Secured Credit Card – Citibank Secured Credit Card Update

Secured Credit Card – Citibank Secured Credit Card Update


Okay so you may be researching secured
credit card. Duane here with how to build credit TV and in this video I’m just
gonna give a update video to a secured credit card that I have which is a
Citibank secured credit card. And I just want to talk about what to expect when
you’re interested in getting this particular card. So that’s what we’re
gonna talk about in this video but before we get started I have a quick
message. Once again my name is Duane with how to build credit TV and on this
channel we talk about everything you need to know about credit. Whether you’re
looking to establish credit, build credit, rebuild credit or learn more about the
FICO score and how it is comprised so you can increase your credit score. We
also talked about ways to get cash back actual cash money from using credit
cards as well as credit car reviews. If this sounds like something in which
you’re interested be sure to subscribe to our channel by clicking the word
subscribe below this video to the right and click that notification bell so you
don’t miss a thing. Okay so I want to make a really quick
video to talk to you guys about secured credit cards or secured credit card. Now
in this video I’m gonna be talking about my experience with the Citibank secured
credit card. I’ve had this credit card for about ten months now and recently I
just received a letter from them. I’ll put the letter on the screen that talks
about the fact that I no longer need a deposit because my card is going to
graduate to an unsecured credit card. So I just kind of wanted to make a update
video to talk about this particular secured credit card and let you know
what to expect from this particular target which is the Citibank secured
credit card. So like I said I had the card for about ten months now and I initially
just deposited $200 with this card. And the reason why I got this secured
credit card was because I wanted to establish a relationship with Citibank.
It has been a while since I had an account with Citibank and I wanted to
kind of re-establish relationship with them because I was interested in getting
other cards that they do offer. Okay so when I got the Citibank secured credit
card I deposited $200. So they basically held my $200 in an account of course
this account does not accrue interest or anything like that it’s just a
collateral holding account. And so they hold my 200 bucks and that’s all they
did they did that for about ten months. Now to be honest with you I did not
use this secured credit card that much. I think I probably used it over the 10
months maybe six times and I’m not exaggerating literally maybe only six
times. So it’s actually kind of weird to me because I’ve had the discover it
secured credit card for about the same time period, actually about eleven months
now and I have a twenty five hundred dollar limit on that card. So I deposited
twenty five hundred dollars with Discover Card and I have not been
upgraded as yet. So this is interesting to kind of learn the difference between
the two different credit card companies and the fact that they’re looking at two
different criteria as far as what you need to do in order for them to graduate
your card from a secured credit card to an unsecured credit card. So I just kind
of want to make a video to just let you guys know if you’re interested in
getting a secured credit card or even if you’re interested in getting be citibank
secured credit card. That me and my personal experience it had been ten
months and they graduated my account from the secured credit card to an
unsecured credit card. So the letter basically just state that I’m going to
get my money back they’re gonna be sending my money back and I can expect
to get the unsecured credit card in about seventy-five days which is clearly
not a short time. But the letter just says hey continue to use a credit
card until you get the new unsecured credit card and then you can activate
that card. So once again the purpose of doing this video is just like I said to
just give you information about the citibank secured card and my experiences
with that card, so you know you can probably expect to be graduated with
this particular card anywhere between ten months to a year. And I think that’s
probably a pretty average rate when it comes to secured credit cards. Now the
Discover card like I said I’ve had that card for eleven months at the end of
next month it’ll be an entire year that I’ve had that card and that card I like
a lot I’ll put a link right here so you can check out that card, and the fact
that I’ve been able to get back quite a bit of cash back. So like I said once
again I just want to make a quick update video to let you know what to expect if
you’re interested in getting secured credit cards. Alright just real quickly
here I want to show you guys to my FICO credit score that I get for
free with the Citibank secured credit card. So I have my cell phone here I’ll
go ahead and start a screen recording give me one second here I should’ve
already started the screen recording but I’m starting the stream recording right
now and I’m gonna have this on the screen. So I’ll show you guys that so I’m
gonna log into my city bank account alright as you can see here I’m touching
the citibank. Then it’s gonna ask for my fingerprint so on and so forth. So I’m
gonna login to this account and I just want to show you like I said I’m gonna
sign on I just want to show you like I said that citibank does give you a free
FICO credit score not just a regular credit score like a FICO credit score. So
this is pretty legitimate this is what most of the bank’s use in order to
determine if they want to give you a credit card or a loan or anything like
that when it comes to getting money from a bank. So I’m logged in to my account
and I’ll click on services at the bottom of the screen and then I click on credit
management and I have my phone on the screen as well. And so I’ll click on FICO
scores so I click on FICO score and as you can see here it has it on the screen
that it’s 830 and that’s what the current score is based on a scale from
250 to 900. Then they also have key factors you know things that are
affecting your FICO score. So it kind of gives you feedback as to what is the
reason for your FICO score being what it is currently. Let me just click on the
six months history here just to kind of show you guys. So as you can see on the
screen back in February my FICO score was 690
and it continued to go up up and up and up and up over the months. So I didn’t
really do anything in particular I made sure that I paid my bill off in full
every single month because that’s what I do that’s what I practice with all of my
credit cards. And I would advise you to do the same thing as well
because it’s there really isn’t a benefit to having a balance for your
credit card other than paying interest and giving the credit card company some
more money. So anyway I just want to show you guys that.
Once again the FICO score that I get that you get with the Citibank secured
credit card. So if you’re interested in this card definitely go for it I think
it’s a decent card and like I said they upgraded me to the unsecured credit card
in ten months. So thanks for watching this portion of the video and I’ll see
you in just one second. Secured credit cards are a good way to go if you’re
trying to re-establish credit, if you’re trying to build your credit. So if
you don’t know a lot about secured credit cards I’ve done a lot of videos
in regards to secured credit cards so you can subscribe to the channel or go
to the channel and just kind of have a look around. I think I have a playlist
that is entitled secured credit cards actually I do have a playlist entitled of
the secured credit card. So you can watch that playlist because I’ve done a lot of
videos on a lot of different secured credit cards. So once again thank you so
much for watching this video. If you enjoyed the video please give it a
thumbs up it helps our channel quite a bit and if you want to share this video
with somebody that may find it helpful please feel free to do so as well.
If you haven’t subscribe to the channel consider subscribing to the channel
because on this channel we talk about everything you need to know about credit.
Whether you’re looking to establish credit, build credit, rebuild credit or
learn more about the FICO score and how it is comprised so you can increase your
credit score. We also talked about ways to get cash back actual cash money from
using credit cards as well as credit card reviews. If this sounds like
something in which you’re interested be sure to subscribe to our channel by
clicking the word subscribe below this video to the right and click that
notification bell so you don’t miss a thing. Once again my name is Duane with
how to build credit TV and I approve this video. I’ll see you in the next
video. Until next time take care and be blessed. Peace!

27 thoughts on “Secured Credit Card – Citibank Secured Credit Card Update

  1. Umm… why would you put a $2500 security deposit on a SECURED CARD?? If you only put $200 down you would have graduated to a $2000 credit limit after seven months. This is probably why you have not graduated to an unsecured card as of yet. I would not recommend putting large deposits on the secured card especially when the purpose is you trying to build credit.

  2. Awesome, bro. Congrats on that stellar fico score. Mostly every card company that gives out fico scores use transunion fico, where as citi uses equifax fico. I cant wait to hit 800 on my fico. (I’m there with vantange 😎) Proud of you and keep up the great content 👍🏾✊🏾

  3. Wow I was curious if citi ever graduated and how fast they graduate , I read reviews and a lot of people have said it takes a while , and quick for the discover , weird lol , I hope your discover graduates soon !

  4. Great video Duane. I've had the Discover It Secured Card for 8 months and can't wait to be graduated to an unsecured card since they check your account for potential upgrade at month 8. Once they do, I plan to take my $200 Security Deposit and apply for the Citi Bank Secured Card. My goal is to build a history with them and eventually be approved for the Double Cash card from Citi Bank. My friend has the Double Cash card and she loves it. I've heard rave reviews. Great job on your score bro! Wow. I'm jealous-830 FICO SCORE. I'm only at 630. It is not easy rebuilding your credit, but when you know better, you do better! CONGRATULATIONS ON ALL YOUR CASH BACK EARNINGS FROM DISCOVER!

  5. What did your credit look like before you got your secured cards? Any charge offs? Any thing seriously negative? Did you pay things off ? Or no.

  6. With a credit score of 690 you can get a unsecured credit card! You don’t climb the ladder that quick to 830! Not with one card!

  7. I get why you want to put more on the card you get a higher limit later but they don't want to graduate you for a long time so they can continue to hold your deposit. And that comes from everyone that gives a big deposit Wait's a long time to graduate

  8. I just was approved for this card "citi secured" and i'm pretty excited! i'm doing just what you did and working my way up the latter, starting with secured credit cards, hopefully they graduated me too but if not I can apply for other cards later after I proved myself to them. I would love to have the citi double cash.

  9. I have a Citibank diamond secure card when I graduate to a diamond preferred card I don't have to use my old card no more rite.

  10. Hey mvp duane do you have to have a regular checking in order to apply for the card??? iam thinking about getting the citi bank secure card even tho i have discover and amex blue cash card

  11. Just got my card in today but it does not have that option to check FICO score. Do I have to wait 1month before it reports my score? I understood that it would be available as soon as I got my secured credit card

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