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CITI Hatred

New Visitor

CITI Hatred

CITI has just raised my interest rate to 29.99%, even though I've been a customer for 17 years and ALWAYS pay on time and more than the minimum. They wouldn't even consider lowering it. So I'm moving my small balance to another card, but I'm wondering if I can close CITI...? Probably a bad idea. I have a huge credit limit on it and it's my oldest card. But I truly hate them. And I don't want that credit limit just sitting there, for someone to potentially steal. Any opinions? Do you know how much of a hit (in points) I would take if I close?

 

Message 1 of 7
6 REPLIES
Moderator Emeritus

Re: CITI Hatred

 


bluebard wrote:

CITI has just raised my interest rate to 29.99%, even though I've been a customer for 17 years and ALWAYS pay on time and more than the minimum. They wouldn't even consider lowering it. So I'm moving my small balance to another card, but I'm wondering if I can close CITI...? Probably a bad idea. I have a huge credit limit on it and it's my oldest card. But I truly hate them. And I don't want that credit limit just sitting there, for someone to potentially steal. Any opinions? Do you know how much of a hit (in points) I would take if I close?

 


 

Hello and welcome.

 

Don't let emotion dictate what you do with this card. Citi jacked my rates several years ago from 7.9% to 25.99% and of course I was upset just like you are but I decided to play their game. I kept the account open and haven't paid them a penny in interest since then, Use the card every few months for a tiny purchase and then pay in full. There is no reason to lose a high credit limit.

 

If the balance is zero closing it will have no effect on your score. Here is a good thread talking about Closing Credit Cards.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Message 2 of 7
Valued Contributor

Re: CITI Hatred

+1

 

Message 3 of 7
New Visitor

Re: CITI Hatred

Good advice, marinevietvet. I'll cool down a bit and string Citi along...  Smiley Wink    Thanks!

Message 4 of 7
Regular Contributor

Re: CITI Hatred

How high of a balance did you have, how long did revolve the balance, and what is the CL on the card?

___________________________________

EQ FAKO: 779 (03/26/15)
TU FAKO: 785(03/26/15)
Citi Double Cash | Citi Forward | BankAmericard Cash Rewards | Amex Zync
Message 5 of 7
Regular Contributor

Re: CITI Hatred

Which Citi card do you have? Why did they rate hike you? High util?

Message 6 of 7
Senior Contributor

Re: CITI Hatred


bluebard wrote:

Good advice, marinevietvet. I'll cool down a bit and string Citi along...  Smiley Wink    Thanks!


Yes, one key rule ... Don't get mad, get even.  Smiley Wink

IAALBNYL
Message 7 of 7