Okay some advice needed here, I've had my unsecured Cap1 card for about 10 months now. ALL THIS WHILE my score NEVER INCREASED even though 1) i kept balance under 10% 2) Paid it off every month 3) Got an increase from $300 -> $500 Not a single point move according to EQ credit monitoring, I recently learned about disputing medical debt via WhyChats method and it's been slow but i was able to get 14 neg. items removed and my score jumped up today from 632 -> 652 according to EQ. I want the needle to move faster and Citi keeps sending me the ThankYou Preferred Card junk mail. (even though i OPTed out). I read about the card and i just now barely sneaked into the "fair" credit category and that's with FAKO scores.... i'm worried if i apply i will get denied and/or get a lesser value card. 1) anyone have this card or know what point range they are looking for? 2) Is it better if the first 3 junk mail were just an application but this last one has an "Invitation Number"? 3) If ultimately i'm looking for a $8k auto loan in the next 6-8 months do you think i should just keep cleaning up or add a new tradeline? ... (and no heather i don't have someone that can add me as an auth. user! lol)
I cannot offer advice on that card other than that I suspect with your current status it may not be a slam dunk. Family member received several offers to apply for CC through our OWN local bank and had a score in the vicinity of 700 with only a handful of negatives tied in with school loans and was denied. There is this tool: Who Gave Me Credit, and others too (can't recall web addresses at the moment), but only use as a guide. I searched the Thank You card and see approvals with high 600's and 700's. Adding good credit will help with your scores and ability to qualify for new credit down the road as with just the one positive trade line, you're not showing much of a history or any diversity. BUT at the same time, don't stop working on the negative.
I agree with Mindcrime, I think your CS should be in the high 600 and up to qualify for Citicards. My first CC was a Citibank Visa back in 93 but I called the company and made my case to a CSR who was able to approve me on the spot. The CL was $500 and the APR 16%. Until 2010 that card changed names a few times, once being a "Thank you" rewards card. The CL went up too and of course the APR fluxuated.
The Citi ThankYou Preferred Card is generally reserved for people with good-to-excellent credit. Despite the mail you've been receiving regarding this offer, I'm still not too optimistic about your chances if you would consider your score to be in the fair range right now. Applicants who don't qualify for the Preferred option may be considered for the standard ThankYou card, which is a "good credit" option and unfortunately Citi doesn't offer much in the way of "fair credit" cards. You can check out our review of this card here: Citi ThankYou® Card Review - Creditnet.com The "pre-approved" language doesn't necessarily mean you're approved for anything, so I would tread lightly w/ those offers you receive in your mailbox. If you're interested in an unsecured option for fair credit, I would recommend the Barclaycard Rewards MasterCard for Average Credit. Obviously thee's no guarantee that you'll be approved, but by and large the credit standards for this card is lower than that of any Citi consumer cards (student cards exempted). It's got a 6 month zero interest period for purchases and B/T's, no annual fee and a good if-not-great cash back program. Personally I like your odds for this card better.
Agreed. All it simply means is that you met certain conditions the creditor was looking for before sending out their offer. I've opted out in the past to stop them. I believe that one of the pre-approved conditions is that the consumer is breathing.
Thank you guys for the response. I ended up NOT applying. I've been having great success lately and was wondering the best card to get before a slip up occurs. What i mean by that is: It looks like i may have to pay on that Student loan account. Which i don't mind but they reworded my PFND letter to include a clause to allow for section 430 of the 1965 HEA. This would allow them to respond to CRA disputes and in fact turn my PFND into a worthless piece of paper. It looks like i will have to take a hit on this one. From what i understand for a FULL pay-off; the account will be marked as "paid in full", the balance will drop to $0 and the Date of last activity will move up to the month of the final pay-off. This will cause my Credit Score to Drop drastically but improve back in another 6 months or so.. I wanted to get another card before the drop. so the improved scoring would happen much faster due to the Paid in full $0 balance reducing the debt ratio and the new card showing more recent positives. However i agree with you guys it's too much of a risk... Instead i'll keep working to drop more Negs in the next 6 months and save up for down payment on a better used car (higher MPG). Apply for a small car loan to have a better mix of credit. So that's that! Unless you guys know of a great card to have for someone who just hit 672 on his EQ FAKO scores !?!
