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Discussion in 'Credit Talk' started by dave, Oct 17, 2000.
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i am gonna puke. Just like anything else. As soon as I get something I really like, someone has to put it down. I guess it is human nature. And I really for aiming for the platinum select too. I need a drink with that new information.
Citibank must be planning on a higher amount of people not paying their bills as the ecomony is slowing down.Since when platinum has become subprime?It is not so prestige after all.Do they even include how low of an A.P.R. could be after they review your credit?Does it still offer a teaser rate on balance transfers after approval on their subprime platinum card?I take it they must be getting ready to come out with a new status card of some kind.They are just becomming providian the 2nd.
Don't worry, Roni. If you were approved for the two high limit Aadvantage cards, you should qualify for a lower APR.
I product transferred my silver Aadvantage, and she told me my interest rate went from the standard 19.40% (Aadvantage rate) to 15.40%. It's that high for the least qualified candidates.
Also, I feel like I want to puke when these people keep calling Citi "the new subprime" and things of that nature. Also, "... gives credence that Citi is growing to subprime customers, too."
My dad has flawless credit, extremely high limits, and some of his cards have a really high APR. Does that mean he's subprime? Hell no!! Does that mean he has a high limit subprime? No way! Some people are jealous, and it infuriates me!!!
Except for the fact that Providian gave me a $500 line and Citibank gave me $18000.00!
Yes, the 2.9 balance transfer teaser is still offered. The rate at the website before was 14.9 I'm sure with decent credit, you can still get that rate. The slowing economy theory is interesting, but how are people going to pay higher interest in a slowing economy? Just seems like a recipe for rising defaults. Another reason citibank may be expanding is that the prime market is thoroughly saturated and there is no where else to go. By offering credit to the best subprime customers (i.e., people with marred credit maybe 2-7 years ago who have good current credit, it seems that citibank is tapping customers no other prime banks have wanted to touch because their credit scores are too low even if they have impeccable credit on nine accounts for the past two years. This group of subprimers are motivated to build good credit, pay their bills, and will be loyal to citibank because it pulled them out of subprime hell. This is an excellent marketing strategy that will take away the best customers of the subprime banks.
Hey guys-- if these comments about people being jealous are directed to me, they are misplaced. I've done my subprime time, too. I have two citibank cards myself. I am very happy for Roni and the others here who have gotten what they wanted. Nor, do I think that my post which is entirely factual, detracts one iota from anyone's achievement. So, please don't kill the messenger!
Well said, dave. Citibank, the nation's biggest credit card issuer, seeks new ways to maintain its rank as such.
People who earn a lot, have no blemishes other than 2+ year old PAID collections (for example), are GOOD credit risks, regardless of what the guys at FICO say. A $9,000 limit Citibank card is a prime card. 20% APR may make it an entry-level prime, but prime nonetheless. Plus, Citibank won't give up easily on such clients - there's no doubt they'll be willing to negotiate the APR with them, if asked to. I'd say establish a 6-month record with them, and then call to negotiate. You could try doing that right away, but chances are more favourable if you wait a little.
The APR for Driver Edge Platinum is 23.99% now.I got that card last month with 15.99% APR.
I was wondering. I applied for the Citibank Advantage, and was given the usual answer, not a denial, nor an approval. I called them, and was rep said that I was approved, while another said I was denied, and that my denial letter had been sent. Well today, I received an offer for an ATT universal, which is backed by...Citibank. i defaulted on them(actually my husband)in 1990. I had a Brupt in 1998. I hava a secured providian that I have paid on time for the last 5 months. I don't normally get offers. Cxould this be a sign of approval?
I got my APR lowered...
I noticed that my APR has been steadily creeping up so I called and got it lowered to 16.9% from 21.4%. But I've been a customer for over 8 years and I generally carry a balance. They just sent a letter to my house yesterday reflecting this change also.
my fiance just got approved for the platinum select on Sat. the apr for his is 14.4
Well, I got my platinum select with 12.9%
APR and 1.9% balance transfer teaser.
And at that moment i couldn't be considered
"prime" by any means... just 8 months after
my first $200 CapOne secured card...
I don't care if others consider it subprime,
this is my best card in terms of rates,
platinum benefits and customer service.
My credit history is short like yours, and I will have a platinum select in my hands within the next week.
It infuriates me when people see anyone with derogs, short payment histories, etc. approved for a card, and consequently the card - or card issuer - is deemed "subprime."
The FICO score remains largely a mystery, despite the cues provided on the website. No one here knows for sure how things are assigned points, weighted, etc. All we know is we apply, out app is scored, and if we make the cutoff, we're approved.
One's approval has to do with the WHOLE credit picture, not just "well, you have a 60-day late 3 years ago, so you are subprime trash and declined." FYI, I have an immaculate credit history on all three reports, albeit a relatively short one. So I'm not speaking from experience, but from an rational, adult standpoint.
Was this an invitation to apply or preselected by chance? Sorry but I get those monthly and once did apply and was denied, most invites and preselected aren't worth the paper they are printed on. If your credit isn't good, I would waste the inquiry. Just my thoughts.
I meant wouldn't waste the inquiry
You have your eye on the prize. The most important thing is the terms. However, not everyone can get terms this good. We are each at different stages of credit evolution here! Citibank is a giant step for people who only have subprime cards. I did not intend to say by my post that citibank has become a subprime bank. This is what I think is going on:
1) The credit card industry is highly competitive and the market for prime customers has been mined out. Card companies are offering 0% teasers just to get prime customers to switch. Everyone is on to their game. These companies generate no customer loyalty just because they offer a good rate for a few months and then jack the rate to the mid or high teens. Instead, these customers jump ship and go somewhere else.
2) Without constant expansion of the customer base, these lenders are having to deal with very tight profit margins. This is why we see Draconian late fees, strict payment schedules,and high default rates imposed for the most trivial breaches of the agreement. Also, the percentage of people carrying revolving balances has dropped sharply in the past ten years. Today, only 25% of credit card holders even carry a balance.
3) Brilliantly, citibank has found a niche customer group--one with past tarnished credit but great performance over the past few years. It is betting that these people will pay their bills and it is absolutely right to think this. These new customers will become instantly loyal, will stay with the bank a long time, and will always pay.
4) I suspect that this customer group will be likely to revolve credit because they are new to cards with high limits. This will be profitable to the bank but dangerous to the consumer who charges without a plan to repay.
5) It is good to get one of these cards for continued credit building if: (a) you have the income to make at least five times the minimum payment with ease;(b) you actually run up a balance of several thousand dollars and then pay it down swiftly (5-6 months max.). A payment record like this on a high credit limit card will demonstrate excellent credit management, get you a better rate from citibank and attract other prime lenders.
Sorry about the length of this but I got inspired. Tried to be pithy . . . .