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F***ing Citi

The last post in this topic was posted 4734 days ago. 

 

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we are going through a banking/mortgage crisis, and yes it's a crisis. virtually every bank with a name out there is loosing and will loose billions of dollars, not just a couple of dollars.

We made it through Katrina. This morgage nonsense will blow over.

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See...I wouldnt not do business with them because it's in their T&C's, but because they acted on it. According to OP, they didnt have an apparent reason. I mean, Universal Default is in most creditors T&C's, but they usually dont act on it unless they have a reason. And Im not saying that was universal default

Citi did away with UD...dealing with risk by closing accounts because they can.

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Not sure why, but Citi closed all of my accounts unannounced. Everything looks normal on the website, but 2 CSRs confirmed that all 4 of my accounts were closed and told me to call 888-258-1166.

 

2 have small PIF balances, but 1 has a 0% BT on it.

 

New Professional card has never been used.

 

I increased my Citi portfolio specifically to get away from companies who pull this crap.

 

 

This sounds a lot like what happened to SO. She had one Dividend cash card and applied for a Diamond Preferred from a mailed offer. When the DP was approved, a CSR called and offered her a $1k Citi Professional. She accepted, and received both new cards in the mail.

 

Soon after she got a letter saying her accounts were closed because of suspicion of fraud. She called the number, answered some questions and everything was restored.

 

I don't know if the new Professional card was what did it, or the fact that she had 3 new accounts with them in about a 4 month period. :unsure:

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This sounds a lot like what happened to SO. She had one Dividend cash card and applied for a Diamond Preferred from a mailed offer. When the DP was approved, a CSR called and offered her a $1k Citi Professional. She accepted, and received both new cards in the mail.

 

Soon after she got a letter saying her accounts were closed because of suspicion of fraud. She called the number, answered some questions and everything was restored.

 

I don't know if the new Professional card was what did it, or the fact that she had 3 new accounts with them in about a 4 month period. :unsure:

Makes me feel happier about all the offers I just fed to the shredder.

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OP--how did you discover that the accounts were closed initially?

 

I tried to use one of them at a gas station, declined twice, then tried another Citi card and denied twice.

 

Everything looked fine on the website....in fact, my Professional card was closed on 11/13 and I successfully enrolled it on the website 11/18....shows available credit and all.

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Just wondering if anything changed in your report, a collection...anything???

 

Nothing changed at all. My overall utilization is about 10% and 90% of it is with Citi. Only new credit in past 9 months is with Citi. They pulled TU for my new Professional card 3 weeks ago and the last EX soft was 11/4.

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Spoke with their risk management department....the only thing they could offer was that I "may" have too much available credit on my reports. I clarified that it was available credit and not debt and the CSR confirmed. They are doing a review and will let me know next week about all 4 accounts.

 

My oldest account is with Citi, the other 3 are within the past year. CSR said I could probably keep the 0% BT, but I would transfer it anyway because I don't want a balance on a closed account.

 

I think what triggered this was my Professional approval.....they approved me for 25K which took my exposure to Citi from 27K to 52K.....6 months ago it was only 6K of exposure on a 12 year old account.

 

I think it is reasonable that I should not be allowed this much credit with Citi....no problem for me there. But why in the hell did they approve me for another 25K via manual review 3 weeks ago???

 

If they close the Professional (never been used) and let me keep the other 3 with 27K total CL I am fine with that. It is still bull%^&* that they do it this way....no letter has been mailed, no email, no phone call, no alert on website.

 

I know this is within their T&C. If I get any of them reopened, they will have to deal with my T&C. I'm willing to play the game to get me into other prime banks on my terms.

 

I'll let you guys know next week when I find out.

 

Thanks for the support in the meantime!!

 

Happy Early Thanksgiving :clapping:

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Was able to PIF 2 accounts with balances online.

 

Waiting to hear account status next week before I decide what to do with my 9K BT at 0%. As of next week, this BT account will be the only account of mine (across the board, not just Citi) with a balance.

 

I have been procrastinating on getting into CUs for awhile. Now might be the time to take advantage of my membership to the National Space Society.

 

Maybe God is punishing for calling Orchard last week to tell them I no longer need them :good:

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I think what triggered this was my Professional approval.....they approved me for 25K which took my exposure to Citi from 27K to 52K.....6 months ago it was only 6K of exposure on a 12 year old account.

 

Obviously they are getting nervous and trying to minimize losses on the credit card side. In my case I think I passed their cap for my income somehow. They cut my total lines from $107k to $70k. I'm not sure how business lines figure in the mix but they did approve a $10k biz card yesterday.

 

I'm kind of concerned in your case since you weren't opening a lot of new accounts and they cited total available credit. That doesn't sound good for a lot of us.

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I think what triggered this was my Professional approval.....they approved me for 25K which took my exposure to Citi from 27K to 52K.....6 months ago it was only 6K of exposure on a 12 year old account.

 

Obviously they are getting nervous and trying to minimize losses on the credit card side. In my case I think I passed their cap for my income somehow. They cut my total lines from $107k to $70k. I'm not sure how business lines figure in the mix but they did approve a $10k biz card yesterday.

 

I'm kind of concerned in your case since you weren't opening a lot of new accounts and they cited total available credit. That doesn't sound good for a lot of us.

 

They didn't specify whether it was total available credit with them or overall. FWIW, the Citi Professional for 25K put me over 100K of total revolving, but that is barely over 1X income.

 

I am hoping this is because they have a rule regarding exposure with Citi vs HHI....I would be more than happy to keep all 4 accounts with lower credit limits, or keep my oldest and the one with the 0%BT for 9K on it. I wasn't expecting 5 figure approvals anyway.

 

The only thing that really bugs me is that they do a soft every month on EX, and they have pulled 3 hards on TU for my 3 approvals over the last 6 months....it also bugs me that they didn't notify me. All 3 approvals have taken a couple of weeks so they have looked at my reports and not just scores. Scores haven't changed and nothing on my reports has changed either. The ONLY change that is material on my reports is more available credit due to Citi extending it to me. I increased my portfolio with Citi specifically because I expect this from Chase and Amex.

 

I guess I need to just let it rest until next week and then figure out what my recourse is. I'm not about to open multiple new accounts to compensate for this loss because I don't want to lose the 40K I have with Amex.

 

Thanks for the input on both threads Shawnee....have a happy holiday!

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This really isn't making much sense in your case. Definitely contact them and try to get a definitive answer.

 

I'm thinking the available credit was on their cards. At only 1x income that is not really high, right now I'm at over 3x income so if that was the case they probably would have closed all of my accounts as well.

 

Good luck and let us know what happens. And happy turkey day!

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Took a few days and it took multiple calls to various "credit management" supervisors, but I was able to figure out some pieces of data that may be relevant to others.

 

I DID hit an exposure level with Citi, but it was a loose one. It was the exposure level that made them look at my reports...they didn't close my accounts because of how much credit I had. They looked at my report because of how much new credit I had with Citi.

 

What triggered the closing of my accounts was an A$$set collection that appears to be new...despite that fact that it is past the SOL and has been on my report for years.

 

Supervisor told me that his department lacks the manpower to call people and let them know of their account closure. Instead, they send a letter which took me 10 days from closure to receive. I made a complaint that I was able to enroll my new Professional account online, despite the fact that it was closed one week prior, and that I could not understand why the website showed that I had 25K available credit on the card.

 

I also complained that it was the same hard TU pull that used to give me the 25K Professional that also caused the closure of all accounts. Supervisor confirmed that the left hand doesn't always know what the right hand is doing......new credit has quotas.

 

Supervisor confirmed that "thousands" of accounts have been closed recently in the same fashion as mine.

 

Citi let me keep my 12 year old account and let me keep the PP which has a 0% BT on it. DPS and Professional (37K CL with $0 balance...both less than 7 months old) were closed.

 

The supervisor was apologetic for the way the accounts were closed and was sympathetic to my desires. I was able to tell them which 2 accounts I wanted to keep and they let me keep them. If I had not been diligent, all 4 would have remained closed. I am appreciative for the CBers out there who have reminded me not to take "no" for an answer.

 

This is still AA, but I am pleased with the outcome.

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One other thing that is worth mentioning.

 

The supervisors (more than 1 confirmed) were fully aware that I hit the CLI button on my 12 year old account. I did not fill out the form, but they know that I hit the button and I received a letter in the mail regarding my denial of CLI. I used to click the button all the time because I figured there was nothing to lose unless I fill out the form....time to think again.

 

Citi is definitely on the lookout.

 

No CLI requests, apps, etc for me for awhile.

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I DID hit an exposure level with Citi, but it was a loose one. It was the exposure level that made them look at my reports...they didn't close my accounts because of how much credit I had. They looked at my report because of how much new credit I had with Citi.

this (and you later comment about the CLI button) should be in the forefront when anyone applies for new credit or asks for a CLI, especially with the current credit crisis. Slow and steady wins the race; too much too soon and you might get burnt.

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I'm thinking those of us with high CL and very low util% will want to consider moving/combining certain cards to non-limit-reporting Signature/World cards.

 

 

thats part of MY plan

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One other thing that is worth mentioning.

 

The supervisors (more than 1 confirmed) were fully aware that I hit the CLI button on my 12 year old account. I did not fill out the form, but they know that I hit the button and I received a letter in the mail regarding my denial of CLI. I used to click the button all the time because I figured there was nothing to lose unless I fill out the form....time to think again.

 

Citi is definitely on the lookout.

 

No CLI requests, apps, etc for me for awhile.

 

I think its being noted before here, that Citi keeps tracks of when you hit the button and how many times too..

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I am appreciative for the CBers out there who have reminded me not to take "no" for an answer.

 

This is still AA, but I am pleased with the outcome.

 

Aw, yay! I'm so glad you called. Sometimes the phone IS your friend. :D

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One other thing that is worth mentioning.

 

The supervisors (more than 1 confirmed) were fully aware that I hit the CLI button on my 12 year old account. I did not fill out the form, but they know that I hit the button and I received a letter in the mail regarding my denial of CLI. I used to click the button all the time because I figured there was nothing to lose unless I fill out the form....time to think again.

 

Citi is definitely on the lookout.

 

No CLI requests, apps, etc for me for awhile.

 

This was noted a few years ago. They do know how many times you've hit the button, though it appears to be much like a seatbelt ticket in most states, they only tag that on to some other "violation".

 

I'm glad you were able to salvage your oldest account and the PP. There was another thread here yesterday where the OP figured calling them would be a waste of time. Your experience disproves that theory.

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we are going through a banking/mortgage crisis, and yes it's a crisis. virtually every bank with a name out there is loosing and will loose billions of dollars, not just a couple of dollars.

We made it through Katrina. This morgage nonsense will blow over.

 

Depending on where you live - it will not be anytime soon. They are telling us here in Phoenix.. no sooner than 2010, possibly not on stable ground until 2012.

 

I know several people in BK and foreclosure due to putting too many of their assets in housing - my folks have at least 3 houses on their street that have just been up & abandoned. No FOR SALE signs, the people just plain move out and then stickers go up on the window within the month.

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