Citi MC New Offer - Worthless?

[Anonymous]

Citi sent me this Valuable (worthless) offer. I mean I do love Citi Bank but really? What are they thinking?

Thanks

Mark

[AverageJoesCredit]

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@Anonymous wrote:

Citi sent me this Valuable (worthless) offer. I mean I do love Citi Bank but really? What are they thinking?

Thanks

Mark

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For someone in your position, ie lots of options, not great but for someone with high aprs/balances not bad. Citi can be weird on what offers they offer lol.

[Yasselife]

How're your scores now, Mark? I read you have over 100 inquiries, makes me wonder.

@Anonymous 

[Anonymous]

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@Yasselife wrote:

How're your scores now, Mark? I read you have over 100 inquiries, makes me wonder.

@Anonymous 

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As of yesterday there where between 809 and 825 off of memory. As I stated before, some people reallly worry that a HP will kill your scores and I have as you said just over 100 between all three agencies. I think it is more my thick profile and age of some very old cards. I check my reports daily and no matter how many new inquries and no matter how many fall off my scores never change at all over inquries that I can pick up on.

I was always in the 775 to 788 range until my new car loan showed at 52% paid off then I had the score jump about 2 months ago, other then that just the typical new cards that I always get. I assume that the car loan pay down was the reason for the jump in scores but do I know for sure? not at all LOL

Thanks

Mark

[NRB525]

Well, in FICO scoring, the first item affects score a lot the second a bit less, third less still, and so on. By the time one reaches 100 INQ, the score is really tired of them, and doesn't move.

There are other aspects, including new accounts, but there again, piling on the same thing eventually stops impacting score. 

Even lates of exactly the same type will stop affecting score if one has enough. With lates, however, multiples of lates tend to lead to escalating issues, --> 60 days, then 90 days, then charge off or BK. 

So someone with a very thick file, low utilization, and no lates should be near 850... except for all the INQ and new accounts

[micvite]

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@NRB525 wrote:

Well, in FICO scoring, the first item affects score a lot the second a bit less, third less still, and so on. By the time one reaches 100 INQ, the score is really tired of them, and doesn't move.

There are other aspects, including new accounts, but there again, piling on the same thing eventually stops impacting score. 

Even lates of exactly the same type will stop affecting score if one has enough. With lates, however, multiples of lates tend to lead to escalating issues, --> 60 days, then 90 days, then charge off or BK. 

So someone with a very thick file, low utilization, and no lates should be near 850... except for all the INQ and new accounts

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Yeah, I was in the same boat, hovering around 740 with almost 100 between all 3 (32 ex, 39 TU and like 26 eq) the late from 4 years ago is what's really holding my scores back lol

[Trini88]

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@NRB525 wrote:

Well, in FICO scoring, the first item affects score a lot the second a bit less, third less still, and so on. By the time one reaches 100 INQ, the score is really tired of them, and doesn't move.

There are other aspects, including new accounts, but there again, piling on the same thing eventually stops impacting score. 

Even lates of exactly the same type will stop affecting score if one has enough. With lates, however, multiples of lates tend to lead to escalating issues, --> 60 days, then 90 days, then charge off or BK. 

So someone with a very thick file, low utilization, and no lates should be near 850... except for all the INQ and new accounts

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I don't even think you have to wait till you have  a lot of inquiries to not move. My credit score on Experian was 738 with 10 inquiries. I added 5 more inquiries and new accounts and it still was stuck at 738, never budged. Finally this month it moved to 739 🤔

[Brian_Earl_Spilner]

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@NRB525 wrote:

Well, in FICO scoring, the first item affects score a lot the second a bit less, third less still, and so on. By the time one reaches 100 INQ, the score is really tired of them, and doesn't move.

There are other aspects, including new accounts, but there again, piling on the same thing eventually stops impacting score. 

Even lates of exactly the same type will stop affecting score if one has enough. With lates, however, multiples of lates tend to lead to escalating issues, --> 60 days, then 90 days, then charge off or BK. 

So someone with a very thick file, low utilization, and no lates should be near 850... except for all the INQ and new accounts

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Exactly. In my case, once I hit 9 inquiries I stop losing points. In addition, iirc, a good amount of his inquiries were auto.

[SouthJamaica]

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@Anonymous wrote:

Citi sent me this Valuable (worthless) offer. I mean I do love Citi Bank but really? What are they thinking?

Thanks

Mark

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Agreed that it's pointless, but I usually "activate" these offers, just in case. Of course I never use them. 

But I must admit I've never seen one for 9.99% APR, which is only 7 points lower than your standard APR.  I'm pretty sure the ones I've seen have been for 0%.

[Cory88]

I get offers on my Citi card all the time, most of my offers are 5.99% to 0.00% for 9 to 12 months at a time my standard rate is 7.5% and had the card since 2007. I look at it 9.99% APR offer is better then the 16.99% APR on the account.