numbers in the backdoor numbers thread here and look for one for underwriting maybe.

Consumers don't have rights to internal bank history reports.

Re: Prequals?

UncleB — Tue, 05 Dec 2017 08:33:32 GMT

FWIW Citi is known to be willing to lower APRs later on, so if the card would be useful to your mom it might be worthwhile to simply app for it and see about having the rate lowered later.