topic Re: Citi Forward approval. in Credit Cards

Citi Forward approval.

Anonymous — Sun, 02 Jan 2011 00:31:16 GMT

So I have been following these forums for a while now and learning a lot of info. I decided to take the plunge and apply for my first credit card. I am 19 and after a while watching here and looking online at various cards, I decided on the Citi Forward for College Students. I applied and was approved with an $800 credit limit. I was surprised and happy when I was approved. The only items on my credit report are a student loan I have had for 4 months and an AT&T inquiry. Do you have any advice I may not have read about credit in general or this card?

Re: Citi Forward approval.

haulingthescoreup — Sun, 02 Jan 2011 00:48:36 GMT

Hi, welcome to the forums, and congrats on the new card!

My advice would be to use the card a lot, but never for anything that you can't pay off with money in the bank, or money on your next paycheck that isn't already spoken for. Never finance anything. Just PIF (pay in full) every month.

If you don't already have an emergency savings account, start one and fund it aggressively, so that you never have to worry about paying off your card (or anything else) if something happens to your income.

If you're interested in a second card, hold off and don't do anything until this card has reported for 6 months. Other CCC's will like seeing a track record of clean credit history when you apply again. Yes, it's certainly possible to get another card now, but please don't buy into the hype that you'll probably read here. There's no hurry, and the longer you wait before applying, the stronger your position will be, and the better deal you're apt to get.

And at that point, two cards plus a student loan are really all you need to create and maintain a great credit profile. Don't go collecting a bunch of plastic just to show that you can. I can promise you that a lot of them will wind up being a royal PITA in the future.

Again, we're glad you're here. (Tell your friends!)

eta: I meant to add: use the thing as much as you can (as long as you can pay it off easily), and milk Citi for every dollar in rewards that you can get. They'll make plenty money off of other cardholders who will carry balances and incur fees. They'll pay for your rewards.

Re: Citi Forward approval.

Anonymous — Sun, 02 Jan 2011 00:56:23 GMT

Thanks haulingthescoreup, I was planning on using the card to pay for expenses that I alread have the cash for (such as my netflix account and the occasional purchase on amazon and my gas). I live at home so don't have many expenses other than gas to and from school. I get paid every two weeks so my plan is to pif every two weeks for the current purchases. I actually have the cash for all my purchases and have about $1500 in my savings account which is about 3 months worth of work. :-)

I may get another card in the future but no way would it be in the next six months. I would probably get it next fall some time. (I don't want to go on an app spree like I keep reading about.)

Re: Citi Forward approval.

andre181 — Sun, 02 Jan 2011 00:56:31 GMT

Congrats!!! You picked a great card! I have one too!

I will just share my experience with this card. I applied and was approved for $3000, and at that time I did a balance transfer of about $2000. I paid off that balance transfer in about 5 months. After I did that I got 2 credit line increases in a row, each of $1000, bringing my credit line to $5000. Then a couple months later I got another increase to $6500.

Citi likes it when you spend a LOT, but in my experience then don't mind if you carry a balance. When I charge something, I always ask myself If I will able to pay it off within 2 months. Out of all of my cards, this is the only one that I will carry a balance on, because my APR is the lowest of all my cards (mine is 12.99). But know that carrying a balance from month to month can lower your credit score and costs money (interest)

Obviously, make sure you pay on time and keep your balance under your credit limit.

Other than that, I think you will come to love this credit card. Treat Citi well, and they will love you to death!

Re: Citi Forward approval.

Anonymous — Sun, 02 Jan 2011 06:02:45 GMT

congrats, that's a really great card!

Re: Citi Forward approval.

android01 — Sun, 02 Jan 2011 06:30:14 GMT

@kilpela wrote:
So I have been following these forums for a while now and learning a lot of info. I decided to take the plunge and apply for my first credit card. I am 19 and after a while watching here and looking online at various cards, I decided on the Citi Forward for College Students. I applied and was approved with an $800 credit limit. I was surprised and happy when I was approved. The only items on my credit report are a student loan I have had for 4 months and an AT&T inquiry. Do you have any advice I may not have read about credit in general or this card?

I really, really wish there had been a place like these forums around when I was your age. It could have prevented a lot of stupidity on my part, and a lot of pain down the road. Congrats on your new card, and stick around!

Re: Citi Forward approval.

Anonymous — Sun, 02 Jan 2011 06:33:49 GMT

@android01 wrote:

@kilpela wrote:
So I have been following these forums for a while now and learning a lot of info. I decided to take the plunge and apply for my first credit card. I am 19 and after a while watching here and looking online at various cards, I decided on the Citi Forward for College Students. I applied and was approved with an $800 credit limit. I was surprised and happy when I was approved. The only items on my credit report are a student loan I have had for 4 months and an AT&T inquiry. Do you have any advice I may not have read about credit in general or this card?
I really, really wish there had been a place like these forums around when I was your age. It could have prevented a lot of stupidity on my part, and a lot of pain down the road. Congrats on your new card, and stick around!

It's never too late

Re: Citi Forward approval.

Anonymous — Fri, 07 Jan 2011 02:58:48 GMT

I was approved 8 days ago. When I called in for my instant decision the man I talked to said I should recieve my card by Wednesday. I got an email welcoming me to citicards. The bottom of the email said "REMINDER: If you haven't received or activated your card, please call 1-866-544-0405 as soon as possible." When should I call and say I didn't get my card? Should I call tomorrow after getting the mail if I don't get it? The approval email said I should receive the card in 4 - 7 days. (not sure if bussiness days or what?)

Re: Citi Forward approval.

Anonymous — Fri, 07 Jan 2011 04:25:17 GMT

@android01 wrote:

I really, really wish there had been a place like these forums around when I was your age. It could have prevented a lot of stupidity on my part, and a lot of pain down the road.

I agree. I went thru a couple bad years myself. Did everything wrong that someone could do wrong (all by my own doing and lack of knowledge). Took me many moons to get things cleared up and back in the right track. That said, I'm now debt free, got 3 good cards, and scores in the 800s. It's good that people have this resource available if they wish to make use of it.

Re: Citi Forward approval.

smc733 — Fri, 07 Jan 2011 04:53:01 GMT

Hey, you're in a very similar situation to me about 8 months ago! I started with a Secured Card, not realizing the Forward Card (my first unsecured card) existed at the time.

I ended up applying immediately after and getting a BofA Student Card (since converted to Cash Rewards). Honestly, I think you're best waiting like everyone says, this way when you're applying, you'll have a solid history and you can get a nice CL and a nice card! Citi should give you a CLI with a soft pull at the 6 month mark too.

Congrats on the card, it really is great for racking up rewards, too. Stay with us here to learn about credit, and when you're ready to re-apply, the great minds of myFICO will be able to help you get your second card.

Re: Citi Forward approval.

haulingthescoreup — Fri, 07 Jan 2011 05:31:41 GMT

@Icewave76 wrote:
@android01 wrote:

I really, really wish there had been a place like these forums around when I was your age. It could have prevented a lot of stupidity on my part, and a lot of pain down the road.
I agree. I went thru a couple bad years myself. Did everything wrong that someone could do wrong (all by my own doing and lack of knowledge). Took me many moons to get things cleared up and back in the right track. That said, I'm now debt free, got 3 good cards, and scores in the 800s. It's good that people have this resource available if they wish to make use of it.

lol, I was so stuck on stupid that if there had been a site like this back then, it wouldn't have done me any good. Add one flaming case of adult ADHD to lack of computer access for billpay plus a mailbox at the bottom of the driveway that was routinely rifled, and you'll wind up with an awful lot of lates.

I got motivated to act like a grown-up in connection with my finances and credit when I realized that I'd be having to live on my own in a few more years, and that I needed to be ready for it.

Re: Citi Forward approval.

Anonymous — Sat, 08 Jan 2011 03:32:21 GMT

I got my card today. Had a little trouble activating it through the voice prompt system. The customer service agent was really nice and activated it immediately without trying to sell me the "extras".

I get to try it out tomorrow. :-) (Responsibly of course.)

Thanks for all your awesome help here. I have learned a lot in the while I have been reading these forums.

Re: Citi Forward approval.

trumpet-205 — Sun, 09 Jan 2011 00:58:31 GMT

Congrats to you too.

Funny though because the representative I dealt with kept asking me to sign up for credit monitor service.

Re: Citi Forward approval.

Red1Blue — Tue, 22 Feb 2011 18:22:18 GMT

When you applied was it an instant approval for student card or did take some time for the approval process ?

Re: Citi Forward approval.

jefftca925 — Tue, 22 Feb 2011 20:07:48 GMT

Congratulations on the new card!! I agree with everything HTSU said regarding using credit wisely and allowing your credit to get established. You should only charge what you can pay off every month and don't get your self in the habit of making monthly payments for your day to day expenses. When you get older there will be a time when you'll need to finance something large and need to make payments...but not now. If you allow a balance to show on the "statement date" make sure that it is only around 10% or less but no more than 30%. Citi does like usage and it will help to increase your CL down the road.

Read the thread on how "FICO High Achievers" get their scores. That will give you some great info on how you too can get a great credit score.