Citi Bank Secured - Under Review?

[Anonymous]

Hi!
So I am credit rebuilding. I really messed up when I was 18 and now I have to rebuild credit ground up at 24.

I applied for a Citi Secured Mastercard. It gave me a message saying “Approved!” Four days later (today) the security deposit came out. Now my application status says

“Thank you for your Citi® Card application. We're still reviewing it. Depending on how quickly we're able to process your information, we may post a decision here in 24 hours, so feel free to check back then. We'll be in touch in approximately 7-10 days via mail or email with a decision.”

Did they rethink my decision now and decide not to give me the card? If so, that’s frustrating as I was denied Discover It Secured and will be super bummed if I can’t get a secured. I have a more steady income now and I really need to build credit before university next year because I need an apartment out of state.

I haven’t called Citi Bank yet but does this mean that I’m not approved after all? Did they change their mind? Thanks.

[redheadtempe36]

When you say you messed up at 18 (and a lot of us have been there so don't stress about it now), did that mess up include Discover?  It is unusual, but not unheard of, to be declined for a secured card.

Did you try Capital One or Credit One?  Both are pretty easy (though the limit will be low).

If they took out the deposit, and then decline you, they'd have to refund the deposit (probably via check), and I can't imagine a bank the size of Citi having a wasteful/dumb process like that, so you are probably fine.  I would guess they are just verifying the funds/setting up your account.

Post back when you hear back.  You could always call them as well, but a CSR may not know.

[FinStar]

I believe the approval is set since the deposit has been withdrawn from your account.

Typically, some of their notifications generate after the fact or are not in synch with where the process is so it tends to create a bit of confusion, especially when an application went pending, but eventually got approved.

[CreditInspired]

I know lenders will decline applications for secured cards so I have to ask, did you mess up checking accounts? NSF fees, bounced checks, account closures owing money, etc, basically anything negative involving a bank? Are you in Chexsystem or EWS. If yes, this could create problems with getting a secured card.

[Anonymous]

Well, I have a bad credit history due to one unpaid card but that’s about it. My school loan is current. However, I already got the acceptance email and everything. The email says I was accepted and congrats. But then after they took the deposit, this message came up.

[texasbred71]

Same thing happened on mine. It seems to be pretty standard on their secured card. If the deposit came out I would say you are good to go. 

[calyx]

Same thing happened with me.

They took the deposit - you're probably good to go!