"Surprised But Approved."

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Written by: quinny on 2011-03-08

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quinny's review: Callout Comment I was approved a CL of $10,000. Intro 0% interest 12months. After,18.99%( which is extremely high) I have a collection that is $1,890.00 almost 6 yrs old. That I recently tried to dispute one month ago and was updated/verified. I have a 3 yr old mortgage that is 160k. 4 credit cards which all have balances, overall utilization is about 35% none of them have a cL of $500.00 or more. I have been working on my credit for 4 1/2 yrs. 2 paid off personal paid off loans that are around $2000.00 each. I have no inquires. I've been getting offers from all of the "BIG" credit cards for about 9 months and after reading the approval rating I decided to go with this credit card. I was a little bit discourage because of the collection but I said, to myself "I'm not going to let that collection get in the way." It's only a inquiry and I don't plan on buying anything in the future which I pay for everything cash anyway. I think I've been creditworthy!! My heart was racing I covered my eyes like a child b/c it was either going to be "denied" or a "low limit" of $1,000.00 Boy, was I surprised!!! I almost forgot credit score was checked Feb 4th Transunion 747, Equifax 696, & Experian 699. Not sure which bureau was check. But I will check after I get the card which takes 14 days to receive. Please feel free to ask question if I haven't already answer them all.


Comment 1 by wanderer
Re: Surprised But Approved. User Icon on 2011-03-08

Remarks Congrats! WOW! Great CL. Got to figure your efforts in credit management are paying off. Doesn't that collection drop after seven years?! You need to stay the course. This is your turning point!
Comment 2 by credit28
Re: Surprised But Approved. User Icon on 2011-03-08

Remarks That is a BIG congrats you're on your way! To a great start Citi is extremely generous. I have a pre-approval offer for this card I'm thinking about pulling the trigger.
Comment 3 by sethatco
Re: Surprised But Approved. User Icon on 2011-03-08

Remarks Citi does strange things, but be careful they are well known for offering a large CL for the intro and then drop it down to the point where its almost not worth keeping the card
Comment 4 by quinny
Re: Surprised But Approved. User Icon on 2011-03-09

Remarks Yeah, Credit28 I had to it's only an inquiry. At least you know where you stand if you get denied or approved. Good luck & Thanks!

@Wanderer Thank you! Yes it does come off in 7 yrs but from what I read it's 7 1/2 yrs to be exact. Why? Im not certain.

@Sethatco It's really strange, I think I was given the Initial credit limit b/c of my income.
Comment 5 by ari
Re: Surprised But Approved. User Icon on 2011-03-09

Remarks I would guess that its your mortgage account that worked in your favor.
Comment 6 by colonative
Re: Surprised But Approved. User Icon on 2011-03-09

Remarks Congrats. Not a bad limit at all for having a baddie on your report.
Comment 7 by quinny
Re: Surprised But Approved. User Icon on 2011-03-10

Remarks My mortgage account is with J. P Chase Morgan. I just checked my credit the day after I was approved to know which credit report they pulled it was Equifax and my collection does not show on that report or Transunion. I also learn that with one of my Mastercards with Bestbuy my limit was increased. From $500- $1000.00 so the utilization was 26% of approval. Also my credit report changed tremendously Equifax score was 728, Experian drop to 689 I'm guessing because I tried to dispute the collection I only tried to dispute it with Experian though and it was verified. Transunion 731. Down here in Texas it's well known for Banks to check the median score. Also most banks choose Equifax for some reason.
Comment 8 by quinny
Re: Surprised But Approved. User Icon on 2011-03-11

Remarks This crd came in three business days which was today and I applied 3-11-2011 before 2:00p. M cst. I called the rep and he said, "it would take 7 business days".
Comment 9 by kiejon9
Re: Surprised But Approved. User Icon on 2011-03-28

Remarks Congrats!
Comment 10 by quinny
Re: Surprised But Approved. User Icon on 2011-04-08

Remarks Just Received my statement today was looking mainly for the minimum balance since I had charged $4600.00 for the first month. I already paid $2100 on the balance before the first statement came and paying in full this month. So when the statement did break it was a $2500.00 balance. I was under the impression that my offer was 0% interest for 12months. Boy was I wrong that was only for balance transfers. After talking to a foreign rep I just knew he had it wrong and was clearly not understanding what I was wanting. After he had already told me I do not have 0% interest on purchases for 12 months. Soooo I ask to speak to a supervisor of course to get some clarification. The supervisor then ask me to read the paper, that I printed out once I was approved. In "BLACK IN WHITE" there it was 0% only for balance transfers. I was so embarrassed... The manger told me since I thought it was for 12 months she would give me a courtesy offer for 6 months 0% on all purchases and waive the $65.00 in interest that I had already accrued. O yeah my minimum was $37.00 wooo hoooo!!!
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