This is just my theory about Citibank! Feel free to disagree! But I have this theory about Citibank and why they are giving out soo many cards. When I first got approved with Citibank I was very excited and was under the false impression that my credit was really good and that I should be able to get other CCs. So I applied for a few and was constantly denied. At the time I still had 2 negatives, and I applied for a BT and CL increase wth Citi and was denied. Think about it Citibank pulls your credit report to do a BT and when they do they give you these excuses that you have delinquencies on your report no matter how old but they are giving me a credit card for 5k or 10k, YEAH right! So you're bascially stuck with Citibank and your subprime cards you are trying to get rid of. Now of course this may not apply to all, I think that if you have had some established credit for a while they are more apt to respect you and give you a better deal, but if you are just starting out and or rebuilding and really have no other options just be aware of Citi's tactics. I have noticed this similar situation with others on the board. I believe that is their bait and switch. Give you a false sense that your credit is really good and you go around thinking well I can get other cards such as AMEX, CHASE etc. and then the inquiries start building up, and then you are getting denied for that as well. So you have to come to good old Citibank. Lets just say you start charging a little on yur spankng new Citi card and you have a healthy balance, and a not so good apr with Citi, who are you going to BT to if Citi is your only prime card and when you apply for other cards you are getting declined. Who makes that money in interest ,,,, CITI! lets say it takes another three to six months before other card companies start approving you and you have more options, does Citi really care? No! Because they have already made their money on you and many others who they are shelling out these AA cards to. Just think about all the interest they have made on us and many others. To me its explains the high limits. Citibank is a biggest bank in the US they can afford to take such chances. I think Citi only takes you seriously , such as giving BT offers if they think you have other options and your credit is very good. As for me now that my credit has become very good and other companies are extending me credit, I am in control of my credit situation. Yet, Citibank still has not offer me BT or given cl increase because they constantly pull EQ and on EQ none of my new accounts are reporting. I plan to zero them out as well and wait to see their response. Basically, what I am saying is that watch out for Citibank and what they offer you. Just keep the old saying iin mind: if it seems to good to be true, then it ususally is! Again just my opinion! Anyway, at least I know CHASE, AMEX, MBNA AND BOA appreciate my business Cypri
Yah but nearly every one here has citi prime+1.9% which is a very competitive rate for purchases. I think citi is getting tired of the ping-pong on BT's and wants to make more cheeze on purchases.. thats my theory.
hey Cypri, how you doing girl!. Ehhhh , if you have a couple of negatives on your report, then you should agree that there is room for some improvement right? So instead of looking the cup as half empty, why not see it as half full? The citibank limit is going to increase you debt ratio which is good right? And it's not citibanks fault that you are getting denied for the other applications. I hope you don't mind my opinion, but I always try to look at it the positive way. Just a little more effort and time and those negatives will be gone and by then you citicards will have aged. And if you upgrade to platinum select your interest will be 14.something which is not bad. Then write a positive letter via planetfeedback to citicorp. they will call and offer to lower you apr to at least prime plus 3.9. leo
Cypri....I feel ya pain. I thought I was doing well when I begged via planetfeedback and received me citi card. I tried to apply for another one and was denied. I tried to get a credit increase....denied. At least you have a good cl. My cl is only $1k. I've maxed it out and paying $200 a month on it. There is no way for me to get rid of these "subprimers" (OB, Prov) except to pay them in full and trash them. But I keep looking at that light at the end of the tunnel. I'm in the middle soon to be up and out subprime hell.
Hi Leo! I am doing good and yourself? You guys are missing my point. I said the situation would not apply to all but I notice a pattern with Citibank just from this board alone. There is a very good reason why Citibank has given out all these cards, they are not doing it because they feel sorry for us and we should be given a break. It's all about money and who is most profitable. Ok why does Citibank need to pull a new report to give you a BT? They maybe competitive to some about interest rates but not all I have used the Citi card alot and have paid a consderable amount off in the last 4 months. Yet no offers. My credit is doing just fine and I have since been approved for several prime cards. But what I am really saying is that Citi approves when others will not and then you are obligated to Citibank until you can improve your credit. Don't forget those inquiries. After the first 6 months, it really does not matter as much anymore because your file has aged and if have you stayed on top of your credit, you should not have any problem getting what you want. But its the beginning stages with the Citi AA cards if you have some spots on your credit report. Cypri
Mother: I am sure you are not alone!You are prime example what I am trying to say. Please take no offense, but I strongly believe that is Citi's game. Keep working on that credit report. I experienced something similar, I was all excited thought I would be able transfer my subprime balances and my credit would shape up, but then I was in for a surprise with Citibank , the only way I was going to get money to pay off balances was to take a cash advance at 19% interest,NO WAY! So guess what I have this lovely Citi card and still stuck with my subprime balances, thank goodness I got my loan for school at the time, I was able to take care of my balances, but to me its all a game. You have to try very hard not to get caught. Cypri
"I said the situation would not apply to all but I notice a pattern with Citibank just from this board alone." I agree. "But what I am really saying is that Citi approves when others will not and then you are obligated to Citibank until you can improve your credit. Don't forget those inquiries. After the first 6 months, it really does not matter as much anymore because your file has aged and if have you stayed on top of your credit, you should not have any problem getting what you want. But its the beginning stages with the Citi AA cards if you have some spots on your credit report." Not quite sure I understand. But do you think though that by having the citi card your scores and ratios have become better? Maybe even helped you aquire those other prime cards? I mean you don't "hate" citi bank ( like nextcard or providian lol) right?
i think having 20K in available has helped me score tremendously. since that is about 70% of my total credit lines.
Well, hey, I posted this opinion a long time ago. Why would a prime card issuer give you a back door to their prime products? Look at the overall scenario, Prime people, no derogs, with other prime cards, and scores over 700 apply for the Citi plat card and get turned down. Folks on their way up, with a few old derogs apply for two AA cards, transfer to the platinum card, with no problems. A person who is already "prime" is hard to trap. But I don't think it is malicious, I think Citi wants your business. They have not done anybody wrong, they haven't jacked up anybody's rates or treated anyone badly. They just don't want to assume the risk for all of your existing debt at their prime rates, but they will give prime rates for future purchases. They want to be your way out, but they don't want to go too far, and they want you to stay with them. It's a trap, but it is a benign trap. Let me qualify that - I am assuming they don't have future plans to jack up interest rates a la nextcard. Citi is wayyyyyyyy more stable than Nextcard. Citi is so big that their symbol is just a C There is a slow way to BT - use your citi card to pay your day to day bills - things you would ordinarily pay cash for, and then use that "cash" to pay off your other subprime card. It's not as efficient and it may not be the best in every situation (do the math), but I have used it. If you are only a couple of thousand in debt on subprime cards, it will work in only one month. Not only that, but when you do it, your subprime cards may give you a CL increase or a lower rate because you paid them off, so your scores could improve a little.
breeze, you are so elegant in your replies lol. You basically said what I think but can't put in words.
I need to go but i saw this topic and had to read it as most of my debt is with citi..I have had my card for 2 years now and my rate when i opened it was at 9.9% Now it is at 7.65% and this is the regular rate..Wife just got the card and intrest was high..We planetfeedback them and got 7.9% BT till paid with no fee's..I love this bank and so far NO dirty tricks!!
No leo, having my citicards have not really helped me because they are not even reporting my accounts on EX or EQ and the balance the report on TU is all wrong. So when I was approved for other cards, Citibank had no bearing at the time. As for Nextcard and providian, they are definitely not put them in the same category with Citibank, the former are definitely full of dirty tricks. I appreciate your comments breeze! I am not saying Citibank is sinister, they are bank and they are out to make money on who is most profitable. I agree with your points, they are valid! That is an interesting way to pay balances off breeze, but what about high balances that you may not have the immediate cash to pay off and you would like to simply transfer the balance to Citi for a lower rate? Sam: ok yes Citibank has given you over 20K in limits, then why doesn't Citi give you a BT offer, you have been with them for almost a year now? I am sure your score is way better now, AMEX and others have approved you, so what is Citi's problem? My point is to make others aware that just because Citibank gives a you card does not necessarily mean you are in prime or that your credit is getting better. Just don't fall in that trap. Again I hate to reiterate myself but this may not apply to all and it also depend on your individual history and what leverage you could have with them. In addition, my point is to make others think about it! Cypri
Cypri, I agree, folks should keep this in mind when getting Citi cards. However, the delirium that overcomes them at the time eliminates their ability to see it objectively. Re Citi not reporting - up until 9/11 they reported faithfully every month - I think it is related. Nothing has been updated since September.
Breeze....you may have something there..... ok, so you say to use my citiAA card for purchases like gas, groceries, clothes, shoes...=oD Then use my cash (the amount of groceries placed on citiAA) to pay off let's say OB. Hmmmmm. My OB cl is $485 My Prov is $1k and $2500. So with these balances, I can eliminate this debt in about a month? Maybe OB but Prov I don't know..
Of course, that is the way should be leo,, Breeze, you're right on the money as usual with the delirium comment,,lol As for reporting, Citibank and their reporting is suspect , my balance is 2500 and they are reporting a balance of over 8000 as of October, I nearly fell off my rocker when I saw that on my credit report, I contacted Citi and they say they are working on but a 7500 difference in balance is big error. I have never had such a high balance! Thank God! My score did not drop. But it cost me a limit increase I am pretty sure with Chase. But your idea is interesting but I have decided to bt rest of my balance away and wait for Citi's eventual response. Thanks again for the healthy discussion Cypri
That p+1.9 u quoted was a bit of a shocker for me... So I called up citi, told them everyone I knew had this P+1.9 deal. She came back after a few minutes with P+2.9. Not a bad gift for our 3 month anniversery. Got my AA down to 13.9 as well. As far as I'm concerned, citi can bait me, tie me up and switch me all day long!
romanduv, I'm at prime + 2.9% as well, and my account is 5 months old. I think that's the lowest they are giving right now without going to retention.
I feel left out with my prime + 3.9 . But my accounts are only 2 months old. I will have patients and wait till citibank gives me another "bait" to bite on lol.
