topic Re: Scared to pull the trigger for Citi Double Cash Card in Credit Cards

Scared to pull the trigger for Citi Double Cash Card

CreditCharmer — Sun, 18 Nov 2018 07:02:42 GMT

Honest Feesback needed - Do you think my chances are good for gettting approved for a Citi DC Card
✅ TU 709 EQ 697 and EX 691
✅Current Cards
NFCU More Rewards 30.5k open for 13 months (balance 8k which I’d like to Balance transfer a portion to the Citi DC if I’m approved)
Amex Everyday Rewards 24k open for 9 months (zero balance)
Penfed power Cash 10k open for 6 months. (Balance 762.00)
Amex Cash Magnet 8k open for 3 months. (Balance 605.00)

My fear is that all my credit is new and I’m not sure if they frown upon that.
I want to start a relationship with Citi but I’m hesitant to sacrifice a HP for a big fat denial.

What say you?

Re: Scared to pull the trigger for Citi Double Cash Card

Anonymous — Sun, 18 Nov 2018 07:14:55 GMT

My honest opinion, it's a redundant 2% general spending card to PenFed 2% PCR, just as is Magnet 1.5%. I would look for others that compliment what you already have (like 5% rotating category cards) so you don't end up with more useless redundant cards in your sock drawer.

Re: Scared to pull the trigger for Citi Double Cash Card

Remedios — Sun, 18 Nov 2018 07:24:41 GMT

If you are looking for BT card, try Discover
Even if approved, I doubt Citi will start you with a decent SL.

Anything is possible, tho.

Re: Scared to pull the trigger for Citi Double Cash Card

Medic981 — Sun, 18 Nov 2018 07:33:09 GMT

@Anonymous wrote:
My honest opinion, it's a redundant 2% general spending card to PenFed 2% PCR, just as is Magnet 1.5%. I would look for others that compliment what you already have (like 5% rotating category cards) so you don't end up with more useless redundant cards in your sock drawer.

I agree with the oldman, however, if you are set on apping for Citi's DC, time-wise I think you are ok. I believe approval will all come down to your debt to income ratio.

Re: Scared to pull the trigger for Citi Double Cash Card

Anonymous — Sun, 18 Nov 2018 07:43:48 GMT

+1 I agree with Oldman, it looks like you already got some cashback CCs, I would apply for something else and, even if you want to build a relationship with Citi, I'd go for something like an AA card or even the Premier or the Thank You cards.

About you getting actually approved... Well, you won't know for sure until you actually apply!

Re: Scared to pull the trigger for Citi Double Cash Card

CreditCharmer — Sun, 18 Nov 2018 07:44:28 GMT

A crappy SL is also a concern as well. Great point!

Re: Scared to pull the trigger for Citi Double Cash Card

CreditCharmer — Sun, 18 Nov 2018 07:48:52 GMT

I love the Premiere card, I thought it was a little out of my league. I’ll do some additional research. Thank you

Re: Scared to pull the trigger for Citi Double Cash Card

Anonymous — Sun, 18 Nov 2018 07:54:35 GMT

Are you a member of Costco? Maybe go for that card instead if you want to get started with Citi.

Re: Scared to pull the trigger for Citi Double Cash Card

CreditCharmer — Sun, 18 Nov 2018 08:04:48 GMT

I am a member but I can’t say that I shop there enough to obtain a card

Re: Scared to pull the trigger for Citi Double Cash Card

Anonymous — Sun, 18 Nov 2018 08:11:03 GMT

@CreditCharmer wrote:
I am a member but I can’t say that I shop there enough to obtain a card

Interestingly it's only an average card for Costco spend (2%). Other cards match this or even surpass it.

But it's a solid card for gas purchases and okay for restaurants. It's the ultimate card for getting gas at Costco. Just an option. Maybe look at a category that you spend a decent amount and need a better rewards card for. Some people eat out a lot, in which case the Uber card is worth looking at. Others drive a ton and need a good card for that, etc.

I also like the advice of looking at some 5% category cards like the Discover IT or the Chase Freedom. Discover IT is a nice card for the first year with the double bonus.

Re: Scared to pull the trigger for Citi Double Cash Card

CreditInspired — Sun, 18 Nov 2018 09:57:47 GMT

I don’t think you’ll have a problem getting approved based on what you’ve shared. My concern is the SL. You have $8K outstanding on NFCU that you want to BT some of it. If your SL on a Citi is let’s say $4.5K, and Gawd forbid $2.5K, then the new card would be maxed out immediately.

IMHO, I would wait to apply for another CC—when your youngest reaches 12 months. Four new cards in a relatively short period of time is a lot.

Also, take note that every time you have snagged an approval, the SL decreases. $30.5K, $24K, $10K, $8K.

Are there other CCs in your possession? These are impressive cards and limits.

So you have to ask yourself a question. Do you want to sacrifice a HP for a possibly low SL?

Re: Scared to pull the trigger for Citi Double Cash Card

AverageJoesCredit — Sun, 18 Nov 2018 11:57:42 GMT

Hi, mind sharing how you got such high limits if you are relatively new to credit? Your scores are good enough for a DC just curious thanks

Re: Scared to pull the trigger for Citi Double Cash Card

HeavenOhio — Sun, 18 Nov 2018 12:44:59 GMT

As far as applying, I'd say that your utilization is fine, your scores are a hair low, and your credit is a bit new. The safe route would be to wait for your youngest card to become six months old and to pay off the two small balances so all cards will report zero except for NFCU. Second best would be to pay off the two small balances and apply after that.

I don't have a problem with redundant general spending cards if you can't find a better fit. But rather than rewards, maybe your priority for this card should be its ability to handle a balance transfer.

Re: Scared to pull the trigger for Citi Double Cash Card

UpperNwGuy — Sun, 18 Nov 2018 14:07:56 GMT

Why waste an application on a card that shouldn't even be in your wallet? Once you have the PenFed Power Cash Reserve, the Citi Double Cash adds nothing.

Brief comparison:

1. Points: PenFed 2% when the charge posts. Citi 1% when the statement cuts and 1% when you pay.

2. Minimum redemption: PenFed $5 (may now be even lower). Citi $25.

3. Foreign transaction fee: PenFed zero. Citi 3%.

You already have a card for your sock drawer, the Amex Cash Magnet. You don't need two.

Re: Scared to pull the trigger for Citi Double Cash Card

kdm31091 — Sun, 18 Nov 2018 14:14:29 GMT

@UpperNwGuy wrote:
Why waste an application on a card that shouldn't even be in your wallet? Once you have the PenFed Power Cash Reserve, the Citi Double Cash adds nothing.

Brief comparison:
1. Points: PenFed 2% when the charge posts. Citi 1% when the statement cuts and 1% when you pay.
2. Minimum redemption: PenFed $5 (may now be even lower). Citi $25.
3. Foreign transaction fee: PenFed zero. Citi 3%.

You already have a card for your sock drawer, the Amex Cash Magnet. You don't need two.

Would have to agree, seems to be not much purpose for the Double Cash for you OP. I think"relationship" is kind of overrated. At the end of the day you have cards with major lenders that are in good standing and you are getting good rewards. Don't add a card/lender just to add it.

Re: Scared to pull the trigger for Citi Double Cash Card

Anonymous — Mon, 19 Nov 2018 02:45:23 GMT

Wait.

My answer to one of these threads is always wait. In 6 months you'll always be in a better place, so I say in 6 months reevaluate where you're profile is and decide at that time.

I actually started a thread on this subject almost exactly 2 years ago, maybe 6 months after I joined this forum and I still strongly believe today what I first wrote then:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Should-I-app-for-Would-I-get-approved-for-threads/td-p/4798104

Re: Scared to pull the trigger for Citi Double Cash Card

CreditCharmer — Mon, 19 Nov 2018 05:23:00 GMT

Makes a ton of sense. I will hold off.
-Thank you

Re: Scared to pull the trigger for Citi Double Cash Card

Anonymous — Mon, 19 Nov 2018 05:29:27 GMT

@Anonymous wrote:
Wait.

My answer to one of these threads is always wait. In 6 months you'll always be in a better place, so I say in 6 months reevaluate where you're profile is and decide at that time.

I actually started a thread on this subject almost exactly 2 years ago, maybe 6 months after I joined this forum and I still strongly believe today what I first wrote then:
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Should-I-app-for-Would-I-get-approved-for-threads/td-p/4798104

There are a few exceptions in my experience, the credit card equivalent of "mistake fares", where you should grab them ASAP and taking a risk might be worth it. (The original BCP and original Cash+, and the 5XTY Preferred are examples)

Re: Scared to pull the trigger for Citi Double Cash Card

Anonymous — Tue, 20 Nov 2018 02:49:45 GMT

Of course there are exceptions to everthing. That's why in the thread I said in 9 out of 10 cases. I also don't believe that the few exceptions mentioned have any bearing on the situation being experienced by the OP and his thoughts to apply for the DC now or not.