Citi Secured Credit Card Review

If your application for a Citi® Secured Mastercard® was denied, you have several options. You can call for reconsideration, apply elsewhere, seek a co-signer, or become an authorized user on someone else's account.  

If you were denied for the Citi Secured, there are a few possible explanations. Citi has a rule against accepting applicants with a bankruptcy in the last two years, for one thing. And like other issuers of secured cards, they will turn down people who don't have enough income to make payments, or who have too much debt relative to their income. You must also be at least 18 years old and have both a U.S. mailing address and an SSN.

Here's what you can do if your application for the Citi Secured was denied:

• Call the Citi reconsideration line at (800) 695-5171. Reconsideration is a good option if you think something about your application needs explaining, or if your situation has changed. If you can demonstrate that your finances are in better shape than they appeared, Citi may reverse your denial. But it's a longshot.
• Apply for a different secured card. Citi isn't the only secured credit card issuer. There are plenty of other options to consider, including a handful of secured cards with no credit check.
• Get a co-signer: A co-signer is someone who backs your application for a card by assuming responsibility for any balance you can't pay. Citi doesn't allow them, unfortunately, but other card issuers do. And if your co-signer has excellent credit, you should be able to get one of the best credit cards on the market.
• Become an authorized user: You can ask a friend or family member to add you to their card as an authorized user. As long as that person pays the bill on time, your credit score will improve over time.
• Wait it out. If your financial circumstances might change in the near future, or if you have a bankruptcy on your record that will soon age enough for you to get the Citi Secured, waiting is an option. But it's far from your best one. You need to start rebuilding your credit as soon as possible, and there are other secured cards that you can get right now.

If your application for the Citi Secured was denied, don't get discouraged. There are other secured credit cards out there, and you'll be able to start rebuilding your credit in no time.

To qualify for a Citi Secured credit card graduation, you must have had your account open for at least 18 months. While there are no specific guidelines for how to ensure your Citi Secured graduates to an unsecured card, your credit performance will factor into it. 

How to increase your chances of graduating with the Citi Secured:

• Keep your account in good standing by paying your bills on time and in full. 
• Keep your credit utilization below 30%.
• Monitor your credit score and review your credit reports frequently.

Unfortunately, you cannot request an earlier graduation date for the Citi Secured. You will have to wait until the maturity date. If your account is eligible for graduation, you will be notified by mail at least 30 days prior to reaching 18 months since account opening. 

In the event that your account does not graduate, a letter informing you of this matter will be sent out to you 20-30 days before approaching 18-months of account opening. When a Citi Secured account does not pass graduation, it can either remain secured, or you can close it.

You can check your Citi Secured application status online or by phone at (888) 201-4523. 

If you're having trouble checking the status of your application, call customer service at (866) 606-2787.

Here's how to check the Citi Secured application status:

• Online: To check your status online, you will need to provide your application ID and your ZIP code. If you can't find the application ID, you can enter your primary phone number, ZIP code and date of birth.
• By phone: To check your application status by phone, call (888) 201-4523 and provide your Social Security number to confirm your identity.

Keep in mind that the average processing time for a Citi credit card application is 7-10 days. If approved for an account, your card should arrive within 14 days of the decision.

You can apply for the Citi Secured Mastercard online or in a Citi branch.

Please note that Citi has a rule against accepting applicants with a bankruptcy in the last two years. And like other issuers of secured cards, they will turn down people who don't have enough income to make payments, or who have too much debt relative to their income. 

If your application for a Citi Secured Mastercard was denied, you might have a second chance by calling Citi's reconsideration line at 800-695-5171. By discussing your credit history, income, or other financial factors, you may be able to convince them that you should be approved for the card after all. 

Yes, a Citi Secured card can become unsecured as soon as 18 months after the account is opened. You cannot request that the account become unsecured, though, and Citi does not guarantee that it will happen. The best way to improve your odds of graduating to an unsecured card, and thus getting your deposit back early, is to pay your Citi Secured bill on time every month. If after 18 months, the Citi Secured card does not graduate to an unsecured card, you can call customer service and check on the card's graduation status.

If the Citi Secured card graduates to an unsecured card, you can either keep the existing account open or close the account and apply for a different Citi card, such as the Citi® Diamond Preferred® Card or Citi Double Cash Card. If you decide to keep your newly-unsecured card, Citi may also consider you for a credit limit increase shortly after the Citi® Secured Mastercard® card graduates.

Bear in mind that when a Citi secured card becomes unsecured, it is not considered a new account, so there's no hard pull on your credit report and no negative effect on your credit score. But if you choose to apply for a new Citi card, your credit will be pulled.

It is not very hard to get the Citi® Secured Mastercard® because it is available to people with limited credit. The Citi Secured card is actually a relatively easy credit card for the average person to get.

In order to get the Citi Secured card, you will have to meet the credit score requirement, have a steady income and be at least 18 years old. You'll also need to have an SSN.

Keep in mind that even though it's not hard to get the Citi Secured card, you're still not guaranteed to be approved.

There are two ways to get a Citi Secured card deposit refund:

1. When you close your account, you will need to pay your outstanding balance and your deposit will be refunded to your checking account or as a check.
2. Once you are approved for this credit card, your security deposit will be held in a non-interest-bearing Collateral Holding Account for 18 months. After this period, if your account is in good standing, you may be eligible for an unsecured card – at this point, your deposit will be refunded to you in full, provided that you do not have an outstanding balance. If you do, they will apply the security deposit to the outstanding credit card balance and refund the difference.

You can get a credit limit increase for your Citi Secured card by keeping your account in good standing for 18+ months. Citi might consider graduating you to an unsecured card, in which case your security deposit will be refunded and you could get a higher credit limit.

Unfortunately, you cannot increase your limit simply by adding to your initial deposit after opening your account. The amount of your initial security deposit will serve as your credit limit as long as your account is secured.

Your Citi Secured Card security deposit has to be transferred from your bank account for online applications. However, if you do not have a bank account, please visit a Citibank branch to speak with a banker about applying for the card. Hope this helps!

You should receive the card within 7 to 14 days. If you would like to check on the status of your card, customer service can be reached at 800-726-2109 . Hope this helps!