Getting approved for the Citi Diamond Preferred credit card can seem daunting, especially if you don’t have a perfect credit score or a high income. However, it’s not as hard as you might think if you understand the requirements and how to improve your chances.
Citi Diamond Preferred Requirements
Here are the basic eligibility requirements for the Citi Diamond Preferred card:
- Good to excellent credit (720 score or higher recommended)
- Minimum annual income of $20,000
- $95 annual fee
In addition to the above, Citi also looks at these factors when considering your application:
- Credit history length – They prefer to see at least 3 years of credit history.
- Credit mix – Having experience with different types of credit (credit cards, auto loans, mortgages, etc.) is preferable.
- Hard credit inquiries – Too many recent inquiries can negatively impact your chances.
- Outstanding debt – High balances and utilization on other credit cards may make approval harder.
What credit score is needed?
Citi does not publish the exact credit score requirements for the Diamond Preferred card. However, most applicants who get approved tend to have scores of 720 or higher. The higher your score, the better your approval chances. Here’s a breakdown of approval odds by score range:
Credit Score Range | Approval Odds |
---|---|
760-850 | Excellent |
700-759 | Good |
680-699 | Fair |
650-679 | Poor |
640-649 | Very Poor |
630-639 | Extremely Poor |
As you can see, your chances go up significantly once you reach a score of 700 or higher. But even people with scores in the mid 600s may be approved with good other credit factors.
How to improve your approval chances
If your credit score or income is currently below the recommended ranges, here are some tips to improve your approval odds for the Citi Diamond Preferred card:
- Boost your credit score – Pay down balances, dispute errors on your credit reports, and establish positive payment histories on your existing credit accounts.
- Lower credit utilization – Keep balances low on all revolving credit lines. Ideal utilization is below 30%.
- Become an authorized user – Get added as an authorized user on a spouse or family member’s credit card if they have great credit.
- Increase your income – Higher income always helps. Bonus points if it’s steady W-2 income vs. self-employment.
- Apply with a co-signer – Adding an applicant with better credit can get you approved.
Following the steps above can significantly improve your Citi Diamond Preferred approval chances. Paying your bills on time and keeping credit card balances low are two of the most important things you can do.
How hard is it to get approved?
The Citi Diamond Preferred card is one of the more difficult cards to be approved for compared to other rewards cards. Citi prefers applicants with excellent all-around credit profiles. Simply having a good credit score isn’t necessarily enough.
Approval rates for the Diamond Preferred tend to be around 40-50% on average. Here is how approval odds typically compare among different card applicants:
Applicant Profile | Approval Odds |
---|---|
720+ credit score, $100K+ income | 80-90% |
700-719 credit score, $75K income | 60-70% |
680-699 credit score, $50K income | 40-50% |
660-679 credit score, $35K income | 20-30% |
640-659 credit score, <$30K income | <20% |
As you can see, it’s significantly harder to get approved if you have an average credit score and income. Excellent credit and higher income offer the best approval odds.
How to improve your chances after being declined
Don’t get too discouraged if your Citi Diamond Preferred application is declined. Here are some tips to improve your chances if this happens:
- Wait at least 6 months before reapplying. This gives you time to improve your credit or income.
- Get added as an authorized user on someone else’s Citi card. This builds a positive history.
- Call the reconsideration line and politely ask if they can reconsider your application.
- Consider applying for a different Citi card first to build your relationship.
- Improve your credit by paying down balances and disputing any errors.
Following a denial, be sure to get a copy of your credit report so you can review the reasons Citi listed for declining your application. Addressing any negative factors will help your case in the future.
Alternative cards to consider
If your credit situation just isn’t ready for a Citi Diamond Preferred approval yet, consider one of these alternative cards first:
- Citi Custom Cash Card – Earn 5% back on up to $500 spent in your top spending category each billing cycle. No annual fee.
- Citi Rewards+ Card – Earn 2 ThankYou Points per $1 spent at supermarkets and gas stations. No annual fee.
- Citi Double Cash Card – Earn 2% cash back on all purchases (1% when you buy and 1% when you pay). No annual fee.
- Discover it Chrome – Earn 2% cash back at gas stations and restaurants. No annual fee and cash back match in the first year.
These Citi and Discover cards are easier to be approved for. Building your credit with one of these cards can help pave the way for a Diamond Preferred approval later on.
Conclusion
The Citi Diamond Preferred card has moderately tough approval requirements compared to other rewards cards. Excellent credit and a good income are recommended for the best approval odds. But if your credit situation isn’t perfect yet, there are steps you can take to improve your chances either for initial approval or after being declined initially. Maintaining positive payment histories and keeping credit card balances low are two of the most effective ways to prime your credit for approval. With some time and discipline, you can position yourself to eventually earn the lucrative rewards and benefits that come with the Citi Diamond Preferred card.