Citibank Custom Personal Line of Credit, anyone have this? limits?

[TrueGeminiNC]

---

@gen-specific wrote:

Hey guys

So I have been talking about Personal Lines of Credit recently, and some of the suggestions posted here were nice, but the institutions that you guys recommended have no branches near me! This is largely a deal breaker because I want PLOC for the liquidity (without the liquidity premium), and needing to transfer online and wait 3 business days for funds to get anywhere is the opposite of liquidity.

Citibank offers a PLOC and there are plenty of branches here, but I have to begin a banking relationship with them, even though I have a retail credit card relationship with them already.

So I opened a checking account and it'll be at least 60 days before I apply for this PLOC.

they said that custom PLOC was a popular product, so what limits do you guys have with them?

---

I have a Citi Checking Plus account with a 2.5K line of credit.  The max amount for the Checking Plus account is 5K.  I signed up for the account because I wanted to expand my banking relationship with Citi.  I plan to apply for a mortgage in the coming months. 

The Citi Checking Plus account has a variable 18.25% rate while the rate for the Custom Line is based on your credit worthiness.  

[gen-specific]

cool, thanks!

[TrueGeminiNC]

I just submitted an application over the phone for the Custom Credit Line to take advantage of the lower interest rates.  Also, I am eligible for a .25% discount offered through the Citi At Work Program.  I have my fingers crossed.  I am for a minimum line of 10K.  

Will update.

[gen-specific]

---

@JAY305 wrote:

I just submitted an application over the phone for the Custom Credit Line to take advantage of the lower interest rates.  Also, I am eligible for a .25% discount offered through the Citi At Work Program.  I have my fingers crossed.  I am for a minimum line of 10K.  

Will update.

---

.25%

.0025 ? this is a discount on interest rates?

Let me know how that works out for you, also I am interested in your credit scores + salary because I am nosy. haha but this is what I started this thread for. I want to sort of gauge wha tkind of clients get the max 50k credit line. How big do your bank deposits have to be over time for them to rationalize that

[randeman]

I have both Custom Credit Line and Checking Plus.  My CCL was opened a year ago with a $3500 limit, which is where it is today.  I don't use it much as the APR is higher than my cards.  There are two things I don't care for about it.  One, that you cannot use it via ATMs; two, it can take two to four business days for payments to reflect on the balance, even if paid via transfer from my bank accounts.  Otherwise, it's pretty good. 

[gen-specific]

---

@randeman wrote:

I have both Custom Credit Line and Checking Plus.  My CCL was opened a year ago with a $3500 limit, which is where it is today.  I don't use it much as the APR is higher than my cards.  There are two things I don't care for about it.  One, that you cannot use it via ATMs; two, it can take two to four business days for payments to reflect on the balance, even if paid via transfer from my bank accounts.  Otherwise, it's pretty good. 

---

yes, interesting thing about the ATMs, but surely I can simply transfer funds from it via Citibank's mobile app to my checking account as I am walking up to the ATM, 2013 after all

[kobe2012]

I'm interested on this as well, do they pull credit?? and is this the same credit requirement like their credit cards??

[TrueGeminiNC]

---

@kobe2012 wrote:

I'm interested on this as well, do they pull credit?? and is this the same credit requirement like their credit cards??

---

Yes, they do pull credit.  The APR is based on your credit worthiness and ranges from 4.85 to 21.60%.  You can also receive a discount on the rate for sigining up for auto pay.  

As previously noted, I signed up for the account to expand my banking relationship with Citi.  I hope to apply for a mortgage in the coming months.

[randeman]

gen-specific:  No, you can't get access to your CCL via the Citi smart phone app, either.  At least not with Android apps, I can't comment on Apple's.  I have only been able to access my CCL through the Citi website on a computer.  You can access Checking Plus (overdraft line) via app and ATM.  If easier access is important to you, you may just want to get Checking Plus, although I don't know if Citi will give you a limit as high as a CCL might be.  Both services work basically the same (except CCL doesn't cover overdrafts automatically) and payments to Checking Plus do post immediately.

[randeman]

I had to call Citi anyway, so I asked the rep about accessing the CCL and she said that you can access it via a Citi ATM if it is linked.  I honestly don't remember seeing that option, but then I never really pay that much attention at an ATM, and my accounts are linked.