topic Re: Citi Double Cash Approval Odds? in Credit Cards

Citi Double Cash Approval Odds?

Anonymous — Sat, 11 Oct 2014 12:33:40 GMT

Hi,

I'm considering applying for the Citi Double Cash card and I'm wondering what you all think my odds of approval are, or if I should even bother.

First off, my FICO as reported by my most recent Discover It statement is 757. My CreditKarma score is 773, and my Vantage on CreditKarma is 823.

My credit history is solely composed of 4 unsecured credit cards as follows:

1. American Express Blue Cash Everyday - $15,900

2. Capital One Quicksilver - $4,000

3. Chase Freedom - $3,500

4. Discover It - $3,300

My oldest line is the capital one account which started as a "Cash Rewards for Newcomers" card originally, about 2 yrs 7 mos old. My average age of accounts is about 1 yr 7 mos.

The main concern for me is I've recently become a student after 4 years of military service, so I don't really have much in the way of income. Will this blow my chances with Citi? I'm receiving GI Bill payments and living below my means, and I have plenty of money saved back with few bills. I could prove that to Citi in a recon possibly if they'd care about any of that. I'm just worried that listing "Student" as my employment status, along with not a lot of annual income, will diminish my odds of approval.

What do you think? Should I go for it?

Re: Citi Double Cash Approval Odds?

L-TWT — Sat, 11 Oct 2014 13:44:36 GMT

Based on all the factors you provided, I would say your odds would be GOOD for approval!

Re: Citi Double Cash Approval Odds?

Anonymous — Sat, 11 Oct 2014 13:49:18 GMT

You really don't know until you apply. I guessed wrong when I thought I'd get declined by Chase, then a $2000 CL comes on the screen and says the card will be shipped in 7-10 days.

No one here really has that answer for you.

Re: Citi Double Cash Approval Odds?

randeman — Sat, 11 Oct 2014 14:15:42 GMT

I don't think you'd have any problems. Your scores are good. Have you any installment experience? That always helps.

Re: Citi Double Cash Approval Odds?

chalupaman — Sat, 11 Oct 2014 14:21:44 GMT

I think you should go for it if you really want the card. No one knows 100% sure if you're going to be approved but it seems likely in your case.

Re: Citi Double Cash Approval Odds?

Anonymous — Sat, 11 Oct 2014 14:38:10 GMT

Right. I understand that no one knows for certain; I'm merely gauging my chances based on opinions around here.

In answer to an above post, I don't have any installment history, only those 4 credit cards.

Thank you for your thoughts.

Re: Citi Double Cash Approval Odds?

lhcole77 — Sat, 11 Oct 2014 15:12:09 GMT

Welcome to the Forums! Would you be listing your GI Bill as income? If so, I don't think the "student" will scare them if income is also reported.

Citi also offers a Thank You Preferred for College Students. Just an fyi.

Re: Citi Double Cash Approval Odds?

Creditaddict — Sat, 11 Oct 2014 15:36:00 GMT

Have you simply tried the pre-qual on citicards.com?

Re: Citi Double Cash Approval Odds?

Themanwhocan — Sat, 11 Oct 2014 16:03:01 GMT

@Anonymous wrote:
Hi,

I'm considering applying for the Citi Double Cash card and I'm wondering what you all think my odds of approval are, or if I should even bother.

First off, my FICO as reported by my most recent Discover It statement is 757. My CreditKarma score is 773, and my Vantage on CreditKarma is 823.

My credit history is solely composed of 4 unsecured credit cards as follows:

1. American Express Blue Cash Everyday - $15,900
2. Capital One Quicksilver - $4,000
3. Chase Freedom - $3,500
4. Discover It - $3,300

My oldest line is the capital one account which started as a "Cash Rewards for Newcomers" card originally, about 2 yrs 7 mos old. My average age of accounts is about 1 yr 7 mos.

The main concern for me is I've recently become a student after 4 years of military service, so I don't really have much in the way of income. Will this blow my chances with Citi? I'm receiving GI Bill payments and living below my means, and I have plenty of money saved back with few bills. I could prove that to Citi in a recon possibly if they'd care about any of that. I'm just worried that listing "Student" as my employment status, along with not a lot of annual income, will diminish my odds of approval.

What do you think? Should I go for it?

Yes, I think you would be approved. No, I don't think you should apply for it.

If you obtained a Bank of America Better Balance Rewards card and used it properly, you would gain 4 X $25 = $100 cash back per year with fairly minimal spending each month, with the rest of the spending staying on the Quicksilver. If instead you obtained the Double Cash, and moved all your spending from the Quicksilver to the Double Cash, how much more would you earn?

$100 / 0.005 (half a percent) = $20,000.

So all you need to do is spend more than $20,000 per year on the Double Cash instead of on the Quicksilver, and you'll start enjoying more than $100 in extra cash back per year! yay! I'm liking this plan already...

Or maybe you don't spend that much on your Quicksilver. Better idea, just get a Better Balance Rewards card. Some have even obtained 3 or 4 of that card...

Definitely get a Double Cash card eventually. Perhaps after they add a nice sign up bonus, or something. But for now, your best move is something else. Oh, and get a Sallie Mae Mastercard:

https://www.salliemae.com/credit-cards/sallie-mae-card/

Re: Citi Double Cash Approval Odds?

Anonymous — Sat, 11 Oct 2014 16:00:18 GMT

I wouldnt sweat it. Pull the trigger!

Re: Citi Double Cash Approval Odds?

Anonymous — Sat, 11 Oct 2014 17:04:00 GMT

I think you have a very good shot at the card. If anything, income level may only affect the cl amount....