topic Re: how long to wait for Citi cli after new accounts? in Credit Cards

how long to wait for Citi cli after new accounts?

badactor — Sat, 23 Apr 2022 04:40:48 GMT

I recently opened a cash magnet, business delta reserve, and a gold from amex. I also opened a venmo, citi doublecash, and a local bank card. I'm looking to maximize my purchases to get rewards.

After all this I ask citidoublecash for a cli because it's annoying paying the balance every 5 days ($13.7k card). How long should I wait to request again?

The denied my cli: too many new accounts.

Fico is 785, monthly spend of $120k on cards should double in two months, have 17 cards, 2% utilization, 220k in CL, income is about $2.4M/year, assets $7M no debt or mortgages. I recently opened on amex business card to start down that road.

Re: how long to wait for Citi cli after new accounts?

Remedios — Sat, 23 Apr 2022 16:07:11 GMT

Depends. If the account is recent and this is the first time you're seeing SP link, weeks to months.

In most cases, six months with no new accounts will do the trick.

Also, if you're insinuating you're cycling through your entire limit multiple times per month, I would suggest you move some spend on other cards. Use is good but not when it resembles abuse. There is no algorithm that's going to take a pause to inspect purchases, so if that's the case, I'd slow down.

If you're simply paying it down a bit, that's fine.

Re: how long to wait for Citi cli after new accounts?

K-in-Boston — Sat, 23 Apr 2022 16:15:09 GMT

Remedios is spot on. One quirk with Citi is that sometimes they can give the "too many new accounts" or "too many recent inquiries" reason, which may very be valid, but won't necessarily be the primary reason they declined it. They have stopped giving those reasons when you ask for subsequent credit line increases too soon (must wait 6 months between them), but it's very likely they may still give them when you ask early on after receiving a card. I believe on both of my cards (one now closed) it was around the 7 week mark when I actually received the first one, but as stated it can be weeks or months, provided everything else is in order, and can vary by profile.

Re: how long to wait for Citi cli after new accounts?

badactor — Sat, 23 Apr 2022 16:50:22 GMT

Is considered abuse to pay all charges every few days?

So I'm better off filling up each card and paying off two days before statement end date?

Re: how long to wait for Citi cli after new accounts?

Remedios — Sat, 23 Apr 2022 16:57:49 GMT

@badactor wrote:
Is considered abuse to pay all charges every few days?

So I'm better off filling up each card and paying off two days before statement end date?

No, not paying off charges. If you aren't at your limit, a single payment before statement cuts can bring it down to whatever you want to report.

You said you were paying balance every 5 days, so if you're using entire limit every five days, that can raise eyebrows on personal cards.

If you are just paying a few thousand every five days, that's fine but unnecessary since a single payment before statement can bring balance down and your money is staying somewhere else where it's making you money for extra 30 days or longer.

For non-trival amounts, it adds up.

So, it all depends on your total use during a billing cycle.

Re: how long to wait for Citi cli after new accounts?

CreditCamelMT — Mon, 25 Apr 2022 21:54:12 GMT

@Remedios wrote:
If you are just paying a few thousand every five days, that's fine but unnecessary since a single payment before statement can bring balance down and your money is staying somewhere else where it's making you money for extra 30 days or longer.
For non-trival amounts, it adds up.

^^^ this 100%.

But OP said he's doing this because "I'm looking to maximize my purchases to get rewards."

The math on this strategy doesn't make any sense.

Re: how long to wait for Citi cli after new accounts?

badactor — Tue, 26 Apr 2022 00:38:20 GMT

Yes it does.

I got a new citi doublecash card. I want to move most of my spending to it due to the high rewards. Therefore I need a higher limit or else as others said it will look like abuse.

Re: how long to wait for Citi cli after new accounts?

AverageJoesCredit — Tue, 26 Apr 2022 01:56:42 GMT

@badactor wrote:
I recently opened a cash magnet, business delta reserve, and a gold from amex. I also opened a venmo, citi doublecash, and a local bank card. I'm looking to maximize my purchases to get rewards.

After all this I ask citidoublecash for a cli because it's annoying paying the balance every 5 days ($13.7k card). How long should I wait to request again?

The denied my cli: too many new accounts.

Fico is 785, monthly spend of $120k on cards should double in two months, have 17 cards, 2% utilization, 220k in CL, income is about $2.4M/year, assets $7M no debt or mortgages. I recently opened on amex business card to start down that road.

I'm curious. You are pushing 120k a month , get a 13k credit limit from Citi based off your profile, and for Citi that's a good sl, and want to push that kind of spend right off the bat?. How old is your profile? With that kind of income/ assets you might get better being a private client with someone. But basing off your current limits and spend, I'm just wondering if it sends flags to lenders like Citi. Not really knowing much else on your profile, I can only tell you with time, the credit world is yours but you have to le it be established with these new cards.

Re: how long to wait for Citi cli after new accounts?

badactor — Tue, 26 Apr 2022 02:37:45 GMT

I've had credit for 10 years with citi. My business finally hit critical mass last year where my income and assets are growing substantially every month. Amex has embraced it, citi has not. I've had a FR with amex. Amex has extended the most.

I saw from messages on here a user named Mark has 30 credit cards, a 1.3M limit across all. I figured he must have figured out what to do.

Re: how long to wait for Citi cli after new accounts?

FinStar — Tue, 26 Apr 2022 02:20:06 GMT

Re: how long to wait for Citi cli after new accounts?

AverageJoesCredit — Tue, 26 Apr 2022 02:25:39 GMT

@badactor wrote:
I've had credit for 10 years with citi. My business finally hot critical mass last year where my income and assets are growing substantially every month. Amex has embraced it, citi has not. I've had a FR with amex. Amex has extended the most.

I saw from messages on here a user named Mark has 30 credit cards, a 1.3M limit across all. I figured he must have figured out what to do.

Have you considered taking another hard pull for Citi to maybe give you more? I'm guessing though you have 10 years with Citi , this massive increase is relatively new so they want to see more history with that influx. What I would do is use what you have up to the limit and make timely payments. When your first sp cli link comes up maybe they will reward you. If not when approved call in and take the hp to have it manually reviewed. Best of luck. Lol I would much rather have the problem of having your income/assets than a creditor not giving me sufficient cl but in the end you will find the creditor for you that fits your needs

Re: how long to wait for Citi cli after new accounts?

tacpoly — Tue, 26 Apr 2022 04:03:22 GMT

$220k spread across 17 cards -- why are your credit limits so low given your scores & income?

Who do you bank with? If that financial institution offers a cc, I suggest opening an account with them to get a higher limit. If you really want to up your DC limit, perhaps talk to a client manager at Citi Private Banking about moving some money in. (They give pretty decent bonus for transferring funds as well.)

Re: how long to wait for Citi cli after new accounts?

K-in-Boston — Tue, 26 Apr 2022 13:51:31 GMT

Most of us around here with $1 MM+ in revolving credit lines have built those up through a combination of aggressive new card applications, credit line increase requests, card combinations, and generally decades of time doing so. But there certainly are some shortcuts that can be taken if income and assets permit. I would definitely second considering moving some money into Citi Private Banking if Double Cash is where you'd like to put your spending.

At the risk of detouring to a different topic, however, if you are considering moving money around solely for cash back on a related credit card, you may find it more lucrative to instead consider Merrill Lynch/Merrill Edge/Bank of America as $100k in combined balances qualifies for Platinum Honors which can make the Premium Rewards or Premium Rewards Elite cards earn 3.5% on travel and 2.625% on everything else.

Re: how long to wait for Citi cli after new accounts?

badactor — Tue, 26 Apr 2022 13:52:39 GMT

@K-in-Boston wrote:
Most of us around here with $1 MM+ in revolving credit lines have built those up through a combination of aggressive new card applications, credit line increase requests, card combinations, and generally decades of time doing so. But there certainly are some shortcuts that can be taken if income and assets permit. I would definitely second considering moving some money into Citi Private Banking if Double Cash is where you'd like to put your spending.

At the risk of detouring to a different topic, however, if you are considering moving money around solely for cash back on a related credit card, you may find it more lucrative to instead consider Merrill Lynch/Merrill Edge/Bank of America as $100k in combined balances qualifies for Platinum Honors which can make the Premium Rewards or Premium Rewards Elite cards earn 5.25% on travel and 2.625% on everything else.

Wow! I'll look into both options (citi and b of a).

This is why I'm asking the questions. I don't mind putting a few hundred thousand in either bank if it means good rewards. It's like a secondary income...

Re: how long to wait for Citi cli after new accounts?

K-in-Boston — Tue, 26 Apr 2022 14:01:13 GMT

Note I corrected a typo on travel earnings for BOA while you were quoting; I accidentally multiplied the already multiplied percent! (Other cards they have that earn 3x or 3% can be paired to achieve that 5.25% on certain spending, hence why that number was stuck in my head.) As Double Cash is now earning ThankYou Points (which can of course still be redeemed for cash), if you later decided to switch to points-based travel rewards redemptions through partners by pairing with Citi Premier or similar, that gap in earnings can easily be bridged or eclipsed. But with solely cash back and using income and assets as leverage, I thought bringing up the BOA program was worth considering.

Re: how long to wait for Citi cli after new accounts?

jcooks — Tue, 26 Apr 2022 14:03:56 GMT

If you've had Amex embrace your spend with open arms, why not continue with Amex on their business side? They have a lot of cards that can help you maximize rewards.

Re: how long to wait for Citi cli after new accounts?

jcooks — Tue, 26 Apr 2022 14:11:21 GMT

What kind of rewards are you looking to focus on? Cashback or points/miles? I see you applied for both types of cards, unless you're looking for all the above. I guess with that kind of spend, you can do both really.

Re: how long to wait for Citi cli after new accounts?

badactor — Tue, 26 Apr 2022 15:15:31 GMT

@jcooks wrote:
What kind of rewards are you looking to focus on? Cashback or points/miles? I see you applied for both types of cards, unless you're looking for all the above. I guess with that kind of spend, you can do both really.

That's the question really. I plan to travel a lot. I expect to exit my business when it's at $3M/month net so I'm looking to accumulate points or miles where they are worth the most. If an airmile is only worth 1.8 cents but a thankyou is 2 cents then it's better to go for cadhback.

I'm maximizing citibank aa elite and delta reserve (250k each) to get the diamond exemptions and perks. Beyond that I'm looking at value.

Re: how long to wait for Citi cli after new accounts?

badactor — Tue, 26 Apr 2022 15:21:20 GMT

@jcooks wrote:
If you've had Amex embrace your spend with open arms, why not continue with Amex on their business side? They have a lot of cards that can help you maximize rewards.

Everytime I get an offer from amex they issue $25k to 28k per card. They have never refused. I've never spoken with them.

I tried to sign up for their new checking account and they did say it was not available to me. I read on boards that banking side or investment doesn't share info with cards etc.

I'm not a typical investor. I invest every dollar in equipment or people yo grow fast. I own no stocks or bonds. So I'd only put cash in the account for a relationship.

My local bank is great and small. Their cards have no rewards.

Re: how long to wait for Citi cli after new accounts?

badactor — Tue, 26 Apr 2022 15:23:39 GMT

@K-in-Boston wrote:
Note I corrected a typo on travel earnings for BOA while you were quoting; I accidentally multiplied the already multiplied percent! (Other cards they have that earn 3x or 3% can be paired to achieve that 5.25% on certain spending, hence why that number was stuck in my head.) As Double Cash is now earning ThankYou Points (which can of course still be redeemed for cash), if you later decided to switch to points-based travel rewards redemptions through partners by pairing with Citi Premier or similar, that gap in earnings can easily be bridged or eclipsed. But with solely cash back and using income and assets as leverage, I thought bringing up the BOA program was worth considering.

I have b of a now. I have the Americsn Chemical Society credit card and a second one they offered. I use them rarely. I can start pounding them if that would help open doors there. I have $8k limits on each but they are low because I don't usd much.