topic Re: Citi Secured Card Maturity Date Longer Than Expected? in Credit Cards

Citi Secured Card Maturity Date Longer Than Expected?

Bkewlbro — Sat, 13 Feb 2021 23:21:31 GMT

Okay, I got a Secured Citi Mastercard April 2019, to my understanding these cards are support to mature, upgrade and have the deposit returned in roughly 18 months. Well it's been 22 months as of now, so I contacted Citi to inquire about upgrading the card. I was told my card would not reach maturity unil Oct. 2021. That would be 31 months! I'm not really tripping because I started my credit repair journy with this card back in April 2019 and now have an avg credit score of 755 and much better cards like my favorite Chase Freedom Unlimited. But I was wondering if anyone else had this issue with longer maturity dates with Citi?

Re: Citi Secured Card Maturity Date Longer Than Expected?

CH-7-Mission-Accomplished — Sat, 13 Feb 2021 23:40:31 GMT

@Bkewlbro wrote:
Okay, I got a Secured Citi Mastercard April 2019, to my understanding these cards are support to mature, upgrade and have the deposit returned in roughly 18 months. Well it's been 22 months as of now, so I contacted Citi to inquire about upgrading the card. I was told my card would not reach maturity unil Oct. 2021. That would be 31 months! I'm not really tripping because I started my credit repair journy with this card back in April 2019 and now have an avg credit score of 755 and much better cards like my favorite Chase Freedom Unlimited. But I was wondering if anyone else had this issue with longer maturity dates with Citi?

I had the same issue with Citi. I opened a $1,000 secured card wth them (one year after they declined me for a secured card) and when it finally hit 18 months they sent me a letter saying they wanted to see another year before unsecuring. I was dumbfounded. I had at that time over 250K in limits with several unsecured cards at 25K - 50K. I told them to close it. I was embarassed to a see a 1K card on my credit report. They are a very strange animal.

Re: Citi Secured Card Maturity Date Longer Than Expected?

Bkewlbro — Sun, 14 Feb 2021 00:23:19 GMT

lol yea, my Citi is my lowest card at $200. I'll still leave it open just to keep my average credit age up. I guess Oct. 2021 isn't too far out in the big picture.

Re: Citi Secured Card Maturity Date Longer Than Expected?

KJinNC — Sun, 14 Feb 2021 01:17:55 GMT

Yes - Citi Secured was the first card I opened in this phase of my life, in April 2019. I wanted it because it was from a major bank, and because it could unsecure. But I realized later that it is so slow to unsecure that it was better to just treat it like it wouldn't happen. I closed it and about six months later, opened two unsecured Citi cards with CLs of $11,000 and $9,500 respectively, since bumped up $1K each.

The other thing for people to be aware of with Citi is that you can never increase your deposit/CL once you open the card, so plan accordingly.

Otherwise, it's a good company to deal with, and has a good site and app. I recommend them, but not because they graduate. Even at 18 months, it's too long IMO, and 18 months is far from guaranteed.

Re: Citi Secured Card Maturity Date Longer Than Expected?

CH-7-Mission-Accomplished — Tue, 16 Feb 2021 03:28:05 GMT

@KJinNC wrote:
Yes - Citi Secured was the first card I opened in this phase of my life, in April 2019. I wanted it because it was from a major bank, and because it could unsecure. But I realized later that it is so slow to unsecure that it was better to just treat it like it wouldn't happen. I closed it and about six months later, opened two unsecured Citi cards with CLs of $11,000 and $9,500 respectively, since bumped up $1K each.

The other thing for people to be aware of with Citi is that you can never increase your deposit/CL once you open the card, so plan accordingly.

Otherwise, it's a good company to deal with, and has a good site and app. I recommend them, but not because they graduate. Even at 18 months, it's too long IMO, and 18 months is far from guaranteed.

You nailed it! I got their secured card because I have other American Airlines mileage cards and they offer two or three -- personal and some business cards -- and I hoped to get their mileage bonus. I spoke to them at one point and they told me they would consider unsecured 7 years post bankruptcy but I have decided not to waste an HP until my BK is off my reports at 10 years. I did at one point apply for (I think it was) a Costco co-branded card and they declined me. Again, I had over 250K in unsecured credit at that point and I couldn't get a silly store card from them. They also irk me because they were one of the most distressed banks during the financial crisis and they needed an enormous bailout -- way more than other big banks. So I think they are a tad hypocritical since my tax dollars bailed them out.

Re: Citi Secured Card Maturity Date Longer Than Expected?

AverageJoesCredit — Tue, 16 Feb 2021 11:23:09 GMT

@CH-7-Mission-Accomplished wrote:
@KJinNC wrote:
Yes - Citi Secured was the first card I opened in this phase of my life, in April 2019. I wanted it because it was from a major bank, and because it could unsecure. But I realized later that it is so slow to unsecure that it was better to just treat it like it wouldn't happen. I closed it and about six months later, opened two unsecured Citi cards with CLs of $11,000 and $9,500 respectively, since bumped up $1K each.

The other thing for people to be aware of with Citi is that you can never increase your deposit/CL once you open the card, so plan accordingly.

Otherwise, it's a good company to deal with, and has a good site and app. I recommend them, but not because they graduate. Even at 18 months, it's too long IMO, and 18 months is far from guaranteed.
You nailed it! I got their secured card because I have other American Airlines mileage cards and they offer two or three -- personal and some business cards -- and I hoped to get their mileage bonus. I spoke to them at one point and they told me they would consider unsecured 7 years post bankruptcy but I have decided not to waste an HP until my BK is off my reports at 10 years. I did at one point apply for (I think it was) a Costco co-branded card and they declined me. Again, I had over 250K in unsecured credit at that point and I couldn't get a silly store card from them. They also irk me because they were one of the most distressed banks during the financial crisis and they needed an enormous bailout -- way more than other big banks. So I think they are a tad hypocritical since my tax dollars bailed them out.

I dont thiink all of those people with a Citi Costco card , which is a legacy core card by the way, would call it a silly store card. Having a 1k card might be embarrassing to you but for some its a start. I would think coming from a bk7 one would be more understanding of being lent credit but to each their own.

Any Tricks for Un-Securing a Citi Diamond Card?

Bkewlbro — Tue, 14 Sep 2021 18:07:36 GMT

Hey everyone! So 6ish months back I contacted Citi to check on getting my Secured Citi Card unsecured and my $200 deposit return. I was told it would mature around Sept. 2021 on that call. Well, today I called Citi to see what was up and if we could get it unsecured, being I've had the card now for 2 years and 4 months with a $200 limit. When I first recieved the card my avgerage credit scores were around 525 and now my scored are all around 790 and I have alot more cards with much higher balances. Well Long story short, I was told I was denied getting it unsecured and I wouldn't have a new review until Oct. 2022! That means that want me to maintain the secured card for 44 months! I've seen posts on here ranging from 12 months to 30 months, but I haven't seen anyone complaining about Citi taking this long before!(execpt me now! lol) Would anyone happen to have any tricks or a backdoor number that can get me in touch with someone a bit more useful? I tried the service rep and they supervisor, but both said nothing could be done and I'd just have to wait. They did offer to apply for a new card and I'm sure I'd be approved with nice rates and a nice CL seeing more companys have been starting me off with a $5,000 limit, but I'm not trying to do that, I don't need a new card and would much rather just continue to garden and finally break this 800 threshold!

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Anonymous — Tue, 14 Sep 2021 18:15:34 GMT

you must have some decent CC's with somewhat high CL's. You only state your score of around 800

You need to post on here how many other cards you currently have and their CL's so we can advise you

You will never have a very high score with just one secured $200 card so we need to know more

Thanks

Mark

Re: Any Tricks for Un-Securing a Citi Diamond Card?

dragontears — Tue, 14 Sep 2021 18:31:49 GMT

@Anonymous wrote:
you must have some decent CC's with somewhat high CL's. You only state your score of around 800
You need to post on here how many other cards you currently have and their CL's so we can advise you
You will never have a very high score with just one secured $200 card so we need to know more
Thanks
Mark

This is a myth

My little brother only has one card with a $300 limit and his scores are in the 800s. Having high limits can help in maintaining low utilization but doesn't automatically mean higher scores.

It is how you use your cards that matter in FICO scoring not the limits they have.

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Bkewlbro — Tue, 14 Sep 2021 18:45:16 GMT

I did hint at me having more higher cards, but I'd be glad to see them all. But was more looking for a backdoor number that might get me to someone that could actually do something at Citi.

But here we go!

My first credit building my credit(when average score were 525):

Citi Secured Diamond - CL $200 / Current Balance $4

Capital One Platinum - CL $500 / Current Balance $23

Credit One Platinum - CL $900 / Current Balance $0

Cards Recieved after average scored broke 675:

Capital One Quicksilver: CL $3600 / Current Balance $460

Chase Freedom: CL $1000 / Current Balance $124

Chase Preferred Sapphire: CL $5000 / Current Balance $1300

Care Credit: CL $1500 / Current Balance $0

Lowes Advantage: CL $5000 / Current Balance $2100 (bought be a nice Washer and Dryer and a Zero Turn Mower) Paying $1000 a month

Harbor Freight: CL $1500 / Current Balance $0

I keep my usage below 30%, although I normally try to keep my usage closer to 8% but we splurred a bit this month. lol. But yea, when I talked to Citi they said they reviewed my account in August before I had the heavier spending.

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Anonymous — Tue, 14 Sep 2021 18:42:54 GMT

@dragontears wrote:
@Anonymous wrote:
you must have some decent CC's with somewhat high CL's. You only state your score of around 800
You need to post on here how many other cards you currently have and their CL's so we can advise you
You will never have a very high score with just one secured $200 card so we need to know more
Thanks
Mark

This is a myth
My little brother only has one card with a $300 limit and his scores are in the 800s. Having high limits can help in maintaining low utilization but doesn't automatically mean higher scores.
It is how you use your cards that matter in FICO scoring not the limits they have.

with just $300 cards, you use $60 and you are at 20% utilization. Unless you are going to just use the cards for $20 each month they will kill the utilization. Who really wants to be limited to a card where you can only spend $20 a month. Spend $100 and the utilization will drastically lower the FICO score.

The OP states he has other cards. We really need an accurate overall picture. If he has several cards with high limits there is no reason to keep a secured $200 card which probably carries an annual fee. And again use it for more then $20 and there goes the utilization. Best to just close this card if the OP has higher limit cards. This one is not doing the OP any good

thanks

Mark

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Anonymous — Tue, 14 Sep 2021 18:45:37 GMT

@Bkewlbro wrote:
I did hint at me having more higher cards, but I'd be glad to see them all. But was more looking for a backdoor number that might get me to someone that could actually do something at Citi.
But here we go!

My first credit building my credit(when average score were 525):
Citi Secured Diamond - CL $200 / Current Balance $4
Capital One Platinum - CL $500 / Current Balance $23
Credit One Platinum - CL $900 / Current Balance $0

Cards Recieved after average scored broke 675:
Capital One Quicksilver: CL $3600 / Current Balance $460
Chase Freedom: CL $1000 / Current Balance $124
Chase Preferred Sapphire: CL $5000 / Current Balance $1300
Care Credit: CL $1500 / Current Balance $0
Lowes Advantage: CL $5000 / Current Balance $2100 (bought be a nice Washer and Dryer and a Zero Turn Mower) Paying $1000 a month
Harbor Freight: CL $1500 / Current Balance $0

You have a nice mix of cards. I think you should just close out the $200 secured card. It is not doing you any good and you are probably paying an AF for a card that if you use will just trash your utilization. It will stay on your credit report once closed as a positive closed account. Just close it and be done with it. Your profile is looking good. It served its purpose , time to just move on

thanks

Mark

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Bkewlbro — Wed, 15 Sep 2021 01:19:19 GMT

Agreed, I really don't need this Citi card at all and barely use it besides maybe once a month or every other month just so there's activity on it. But I don't want to get rid of it. I want to upgrade it so it'd be more useful. And so I don't have another hard pull. plus it's one of my oldest cards that helps my avg credit age.So either way I won't be dropping the card

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Bkewlbro — Tue, 14 Sep 2021 18:49:49 GMT

Oh any I just finished this month paying off a 2 year $500 self lender loan.

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Bkewlbro — Tue, 14 Sep 2021 19:03:10 GMT

Oh wow this is a bit funny! I just found my old post, posting about me complaining about this almost a year ago!

https://ficoforums.myfico.com/t5/Credit-Cards/Citi-Secured-Card-Maturity-Date-Longer-Than-Expected/td-p/6255924

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Taurus22 — Tue, 14 Sep 2021 19:29:35 GMT

If you're hell-bent on keeping the credit line, I would suggest hanging on until Oct. 2022.....that's another year in the sock drawer. If they do not give you any options at that time, and you really want to have a Citi card under your belt.....try applying for a new card (DC, CustomCash, etc) and if you are approved, then that would be a pretty good indicator to just close the secured Diamond and get your deposit back. If you are denied for a new card, then it's a definite sign to close the door with Citi for now.....don't remain a hostage.

I know it isn't ideal, but I wouldn't hang onto a low limit card either if I already have higher limits on other cards and 800 scores to support proper credit management. That card will ultimately hold you back from getting higher SL's from other lenders, as your average limits across cards is factored into that algorithm.

As an example: I'm planning to close my oldest card (8.3 yrs) in the next year simply because I don't want to burn a HP for CLI, and it doesn't have a strong rewards structure. The $2500 CL on it reduces my overall average across cards and it's simply not helping me, other than credit age. My next 2 cards in age are both 6 years old, and that positive 8yr credit line remains on my profile for another 10 years, so I won't see any negative effect from that until about 2032.....and by then those 6yr old lines will have aged to 16yrs, so the drop in scores really won't be very dramatic.

Just my personal opinion here....

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Bkewlbro — Wed, 15 Sep 2021 01:23:36 GMT

@Taurus22 yea, that's probably the plan. I'll either way for Oct 22 unless anyones got a backdoor(which im doubting) Just let it age and try and keep a $4 balance from time to time. I'd like to catch some perks from them tho. But oh well! I'll probably aim for a Gold Amex next if I'm going to take a HP anyways.

Re: Any Tricks for Un-Securing a Citi Diamond Card?

KJinNC — Wed, 15 Sep 2021 03:08:12 GMT

Not to be glib, but the trick I'd use is to close it, and apply for an unsecured Citi card either immediately or after a few months.

And for others reading this thread, my advice to you is to not think about the Citi secured card ever graduating. It's a good, fair, honest secured card, but it cannot be relied upon to graduate until long after you qualify for better cards.

JMO, good luck!

Re: Any Tricks for Un-Securing a Citi Diamond Card?

Bkewlbro — Wed, 15 Sep 2021 17:16:21 GMT

Yea, I'm going to hang on to it. And just wait it out. There's no Annual Fee's on it, so it's not wasting money just sitting there. I'll wait it out and get it upgraded so I don't have to take a hard pull like I'd have to if I closed it and re-applied.

Re: Citi Secured Card Maturity Date Longer Than Expected?

Anonymous — Sat, 18 Sep 2021 17:10:21 GMT

I completely feel your pain with Citi. I started my rebuild almost 2 years ago and got this card in November 2019. After 18 months I received the dreaded letter that they would have to hold onto my deposit and review the account a year later. The funny part though is since then I have been approved for much better cards with much higher limits. Had I known that they would do this I would have deposited a lot more than the measly $500 that I set this account up with. And the irony here is that this was one of the first cards that I got in my rebuild process and now I currently have close to $80,000 worth of unsecured credit cards. This card really is a joke however for some reason I want to make certain that I have a Citi Card because it is definitely considered one of the major premium banks so for that reason I have decided to just let it sit in my sock drawer and whatever happens will happen. I have one final derogatory on my reports and the moment That falls off I will be re-applying for other Citi cards. If having a relationship with them isn't worth it to you then I would cancel that card. But on the other hand if you're like me and you really want to have that card then I would just let it sit for as long as it takes. Wish you all the best.