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So when I originally tried applying for credit cards, I got denied even for secured cards by EVERYONE...very circular process of these guys all denying for lack of credit history. Anyway I opened an account in branch with Citi and then finally was able to get approved there for a secured card, though there was a ton of hassle involved. It has been working though since 3 months later I used shopping cart trick for $500 VS and then a year later got DiscoverIt student $500 and CapOne Journey student $3500.
I'm wondering what happens for most people after the Citi card matures. They put your deposit into a CD for 18 months and then after that hopefully you qualify for an unsecured card. I really haven't found a lot of info online about experiences with this though, I guess because card is only available in-branch. Right now I get pre-qualify offers (some quite good!) from AmEx, BoA, CapOne, Discover, and I'm not sure if it's really one through either CK or CS for a Barclaycard. Also shopping cart trick works for Virgin America card. No go for Citi, Chase, US Bank. I was denied Chase Freedom right before I applied for the Discover and CapOne cards, they said they need account history for at least 2+ years so not surprised. I haven't applied for these new offers though, waiting for 18 months to run up in near future.
Does anyone know what does Citi tend to do? My main goal with cards is getting travel benefits. Other suggestions for cards I should think about welcomed.
In my opinion I'd say you're already on the right track-- you are getting prequal offers already, and two of your four cards by your account have 12+ months history on them, one an unsecured. Keep in mind that Discover's pre-qual can sometimes be inaccurate but Amex is usually pretty reliable. Just stay the course and let that credit history build!
Chase is tough to get in the door with, so not surprised they declined you so early on. Cap One tends to be an easier card to obtain for people with thin files.
After your 18-months is up, call Citi to see if they can convert the account to an unsecured. In my opinion they'll probably have no problem converting you over as long as you keep your util low and make payments on all your cards on time.
A lot of people on this board like the Sallie Mae card for cash-back, and it's one of the slightly easier cards to apply for. Might be something to look into once your 18 months is up. In terms of travel cards, again start with the pre-qual sites, a lot of the really good travel/airline cards will be tougher to qualify for, but if you stay the course and build history with your current accounts it shouldn't be long until you can get one.
Good luck!
One thing I do know is that the Citi secured card definitely doesn't convert- this was made clear to me when I signed up for it and I did see something from others online that verified this. They apparently close the account and "re-evaluate", whatever that means. I don't know if I just get an offer in the mail, or if then I apply and see, or what.
That's awesome though about pre-quals, I get offers for 50K Delta with $1k spend, 50K MR points for Gold AmEx $1k spend, 100kAmEx Platinum with $3k spend. Also I've gotten 10k poins for everyday Amex/$1k spend and $100 CB with $1k spend for Blue Cash Amex. I guess they want me bad!
Cashback cards are pretty much of super low interest to me since I am travelling abroad for most of this year and potentially much of the next (I will be in the US a bit, but hiking the AT). I already have two CB cards so not really interested in more unless they will help build a file to qualify for miles/points cards. Though 5% is very good, I only get that a few months right now with rotating categories. Is that the best Barclaycard for people new to them though? I really have no idea.
Also I will be starting a business in the fall/winter so I don't know when a smaller file will qualify for those cards as well.
I think what they're saying is that they close your account and give you your deposit back, and then you'd be treated like any other applicant who wants an unsecured Citi card. So depending on what their criteria is at the time or what they think of you, you might qualify for one of their unsecured cards. Citi isn't known for the best travel/rewards cards, so you might not even want to go back to Citi even if they'll have you.
Here is a link you can check to see if you're pre-qualified for any Citi cards (don't worry, it won't affect your credit). Look for a specific offer with a specific APR shown, that will mean it's a true pre-qual.
https://www.citicards.com/cards/credit/application/flow.action?isInvitation=
Others on here might have a different strategy, but I'd say hang tight for now, build up history, and THEN get the card you really want. You already have three cards other than your Citi secured, and you have a fairly nice limit on your Cap1 given your credit profile. If you don't want or need a cash-back card, don't get one just for the sake of getting a new card.
I was on a small portion of the AT a couple of weeks ago over at McAfee Knob. Would love to hike more of the AT. Have fun!
What are your usage patterns on this Citi card? I would hope regular usage to $150 or $200 then pay in full? Pay frequently with volume of charges going through? This is a general question I ask of folks who are working with lower limit cards. I think the heavier usage works in the cardholders favor later on when apping with that CCC.
My own history with Citi is long, and includes two CC that had large balances prior to the credit crisis. One card I closed to freeze terms, the other they closed, both cards had substantial balances on them, $24k and $13k at their highest, years ago. Both cards have been closed for about 5 years now, and they are at $1k and $1,700 now.
In 2012 they sent me an offer and I got a Citi Diamond Preferred for a $1k limit, with a BT offer. Since my overall balances are down, I inquired about another BT offer a few months ago, and they ended up sending one. When I did the Citi Prequal earlier this year, one version was for the lowest APR, then a few weeks later, the range of APR. Then they sent a 5% offer for spend on groceries, gas, dining, department stores, so I ran the $500 through that over the course of several weeks, having to make many payments along the way to keep utilization in check. When I ran the prequal again last week, it was back to the lowest APR offers.
The point of the story is, I think if you use the existing Citi card heavily and pay in full, either immediately or within terms of the statement payment due date, that will probably work in your favor to get an unsecured Citi card. Since you got this card in branch, and that sounds like a number of their better offers may be in branch, I would suggest going into a branch again when your 18 months are up, to get someone working on your file. Over the phone is convenient, but also not personal banking. US Bank seems to work similarly: You want a banker on your side to get things done. Same with Citi, most likely.
Good luck!
I'm not going to apply for any cards anyway for a couple months so it's more a matter of speculation I guess. Anyway wiith the Citi card yes I did use it heavily for about 1 year, $100-250/month always PIF. But since I left US about 2 months ago I have been using it less since 1. doesn't get me most benefits 2. I've been in some places with only Visa accepted which means I use CapOne. Still use it though for at least SOMETHING each month.
I'm not sure what you mean by pay frequently with volume of charges going through?
I will probably be abroad when I apply so going in-bank isn't an option. So I guess if nothing comes up on prequal after the 18 months I will wait. I'd love an AA card or even one with ThankYou points, but they will have to wait. If the AmEx's work out it will be awesome!