03-27-2009 04:27 PM
I hope this helps...
Credit card defaults -- the failure to make a payment on a debt by the due date -- sprouted in February to a 20-year high. The increase is another sign that an increasing amount of U.S. citizens are neglecting their credit card debt amid an expanding recession.
According to a report by Reuters, American Express and Citi were the issuers hit the most by the missed payments. AmEx said its net charge-off rate -- debts that companies deem as uncollectable -- grew to 8.7 percent in February from 8.3 percent in January. And Citi -- a prominent issuer of MasterCards -- cited a 2.38 increase in defaults, skyrocketing from 6.95 in January to 9.33 in February.
The upsurge was larger than forecasted for the two issuers. Moshe Orenbuch, an analyst at Credit Suisse, said American Express credit card losses were 10 basis points larger than forecast (there are 100 basis points in 1 percentage point). One factor playing into the increase might be the U.S. unemployment rate, which hit 8.1 percent in March, and has left more than 13 million Americans jobless.
04-24-2009 04:06 AM
I HAVE HAD CITI BANK CREDIT CARDS SINCE 88, IN A RECENT HOSPITAL CRISIS I WENT TO USE MY CITI BANK CREDIT CARD WITH A 20k LINE OF CREDIT(I THOUGHT).........WITH OUT ANY WARNING THEY HAD CHANGED THE CREIT LIMIT TO 200 DOLLARS WITHOUT TELLING ME. SO I AM AT A DRUG STORE TO FILL A MUCH NEEDED PRESCRIPTION AND NO ENOUGH CREDIT ON THE CARD.
I CALLED CITI BANK AND THEY WERE RUDE AND CRUDE SAYING SINCE I HAVE NOT USED THE CREDIT CARD ENOUGH THEY HAD THE "RIGHT" TO LOWER MY LIMIT AND NEED NOT ADVISE ME.
I HAVE SINCE CUT UP THE CARD AND AM NOW USING MY CHASE CREDIT CARDS, (BY THE WAY CHASE STATES THEY DO NOT LOWER CREDIT LIMITS WITHOUT NOTIFICATION) I WOULD ADVISE YOU TO FORGET ABOUT CITI BANK PERIOD AND USE SOMEONE THAT APPRECIATES YOUR BUSINESS, I HAVE.....
CITI BANK WILL NEVER BE IN MY WALLET AGAIN.........SHAME ON CITI BANK
04-24-2009 08:54 AM
I am a Freshman in college and I applied for this card in July 08 and was approved. When I applied for this card, I had absolutely no credit. I had to send them proof of my enrollment in college and about a week later I was told I was approved.
Unless something has changed recently, it doesn't make sense that they would not approve you. (especially with your sores!) Since you are having crappy luck with CSR, I would recommend speaking with a Supervisor...maybe it is just a case of reaching the right person!
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