topic Re: Citibank secured card denied! in Credit Cards

Citibank secured card denied!

sonogirl — Fri, 28 Dec 2007 21:02:12 GMT

Ok how is it possible that a CCC could cash your check and a week and a half later when you call to ask when to expext the card they tell you you're declined. What kind of BS is that? They have my money already and yet they won't extend me credit on it. They gave me a bs excuse that I have credit obligations that are paid or unpaid I have paid co's. So I asked for a recon and the nasty woman on the other line told me we don't do those and you will get your check in 3-5 days and hung up on me! Anybody know of any secured cards I would get approved for with these scores TU:520 EX:540 EQ:544 No public records or new collections and some recent lates and I only have a target store card No major CC's My Fico message is always "not enough revolving debt experience" Thanks in advance for any advice.

Re: Citibank secured card denied!

SWISSOATL — Fri, 28 Dec 2007 21:09:11 GMT

Poor theng! I feel your pain! I want a Citi sooo badd!!!!

Just wait for some Preapprovals I say! Those scores are low!

Juniper, Wamu and i hate to say but Capital one (use the card lab)

Re: Citibank secured card denied!

Anonymous — Fri, 28 Dec 2007 21:21:35 GMT

sonogirl wrote:
Ok how is it possible that a CCC could cash your check and a week and a half later when you call to ask when to expext the card they tell you you're declined. What kind of BS is that? They have my money already and yet they won't extend me credit on it. They gave me a bs excuse that I have credit obligations that are paid or unpaid I have paid co's. So I asked for a recon and the nasty woman on the other line told me we don't do those and you will get your check in 3-5 days and hung up on me! Anybody know of any secured cards I would get approved for with these scores TU:520 EX:540 EQ:544 No public records or new collections and some recent lates and I only have a target store card No major CC's My Fico message is always "not enough revolving debt experience" Thanks in advance for any advice.

Have you looked into Orchard fully secured? I got one with zero revolving accounts, $35 AF and 14.9% APR.

They will not grow with you or graduate you like some of the prime banks' secured cards will, but they serve their purpose well of allowing you to get your foot in the door and establish some revolving history.

Re: Citibank secured card denied!

Red1Blue — Sat, 29 Dec 2007 00:05:44 GMT

sonogirl, try one of your local credit unions for a secured card. They are much more informal and they consider your membership with great value. Also you can try for Target / Macy's / Hooters unsecured cards.

Re: Citibank secured card denied!

sonogirl — Sat, 29 Dec 2007 00:20:27 GMT

Thanks for the advice everyone. There is a Health Care of New Jersey Federal CU at my job anyone ever heard of them? Maybe I'll try them. I just joined NFCU in hopes to app for something if I can get my scores up some my worst baddie comes of in 6/08 anyone know the lowest score NFCU approves for and also what's the minimum Fico for hooters card and who do they pull? Not alot of negs on Equifax anyone know who pulls them? Sorry for all the questions but I want to get approved with someone for score increase. Thanks

Re: Citibank secured card denied!

Red1Blue — Sat, 29 Dec 2007 00:22:21 GMT

Also try Affinity Federal Credit Union which also based in NJ. I have an account with them and they approved my car loan with out any hassle. They seems to be very quick.

Re: Citibank secured card denied!

sonogirl — Sat, 29 Dec 2007 00:29:48 GMT

Thanks Concord wiil do.

Re: Citibank secured card denied!

Anonymous — Sat, 29 Dec 2007 00:29:49 GMT

sonogirl wrote:
... and also what's the minimum Fico for hooters card and who do they pull? Not alot of negs on Equifax anyone know who pulls them? ...

I think your FICOs are low for Hooters. In any event they will deny regardless of FICO if you don't have other revolving accounts. (Learned that one the hard way.)

Re: Citibank secured card denied!

Anonymous — Sat, 29 Dec 2007 00:33:03 GMT

To the OP- do not feel bad, Citi is picky and if you have any c/o or paid or unpaid colls. less than 3 y/o old they will not touch you. You could have had a 700 and potentially had this happen.

Work on the scores and go w/ a secured from a CU- locally preferred.

Re: Citibank secured card denied!

Anonymous — Sat, 29 Dec 2007 00:40:30 GMT

netpanther wrote:
To the OP- do not feel bad, Citi is picky and if you have any c/o or paid or unpaid colls. less than 3 y/o old they will not touch you. You could have had a 700 and potentially had this happen.

Work on the scores and go w/ a secured from a CU- locally preferred.

Agree totally! I'm not going anywhere near Citi yet, not until at least May 2008 when all my CRs are clean!

Re: Citibank secured card denied!

Anonymous — Sat, 29 Dec 2007 00:56:14 GMT

cheddar wrote:

netpanther wrote:
To the OP- do not feel bad, Citi is picky and if you have any c/o or paid or unpaid colls. less than 3 y/o old they will not touch you. You could have had a 700 and potentially had this happen.

Work on the scores and go w/ a secured from a CU- locally preferred.

Agree totally! I'm not going anywhere near Citi yet, not until at least May 2008 when all my CRs are clean!

Yep, even though my scores were higher at the time, as my scores took a dip from recent new credit, Upromise was totally turned down and I already had Discover and Amex. Go figure.

Re: Citibank secured card denied!

nathan — Sat, 29 Dec 2007 00:58:34 GMT

dw got approved for $1000 with a 560.

Re: Citibank secured card denied!

CreditDrama85 — Sat, 29 Dec 2007 00:59:43 GMT

all these stories lately with ppl being denied SECURED cards makes me realize i was lucky to get my wells fargo secured card.

i still dont really understand why a person's credit is even checked if the account is secured! can someone explain this?

Re: Citibank secured card denied!

Anonymous — Sat, 29 Dec 2007 01:12:01 GMT

nathan wrote:
dw got approved for $1000 with a 560.

She must have not had any paid or unpaid colls or c/o less than three years old.

Re: Citibank secured card denied!

sonogirl — Sat, 29 Dec 2007 02:58:00 GMT

I'm with you CreditDrama85 seems like if you are willing to provide all the collateral for the credit line why is your credit even an issue? If you were to default i'm sure they would just take your deposit anyway. On another note I have a target store card and I called them today to see if I could get a CLI since I've been w/ them for a while and they said my acct is due to be reviewed next statement so I'm keeping my fingers crossed

Re: Citibank secured card denied!

haulingthescoreup — Sat, 29 Dec 2007 03:22:27 GMT

I think it's not so much that they are checking your credit, but that lenders are supposed to report when someone is seeking credit. This is from the credit education tab up above:

Large numbers of inquiries also mean greater risk: People with six inquiries or more on their credit reports are eight times more likely to declare bankruptcy than people with no inquiries on their reports.

This is one reason that mortgage lenders get really twitchy if you've been app'ing in the six months before you go for a mortgage. They wonder if you are having cash flow problems and are trying to scramble up some spare cash/ credit.

Re: Citibank secured card denied!

Anonymous — Sat, 29 Dec 2007 03:30:07 GMT

haulingthescoreup wrote:
I think it's not so much that they are checking your credit, but that lenders are supposed to report when someone is seeking credit. This is from the credit education tab up above:
Large numbers of inquiries also mean greater risk: People with six inquiries or more on their credit reports are eight times more likely to declare bankruptcy than people with no inquiries on their reports.
This is one reason that mortgage lenders get really twitchy if you've been app'ing in the six months before you go for a mortgage. They wonder if you are having cash flow problems and are trying to scramble up some spare cash/ credit.

True, HTSU, but I've often wondered why some lenders decline some applicants even for fully secured accounts. I think it comes down to the fact that even with a fully secured card, there is still a credit risk involved. If one were to max out a secured card and then drop off the face of the planet without paying it off, the accumulating finance charges and overlimit fees will eventually take the account well over its CL, which amount would no longer be secured by the original deposit.

Also, I think some prime lenders approve their secured cards with an eye towards being able to graduate secured card holders after a year or so. If an applicant's CR is such that the lender doesn't see that they may qualify to be unsecured even after paying on time for that period, that could be a reason to decline for a secured card, as well.

Re: Citibank secured card denied!

haulingthescoreup — Sat, 29 Dec 2007 03:38:42 GMT

I agree!

Re: Citibank secured card denied!

Red1Blue — Sat, 29 Dec 2007 04:27:10 GMT

That append to me too. About a year ago, I could not get approved for even fully secured credit card with couple off banks. It took me lot of hard work and cleanup to bring my scores upto mid 600's now. I am not surprised some banks does not want to give even fully secured cards. My local CU did good and offered me a card that is 75% secure and 25% unsecure. Just last I had them increase my CL to 2000K. They said they will make unsecure soon. I am not in a hurry as my money is earning intereset in the bank. I am planning on increasing my CL to $5k in the next few months. It always pays off having a good relationship with a local CU whom you can talk to in person and explain the issues and take help.

Re: Citibank secured card denied!

haulingthescoreup — Sun, 22 Nov 2009 21:18:07 GMT

Moved JokerG1's post to start a new thread titled: 18 years old with debt: can I get a Citi secured card?

Note: this was a two-year-old thread.

Message Edited by haulingthescoreup on 11-22-2009 01:18 PM