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Citicards Complaint - Secured Credit Card Will Hurt Your Credit At The 18 Month Mark - Secured Credit Card
Complaint
I paid all of my payments on time. At the 18 month mark I checked my Transunion credit report because of an alert I received. Turns out my credit score dropped 7 points from the inquiry Citicards did to review my credit to determine whether or not they would give me an unsecured credit card. After 18 months of working on my credit score to raise it 20 points it dropped 7 points due to an unauthorized credit check without any warning. Unfortunately there is no way to remove the inquiry or make up the 7 points. I spoke with a manager and he told me the only way to prevent the credit inquiries is to cancel my card.
Comments:
Posted by jktshff1 on 2011-05-23:
That's pretty much the way it works...I use cash.
Posted by raven2010 on 2011-05-23:
You claim there is no warning--however, Citi tells you in the agreement when you sign up they WILL check your credit periodically.
Posted by trmn8r on 2011-05-23:
To get your credit into better shape will be a long, hard road. You just have to put your head down, plow ahead. Pay all of your bills on time. If you use the card, pay it off every month.
I checked my score once, maybe 3 years ago. I would recommend concentrating on improving all the things that go into your score, and ignoring the actual score. Otherwise, you may beat yourself up for small changes like this.
I checked my score once, maybe 3 years ago. I would recommend concentrating on improving all the things that go into your score, and ignoring the actual score. Otherwise, you may beat yourself up for small changes like this.
Posted by Anonymous on 2011-05-24:
If you are worried about a seven point drop in your credit score than Citicard is doing it's job keeping up with your actions. You game them permission when you accepted their card. It's good to see these credit agencies doing the right thing these days.
Posted by Anonymous on 2011-05-24:
It's a temporary hit and will wear off all by itself. Don't worry about it. Your credit score is constantly evolving. Just keep doing what you're doing and it will work out favorably in the end. Trying to manage every single point will drive you crazy.
Posted by Nohandle on 2011-05-24:
I honestly never have understood how the credit score worked. I'll read one thing and then later understand that's false information. I suppose it's whatever you are reading at the time. I do know it takes a while to go from a secured to unsecured credit card and due in many cases to poor payment records in the past. Hang in there and continue to pay your bills on time. One of these days you'll have an unsecured credit card and just make certain you don't cause them to regret providing you one.
Posted by Fufu487 on 2011-05-24:
I have seen people hold themselves back significantly because they're afraid of hitting the credit bureau. Please, don't fret over the odd hit. it will recover just fine if you're taking the right steps.
Posted by revan on 2011-05-24:
Don't cancel credit cards, it will lower your score. The older the credit the better. I am in the process of rebuilding my credit after a BK 1 year ago. I have 3 Visa/MC's that aren't secured. Hard inquiries will fall off your report in 2 years.
Posted by Anonymous on 2011-05-24:
Raven and Revan in the same post? I thought a mild case of dyslexia was beginning to set in.
*cancelling appointment with the doctor*
*cancelling appointment with the doctor*
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