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@voidman wrote:
I was pondering over this for a while, I thought I could get some experts Idea over here.
I was denied for Citi CashBack due to low credit History and they would not reconsider it either, and so they offered me a secured card.
I was wondering if that is a good idea or not over these points.
1. I get a secured card for $5000, as this puts me on a 2k plus category probably viewed better?
2 It will help me with the Util, My normal monthly expenses is around $500-700. (I pay in full all the time)
3. Build credit history with a prime company.
4. The deposit would earn Interest as it is a CD, So I earn more money if I put there rather than ~0.30 in the savings account.
5. I will get into good books of Citi quicker then it normally takes? (not sure about this)
6. It is easy to do product change with Citi, good Customer Service, blah blah.
7. The interest earned on CD is as good as earning cash back
What do you guys think?
voidman wrote:
It says that the secured card *may* become unsecured after 18 months, I assume that it will if I stay within the bounds of credit-card agreement.
@MsKiwi wrote:
@voidman wrote:
It says that the secured card *may* become unsecured after 18 months, I assume that it will if I stay within the bounds of credit-card agreement.BOA unsecures faster if that is a concern. I don't see why the citi card would be a problem (becoming unsecured) considering your plan for usage. Good luck.