Guest: alsanch Post subject: Citibank Credit Card Application Posted: Tue Mar 22, 2005 9:36 pm
I applied for a Citi Advantage Mastercard via Citi's website and was advised the process would take one minute for a decision. But then I received the message that I would be notifed within 30 days via US Mail. Does this mean that I am denied?
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Citibank Credit Card Application Posted: Tue Mar 22, 2005 9:45 pm
MAYBE...MAYBE NOT
They could have said DENIED in 30--60 seconds and be done with it
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Citibank Credit Card Application Posted: Wed Mar 23, 2005 12:28 pm
It seldom takes the full 30 days. You'll probably hear within 10 days. Actually you call call them back anytime for an instant ujpdate on application status. I just did that for a store card through GE Credit Services. After completing the online application I was told it would take 10 days to approve. I called back and got approval in about an hour and a half.
Guest: alsanch Post subject: Citibank Credit Card Application Posted: Wed Mar 23, 2005 6:37 pm
I applied yesterday for a Citi Advantage card via their website and got the wait 30 day message. I called today to follow up and they indicated that additional information is required. Everything they asked for I have except for a home phone. I gave my room mates' land line which is listed but under her name. Now Citi wants a copy of the phone bill even though her name is on it. Is that normal? How is it that a driver's license, broker's statement, insurance, etc. documentation is not sufficient for proof of address?
Anyone else experience this with Citibank? Thanks
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Citibank Credit Card Application Posted: Thu Mar 24, 2005 11:09 pm
Yes it's quite normal. What they're looking for is stability. Your phone bill or another utility bill such as gas or electric indicates that you have an address and are not living under a tree. No phone + no utility bill in your name = high risk, unless you're living with your parents. Don't forget, what they're planning to do is loan you money. They want to make as certain as possible that they can find you, or that their statements get delivered to a legitimate address
Guest: JohnMD Post subject: Sears Platinum MasterCard Posted: Sun Mar 27, 2005 8:21 pm
Hello all! I'm new to these boards and recently received a call from Sears in regards to signing me up for a Sears Platinum MasterCard. I have very good credit (I hold a Visa Signature and an AMEX Platinum) and was wondering if anyone has has any experiences with this card. Do they offer any type of reward program? What is the APR?
I visited the Sears website but they didn't have any information about the Platinum card - just the store card and the Gold MasterCard. At the top of the page it said that they would be "updating the website to provide more information" so hopefully that includes the Platinum card.
Guest: Eric5 Post subject: Upgrading Credit Cards Posted: Sun Mar 27, 2005 11:26 pm
My friend had a student card for about 9 months and then called for a credit increase. The person on the line looked and said he could get a US Bank Classic card with a 10k line of credit. If he changes cards and ends the other card does that erase some of his history?
The original card was a US Bank student card that start with a 1k limit and then went to 1,250 after 6 months.
Guest: dbnyc Post subject: Retail Credit Cards and Your Credit Score Posted: Tue Mar 29, 2005 9:33 am
I was reviewing an old TU credit score report from 2002, and noticed that one of the comments they provided in my report said:
"Not enough retail debt experience: Retail accounts with low credit limits have a negative impact on your credit score."
Now I bet this is because I had an old Stern's credit card, back when Stern's still existed, and then when they were acquired by Macy's, I got sent a Macy's card. I didn't bother closing that account, and I've NEVER used the card since then, and it still has some measly $500 limit or something.
My other credit cards are normal decent limits and I use them actively. My credit is good (score in the high 700s).
Should I close that crappy Macy's account? Will that hurt my score even more? Or would it help since the score report said that that account was bad for my score?
Guest: NightStar Post subject: Retail Credit Cards and Your Credit Score Posted: Tue Mar 29, 2005 10:13 am
No don't close it, you are fine, wth a score in the 700's, it is not hurting you enough to close it. Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH
Guest: dbnyc Post subject: Retail Credit Cards and Your Credit Score Posted: Tue Mar 29, 2005 2:00 pm
Hmm... is there any downside to closing that Macy's acct though?
I was thinking that maybe I might want to close it after all...
What exactly does an inactive retail store card with very low CL do to my credit score?
Also, my score might not be in the 700s anymore. Unfortunately, it's been 2.5 years since I last checked my score. I've only been getting the free reports (no score). I've also opened 2 new cards in 2003 and 2004 (both with high CLs), so I wouldn't be surprised if those new accounts lowered my score.
Guest: NightStar Post subject: Retail Credit Cards and Your Credit Score Posted: Tue Mar 29, 2005 2:28 pm
The down site to closing existing accounts is that you shrink available credit limit. $500 is not much, but instead you might use the card again for minimum purchase just to make it active again, and then contact customer service and request a credit limit increase.
Also this is an old account contributing good history as long as it is open it is helping you. If you close, it will make the 2 new accounts stronger on age of report, and just a few years is not all that good, could bring score down lower.
I would not go out of way to get reoprt with score, you are not late or planning on opening new accounts, there really is no need to view scoring. Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH
Guest: rub2pennies Post subject: Closing Derogatory Credit Card Accounts Posted: Wed Mar 30, 2005 1:57 pm
Hello, I have recently added about 4 accounts to my credit file. Two are co-owner cards. I have great history and age with 2 of the accounts, one being a new account. One account was opened just by me. The limits are higher than my older card accounts in question. These are a Capital One CL $600(in derog section for 2 30 day lates in last 2 years), and a First Premier Card CL $250 ( in derog because of one 30 day late in history which happened in April of 2004). Now, the balances on these accounts are $0, should close them since they are in derog area and most likely will stay there? I assume they are only helping by adding good payment history and account age (3 years old each). Thank you for any help given. _________________ As always, thank you for any help you may provide me.
Guest: NightStar Board Monitor Post subject: Closing Derogatory Credit Card Accounts Posted: Wed Mar 30, 2005 3:04 pm
No keep them open, if you can get good will, and you maintain the accounts with no further lates they will revert back to postivie in 7 years, and the older the lates get the less they are hurting the score, the history age of the accounts will outweight the lates. Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH
Guest: Polonius Credit Expert (100+ Posts) Post subject: Closing Derogatory Credit Card Accounts Posted: Wed Mar 30, 2005 4:00 pm
I agree. Remember, the derogatory effects of the cards remain the same even when they're closed. Closing the accounts won't do anything in your favor.
Guest: rub2pennies Post subject: Closing Derogatory Credit Card Accounts Posted: Wed Mar 30, 2005 4:35 pm
...you two saved me.
Thank you. Please feel free to help on my post in the credit section of the forums. I am at a dead end, and need to some guidance there as well.
Guest: kimkimkim Post subject: Understanding Credit Card Tier Levels Posted: Tue May 17, 2005 7:44 pm
Could someone please explain the "tier levels" to me? For example: with the Chase Ultimate Cash Award Platinum card (see terms below)
1. When it says 0.50% for the first 2K then 3% for over 6K... does that mean that I won't actually earn the 3% until I spend over $6000 with the credit card? So in other words for the initial $5999 I'll early 1% or less?
2. I typically pay off my credit card in full twice a month. With this card it seems that you can earn more cash back if you leave at least 2 cents on the card. How will this affect me? If I leave that tiny balance does that allow them to charge me interest for that months charges or just interest on the 2 cents?
Thanks for your help!
Kim
For supermarket, gas station, drug store, and home improvement store purchases, the percentage calculation used to determine your Cash Award is based upon your annual level of net Purchases (“Tier Levels”) as follows: 0.50% for the first $2,000, 1.00% for $2,000.01 - $6,000 and 3.00% for net purchases in excess of $6,000.01. In addition, you’ll receive a 2.00% bonus for any billing cycle in which your Account has a revolving balance equal to or great than $0.01. For all other purchases, the percentage calculation used to determine your Cash Award is based upon your Tier Level as follows: 0.25% for the first $2,000, 0.50% for $2,000.01 - $6,000 and 1.50% for net purchases in excess of $6,000.01. In addition, you’ll receive a one half percent (.50%) bonus for any billing cycle in which your Account has a revolving balance.
Guest: Polonius Credit Expert (100+ Posts) Post subject: Understanding Credit Card Tier Levels Posted: Tue May 17, 2005 8:17 pm
Better check what is meant by "annual" purchases--if you got the card this month, would that mean May-December 2005 net purchases make up the annual period mentioned--or is that 12 months from the time you get the card, thus closing in May 2006?
Anyway, you're right--you only get the 3% on the portion of your annual net purchases ABOVE $6,000. Think of it like a tax bracket--it applies only to the portion above the lower bracket limit.
If you carry a balance you're charged interest on the AVERAGE DAILY BALANCE during the month, not on the few pennies you're actually not paying.
Guest: kimkimkim Post subject: Understanding Credit Card Tier Levels Posted: Wed May 18, 2005 8:16 am
Thanks for the quick reply. I'll check into the annual purchases thing.
I knew their had to be a catch to leaving a penny balance on the card. Thanks for explaing it.
