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citibank secured card

Established Member

citibank secured card

I recently opened a citibank checking for $160...then gave them $200 to put in a cd for a secured card. 

Citibank declined the secured card because of recent (within 2 yrs) paid or unpaid collection (mine are all paid.)  My letter said they based it on my EX. report which is 596, and I have no bk.

has this happened to anyone else? It just doesn't seem right....


Message 1 of 6
Established Contributor

Re: citibank secured card

While doing research in the last couple months trying to work on my credit I was also surprised to learn that yes even with a secured credit card you can be denied credit.  Its a little baffling to me too because the money you put on hold with them is what secures the credit card against you not paying it but apparently they still want a good credit score. 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)

Message 2 of 6
Moderator Emeritus

Re: citibank secured card

When I started rebuilding, I also was denied a secured CC, but by BofA. My EX FICO was in the upper 500s.

Even though the there are funds on hold for the CC, it is still possible to max out the CC on fees, late fees, and so on would easily push the CC over the deposited amount. The bank could easily lose money in missed out interest and unpaid principal, etc.
Message 3 of 6
Established Member

Re: citibank secured card

thanks for the responses everyone.

I admit, I felt shocked and embarrassed being turned down for a $200 secured card, but I guess its just part of the "rebuilding credit" struggle.

I liked Citibank's offer, because a lot of rebuilder cards charge so many fees, you end up with under a hundred dollars worth of credit!

Message 4 of 6
Established Contributor

Re: citibank secured card

I would apply for the BoA Secured Card and the Orchard Bank Secured Card. Those are also good choices.
Message 5 of 6
Established Contributor

Re: citibank secured card

Yes, this happens from Citibank. Smiley Sad   




"Evacuate, in our moment of triumph? I think you overestimate their chances."
Message 6 of 6