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Citibank Secured

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failur3byh3art
Valued Member

Citibank Secured

So with my slowly but surely improving credit scores, I applied for a citi bank secured credit card and was approved with a 500$ deposit. I would've requested a higher limit with my deposit, but I'm trying to manage what I have and deposit what I can actually afford to spend. Initially I had thought I would be denied as I've heard some people claim they have bad credit and debt in collections and was denied. I have 3 collection accounts still active but paying off steadily. Maybe this is a factor? Anyway, what are your experiences with citibank? I've seen mixed reviews on this card and heard that they take a long time to graduate the card even with the best behavior. Does citi like spenders? Do they give you a decent CLI for graduation? I applied for this card after hearing the disappointing news about capital one no longer graduating secured cards and I'm preparing to close the card out in a few months. I also partially see this as my foot in the door with citi bank because I shop at costco a lot and would like the benefits from their costco card eventually. I would personally LOVE a chase card, but with my credit the way it is, including collection accounts, I don't see myself getting a chase card for another 3 years.

Message 1 of 11
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calyx
Super Contributor

Re: Citibank Secured

I can't personally speak to graduation with the CitiSecured card as I've only had it for 7 months, but when you open/apply for the account, they make it very clear that they will hold your security money for 18 months in a non-interest bearing CHA.   There have been reports of them securing as early as 11-12 months, and, of course, if you have any problems, they'll extend your secured card graduation.   They give an EQ Bankcard8 score with your account, but I also see them softpulling EX, too, so they're definitely watching.

From the website:
"If you are approved for the card, provide a security deposit for the amount of your credit limit, between $200-$2,500. Your security deposit will be equal to the amount of your credit limit. Your security deposit will be held in a Collateral Holding Account for an initial term of up to 18 months and will not earn interest. Unless Citi determines your account is eligible to have your deposit returned, you must keep your CHA open for the full 18 months. If your Citi Secured credit card account is in default or is not renewed, we may apply your security deposit to the outstanding credit card balance and close your account"

With all of that - I have had no problems using it, I've gone up to 60% of my utilization with nary a peep.
I've also had no problem traveling with it or anything like that, even though I'm super bad about giving cards a head's up re: travel.
And both the app and website have given me no problems.

 

When I was approved, I had four derogatory accounts (including two charge offs), but I did have to call in for verification, which went a little weird, but was ultimately OK Smiley Happy

Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 2 of 11
MrCrabs
Regular Contributor

Re: Citibank Secured

It's a pretty worthless card as far as rewards, etc go Discover IT Secured is much better and unsecures much faster. I just put $200 on the Citi Card and let it take my phone bill once a month and pay it off. I use my Discover IT for everything else.

 

The best perk of the Citi card is you can use fake card #'s for online shopping, so if your card # was stolen from an online retailer they won't have your actual card # just the spoofed one. So if you shop online a lot that is a great feature.

Capital One Platinum | $1,500Discover IT | $1,800Victoria's Secret Angel VIP | $500Citi Secured | $200
Message 3 of 11
failur3byh3art
Valued Member

Re: Citibank Secured

I do understand it isnt a rewards card as I mostly applied to rebuild my credit. I have a secured Discover IT already with a 500$ CL. I'm on my 3rd month already with my discover card but trying to build a solid profile. So far I have 5 credit cards. My util is kept fairly low but I do spend on the cards and have each one specifically for either bills, groceries, or dining. I was looking to somewhat get my foot in the door and establish a relationship with Citi for future cards since my credit is still rebuilding. Like you mentioned I have heard of early graduates via 10-12 months but it isn't guarenteed. Anyone else have any experience with citi?

 

Also I'd like to add, citi did not seem to HP for this secured card. Is this normal? I was definitely HP'd on both disco it secured and cap1 secured.

Message 4 of 11
MrCrabs
Regular Contributor

Re: Citibank Secured

I got the Citi card for the same reason, to get my foot in the door. I don't know about early graduation however, there's a few posts of people saying theirs unsecured early but it seems to be very rare from I've seen. Overall there isn't much info on this card on this site.

Capital One Platinum | $1,500Discover IT | $1,800Victoria's Secret Angel VIP | $500Citi Secured | $200
Message 5 of 11
calyx
Super Contributor

Re: Citibank Secured


@failur3byh3art wrote:

I do understand it isnt a rewards card as I mostly applied to rebuild my credit. I have a secured Discover IT already with a 500$ CL. I'm on my 3rd month already with my discover card but trying to build a solid profile. So far I have 5 credit cards. My util is kept fairly low but I do spend on the cards and have each one specifically for either bills, groceries, or dining. I was looking to somewhat get my foot in the door and establish a relationship with Citi for future cards since my credit is still rebuilding. Like you mentioned I have heard of early graduates via 10-12 months but it isn't guarenteed. Anyone else have any experience with citi?

 

Also I'd like to add, citi did not seem to HP for this secured card. Is this normal? I was definitely HP'd on both disco it secured and cap1 secured.


^ Your statement above is why I got the Citi - establishing a relationship is always nice, plus, when mine does graduate, I'll PC it to the DoubleCash and my AAoA/AoYA won't be hurt Smiley Happy

I was double pulled - EX & EQ when I applied.
I think Citi typically HPs (not always double).

Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 6 of 11
failur3byh3art
Valued Member

Re: Citibank Secured


@calyx wrote:

@failur3byh3art wrote:

I do understand it isnt a rewards card as I mostly applied to rebuild my credit. I have a secured Discover IT already with a 500$ CL. I'm on my 3rd month already with my discover card but trying to build a solid profile. So far I have 5 credit cards. My util is kept fairly low but I do spend on the cards and have each one specifically for either bills, groceries, or dining. I was looking to somewhat get my foot in the door and establish a relationship with Citi for future cards since my credit is still rebuilding. Like you mentioned I have heard of early graduates via 10-12 months but it isn't guarenteed. Anyone else have any experience with citi?

 

Also I'd like to add, citi did not seem to HP for this secured card. Is this normal? I was definitely HP'd on both disco it secured and cap1 secured.


^ Your statement above is why I got the Citi - establishing a relationship is always nice, plus, when mine does graduate, I'll PC it to the DoubleCash and my AAoA/AoYA won't be hurt Smiley Happy

I was double pulled - EX & EQ when I applied.
I think Citi typically HPs (not always double).


How strange. Maybe the HP will show up later for me but as far as I know, I have not gotten any notifications on hard pulls or any kind of check whatsoever. My girlfriend has a citibank checking and 2 credit cards including a costco card and she's had good experiences. I figure on my rebuilding journey I would start over with Discover and Citi since my charge offs and collections were with BofA and Amex(Paid off and not blacklisted) I wish chase had a secured card or else I would've definitely got on that as well.

Message 7 of 11
calyx
Super Contributor

Re: Citibank Secured


@failur3byh3art wrote:


How strange. Maybe the HP will show up later for me but as far as I know, I have not gotten any notifications on hard pulls or any kind of check whatsoever. My girlfriend has a citibank checking and 2 credit cards including a costco card and she's had good experiences. I figure on my rebuilding journey I would start over with Discover and Citi since my charge offs and collections were with BofA and Amex(Paid off and not blacklisted) I wish chase had a secured card or else I would've definitely got on that as well.


If you got approved with a SP, that's AWESOME!    I do think Citi is the best secured card I got (to be fair: I didn't get a Disco secured Smiley Happy )
If Chase had a secured, I would have been all over it.

Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 8 of 11
failur3byh3art
Valued Member

Re: Citibank Secured

Hello, I apologize for reviving a slightly old topic but I don't want to create a new post and cause clutter! I have a question because im confused. But first, to add some data to those who plan on getting a citibank secured card. 
Applied and approved 5/12/19

Official email of account opening and approval once again(and card being mailed) 5/18/19

"Tease mail" telling me I'll be getting my card soon and a second letter with membership info. 5/24/19

Finally received my card 5/28/19.

People were not joking when they stated Citibank loves snail mail. Total days from approval to recieving : 16

 

Now to my question! I was going through my account to set up payment options and reading agreements, benefits, etc and I came across the CLI button. I decided to click it for the giggles and got the message "We will not obtain a credit bureau report to evaluate your request, and you will receive a decision instantly." What would happen per say if I asked for a CLI on this secured card? Normally wouldn't they have a HP even for secured deposits? Would they give me an actual CLI on SP without an additional deposit? Or would they ask? I'm simply curious as with capital one and discover it is greyed out on their secured cards and disco requires a phone call for CLI's

Message 9 of 11
FinStar
Moderator Emeritus

Re: Citibank Secured


@failur3byh3art wrote:

 

 

Now to my question! I was going through my account to set up payment options and reading agreements, benefits, etc and I came across the CLI button. I decided to click it for the giggles and got the message "We will not obtain a credit bureau report to evaluate your request, and you will receive a decision instantly." What would happen per say if I asked for a CLI on this secured card? Normally wouldn't they have a HP even for secured deposits? Would they give me an actual CLI on SP without an additional deposit? Or would they ask? I'm simply curious as with capital one and discover it is greyed out on their secured cards and disco requires a phone call for CLI's


Honestly, I haven't seen many DPs on the outcome if you submit the [SP] CLI request since it is still considered a secured CC.  But, no harm in trying since the SP verbiage is present.  Try it for more giggles!  Smiley Tongue  Our members love GPs.

 

Now, chances are that it may not get approved since the account is very new, but nothing ventured nothing gained.

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