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Citi CLI Decrease...

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Andy77
Valued Contributor

Citi CLI Decrease...

 

 

I woke up yesterday to citi taking 5k from me on my 7k line.  So I am left with a total limit of 2k

 

I called them and they said they made a mistake when they increased my line to 7k because my card was still a secured card it should not have been approved.

 

Will this change greatly affect my scores?

 

Here is what I have left and balances

 

barclays 5k limit 20.00 balance

bofa 5k limit 450.00 balance

citi 5k limit 8.00 balance

citi 2k limit credit of 55.00

penfed amex 5k limit 0.00 bal

penfed checking line 500.00 0.00 bal

 

will the decrease of 5k really ding me?

 

 

Message 1 of 10
9 REPLIES 9
Gunnar419
Valued Contributor

Re: Citi CLI Decrease...

Yes, it might ding you some, but you can easily make up for that by paying off the little balances on several of your cards. Having fewer cards reporting balances may be enough to make up for any increase in utilization rate.

 

Message 2 of 10
Kenny
Moderator Emeritus

Re: Citi CLI Decrease...


@Gunnar419 wrote:

Yes, it might ding you some, but you can easily make up for that by paying off the little balances on several of your cards. Having fewer cards reporting balances may be enough to make up for any increase in utilization rate.

 


I agree. Too many balances reporting is not good.

Message 3 of 10
Andy77
Valued Contributor

Re: Citi CLI Decrease...

 

 

I am not going to let any balances report, but one

 

According to creditkarma, my utilization is too low so I am getting dinged on that..I have a C for utilization...so i guess I need to let one card report a larger balance  

 

It showed I owed 95.00 dollars total across all cards.  I guess that balance is not high enough and I need to leave a larger balance so my utilization will be between 2 % and 7 %

Message 4 of 10
Swapmeet
Valued Contributor

Re: Citi CLI Decrease...


@Andy77 wrote:

 

 

I am not going to let any balances report, but one

 

According to creditkarma, my utilization is too low so I am getting dinged on that..I have a C for utilization...so i guess I need to let one card report a larger balance  

 

It showed I owed 95.00 dollars total across all cards.  I guess that balance is not high enough and I need to leave a larger balance so my utilization will be between 2 % and 7 %


haha.....0% or below is too low.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Message 5 of 10
Anonymous
Not applicable

Re: Citi CLI Decrease...

Not a great start to the day. Yeah...
Message 6 of 10
TheGardner
Valued Contributor

Re: Citi CLI Decrease...

It won't greatly effect your utilization as its already low enough. I don't think it will effect your scores at all.

If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
Message 7 of 10
gdale6
Moderator Emeritus

Re: Citi CLI Decrease...

OP, I doubt you will even see a single point move as your outstanding balances are already low opposed to the total available credit. I think I would be closing that Citi card.

Message 8 of 10
bada_bing
Frequent Contributor

Re: Citi CLI Decrease...


@Andy77 wrote:

 

 

According to creditkarma, my utilization is too low so I am getting dinged on that..I have a C for utilization...

 

creditkarma is an okay resource for tracking when inquiries and CL changes come onto your report,

but they are totally full of it as far as how they treat utilization for calculating their FAKO score. If you

have access to a "real" TU FICO score and watch it change in response to changes in your utilization,

you would see CK FAKO often move in the opposite direction to a real TU FICO while looking at the same

underlying data. At least it does for my "bucket" when I tweak my reported utilization.

 

My CK FAKO is currently 748, my TU08 FICO is currently 812. I also rank a "C" from CK for utilization of

~1%.

+ 850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP
Message 9 of 10
Crisis
Established Contributor

Re: Citi CLI Decrease...


@gdale6 wrote:

OP, I doubt you will even see a single point move as your outstanding balances are already low opposed to the total available credit. I think I would be closing that Citi card.


+1

In the garden until debt is paid off and scores are up!
Message 10 of 10
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