Citibank Secured Question...

[Andy77]

So I applied online for the Citi secured card and sent in $200.00 they approved me and when I called the CSR to ask about increasing my credit line she said you cannot...its locked into a CD for 18 months.

Is this true?  You only get one shot to establish your credit line with Citi and you cannot increase until the 18 months is over?

Thanks! 

[DI]

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@Andy77 wrote:

So I applied online for the Citi secured card and sent in $200.00 they approved me and when I called the CSR to ask about increasing my credit line she said you cannot...its locked into a CD for 18 months.

Is this true?  You only get one shot to establish your credit line with Citi and you cannot increase until the 18 months is over?

Thanks! 

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Yes it's true.   Citi put your $200 in an 18 months C.D. that it will collect interest from.  In return, Citi gave you a $200 secured card.  If you default, Citi will keep your $200 rather than give it back after 18 months.  I have no experience with it, but that's how I'm understanding it.  

Once a CD is locked, you can't add more funds to it like a savings account.  

Message Edited by DI on 10-19-2009 10:24 AM

[Anonymous]

Yes, that's correct. I went into a local Citibank branch about two months ago to add funds and increase my CL but they said that I'm not allowed to do that since the card is connected to a CD.