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Wells Fargo Secured v.s Citibank Secured v.s. Credit Limit

funky1

By funky1
in Credit Forum

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The last post in this topic was posted 5039 days ago. 

 

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9 members have voted

  1. 1. Which card option do you think is best?

    • Option 1 $3,000 Wells Fargo
      2
    • Option 2 $3,000 Citibank
      4
    • Option 3 $1,500 Wells Fargo AND Citibank
      3

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funky1

funky1

Posted
Posted

Next week I'm going to have about 4 grand to play with and put into secured cards. I just got a USAA Amex a week ago which I'm going to bump from a $250 limit to a 1k limit. My question is what to do with the other 3k or so....

 

 

Option 1- Invest $3,000 in a Wells Fargo secured card.

Option 2- Invest $3,000 in a Citibank secured card. (yes they still offer it but you have to go to a bank branch to get it now)

Option 3- Split the difference and put $1,500 into a Citibank and Wells Fargo card

 

I know the Wells Fargo card will graduate after a period of time and i'm pretty sure the same is true for Citibank but I need to go to a branch office and speak to them about it to confirm. If higher limits beget higher limits it would seem to me that putting the full amount in one card would be a good thing because when the graduation happens it would likely graduate to a higher limit. So maybe that $3,000 secured card will eventually turn into a $5,000 unsecured.... However maybe it would be better to have an extra tradeline reporting even if it's a lower $1,500 limit....

 

I also thought about bumping up the USAA Amex to a much higher limit or getting the USAA Mastercard but I think it would be better to have a big bank tradeline showing up.

 

FYI as of right now I have an unsecured Cap 1 with a toy limit of $300 and the USAA Amex at $250 (soon to be $1,000 but it's not reporting yet anyway since I just got it)

 

Let the voting begin!!


mmmagique

mmmagique

Posted
Posted

I chose option one for two reasons. The most important reason is that I don't think Citi offers a secured card any more. (although it seemed to be a very nice rebuilder card when it was offered)

 

I would have chose option one or two, if it had been available (depends on which bank you have a relationship with) because it's better (imo) to have one high limit card than two medium limit cards.

funky1

funky1

Posted
  • Author
Posted

I chose option one for two reasons. The most important reason is that I don't think Citi offers a secured card any more. (although it seemed to be a very nice rebuilder card when it was offered)

 

I would have chose option one or two, if it had been available (depends on which bank you have a relationship with) because it's better (imo) to have one high limit card than two medium limit cards.

 

 

 

 

In my post I mentioned that Citibank does still offer a secured card. It's not on their website anymore but if you call and speak to a rep who knows what they are talking about they will let you know you can still get it but you have to go to a branch office to apply.

 

So in light of that info you think Citibank > Wells Fargo?

Chupacabras

Chupacabras

Posted
Posted (edited)

A graduated Citi card is head and shoulders above a WF card due to conversions/product changes.

 

In most situations, I say just to start out with three secured cards that will graduate. Exactly what I wish I'd done when building.

 

Edit: IOW's, you're using the USAA, Citi, and WF to actually do your building because that Cap1 can't be relied on to do anything good for you.

Edited by Chupacabras
funky1

funky1

Posted
  • Author
Posted

A graduated Citi card is head and shoulders above a WF card due to conversions/product changes.

 

In most situations, I say just to start out with three secured cards that will graduate. Exactly what I wish I'd done when building.

 

Edit: IOW's, you're using the USAA, Citi, and WF to actually do your building because that Cap1 can't be relied on to do anything good for you.

 

 

 

Thanks for the reply. I'm fairly certain the USAA card wont graduate (but I could be wrong) that's why I wanted to make sure the other 2 I get at least have the possibility. So far it seems people prefer Citibank over WF.

Chupacabras

Chupacabras

Posted
Posted

I have a Citi AA WE card, PCed from a graduated secured card. Not even a hard pull for the PC.

 

Same, except I PC'd to a Forward. They immediately fell all over themselves throwing CLI's at me.

patz2009

patz2009

Posted
Posted (edited)

I was curious about the Citi secured card. It's good to know they still have it, even if you do have to go through more hoops to get it. From what I remember, your deposit is put into a CD (so if you deposit enough you can cancel out the AF), it has a relatively low $29 AF, it graduates after 18 months, and upon graduation can be PC'd to a number of Citi's numerous offerings. Citi also does CLI's fairly regularly every 6 months.

 

From what I hear about Wells Fargo's card, it does graduate, but only to a vanilla card. I've also heard very few good things about them (if any), and their other offerings are subpar.

 

I'd say that it's better to put all of your eggs into the Citi basket for now. Build up a good relationship with them, and reap the better rewards later.

Edited by patz2009
patz2009

patz2009

Posted
Posted

Oh, snap. Didn't even think about the fact that they might check ChexSystems to open the CD that's linked to their secured card.

 

But, if you can get in with Navy, all the better. The nRewards is possibly the best secured card out there. Rewards on a secured card, can graduate, and no AFs. If you could get into Navy before, why didn't you mention that? :P

funky1

funky1

Posted
  • Author
Posted

Well I already have a USAA Amex and wanted to have a major bank tradeline reporting as well. I am currently doing recon on the citi secured and applied for a BofA secured in the meantime. I just thought it would be good to have a major bank tradeline along with cu tradelines. Plus a Citi card could graduate to an airlines reward card which would be great because id like to be able to fly back home to visit family more often.

The last post in this topic was posted 5039 days ago. 

 

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