Citi Card with $5K CL

[Red1Blue]

First thing first. Cheddar, I am sorry I broke the pact I made with you last night about not apping for 6 months 10/28/2008.

Afer talking to CSR at FNB Omaha today about my Secured Credit Card, I could not help but pull the trigger for the Citi Card and I am approved for $5k for the Citi Bronze AA Card. I am very pleased to get a prime card to my collection.

Should I close my secured card with FNBO and get $7K security deposit back or leave it there for a while? It is only 6 month old account. Should I leave the card and let it age or should I take the money out and put into a CD. Secure Card Deposit does not earn any interest.

I feel like a KING with this Royal treatment from Citi after the way I got beat up by Amex / Delta App and FNBO Secured Card.

Do you all think Citi is the prime card and will grow with me? What is it I should do and should not do with this card? Does Citi do CLD like other companies? I do PIF every month.

I am so excited and so nervous too. It is unbelivable that I got a Prime Card from Citi.

[haulingthescoreup]

Hi, concord, glad to see that things are turning around for you!

I have found that Citi's CSR's are great, even when they're telling me dumb company policy things. And they definitely know their stuff.

They have been perfectly happy for me to pay early and not have balances post, much less pay any interest, but they definitely like to see a lot of activity on the card. In order to get a CLI, I ran about 65% of the CL through each month.

I allowed an $8.95 balance to post back in the day, when I was trying to figure how to play the timing game, and I missed the due date by 12 hours. I called up in complete despair, just to confirm my stupidity, and they kindly said yup, there will be a late payment fee (although not a report to the CRA's.) The next day, the late payment penalty had been reversed, as if it had never happened.

Even though this Sears MC went from a $775 CL to a deeply humorous $1,212 CL, Citi approved me for a $4K Home Depot store card, so it's obvious to me that they don't blacklist.

So to summarize: be prompt on your payments, use the card A LOT, be a low-maintenance cardholder, and you'll do well with them. And by the way, my multiple (and pitiful) requests for CLI's were all softs.

[Red1Blue]

Thanks Hauling. I'll do as you suggested and take good care of the card. For my business I have 8 biz cards from Citi and my Biz has excellent credit with Citi. But when I apped for Biz MC they would not give it to me because there is paid/collection on my CR. That is the reason I am very much surprised when they gave me this card with such a generous CL. I am very happy and pleased with Citi.

Should I close my secured card with FNBO and get my $7K back or should I leave it open for few more months and let the card age some more and then close the card? Now with a prime card like Citi in my hand, I dont need any more secured cards. I dont my scores to drop when I close the accounts. What do you think is the best way.

[haulingthescoreup]

Well, if you don't have a balance on the secured card, I would probably go ahead and close it out. If it were anyone else, I would warn them about what will happen in 10 years when the account drops off your reports, but I think that you have plenty of other accounts to absorb the blow, lol.

You are now in the happy position of deciding whether it is better to do something for credit score benefit or for financial benefit. My thinking is that you will do better to close it out and free up the money for something else.

[Red1Blue]

Thanks Hauling. I'll call them Monday and ask them to close the account and send my deposit $7K back. Couple of weeks ago I closed NMB Secured card and they should be sending me back $2k Deposit. I'll ask my CU if they were to make their Visa unsecured that will give me $2k back.  I'll put all this into a CD or a high yielding MMA and it should give me a decent income every month.

[haulingthescoreup]

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@Red1Blue wrote:

Thanks Hauling. I'll call them Monday and ask them to close the account and send my deposit $7K back. Couple of weeks ago I closed NMB Secured card and they should be sending me back $2k Deposit. I'll ask my CU if they were to make their Visa unsecured that will give me $2k back. I'll put all this into a CD or a high yielding MMA and it should give me a decent income every month.

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UPGRADING!!!!!!

Doing the happy dance for ya!

[Anonymous]

Thats really awesome man. Good work getting in with citi. I think that they are very much prime. My biggest limits are with citi, I have 3 accounts and they treat you very very well. I used to think that all banks were the same but well... I found out whos good and whos not. I,personally, would close out the secured card and get my money back. Besides you'll need some cash to pay the amex plat AF.

[Red1Blue]

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D_Boone wrote:

Thats really awesome man. Good work getting in with citi. I think that they are very much prime. My biggest limits are with citi, I have 3 accounts and they treat you very very well. I used to think that all banks were the same but well... I found out whos good and whos not. I,personally, would close out the secured card and get my money back. Besides you'll need some cash to pay the amex plat AF.

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Thanks Boone, After my experience with Amex Delta App this is like, I feel like,  I woke up from a worst nightmare and drinking a glass of water. What a worst experience dealing with Amex Delta App. Once I get the Citi Card, I'll take good care of it as it will grow with me.  

[Anonymous]

congrats concord. citi is prime and will grow. i started a 3.5k, 6 months later up to 10k.

[Anonymous]

Oh well, no worries.  I think Lady Scarlet said she'd join me in my app hiatus anyway, so all is not lost.

Congrats on the Citi approval!