"Instant Approval! YAH Baby"
Citi® Diamond Preferred® Card Review
Written by: jpnguyen on 2008-10-09
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
jpnguyen's review: 
Citi is awesome. Instant approval for CL 3k. Roughly 696 FICO. Second card from city. Rebuilding as of last September 2007 from a collections on a cellphone (had bofa secured). Now I just closed out two of my department store cards! Woohoo. Total CL is now over 15k and I haven't even graduated from college. =) thanks financeglobe
Citi is awesome. Instant approval for CL 3k. Roughly 696 FICO. Second card from city. Rebuilding as of last September 2007 from a collections on a cellphone (had bofa secured). Now I just closed out two of my department store cards! Woohoo. Total CL is now over 15k and I haven't even graduated from college. =) thanks financeglobe
13 Comments
Comment 1 by thomas1
Congrats 
on 2008-10-10
Citi seems to approve another account once they approve the first one. They seem to be really lenient these days with approvals. Guess it was a good idea to go ahead with another inquiry for a second account now and take the inquiry, instead of applying later. The inquiry doesn't hurt as much and should be very minor maybe 5-15 points instead of a separate one after 30 days.
Nice CL and scores, and you'll love this card too!
on 2008-10-10 Citi seems to approve another account once they approve the first one. They seem to be really lenient these days with approvals. Guess it was a good idea to go ahead with another inquiry for a second account now and take the inquiry, instead of applying later. The inquiry doesn't hurt as much and should be very minor maybe 5-15 points instead of a separate one after 30 days.Nice CL and scores, and you'll love this card too!
Comment 2 by jpnguyen
Citi Roxors on 2008-10-10
Yah. Citi/Chase just seem like they are giving it away(high CL+cards).
But I kind of got trigger happy... You know how it goes with applying for cards. I had been good for about 6 months, no inqs/applications. Now I seriously needa stop for another year. I'm happy with my CL, it will keep my util under 10% with my normal spending habits
on 2008-10-10 Yah. Citi/Chase just seem like they are giving it away(high CL+cards).But I kind of got trigger happy... You know how it goes with applying for cards. I had been good for about 6 months, no inqs/applications. Now I seriously needa stop for another year. I'm happy with my CL, it will keep my util under 10% with my normal spending habits
Comment 4 by meya
Congrats on 2008-10-10
You are just doing it huh? I like to read postings like these. Citi is just rolling the red carpet out for you.
on 2008-10-10 You are just doing it huh? I like to read postings like these. Citi is just rolling the red carpet out for you.
Comment 5 by hjm331
Bad Move on 2008-10-11
Congrats on the new tradeline but why in the world would you want to close a store card? They don't have any annual fees, monthly fees, or any fees that I know of. They do have high interest rates but it won't matter if you pay in full before the statement cuts. In my opinion (IMO), that's a bad move to close your store cards especially when you are building credit because nonetheless, they are reporting to the credit bureaus every month and they're reporting history. History and consistent on-time payments is what is gonna help you rebuild your scores, not inquiries and new accounts. Hope you don't make the same mistake again in the future.
on 2008-10-11 Congrats on the new tradeline but why in the world would you want to close a store card? They don't have any annual fees, monthly fees, or any fees that I know of. They do have high interest rates but it won't matter if you pay in full before the statement cuts. In my opinion (IMO), that's a bad move to close your store cards especially when you are building credit because nonetheless, they are reporting to the credit bureaus every month and they're reporting history. History and consistent on-time payments is what is gonna help you rebuild your scores, not inquiries and new accounts. Hope you don't make the same mistake again in the future.
Comment 6 by thomas1
Store Cards on 2008-10-11
Yeah, I read right over that one when I read your review. I agree with Hjm, you should try to call and reopen those store cards, hopefully before the statement cycles so it doesn't show the tradeline closed. Depending on how long they were open and active, you could lose some heavy points along with the new accounts.
Even if you don't want, or like them, use them for something very small each month to keep the score up and activity reporting.
Usually, they will give you a certain amount of time to reopen them if you call... Usually up to 90 days. I think that would certainly be a much smarter move to preserve your FICO score, and let the 2 new account age and gain history to the scoreline.
I would immediately reverse that decision. Let us know what you decide to do, and keep us updated. The info helps all members on the network.
Take Care
on 2008-10-11 Yeah, I read right over that one when I read your review. I agree with Hjm, you should try to call and reopen those store cards, hopefully before the statement cycles so it doesn't show the tradeline closed. Depending on how long they were open and active, you could lose some heavy points along with the new accounts.Even if you don't want, or like them, use them for something very small each month to keep the score up and activity reporting.
Usually, they will give you a certain amount of time to reopen them if you call... Usually up to 90 days. I think that would certainly be a much smarter move to preserve your FICO score, and let the 2 new account age and gain history to the scoreline.
I would immediately reverse that decision. Let us know what you decide to do, and keep us updated. The info helps all members on the network.
Take Care
Comment 7 by jpnguyen
=/ on 2008-10-11
I just assumed that by keeping my oldest card, that would give me the history that I needed. The department cards are only about 6 months old. Total history 1 year. And well, I figured, I would not be applying for any credit(1 year, want an AMEX card) or loans for atleast 2-3 years.
on 2008-10-11 I just assumed that by keeping my oldest card, that would give me the history that I needed. The department cards are only about 6 months old. Total history 1 year. And well, I figured, I would not be applying for any credit(1 year, want an AMEX card) or loans for atleast 2-3 years.
Comment 8 by thomas1
Dept Store Cards on 2008-10-11
If you are rebuilding it looks like and shows all your credit is brand new if you close those store cards. At least you have a payment history with those store cards, now you don't. It's really like starting out all over again.
Citi approved you for 2 cards, and I know that those 2 cards played a role in the approval with the FICO score. You at least had those cards reporting positively each month and building the score. I am afraid that your score will plummet with the closure of those, because you don't have a lot of aged tradelines. Aged would be over 2 years+. Remember, the older the item on the report, the better it looks. Just remember never close your oldest tradelines. Now if these cards were the 2 newest ones before Citi, then you could close them now. Wait a good year to build points from your two new accounts, and that score will start to build. But, I wouldn't apply for more credit because your points will plummet like a rock.
Good luck!!!
on 2008-10-11 If you are rebuilding it looks like and shows all your credit is brand new if you close those store cards. At least you have a payment history with those store cards, now you don't. It's really like starting out all over again.Citi approved you for 2 cards, and I know that those 2 cards played a role in the approval with the FICO score. You at least had those cards reporting positively each month and building the score. I am afraid that your score will plummet with the closure of those, because you don't have a lot of aged tradelines. Aged would be over 2 years+. Remember, the older the item on the report, the better it looks. Just remember never close your oldest tradelines. Now if these cards were the 2 newest ones before Citi, then you could close them now. Wait a good year to build points from your two new accounts, and that score will start to build. But, I wouldn't apply for more credit because your points will plummet like a rock.
Good luck!!!
Comment 9 by arod
Again HJM331 Is Correct . on 2008-10-12
Having store cards are very important part of rebuilding and keeping good credit.
so to close them its not wise but if I were you I call and have them open if there is no annual fee its not hurting you but helping.
Any way good luck but you could lower your FICO by doing this.
Take care,
Alex
on 2008-10-12 Having store cards are very important part of rebuilding and keeping good credit.so to close them its not wise but if I were you I call and have them open if there is no annual fee its not hurting you but helping.
Any way good luck but you could lower your FICO by doing this.
Take care,
Alex
Comment 10 by arod
Also on 2008-10-12
Congrats on Citibank approval also love this card good luck to you.
Take care,
Alex
on 2008-10-12 Congrats on Citibank approval also love this card good luck to you.Take care,
Alex
Comment 11 by shark6
Congrats! on 2008-10-14
Congrats on the 2 Citi approvals. However, I have to echo what HJMM331 and everyone below him said.
Bad move to close store cards. See if you can get them reopen and then just let them age. Store cards(some) are very good with CLI and this will also help your Fico scores i. E lower utility.
on 2008-10-14 Congrats on the 2 Citi approvals. However, I have to echo what HJMM331 and everyone below him said.Bad move to close store cards. See if you can get them reopen and then just let them age. Store cards(some) are very good with CLI and this will also help your Fico scores i. E lower utility.
Comment 12 by will
Approved on 2008-12-06
Approved for $2100cl with EQ of 753 being pulled. I am new to this and therefore I have a couple of questions.
A) Do credit card companies tend to pull the same credit report (Citi pulled EQ) each time you apply with them?
B)How long should I wait to apply for another card with Citi? I ask this second question because after reading the posts on this site about the Citi Platinum Select / AAdvantage card I really think I would do better limit wise. Good luck everyone.
on 2008-12-06 Approved for $2100cl with EQ of 753 being pulled. I am new to this and therefore I have a couple of questions. A) Do credit card companies tend to pull the same credit report (Citi pulled EQ) each time you apply with them?
B)How long should I wait to apply for another card with Citi? I ask this second question because after reading the posts on this site about the Citi Platinum Select / AAdvantage card I really think I would do better limit wise. Good luck everyone.
Comment 13 by colonative
Congratulations on 2008-12-06
Citibank is a great bank; however, I am concerned with your low credit limit compared to your credit score.
A) Yes, most creditors routinely pull from the same bureau each time; however, I have seen some creditors pull all three.
B) How long should you wait to apply for another card with Citi? That depends on your overall activity. If you have been applying like a madman for credit lately then you might want to hold off for six months. You should only apply for credit when you need it.
Also, this "review" is more of a question. If you have not already checked out the forum it is a great place to ask questions because more people are there with answers then here at the reviews.
http://www.financeglobe.com/FN/showthread.php?402
Good luck.
on 2008-12-06 Citibank is a great bank; however, I am concerned with your low credit limit compared to your credit score.A) Yes, most creditors routinely pull from the same bureau each time; however, I have seen some creditors pull all three.
B) How long should you wait to apply for another card with Citi? That depends on your overall activity. If you have been applying like a madman for credit lately then you might want to hold off for six months. You should only apply for credit when you need it.
Also, this "review" is more of a question. If you have not already checked out the forum it is a great place to ask questions because more people are there with answers then here at the reviews.
http://www.financeglobe.com/FN/showthread.php?402
Good luck.
Please login or register for free to view your stats, add reviews and card application results, or post comments.
Credit card reviews and comments are posted by user submission and do not warrant the opinions of Finance Globe.
Disclaimer: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citibank. Review content is powered by Finance Globe.
Disclaimer: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citibank. Review content is powered by Finance Globe.
