i am confused, did I receive a preapproval or random mailing like Capital One sends out? Well, about 2 weeks ago I got a stuffed envelope from ATT/Universal Card Platinum for zero percent until July 04 then 10.25 variable. Guess what, today i get another offer with same terms but for the "Citi Platinum Select" I would love to transfer some big balances to Citi, but my equifax score is about 646, 0 inquiries, about 55% utlilization and new accts. Is it worth an inquiry? I applied last year and was denied for "too many recently opened accts" and "combined balances are too high when compared to your combined credit limit." on equifax. Ok, my question, obviously 50% utilization is not good, but what would be an optimum length of time for new accts to negate the negative reason code considering my entire credit report is less than ten years old? any advice would be appreciated (sorry for the long description, but im wordy)
lol. if you like to waste inquirys sure go for it. Preapproval letters mean nothing. no chance in hell with a 646. you need great credit for platnium cards. wait to you clean up your report and get above 700.
Where did you come up with that misinformation. I was approved last year, without a preapproval, and my scores were about the same as this poster. Yes you have a chance to be approved. Go for it. Why would you make such a comment?
LKH is right. You can get approved with your scores, but my experience with CITI have been awful. I have had a CITI card since 91. My CL is 3,500 and haven't had a raise since 99. I requested a raise last year and was declined, and got a hard inq. (I didn't realize I would get a hard since several other company's had raised w/o. My scores are all above 700, been with CITI for over 10 years, and can't get a CL increase. I also recieved pre-qualified offers from CITI, AT&T, and MBNA recently. MBNA offers instant approval on the phone or internet. In 2001 I got 7 cards with instant approval without a hard inq. (I already have MBNA so I didn't apply.) You may wait a while, and see if you get other offers with instant approval. I personally don't like CITI, but I'm sure there are many others that have good luck with them.
Citi A&T send these invitations all the time. You will be denied for sure with that score!. If you received one of those from Amex or Fleet go for it. They send real offers.
Cards that I got instant approval from without a hard inq., were Fleet, BofA, Chase, First USA, Juniper, Advanta & (Nextcard). Also same with MBNA in 2000. The range was from 5,500 to 15,000. All have been increased w/o a hard inq. Needless to say I think CITI su*ks & would drop them except it may affect my score the wrong way. (From what I have read from other postings.)
I got a Citi card this past year as well with very similar scores... took a pfb to get it done, but I got the card nonetheless. I don't know that I would try for the platinum, but one of their basic cards is worth a try, and a second try with pfb if declined.
