Today in the mail, I received a preapproval for a Citgo Preferred card. Funnny thing is they turned me down a few months ago. I have 3 retail cards already: Best Buy 2K limit, Spiegel 3800 cl, and a Bachrach card with a 600 cl. Will this additional retail card hurt that much? I am thinking of sending it in because I would like a gas card. This is one card that I would DEFINATELY pay off every month. This is a possible back door to citi since I can't get one of their other credit cards. This is underwritten by associates national bank. I am sure I will get a very low limit. As always, any feedback would be appreciated. Wishing everyone a very Happy Thanksgiving!
CITGO gave me an initial credit limit of $500 for purchases and $250 for cash advances. After about 4 months, they raised the purchase limit to $550. CITGO and other Associates gas cards are not reported, which is one reason I feel free to hold 5 of them (my ultimate goal is 6.) I think my Texaco cards were a back door to my subprime Associates Visa. My friend, an authorized user on my Shell and Texaco cards, was recently sent an offer at my address for the same Visa on even worse terms. My card is at prime+15.99%; his offer was at prime+18.99%. I think an offer for an Associates card would be far more likely than an offer for a Citibank card.
My information about reporting may be outdated. Under "gas cards," VJ has reported new policies for Texaco and BP/Amoco, but perhaps not for Shell and CITGO.
Citgo is now definitely reporting on EQ and TU. I noticed it yesterday. I called, and they said slowly all accounts will be added.
