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Simplicity>Dividends?

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Senior Contributor

Simplicity>Dividends?

So, Citibank refuses to PC a Simplicity because it has no late fee ever or penalty APR. Citibank's 5% rotator, Dividends, is only available via PC. The CARD Act I'm sure plays a part because it imposes strict requirements for CCCs to raise rates. But I'm wondering what everyone's thoughts are on whether this policy will change, as many others do over time. I'd like to PC, if not, I may close it. Thoughts?
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
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Moderator

Re: Simplicity>Dividends?

Depending on how the product was automatically coded at origination determines whether it can be PC'd or not.

Aside from the CARD Act, and if the Simplicity account has aged beyond 12 months, all you can do is keep checking. There are internal refreshes that move certain products to different tranches that may permit the PC at some point.
However, there's no specific timeframe when those occur. But, PCs with Simplicity (although infrequent) do happen.

Message 2 of 4
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Established Contributor

Re: Simplicity>Dividends?

Apparently there's an old (white) version of Simplicity that earns TY points that could be PCed but all searches here and elsewhere indicated that the current version of the Simplicity cannot be PCed and that's a Citi policy. If someone has a DP on a successful Simplicity PC I'd love to hear about it. 

Message 3 of 4
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Senior Contributor

Re: Simplicity>Dividends?

@FinStar I’m very excited to hear they PC Simplicitys, though infrequently. I am patient.

Can you please guide me to any example of where there was a PC with a Simplicity?
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 4 of 4
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