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Citi DC Surprise Approval!!

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uncredited
Frequent Contributor

Re: Citi DC Surprise Approval!!

Another update, Citi emailed today to report the card is mailed out and to expect it by next Friday, and report it if not.  They're pretty fast! I've heard Citi's slow, but I'm pretty impressed.  Very good first impression with them so far!  Traditional "plain white envelope" is not quite like Discover's fancy boxed welcome bundle, but the wow factor only works once.

 

They're way better than my bank (also a fairly large bank) with debit cards, where they alert you they're sending them out a month before they actually do, where it grazes the expiry of the old one by a week. So far, Citi's checking the right boxes!

 

@AnonymalousThat's, that's some helpful DP.  It definitely sounds like the next card shouldn't be immediate, seeing what the drop may look like from this one, maybe June/July to recover from this first one?  Dropping too far in points probably raises red flags to these first 2 lenders. That would place the "final" (or semi-final, may do a 5th or 6th but don't even have specifics on tap) one at December-January at the earliest as well (Chase amz).

 

Still a bit nervous to see the drop in a month with the new account, though it'll also maybe add some points in the 10% category of accounts (where I was dinged for too few).  It'll drop my AAoA to like 7 mo. so that can't be great on the scores. Smiley Indifferent even compared to your 10 year drop. I'm glad Citi only pulled Ex, that makes it easier, but unfortunately, everyone else in my list pulls EX anyway.

Message 21 of 29
Anonymalous
Valued Contributor

Re: Citi DC Surprise Approval!!

@uncredited, it probably has less to do with the scores and more to do with the new tradeline. Give it a few months so it doesn't look like you're credit seeking, and you should have a very good shot with FNBO. Your scores will be lower, but they should be above 730, which is still pretty good.

Message 22 of 29
uncredited
Frequent Contributor

Re: Citi DC Surprise Approval!!

To update everyone, I got the card! I remain impressed with Citi's communications overall. They actually emailed a notification they day it was to be delivered, which is something I've never seen for normal mail before, and very helpful.

 

I'm shocked at the APR, which you don't know until you get the card, it's actually pretty good, 17.24%! (That's the old 16.99% a few weeks ago before the first fed hike.) The card's lowest was 13.99, now 14.24%. 17.24 isn't bad at all! I expected 20-something. Since Flex Pay uses the APR unlike Chase Plan and Amex Plan It, APR matters more for Citi, at least someday.

 

I had some tech woes though. Errors during online account creation in the app, then PC browser, led to having to call CS. After pages of menus, it was instant connecting to a person, no hold time at all. The whole thing was resolved quickly and easily. The Pending transaction showed up slow but within an hour, and all was good. Then an hour or two later my pending transaction showed up again with an info warning saying they weren't able to retrieve my older transactions to display. Today it all looks good in pending so I'll chalk it up to new account teething. The "add card to Amazon" feature doesn't work in the app but does on the website. The website seems less glitchy than the app.

 

Oh, and VANs do still exist! I thought they didn't. If you go to the page for it, it prompts you to log in, then takes you to the general features page that doesn't list it, But in the account, it's up in one of the services menus, and still really works. I created, but didn't use it. It wasn't a driving feature for me currently to get a Citi card, but VANs were something I've envied from Citi cards for a decade since my debit had been compromised, so it's nice to have access to that.

 

All in all, technical gaffes aside, assuming no more problematic gaffes with first payment, TYP redemption, etc, I'm generally impressed with Citi. So far I'm very glad I chose this card!  Plus, it's a pretty card.

 

Quck question for more frequent card acquirers, I can't remember from the Disco, but are you allowed to make payments on cards before the first statement is cut? I have a foggy memory that for the first statement you have to wait for it before it'll accept payments and you can't PIF before it reports? I.E. Should a new card be avoided to be used as the dd until after the first statement is cut since all balance from month 1 always has to be reported and bloats util?

Message 23 of 29
FinStar
Moderator Emeritus

Re: Citi DC Surprise Approval!!


@uncredited wrote:

Quck question for more frequent card acquirers, I can't remember from the Disco, but are you allowed to make payments on cards before the first statement is cut? I have a foggy memory that for the first statement you have to wait for it before it'll accept payments and you can't PIF before it reports? I.E. Should a new card be avoided to be used as the dd until after the first statement is cut since all balance from month 1 always has to be reported and bloats util?


We're not going to write long novels or 50 pages on a payment dissertation, are we? Smiley Wink 

 

Bottom line, it has already been very extensively discussed (as far as early payments, utilization, etc), on your massive topic not long ago (which has already been locked since you were approved). As far as Citi accounts go, yes you can make a payment as soon as the transaction(s) posts to your account. Don't overcomplicate or overthink things. Use the card, view transactions, whether you decide to pay or not before your statement generates is your choice -- as long as you PIF + pay on time that's all that matters. Rinse & repeat.

Message 24 of 29
uncredited
Frequent Contributor

Re: Citi DC Surprise Approval!!

@FinStar LOL, of course not Smiley Wink

 

Thanks, what I really meant was specific to the very first statement.  I have a hazy recollection that with Disco for the very first statement, they didn't allow any payments until after that statement was cut, then after that you can of course pay as often as you want. Probably just due to how they set up billing in their system.  IDK if that's just a Disco thing or if that's normal/applies to Citi. Once a transaction posts I can of course just try it, but it'll be a few days.

 

For the near-term I'm planning on mostly AZEO (this card is probably my EO), just because I'd like my scores to recover optimally from the inq/account hit that hits hard with this second account before I get to another card. In a 1-2 years when I'm done with remaining cards, I'll pay after the statements cut like a normal person.

Message 25 of 29
FinStar
Moderator Emeritus

Re: Citi DC Surprise Approval!!


@uncredited wrote:

@FinStarLOL, of course not Smiley Wink

 

Thanks, what I really meant was specific to the very first statement.  I have a hazy recollection that with Disco for the very first statement, they didn't allow any payments until after that statement was cut, then after that you can of course pay as often as you want. Probably just due to how they set up billing in their system.  IDK if that's just a Disco thing or if that's normal/applies to Citi. Once a transaction posts I can of course just try it, but it'll be a few days.

 

For the near-term I'm planning on mostly AZEO (this card is probably my EO), just because I'd like my scores to recover optimally from the inq/account hit that hits hard with this second account before I get to another card. In a 1-2 years when I'm done with remaining cards, I'll pay after the statements cut like a normal person.


Don't worry about Discover or comparisons to it. When your Citi transactions post, you can try it. If for any reason Citi doesn't allow you to make an online payment right away, then wait until the statement generates, and then give it a whirl. Citi can also take a payment over the phone if you wish to pursue that route as well.

Message 26 of 29
uncredited
Frequent Contributor

Re: Citi DC Surprise Approval!!

Another update: Citi reported the new account to EX already (not to the other 2) according to myFico. -19 for the inquiry, and -24 for the new account.  Not unexpected after what @Anonymalous said, but, ouch, a 43 point drop from 770 to 727 is hard to watch.

 

Yeah, I think it's going to take quite a while of rebuilding that before apping for anything else becomes reasonable.  I'm not sure how long that takes to rebound, or how big a hit the next one will produce, but it's all too easy to sink to some very low numbers. For a while the idea of closer than 6 months between seemed really reasonable, but after watching that score drop, I'm not too sure about that unless it recovers faster than I assume.

 

TL;DR Thin files stink!  But I'm very happy if I had to take this big hit it was worth it for what seems like a great card so far.

Message 27 of 29
Anonymalous
Valued Contributor

Re: Citi DC Surprise Approval!!

727 is not among the "very low numbers". It's pretty respectable, solidly in the good category. Your score won't bounce back that quickly, because the penalty from the hard pull won't go away for a year. Also, you probably jumped scorecards, and the age hit will only go away as your cards age. But that said, you'll probably gain 10 to 15 points over the next few months. And the next hard pull will be much cheaper, probably costing between 5 and 10 points. After a new card in November and another in February, my scores are currently at roughly the same place they were after the November card.

 

So wait a year if you want, but you're not in a bad place, and there's really nothing stopping you from applying again in a couple months. It probably doesn't matter much if you wait 3 months or 6.

Message 28 of 29
uncredited
Frequent Contributor

Re: Citi DC Surprise Approval!!

The transactions posted pretty fast, within 2 days, which is way faster than I'm used to on Disco. And they accept payments immediately before the first statement as well, so I can go right to using it as the dd and not worry about closing with high util.  As @KLEXH25 said, they apply the payment immediately, which is even better than Disco doing it end of day. Both are great, though, at not having to wait for the bank to actually process it.

 

It also let me browse the Flex Pay feature, the total interest, etc.  I may try to make sure to use a 3mo Flex Pay for something after a few statements, primarily to demonstrate that it's a feature I may use. I feel like the algorithms (both for red flags and for CLI) are more about trends and normal behavior than about individual actions. Does anybody know with these plans (Flex Pay, or Chase/Amex' flavors of it) if they see early payment as a negative (since you're depriving planned interest) or a positive (reducing/zeroing balances?)

 

I tried the feature that seemed cool about sending you notifications when a pending payment posts, but that doesn't seem to work, the payments posted, but I got no notifications about it yet. Cool feature, if it worked, though, if you're tracking particular payments around statement close.

 

Very pleased, so far, with Citi, at least during the honeymoon!

Message 29 of 29
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