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Credit Line Increase and new credit card?


maverick9
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4 hours ago, MP80 said:

@cashnocredit  :wave: I really appreciate your confirmation response to the issuer of the $25,000 Secured Credit Card. 

 

I think these credential certificate deposits issued by Citibank for secured credit card accounts are hopefully and expected to continue to this day.  


You are delusional.  Even without asking Citi, thinking that they will offer a $25k secured card with an above average APR on the security deposit is a sure sign of mental illness.
 

"What happens to my security deposit after it is withdrawn from my account?

Your security deposit will be held in a Collateral Holding Account for up to an initial period of 18 months and will not earn interest. If your account is in default, we may apply your security deposit to the outstanding balance and close your account. Otherwise, your security deposit is returned after a processing period once you close your account and your balance is paid in full."


"If your application is approved, a security deposit is required for the amount of your credit limit. Credit limits can range from $200 - $2,500."

 

https://citicards.citi.com/usc/LPACA/Citi/Cards/Secured/ps/index.html

 

 

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1 hour ago, PotO said:


You are delusional.  Even without asking Citi, thinking that they will offer a $25k secured card with an above average APR on the security deposit is a sure sign of mental illness.
 

"What happens to my security deposit after it is withdrawn from my account?

Your security deposit will be held in a Collateral Holding Account for up to an initial period of 18 months and will not earn interest. If your account is in default, we may apply your security deposit to the outstanding balance and close your account. Otherwise, your security deposit is returned after a processing period once you close your account and your balance is paid in full."


"If your application is approved, a security deposit is required for the amount of your credit limit. Credit limits can range from $200 - $2,500."

 

https://citicards.citi.com/usc/LPACA/Citi/Cards/Secured/ps/index.html

 

 

Hey, Pot!

 

The way I read it, in the first 2 paragraphs of the content, you are debating yourself! Call me delusion paranoid if you will, lol...  :lol:


WTH will release your staking collateral, and the voucher deposit was initially made to get $25,000 on a secured credit card account.

 

Also, no one is talking about APR, you and I are discussing whether there is a $25,000 secured credit card. BTW, a $25,000 secured credit card resonated 10 years ago, and whatever program or policy you want to name it, and whether it's currently available, is a lingering question mark, and I betcha there is utterly no interest to accrue on such pledged collateral account. If you like to get a definitive answer you can ask @cashnocredit.

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The 25k Citi CC I snagged with the 4% APR was a flash in the pan. I got it mid 2009 a few months after getting the WF secured 10k CC. A much poorer deal because it had a $29 AF and no perks or interest.

 

The Citi card was something of a unicorn.

 

I think Citi was trying something new at the time so they had a publicity campaign stressing the high APR. It was above typical bank CD 1Y rates at the time so it looked like they were trying to snag people with assets into their CC universe.  It was very sucessful. So much so that there were lots of published articles pointing to it as a really good deal on it's own that happened to come with a credit card. So people started signing up for it just for the CD rates which they had advertised and were stuck with having to fulfil. This was at the time bank rates were dropping from the great recession so Citi took a bit of a  hit on it and it became popular for a short while. Likely almost none of these new customers didn't PIF. I was hoping they wouldn't unsecure the card because the language froze the 4% APR as long as the security deposit remained. They weren't totally stupid and unsecured the card promptly at the 1Y mark.

 

I have no idea what the current Citi secured terms are but I think they are now targetting new to credit peeps and not people with cash looking for good returns.

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15 minutes ago, MP80 said:

Hey, Pot!

 

The way I read it, in the first 2 paragraphs of the content, you are debating yourself! Call me delusion paranoid if you will, lol...  :lol:


WTH will release your staking collateral, and the voucher deposit was initially made to get $25,000 on a secured credit card account.

 

Also, no one is talking about APR, you and I are discussing whether there is a $25,000 secured credit card. BTW, a $25,000 secured credit card resonated 10 years ago, and whatever program or policy you want to name it, and whether it's currently available, is a lingering question mark, and I betcha there is utterly no interest to accrue on such pledged collateral account. If you like to get a definitive answer you can ask @cashnocredit.

 

I asked Citi.  They say you are delusional.

 

Right now there is no such thing as a $25k Citi secured card.  Right now their security deposit on their secured card pays absolutely no interest.  

 

It's only a lingering question mark for those who haven't mastered third grade English.  Citi has it posted on their website.  Reading is a valuable skill.  It it's a skill yet to be mastered, you can call Citi.  Their secured card security deposit has an APR of precisely 0%.  The maximum on their secured card is $2,500.  

 

Even if -- and it's a big if -- a $25k secured card exists, it's highly doubtable it will help OP.  He still has the 💩stains on his credit report from his 2016 meltdown.  We know that he has at least one derogatory tradeline showing on his reports right now.  There is one where the comments show ¨settled for less than full amount¨ or words to that effect.  Almost all credit card applications these days are automated and when the automated systems see comments on a tradeline it virtually always gets kicked to a analyst.  Any analysts will see those 💩stains.  Right now even Harry Potter couldn't help him get a $25k limit on any of his existing cards.   

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9 minutes ago, cashnocredit said:

The 25k Citi CC I snagged with the 4% APR was a flash in the pan. I got it mid 2009 a few months after getting the WF secured 10k CC. A much poorer deal because it had a $29 AF and no perks or interest.

 

The Citi card was something of a unicorn.

 

I think Citi was trying something new at the time so they had a publicity campaign stressing the high APR. It was above typical bank CD 1Y rates at the time so it looked like they were trying to snag people with assets into their CC universe.  It was very sucessful. So much so that there were lots of published articles pointing to it as a really good deal on it's own that happened to come with a credit card. So people started signing up for it just for the CD rates which they had advertised and were stuck with having to fulfil. This was at the time bank rates were dropping from the great recession so Citi took a bit of a  hit on it and it became popular for a short while. Likely almost none of these new customers didn't PIF. I was hoping they wouldn't unsecure the card because the language froze the 4% APR as long as the security deposit remained. They weren't totally stupid and unsecured the card promptly at the 1Y mark.

 

I have no idea what the current Citi secured terms are but I think they are now targetting new to credit peeps and not people with cash looking for good returns.

 

Their current terms are posted on their website.  

 

Maximum limit on a Citi secured cad is $2,500.  The security deposit pays precisely 0% APR.  While it may serve as an avenue to get in the door with Citi, as the prybar indicated by others it is pure ROTFLMFAO.  

Edited by PotO
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2 hours ago, cashnocredit said:

I was hoping they wouldn't unsecure the card because the language froze the 4% APR as long as the security deposit remained. They weren't totally stupid and unsecured the card promptly at the 1Y mark.

If you don't mind me asking, your account is involved in one vital thing I hope it's not an intrusive question, what is the credit limit of your Cit secured credit card after it becomes unsecured?

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2 hours ago, PotO said:

Even if -- and it's a big if -- a $25k secured card exists, it's highly doubtable it will help OP.  He still has the 💩stains on his credit report from his 2016 meltdown.  We know that he has at least one derogatory tradeline showing on his reports right now.  There is one where the comments show ¨settled for less than full amount¨ or words to that effect.  Almost all credit card applications these days are automated and when the automated systems see comments on a tradeline it virtually always gets kicked to a analyst.  Any analysts will see those 💩stains.  Right now even Harry Potter couldn't help him get a $25k limit on any of his existing cards.

There's no need to rant so harshly at someone with a flawed credit report.

Well, perhaps it doesn't matter anymore.

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7 hours ago, MP80 said:

There's no need to rant so harshly at someone with a flawed credit report.

Well, perhaps it doesn't matter anymore.

Thank you @MP80! Appreciate the support. After reading and rereading his/her posts to me, they allude as if they find enjoyment in my struggle. 

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12 minutes ago, maverick9 said:

Thank you @MP80! Appreciate the support. After reading and rereading his/her posts to me, they allude as if they find enjoyment in my struggle. 

 

You may be struggling to understand what I wrote.  

 

Everything was fine until you started revealing the derogatory data still remaining on your credit reports and then your belief that it's possible to get $30k out of AmEx and / or any of your other current cards.  It's simply not going to happen.  

 

Just because you get invitations to apply never means you will get approved unless the invitations are actually pre-approved offers that contain the "Opt-Out Pre-Screen" notifications.  

 

I would get the UTIL down and then go for the soft INQ CLIs.  If they go ok, maybe try a card you are interested in ... or even two.  But don't get your hopes up because with derogatory data on your reports and good accounts that are still considered new & with very low limits, it's unlikely you will be seeing limits even close to $25k.  

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7 hours ago, MP80 said:

There's no need to rant so harshly at someone with a flawed credit report.

Well, perhaps it doesn't matter anymore.

 

I am pointing out the obvious that OP has not even made known until after the thread started growing.  We are here to offer seasoned and realistic advice based on our own credit experiences.  Telling someone to go for a $25k secured card which, in fact, does not even exist and then expecting that to lead to approvals for new cards or CLIs of a corresponding amount is simply being a delusional moron when you consider the revelation of at least one -- but probably several more -- derogatory tradelines already on the credit reports.  

 

Once OP provided additional relevant data, it's clear to see why he has the following limited active line-up:

  • Amex $9,500 (10 months old)
  • NFCU $4,500 (24 months old)
  • Discover $1,500 (25 months old)
  • Cap 1 $600 (25 months old)

With the exception of AmEx the reason the limits on the other three cards are so low has to be because of the derogatory data and / or their previous experience with OP.  Hell, on the day he turned 18 my son was at $5k with both CapOne, USAA, and Discover and $10k with Navy and that was reporting income which was $20k per year from FAFSA.  Now, about 2 years later he has combined limits from various accounts (not counting AUs) over $100k with income barely $40k.

 

We are here to provide reasonable and actionable advice and not delusions.

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8 hours ago, MP80 said:

If you don't mind me asking, your account is involved in one vital thing I hope it's not an intrusive question, what is the credit limit of your Cit secured credit card after it becomes unsecured?

 

It remained at 25k.

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Posted (edited)
8 hours ago, PotO said:

You may be struggling to understand what I wrote.  

 

Everything was fine until you started revealing the derogatory data still remaining on your credit reports and then your belief that it's possible to get $30k out of AmEx and / or any of your other current cards.  It's simply not going to happen.  

I truly had no idea. You need to stop assuming people know all that you vets know. I wasn't trying to be optimistic. I just didn't know that as a rule. 

 

If I may offer constructive criticism, you're delivery is a bit abrasive. Obviously, I'm not the only one who took notice. 

 

8 hours ago, PotO said:

Just because you get invitations to apply never means you will get approved unless the invitations are actually pre-approved offers that contain the "Opt-Out Pre-Screen" notifications.

I am aware of this. 

 

8 hours ago, PotO said:

I would get the UTIL down and then go for the soft INQ CLIs.  If they go ok, maybe try a card you are interested in ... or even two.  But don't get your hopes up because with derogatory data on your reports and good accounts that are still considered new & with very low limits, it's unlikely you will be seeing limits even close to $25k.  

Thank you. I will do as you advise here. 

Edited by maverick9
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9 hours ago, maverick9 said:

Thank you @MP80! Appreciate the support. After reading and rereading his/her posts to me, they allude as if they find enjoyment in my struggle. 

We used to have a regular member here who was as tough as a nail @Konrad2012 but not to the extent of Pot if I'm right both military. Maybe, just maybe the way he used to treat his subordinates was the way he interacted with people, a mindset you might expect. Stern but still a very loyal man, if reading his posts always thank others who gave him good advice @mrjuggalo9er.

 

He'll give you great credit advice, but he has the tendency to become an emotional tirade and push other people away with his onslaught of extreme inundated diatribe! 

 

Not to mention that our CB bully alias @hdporter, myself, and others also get the treatment from him! I and the others acknowledged his personality persona, so there's no conflict between us there, there!

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6 hours ago, hegemony said:

IIRC SDFCU goes up to 100k for secured cards.

 

Bro, does it graduate?

 

Do they pay interest on the security deposit?  How much?

 

IIRC, the answer to both of those questions is "no".

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4 hours ago, maverick9 said:

I truly had no idea. You need to stop assuming people know all that you vets know. I wasn't trying to be optimistic. I just didn't know that as a rule. 

 

Posts: 367

Joined: November 14, 2009

 

I took my folks scuba diving on Bali Island.  I knew I needed to teach them about diving and prepared for that.  Should I have thought that I would need to teach them that water is wet?

Edited by PotO
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6 hours ago, PotO said:

 

Posts: 367

Joined: November 14, 2009

 

I took my folks scuba diving on Bali Island.  I knew I needed to teach them about diving and prepared for that.  Should I have thought that I would need to teach them that water is wet?

Watch a stretch..........the analogy isn't even close. Nice try though. 

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5 minutes ago, maverick9 said:

Watch a stretch..........the analogy isn't even close. Nice try though. 

 

The analogy is very close.  That you don't see it is precisely why you are thinking you will get CLIs to $25k. 

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51 minutes ago, PotO said:

 

The analogy is very close.  That you don't see it is precisely why you are thinking you will get CLIs to $25k. 

What can I say? We are not all as gifted as you are. You should tell God to move over. 

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12 minutes ago, maverick9 said:

What can I say? We are not all as gifted as you are. You should tell God to move over. 

 

Aside from common sense, if God had anything to do with this it would be to give someone the gift of reading comprehension.   You've been on CB since 2009.  After 13 years I would have thought you'd have picked up what is the equivalent credit kindergarten.  

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On 7/29/2022 at 3:55 PM, shifter said:

I wouldn't really worry too much about the HELOC. The util hurts a bit but would be helped if you can get it under $44,925.

 

$9500 is a decent pry bar where you are. The next goal is to get a bigger pry bar, like a $25k card from one of the generous CUs beloved around here. 

Done. Just got it under your recommended amount. Thank you @shifter!

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Posted (edited)

Tonight, Discover doubled my credit line from 1,500 to 3,000 without me asking. They emailed me stating that due to my excellent credit management, we've increased your limit to 3k. 

 

I'm still waiting for all my CC's to report being paid off from last week before I ask for an increase.

 

Can I still ask Discover for an increase being that they just doubled my limit? 

 

Edited by maverick9
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7 minutes ago, maverick9 said:

Tonight, discover doubled my credit line from 1,500 to 3,000 without me asking. They emailed me stating that due to my excellent credit management, we've increased your limit to 3k. 

 

I'm still waiting for all my CC's to report being paid off from last week before I ask for an increase.

 

Can I still ask Discover for an increase being that they just doubled my limit? 

 

 

That's great!   The more you use it, the more love they will show you.

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