Citibank loan offer.......18.99%

Discussion in 'Credit Talk' started by roni, Oct 28, 2001.

  1. roni

    roni Well-Known Member

    I mentioned this earlier but,

    I got an offer for a $5000 loan from Citifinancial. Cool. But then I noticed the apr was 18.99% for 60 months. What yall think?
  2. AZMDX

    AZMDX Active Member

    AMEX LOC has a lower apr.

  3. roni

    roni Well-Known Member

    AMex wont touch me with a 10 foot pole
  4. Maurice

    Maurice Well-Known Member

    A tradeline from Citfinancial could lower your credit score because it will be a "consumer finance" entry. The scoring software penalizes people for finance-company accounts on the theory that the borrower must be in a pickle if he or she has to turn to a second-tier lender to get approval for a loan.
  5. roni

    roni Well-Known Member

    thanks for that point Maurice. I hadnt thought of that. I wasnt gonna take it. But that definitely seals the case.
  6. Lonergr66

    Lonergr66 Well-Known Member

    I had the same thing happen to me, I don't know how much my scored suffered because of this.
  7. beary

    beary Well-Known Member

    I got the same offer.

    They offered to refinance my the illustrious rate of 14%. They acted all insulted when i laughed and said no way am I gonna go from 9% to 14%.

    They offered an Equity line of credit product. I only needed a few G's but I didn't need it THAT bad. I gave them to go ahead to give my application to the "manager" who then promptly put it in their circular file.

    I had forgotten about that miner little charge off that Citibank took way back in 198x something that eventually dropped off my report...however THEY did NOT forget and this was the reason for the denial.

    That's okay:

    1. I didn't give written authorization for them to pull my CR so I will dispute the inquiry

    2. They gave me the opportunity to get my report for free from the beaureaus and I found out my FICO is at 580.

    Not too bad. They can shove their financial services deep within the caverns of their Arse as far as I'm concerned.

    Didn't know about the FICO ding for a trade line from a Finance Company. I will definatley keep that in mind.
  8. jmart

    jmart Well-Known Member

    CitiFinancial Installment loans will increase your score.. I had a Paid in Full positive, disputed part of it, and when it was deleted, my score dropped..


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