Just applied for a Citi Secured card, regretting my decision

[Amwar73mf]

I'm just starting to rebuild my credit, and have had the Discover iT card for six months. Last month they sent me back my deposit and increased my credit limit to $1500. I decided to take that $200 and open another secured card. Did some research and decided on Citi. Now I'm reading all kinds of crazy reviews like cards getting closed for one silly mistake and people not being able to get their money back after the card is closed, and I'm wishing I hadn't applied for this card.

I even called my bank and asked if they could stop the payment, but that will cost me $35 I don't want to pay.

I planned on doing like I did with my Discover card and pay just one bill which equals to less than 30% on my card every month, and pay it off early. I also read where people's payments don't get credited on time and they get late fees.

Everything I read is so negative, and it seems this horrid customer service just started a few years ago. Has anyone had a good experience with this card? Has it actually increased your credit score? My scores from Equifax and Transunion are now at 705 each. They were a bit higher, but I applied for a WalMart card and was declined due to not enough of a credit history.

[Rebuild2019]

Hello,

Welcome to the forum. If I were you I would make sure I treat the card like you did your discover and go by your own experience. I’ve read on here a lot of positive things about the citi card.

A good way to get your food in the door. Good Luck to you @Amwar73mf

[RSX]

congrats on the graduation of the Discover

2 things

1. accept the Citi card - use it - pay it off regularly - follow the same process you did on your Discover

2. i know of one thread you are referring to - that was not necessarily a Citi issue - most lenders get pi$$ed about a returned payment - Secured Cards just happen to be way more strict about it - that situation shouldnt have happened to anyone - but it is just one instance

sometimes we google for information AFTER we make a move - i have done this as well - but remember that you will likely find all the bad info online - not so much the people who got a card, used it, and had zero issues with it

i have had a Citi card for 7 yrs - without any issues or drama

i think you will be just fine getting this card and using it carefully

[Amwar73mf]

Thanks! I was actually surprised that my scores went up so fast.I had had credit in the past, but it got messed up when I lost everything in the recession. I've waited all this time to let everything drop off, not knowing it would mean starting over. Last time I checked, my scores were about 615-620, so maybe they can see that and we can't, and that's why my scores went up so fast.

I'm just hoping that Citi doesn't come back asking me to prove income or anything, because I'm a freelancer, so it's feast or famine with me. I do have low rent and a SS check, so maybe that will be enough.

[RSX]

it happens - keep on the good path

1. setup AutoPay on every card for the Minimum Payment

2. ensure you have always have a float of cash in your primary payment account

3. setup Overdraft to your primary payment account - this way the bank may ding you $ for overdraft, but the lenders will never know about it

[Amwar73mf]

I don't like autopay. Most of my income comes from Social Security, so I pay out of that when it comes in. What I will do now, since my Discover got a CLI is pay one larger bill with that one, and pay the smaller bill with the Citi card to stay under the 30%. What I usually do is pay the bills with the cards, then pay the cards off at least 2 weeks early.

I really just want to get my credit limit up so I can have a backup for emergencies.

[Remedios]

Citi card is one of the better ones.

People mess up, them blame lender and write furious reviews hoping that somehow fixes it. 

Use your card responsibly, pay on time, and it will do the job.

Congrats on your approval and good luck with your rebuild!

[KJinNC]

The Citi secured card is fine. There may have been better options, but Citi isn't bad, and in any case, you've got it now. So you may as well use it as intended, at least for a while.

Stopping payment would not result in a good situation IMO.

Citi will return your deposit when the card graduates or when you close it. I don't know who is saying they won't. Perhaps people don't realize how long it takes. Citi will wait until your current statement closes, whenever that is, and then wait at least one more statement, maybe two, to ensure you don't sneak any late charges onto the card. You will receive a paper check in the mail eventually.

This is not a predatory lender. You may or may not love them, but they are not going to swindle you, at least, not any more than any standard credit card.

If you could go back in time, I would consider some other options (you would probably qualify for some unsecured cards, or you could consider the Navy Federal secured card if you can get in, or TD Bank secured card if you live in a state with TD Bank, etc). Also, be aware that it is not possible to increase your credit limit/deposit. It will be $200 unless and until the card graduates.

JMO, good luck!

[Anonymous]

Congratulations on your Citi approval, I agree with what has been stated...most people with good things to say, don’t really submit reviews.  I have read very little true negatives about Citi and have actually read good things about them.  And a big congratulations on your Discover IT graduation, if I read correctly you graduated in 5 months which if I understand correctly is early for them for most! Well done! 👏🏻👏🏻👏🏻

[AllZero]

Congratulations on your approval!