topic Citibank Custom Personal Line of Credit, anyone have this? limits? in Credit Cards

Citibank Custom Personal Line of Credit, anyone have this? limits?

gen-specific — Fri, 02 Aug 2013 00:53:04 GMT

Hey guys

So I have been talking about Personal Lines of Credit recently, and some of the suggestions posted here were nice, but the institutions that you guys recommended have no branches near me! This is largely a deal breaker because I want PLOC for the liquidity (without the liquidity premium), and needing to transfer online and wait 3 business days for funds to get anywhere is the opposite of liquidity.

Citibank offers a PLOC and there are plenty of branches here, but I have to begin a banking relationship with them, even though I have a retail credit card relationship with them already.

So I opened a checking account and it'll be at least 60 days before I apply for this PLOC.

they said that custom PLOC was a popular product, so what limits do you guys have with them?

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

gen-specific — Fri, 02 Aug 2013 03:02:33 GMT

bump

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

kevinjjc — Fri, 02 Aug 2013 03:47:32 GMT

Just curious, why do you use the term "retail credit card relationship"? Do you mean to say personal credit cards as opposed to business credit cards?

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

gen-specific — Fri, 02 Aug 2013 03:49:39 GMT

@kevinjjc wrote:
Just curious, why do you use the term "retail credit card relationship"? Do you mean to say personal credit cards as opposed to business credit cards?

that is the distinction I am drawing, yes. its usually how the federal regulators draw the distinction too

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

kevinjjc — Fri, 02 Aug 2013 03:53:04 GMT

@gen-specific wrote:
@kevinjjc wrote:
Just curious, why do you use the term "retail credit card relationship"? Do you mean to say personal credit cards as opposed to business credit cards?
that is the distinction I am drawing, yes. its usually how the federal regulators draw the distinction too

When you say "retail credit card", I think a store co-branded credit card. I'm sure I'm not the only one.

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

gen-specific — Fri, 02 Aug 2013 03:56:33 GMT

@kevinjjc wrote:
@gen-specific wrote:
@kevinjjc wrote:
Just curious, why do you use the term "retail credit card relationship"? Do you mean to say personal credit cards as opposed to business credit cards?
that is the distinction I am drawing, yes. its usually how the federal regulators draw the distinction too
When you say "retail credit card", I think a store co-branded credit card. I'm sure I'm not the only one.

okay thanks for the heads up.

lets talk about the personal line of credit

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

Anonymous — Fri, 02 Aug 2013 04:24:17 GMT

Don't know how popular Citi PLOCs are on this forum, which might be why you aren't getting responses. Most of the LOCs people have talked about here seem to be from the popular CUs, such NCFU (mainly) and Penfed. What APR are Citi offering?

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

Happychap — Fri, 02 Aug 2013 09:02:01 GMT

I am also interested in their LOC I currently have a checking account and cc with citi. However, I think to apply you have to either go into the branch or call as I do not see an online application?

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

Anonymous — Fri, 02 Aug 2013 09:41:54 GMT

Not too sure about citi's line of credit. I think your best bet might be to talk to an actual banker or branch manager. They probably will know more.

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

gen-specific — Mon, 05 Aug 2013 00:15:19 GMT

@Happychap wrote:
I am also interested in their LOC I currently have a checking account and cc with citi. However, I think to apply you have to either go into the branch or call as I do not see an online application?

yeah you have to go into a branch, this is a different product from their credit card departments, and your relationship with their credit card department isn't factored in really (except for total credit scores and stuff)

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

TrueGeminiNC — Mon, 05 Aug 2013 03:28:22 GMT

@gen-specific wrote:
Hey guys

So I have been talking about Personal Lines of Credit recently, and some of the suggestions posted here were nice, but the institutions that you guys recommended have no branches near me! This is largely a deal breaker because I want PLOC for the liquidity (without the liquidity premium), and needing to transfer online and wait 3 business days for funds to get anywhere is the opposite of liquidity.

Citibank offers a PLOC and there are plenty of branches here, but I have to begin a banking relationship with them, even though I have a retail credit card relationship with them already.

So I opened a checking account and it'll be at least 60 days before I apply for this PLOC.

they said that custom PLOC was a popular product, so what limits do you guys have with them?

I have a Citi Checking Plus account with a 2.5K line of credit. The max amount for the Checking Plus account is 5K. I signed up for the account because I wanted to expand my banking relationship with Citi. I plan to apply for a mortgage in the coming months.

The Citi Checking Plus account has a variable 18.25% rate while the rate for the Custom Line is based on your credit worthiness.

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

gen-specific — Mon, 05 Aug 2013 03:53:16 GMT

cool, thanks!

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

TrueGeminiNC — Tue, 06 Aug 2013 03:27:00 GMT

I just submitted an application over the phone for the Custom Credit Line to take advantage of the lower interest rates. Also, I am eligible for a .25% discount offered through the Citi At Work Program. I have my fingers crossed. I am for a minimum line of 10K.

Will update.

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

gen-specific — Tue, 06 Aug 2013 07:59:28 GMT

@JAY305 wrote:
I just submitted an application over the phone for the Custom Credit Line to take advantage of the lower interest rates. Also, I am eligible for a .25% discount offered through the Citi At Work Program. I have my fingers crossed. I am for a minimum line of 10K.

Will update.

.25%

.0025 ? this is a discount on interest rates?

Let me know how that works out for you, also I am interested in your credit scores + salary because I am nosy. haha but this is what I started this thread for. I want to sort of gauge wha tkind of clients get the max 50k credit line. How big do your bank deposits have to be over time for them to rationalize that

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

randeman — Tue, 06 Aug 2013 16:50:24 GMT

I have both Custom Credit Line and Checking Plus. My CCL was opened a year ago with a $3500 limit, which is where it is today. I don't use it much as the APR is higher than my cards. There are two things I don't care for about it. One, that you cannot use it via ATMs; two, it can take two to four business days for payments to reflect on the balance, even if paid via transfer from my bank accounts. Otherwise, it's pretty good.

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

gen-specific — Wed, 07 Aug 2013 00:22:46 GMT

@randeman wrote:
I have both Custom Credit Line and Checking Plus. My CCL was opened a year ago with a $3500 limit, which is where it is today. I don't use it much as the APR is higher than my cards. There are two things I don't care for about it. One, that you cannot use it via ATMs; two, it can take two to four business days for payments to reflect on the balance, even if paid via transfer from my bank accounts. Otherwise, it's pretty good.

yes, interesting thing about the ATMs, but surely I can simply transfer funds from it via Citibank's mobile app to my checking account as I am walking up to the ATM, 2013 after all

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

kobe2012 — Wed, 07 Aug 2013 02:28:34 GMT

I'm interested on this as well, do they pull credit?? and is this the same credit requirement like their credit cards??

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

TrueGeminiNC — Wed, 07 Aug 2013 02:34:11 GMT

@kobe2012 wrote:
I'm interested on this as well, do they pull credit?? and is this the same credit requirement like their credit cards??

Yes, they do pull credit. The APR is based on your credit worthiness and ranges from 4.85 to 21.60%. You can also receive a discount on the rate for sigining up for auto pay.

As previously noted, I signed up for the account to expand my banking relationship with Citi. I hope to apply for a mortgage in the coming months.

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

randeman — Wed, 07 Aug 2013 12:21:24 GMT

gen-specific: No, you can't get access to your CCL via the Citi smart phone app, either. At least not with Android apps, I can't comment on Apple's. I have only been able to access my CCL through the Citi website on a computer. You can access Checking Plus (overdraft line) via app and ATM. If easier access is important to you, you may just want to get Checking Plus, although I don't know if Citi will give you a limit as high as a CCL might be. Both services work basically the same (except CCL doesn't cover overdrafts automatically) and payments to Checking Plus do post immediately.

Re: Citibank Custom Personal Line of Credit, anyone have this? limits?

randeman — Wed, 07 Aug 2013 12:37:25 GMT

I had to call Citi anyway, so I asked the rep about accessing the CCL and she said that you can access it via a Citi ATM if it is linked. I honestly don't remember seeing that option, but then I never really pay that much attention at an ATM, and my accounts are linked.