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Citi Diamond Preferred - Preselected Mailer

CarolynArt
Regular Contributor

Citi Diamond Preferred - Preselected Mailer

So today I received a mailer that says 0% for 18 months. Says 9 out of 10 get approved for the card. Is this a solid preapproval? I've heard so many bad things about Citibank reducing credit limits for folks with stellar credit ratings - but if you charge their card up and leave a balance they cut your credit limit dramatically. Any one have experience with this card or any other Citi cards? 

Message 1 of 7
6 REPLIES 6
blindambition
Community Leader
Senior Contributor

Re: Citi Diamond Preferred - Preselected Mailer

It's just marketing, there's no guarantee, even on a pre-approval. You met their criteria for selection.

Message 2 of 7
blindambition
Community Leader
Senior Contributor

Re: Citi Diamond Preferred - Preselected Mailer

Citi is known to start with conservative limit, so keep expectations reasonable. They have been known to CLD, but not for no reason. There's usually a huge change in pattern, or overall profile. If you are good at management, Citi is like any other conservative lender.

Message 3 of 7
FinStar
Moderator

Re: Citi Diamond Preferred - Preselected Mailer


@CarolynArt wrote:

So today I received a mailer that says 0% for 18 months. Says 9 out of 10 get approved for the card. Is this a solid preapproval? I've heard so many bad things about Citibank reducing credit limits for folks with stellar credit ratings - but if you charge their card up and leave a balance they cut your credit limit dramatically. Any one have experience with this card or any other Citi cards? 


As mentioned upthread, pre-selected solicitations are not solid offers nor pre-approvals.  The 9-10 number is based on an entire population index for which pre-selected offers were generated.

 

Utimately, if your overall profile can support an additional account and if this particular card can serve its needs, then go for it.

 

As far as the bolded comment, I'm not sure where you're seeing this to happen so frequently.  Sure, Citi can AA, but so can other lenders (e.g. Barclays, BoA, Chase, Comenity, SYNCB, Discover, etc.).  There's been individuals who have used a considerable portion of their Citi limit for BTs and whatnot, and no Adverse Action took place.  Now, if your profile suddenly dives in the wrong direction or attracts some attention, then yes it's certainly possible AA could happen.

 

Message 4 of 7
cincydavid
Frequent Contributor

Re: Citi Diamond Preferred - Preselected Mailer

My bride just got that mailer....approved at $4000, don't recall the interest rate. HH income $230k, scores just a hair above 700. The SL wasn't impressive but it'll work for the BT we are planning. 


@FinStar wrote:

@CarolynArt wrote:

So today I received a mailer that says 0% for 18 months. Says 9 out of 10 get approved for the card. Is this a solid preapproval? I've heard so many bad things about Citibank reducing credit limits for folks with stellar credit ratings - but if you charge their card up and leave a balance they cut your credit limit dramatically. Any one have experience with this card or any other Citi cards? 


As mentioned upthread, pre-selected solicitations are not solid offers nor pre-approvals.  The 9-10 number is based on an entire population index for which pre-selected offers were generated.

 

Utimately, if your overall profile can support an additional account and if this particular card can serve its needs, then go for it.

 

As far as the bolded comment, I'm not sure where you're seeing this to happen so frequently.  Sure, Citi can AA, but so can other lenders (e.g. Barclays, BoA, Chase, Comenity, SYNCB, Discover, etc.).  There's been individuals who have used a considerable portion of their Citi limit for BTs and whatnot, and no Adverse Action took place.  Now, if your profile suddenly dives in the wrong direction or attracts some attention, then yes it's certainly possible AA could happen.

 


Message 5 of 7
babygirl1256
Valued Contributor

Re: Citi Diamond Preferred - Preselected Mailer

Great information @FinStar . . . I would get so many of those marketing mailers that I opted out at each CRA . . . but now I wonder if I may have missed out on some super deals. Nevertheless, now I will water and hopefully grow the cards I have and get my scores up a little higher for the Chase Marriott Bonvoy or the AmEx Marriot Bonvoy . . . that's it for me!!!

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 6 of 7
MitchDeerfield
Contributor

Re: Citi Diamond Preferred - Preselected Mailer

For most people, the Citi Double Cash credit card is the better choice, 

Message 7 of 7
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