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CITI Diamond Preferred Not Graduating...3yrs later

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GregRam
New Visitor

CITI Diamond Preferred Not Graduating...3yrs later

I've had a CITI Diamond Preferred secured card for 3yrs now, I NEVER carry a balance on it as soon as i use it i pay it off and have never had any late payments or issues with it apart from the card not graduating. Its been 3 years later and i'm still stuck with a $300 credit limit and yearly i get this same letter

 

My FICO is ove 700+, I have a Discover IT which had no problem graduating within the first year. Does anyone know why they're doing this? 

Message 1 of 16
15 REPLIES 15
FinStar
Moderator Emeritus

Re: CITI Diamond Preferred Not Graduating...3yrs later

Hi @GregRam and welcome to the forums.

 

The reason for keeping the product secured could be due to a variety of factors -- internal or external.  Since you mentioned you've had the Citi secured card for a while, perhaps it's time to evaluate things and consider closing it if you feel that waiting another year is a moot point.  Is this your first and/or oldest account?

 

And, besides Discover, do you have any other credit card accounts or loans?  Any negative history or derogatory items?  

Message 2 of 16
GregRam
New Visitor

Re: CITI Diamond Preferred Not Graduating...3yrs later

Thanks for your response, I wouldn't want to close it given that its a 3yr credit-line i'll mostlikely just stop using it. I have others Discover IT, Apple Card, William Sonoma VISA card and will be applying for the CHASE Sapphire Preferred soon, I also have a Self-Lender loan thats almost paid off.  

 

Would it be a good idea giving CITI a call about this or would that come-off as too desperate and raise a flag or something? 

 

Message 3 of 16
dragontears
Senior Contributor

Re: CITI Diamond Preferred Not Graduating...3yrs later


@GregRam wrote:

Thanks for your response, I wouldn't want to close it given that its a 3yr credit-line i'll mostlikely just stop using it. 

I have others Discover IT, Apple Card, William Sonoma VISA card and will be applying for the CHASE Sapphire Preferred soon. 

Would it be a good idea giving CITI a call about this or would that come-off as too desperate and raise a flag or something? 

 

I don't even need the money i would just like the credit-line as i'll be purchasing a home within the next 6mo and that will help my DTI. 


FYI your limits on credit cards have nothing to do with DTI. 

DTI is calculated by the minimum payments of all debts divided by your income. 

Message 4 of 16
GregRam
New Visitor

Re: CITI Diamond Preferred Not Graduating...3yrs later


@dragontears wrote:

@GregRam wrote:

Thanks for your response, I wouldn't want to close it given that its a 3yr credit-line i'll mostlikely just stop using it. 

I have others Discover IT, Apple Card, William Sonoma VISA card and will be applying for the CHASE Sapphire Preferred soon. 

Would it be a good idea giving CITI a call about this or would that come-off as too desperate and raise a flag or something? 

 

I don't even need the money i would just like the credit-line as i'll be purchasing a home within the next 6mo and that will help my DTI. 


FYI your limits on credit cards have nothing to do with DTI. 

DTI is calculated by the minimum payments of all debts divided by your income. 


Thanks for clarifying that, Perhaps i mistranslated what was told to me by the lender; Essentially if i have a credit limit with little debt it looks good to the banks according to them and could get me a higher loan. 

Message 5 of 16
KJinNC
Valued Contributor

Re: CITI Diamond Preferred Not Graduating...3yrs later

Unless you find the card useful as-is, I would close it. It will not hurt your account age because it will stay on your reports for ~10 years. Due to the length before unsecuring and the inconsistency of what we anecdotally see in the timing of when or whether it unsecures, I think the idea of unsecuring should be disregarded with this card. By the time it does unsecure, if it ever does, you will have long since been able to get a better unsecured card. Example: this was my very first card in this stage of y life when I started by build/rebuild in spring 2019. I closed it months later, and one year later, I opened two Citi rewards cards with credit limits around $10K each. JMO.

Message 6 of 16
GregRam
New Visitor

Re: CITI Diamond Preferred Not Graduating...3yrs later


@KJinNC wrote:

Unless you find the card useful as-is, I would close it. It will not hurt your account age because it will stay on your reports for ~10 years. Due to the length before unsecuring and the inconsistency of what we anecdotally see in the timing of when or whether it unsecures, I think the idea of unsecuring should be disregarded with this card. By the time it does unsecure, if it ever does, you will have long since been able to get a better unsecured card. JMO.


In your opinion is this normal? I've looked throughout the forums and found topics from 2018-2019 discussing the card not graduating, I'm just curious. I will definitely be considering closing it and perhaps even writing them a letter along with the request, Is there a better card that you would recommend? 

Message 7 of 16
Remedios
Credit Mentor

Re: CITI Diamond Preferred Not Graduating...3yrs later

There is no card anyone should be recommending if you're applying for a mortgage within the next 12 months. 

That can have detrimental effect on your mortgage scores, especially if borderline already. 

Message 8 of 16
KJinNC
Valued Contributor

Re: CITI Diamond Preferred Not Graduating...3yrs later

Anecdotes are all over the map. I think the fastest graduation I have seen mentioned here is 11 months. It is common for it to take about 2 1/2 years, and some people seem to wait forever.

It is a good secured card IMO, just not one I'd count on graduating in time to be helpful.

 

Without knowing more about your profile, I wonder if you can qualify for some unsecured cards, such as Amex Delta blue or Amex Hilton card. Amex has a pretty reliable prequalification feature. But in terms of secured cards that graduate, Discover is #1. I'd also look at TD Bank if you live in a state with that bank, and Navy Federal if you are eligible. Edited to add, yeah, if you're going for a mortgage, that should take priority over card applications. Maybe just let it ride in case it does graduate. If not, close and replace AFTER the mortgage. JMO, good luck!

Message 9 of 16
FinStar
Moderator Emeritus

Re: CITI Diamond Preferred Not Graduating...3yrs later


@GregRam wrote:

Thanks for your response, I wouldn't want to close it given that its a 3yr credit-line i'll mostlikely just stop using it. I have others Discover IT, Apple Card, William Sonoma VISA card and will be applying for the CHASE Sapphire Preferred soon, I also have a Self-Lender loan thats almost paid off.  

 

Would it be a good idea giving CITI a call about this or would that come-off as too desperate and raise a flag or something? 

 


Unfortunately, calling Citi isn't going to do much since any decisions to unsecure a card is system-driven.  All the agent would be able to do is encourage you to keep the card until it unsecures.  I'm not sure they're even aware of the reasons why the card did not qualify to unsecure.

Message 10 of 16
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