02-20-2009 02:48 AM
Perfect payment history, PIF every month until last month when I sent $100 on $20 minimum. Large check from client due on 3/1 and was going to PIF then.
6k limit cut to $102 above balance due. New CL of $1202.
I hope they're not balance chasing too.
One of my favorite business cards that usally saw 500-1500 use a month.
Guess I'll call today and see what can be done.
Sign of the times again.
It's funny, 'Prime' CC's are the ones I'm most concerned about now. Citi and BoA both tanked in the market again yesterday, they're on their way to being penny stocks at this rate.
02-20-2009 11:06 AM
02-20-2009 03:22 PM
I called and was told they would review the account again (CSR said they always review with a soft pull) , he made my notes of my statements for the review, such as PIF and primary biz card, etc.
We'll see what happens, but no instant restoration.
02-21-2009 02:39 AM
My boss has a Citi Business card, and after reading your post here I went ahead and asked him if there was a CLD on his account. I checked it over and none that I could see. It has a credit line of 65k and he always pays in full. Maybe they just have it out for you?
02-21-2009 04:02 AM - edited 02-21-2009 04:09 AM
I'd check occasionally if I was a holder of any 'prine' CC's these days. Chase, Citi, BoA, Amex, etc., are all CLD'ing and closing with periodic AR's.
They don't just have it out for me but I did fall into their crosshairs this time along with quite a few others who posted about Citi Biz on another credit site who cannot be named here.
There were a number of posts about Citi Biz a few weeks back and how they pull your personal CR instead of your Biz CR for account reviews and how that shouldn't be.
You don't have to be delinquent or anything else, they just are reducing exposure if you do not use your CL at the upper end of it's limit sometimes.
Cit and BoA are in terrible shape right now, watch CNBC and follow the markets. They're both trading way below $3. When Chase fell below $4 a share a week or two ago it's CEO , Jamie Dimon, stepped in and bought over a million shares to show confidence to investors that day.. Normally that's done behind the scenes with SEC filings, not publicly as you would make the trade if you're an insider.
There was a rumor that AMEX totalled all of it's available CL's a few months back and they came out to be 2-3 times the amount of liquidity they had available. That means if everyone charged up their CC's AMEX would not be able to pay the vendors off.
This is why it became company policy to CLD and close CC's until they were under the amount of cash at hand. Remeber there is almost no bank to bank lending going on right now. If they're in deep trouble they get bought out or fail, they can't borrow unless they take TARP ( and that has all kinds of strings attached now).
If this is true than expect other CC issuers to follow the same model.
These CLD's and closings are going to be common as the big banks that are in trouble reduce exposure, and they will happen (and have been happening ) to even great customers.
02-21-2009 05:55 AM
Sorry to hear about the CLD. I guess when it rains, it pours.
I don't know what the deal is with Citi and Bank of America.
They both appear to be running scared right now despite what
you hear in the press. But that's still no excuse to jerk around
their customers. I've never seen such a concerted effort by banks
that are "too big to fail" to push away their best customers. But
in my view, that's exactly what is happening.
The thought of nationalizing banks is also starting to gain more and
more traction. Maybe they figure, "If Uncle Sam is going to take
us over anyway, why should we care how we treat any of our
customers....much less our best ones??" The more this thing drags
out, the less sense it makes...
Once again, sorry to hear about the credit limit decrease. I know you
have some really good credit union credit cards as well. I'd hang on to
those for the time being and kick all the bank cards to the curb. Not only
are they acting like they don't want our business, but they don't deserve
our business either. What a shame....
"The right attitude is everything"
02-27-2009 02:59 AM
Well I called and spoke to a CSR and was told they would review the acct. again as I posted above.
When I logged on this morning they have restored my previous credit line.
Thanks for any support shown gang.
02-27-2009 03:11 AM
02-27-2009 04:56 AM - edited 02-27-2009 05:02 AM
Congrats on the CLD reversal, Jax.
Going forward, I think it would be wise for you to take
a "forgive but don't forget" approach to Citi. I'm glad that
they set things right, but if they can CLD you once they
can do it again. So it might be smart to shift more of your
business to the CU cards. They care less about how much
of your credit lines you use and more about making payments
Once again, I'm glad things worked out for you, Jax.
A CLD reversal is the exception these days --- not the rule.
You should consider yourself very fortunate indeed.
"The right attitude is everything"