Citibank is one of the top and finest banks in the world. It offers a bouquet of services and can make life very easy for all Citicards and account holders so long they are diligent with their finances. Therefore, it is important for every existing and prospective Citi credit account holder to forge a strong, steady and healthy relationship with Citibank. And, here’s what you need to do to strengthen ties with Citibank:
1. If you are keen to apply for a Citi credit card or a loan, you must know that the bank will look at your credit history to figure out your creditworthiness. If your credit report is full of red flags, do not apply for a Citi credit product. This is because all loans and credit cards applications are recorded in your credit report and if CitiBank learns that you have been painting the town red with credit applications, it will turn down your credit request.
2. Keep your identity safe and ensure that your private information is not compromised. This is because identity thefts and frauds are on the rise and a fake account opened in your name will harm your creditworthiness. All documents that contain personal information must be shredded after use and all accountholders must use their SSN (Social Security Number) very sparingly.
3. You must obtain your credit report from the 3 major credit bureaus (Equifax, Experian and TransUnion) once a year (or more, depending on your transactions) and check if your information is recorded correctly and whether the report contains any mistakes. All mistakes must be rectified immediately. If your payments have been on time, if you have no delinquencies, and if you do not owe high amounts of debt, then your credit report will look good enough to qualify for a Citi credit product. Moreover, a good credit report qualifies you for a lower APR. Remember, even a 1% cut in APR can help account holders save 6-figure sums over a period of time.
4. Always pay your Citi credit bills on time and maintain a good debt/income ratio. The debt:income ratio is calculated by dividing all minimum debt repayments excluding mortgage repayments by the net income that is left over after taxes. Lenders typically assume that a borrower is over-leveraged when his monthly repayments (excluding mortgage) are more than 30% of his net income.
5. Finally, if you want to qualify for elite and low interest Citi credit products, you must pay your dues on time, in full and stay within your credit limit. Violation of any of these conditions will sink your creditworthiness and credit score.
These tips will help you learn financial discipline and maintain a good-looking and smart credit report that will help you qualify for all the top Citi credit products.