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New Member
ankids4
Posts: 6
Registered: ‎04-23-2010

Re: Citi Credit Card approval?

 Transunion was just recently updated to 846,and the other two are 750 and 741,

Senior Contributor
score_building
Posts: 3,468
Registered: ‎01-10-2008

Re: Citi Credit Card approval?

Your FICOs may also be excellent--those are the ones to pull, looks like you've listed an EX FAKO.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (WALMART)
Regular Contributor
JackBeNimble
Posts: 175
Registered: ‎04-02-2010

Re: Citi Credit Card approval?

 


ankids4 wrote:

I would run for the hills!  After 23 years of Credit History with CITI, they are closing our account on May 13th..  We have never been delinquent, never paid late, always paid the balance in full and have credit scores over 700 on all 3 bureaus.  The letter we received stated that we didn't meet their criteria for credit worthiness, even though we monitor our credit scores and they haven't changed in the last 6 months.  After 23 years.... what a shame.

 

Per their customer service team:  there is nothing they can do.  We routinely charge 3k+ each month and pay it off, but that doesn't seem to matter to them.  I asked if they weren't making money on us because we pay balance in full, but was told they made money on our usage each time we used the card.  They verbally thanked me for our loyalty....Ironic.  They said they were closing many accounts due to inactivity, delinquency, or information obtained on a credit report.  Again, we monitor our credit and neither of the other reasons apply to us.  We simply don't meet their credit standards (!)

 

Not sure what they feel is adequate credit, but I don't appreciate the anticipated "ding" our credit because of this closure, as what I am learning is that closure of a "seasoned" account will affect the score and utilization % will increase as a result of the burden of our racing expenses will be forced on another account. 

 

I would not recommend Citi because if we don't meet their standards after 23 years, I'm not sure who does.

 

Good luck


 

Man, I wish I had "racing expenses".  That's so totally cool.  I have like "eating expenses" and "driving expenses".

 

They said " inactivity, delinquency, or information obtained on a credit report".  It obviously wasn't inactivity or delinquency, so it must be something on your CRs.  I think that counts as being denied credit, so I think you're entitled to a written explanation  from them about why they're closing your account.

 

I'm shaking in my boots.  I have a $6000 LOC with Citibank and a $630 Citi Platinum.  In the last few months I completely paid off the LOC after carrying a balance for years.  If   they whacked you with your history, I bet my file says "terminate with extreme prejudice".

 

 

 

 

-----
04/2010 EQ 656 TU 648
05/2010 EQ 669 TU 664
06/2010 EQ 674 TU 678
07/2010 EQ 666 TU 667
Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009

Re: Citi Credit Card approval?


ankids4 wrote:

for a period of approximately 4 years, we did revolove balances, still paying well over the min amount due, as our racing expenses were wholly funded by us with no sponsorship.  Still can't justify why they are closing the account, revolving or not, and why if it's not profitable for them, can't they just say so!  To blame it on our credit is simply a joke!  BTW, I just  checked our updated score and one of our credit scores is 846!  We almost can't do any better than that! 

 

We have 4 other major credit cards, and I am afraid the trend will turn to them next, leaving us with no options RE credit cards, but only bank debit cards. 

 

As far as other accounts, we treat them all equally.  It only made sense to use the cards (and the bank's dime) during the grace period on purchases, keeping our money in the bank until the bills were due.  Then we pay them off by their due date.  We don't pay interest, so reduced or increased interest rates don't much matter to me. 

 

We use the cards to the tune of about $6000 per month or more, depending on which kid's tuition is due when. (We have 4 in college).  Is this the wrong way to use credit in this day and age?  I am from the old school:  If you can't afford it, don't get/do it.   Any feedback is appreciated.


Write a letter to the CEO of Citibank and you'll get a call from the Office of the President (i.e. Executive Relations).  They'll probably make things right.

IAALBNYL
New Member
ankids4
Posts: 6
Registered: ‎04-23-2010

Re: Citi Credit Card approval?

LOL!  Yes we have major eating and driving expenses too, but when you have told your kids they can do "whatever you set your mind to" (and one of them picks driving a stock car....) you support them!  We have 4 sons and the 3 oldest can really drive and be competitive!  However:  Dedication to the sport/career, gets the ride.  #3 son (now 20) essentially has no "life", and hasn't since he was 9 years old.  Maladjusted, maybe, but man is he COMMITTED!  He does all the work, fabrication, setup, ordering, painting himself (with Dad's watchful eye) but Dad lives 90 miles away during the week.   We won't do this forever, as this is not "for fun".  We are attempting to give him his best shot at being picked up by a major team, either in Trucks, Arca,or  Nascar.  It's simply too expensive,sponsorship is too limited, and believe it or not, he is almost too old.  Check out Nickolairacing.com to see what we do.

 

About the Credit card tho, Our credit report is extremely good a, and the only "dings" come from the fact that we have a couple 12 mo same as cash accounts that we have paid off years ago, but still show open.  We are in the process of closing those.  We have no car loans, and we haven't carried a balance on a credit card in years.  We have 3 mortages (2 are on rental apartment buildings and pay for themselves).  When they close this citi-card on May 13, we will only have 4 credit cards.  Like I say, History should say everything, but with the new way they are looking at creditworthiness, we are wondering what we have to do to qualify.  Do we open more cards and spread the balances around even more?  (an accounting nightmare already)   I have asked what they want, and all they can tell me is that the decision was based on our credit report, which hasn't changed negatively, but has gotten better.  The reason they cited was "High balances on revolving accounts"  (DUH!  we know, as we pay them every month!!!)  I'm really afraid that their decision to close the account will have a negative effect on our Scores.  I know I can file a response to any negative comments with the credit bureaus, but as I previously experienced, It is a HUGE PAIN!  I just wish they would look at each of their customers independently, but they are not, as the Customer service person said "thousands" of accounts are affected by the 3 reasons above.

 

Good luck with them.  I sure hope they treat you better than they have treated us after 23 years!

New Member
ankids4
Posts: 6
Registered: ‎04-23-2010

Re: Citi Credit Card approval?

Do you think that would work?  I was told when I questioned their decision (and was thrown into a panic thinking something was drastically wrong with our credit all of a sudden!)  that "others have called and we have pushed it up the ladder, but there is nothing that can be done.  No adjustment to their decision has been made".

 

  Anything is worth a try, I guess.  What I am going to do is file a statement containing relevent information about this account if it impacts our credit negatively. 

 

 IMHO, I believe more things need to be considered in determining creditworthiness, not just your application information!  Granted, 23 years ago when we opened the account, our income was significantly less than it is now.  Still, 23 years after the fact, with no negative report from CITI (or Fleet who citi aquired the account from), we don't meet their criteria for continuing credit based on our credit report.  I'm confused!  Why doesn't FICO consider income in scoring IF the clients choose to have that considered?  I realize that is a can of worms, but Mortgage companies look at your tax return when determining whether or not you're a "good risk" even though it's a "loan secured by real property that can be disposed of to settle the debt"?  Or they impose "insurance" if you are a risk, or they deny you!  It's that simple!   (Yes I do know about the mortgage crisis, but progressive lenders were driven to secure high risk mortgages in the market)  Besides CC companies write off bad debt. 

 

Still, your suggestion has merit. I have never had an entity close an account on me, let alone one  that was in good standing.   I would like to be the one to close the account, not them, as I feel that would have more of a positive "ding" if that is even possible!

Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009

Re: Citi Credit Card approval?


ankids4 wrote:

Do you think that would work?  I was told when I questioned their decision (and was thrown into a panic thinking something was drastically wrong with our credit all of a sudden!)  that "others have called and we have pushed it up the ladder, but there is nothing that can be done.  No adjustment to their decision has been made".

 

  Anything is worth a try, I guess.  What I am going to do is file a statement containing relevent information about this account if it impacts our credit negatively. 

 

 IMHO, I believe more things need to be considered in determining creditworthiness, not just your application information!  Granted, 23 years ago when we opened the account, our income was significantly less than it is now.  Still, 23 years after the fact, with no negative report from CITI (or Fleet who citi aquired the account from), we don't meet their criteria for continuing credit based on our credit report.  I'm confused!  Why doesn't FICO consider income in scoring IF the clients choose to have that considered?  I realize that is a can of worms, but Mortgage companies look at your tax return when determining whether or not you're a "good risk" even though it's a "loan secured by real property that can be disposed of to settle the debt"?  Or they impose "insurance" if you are a risk, or they deny you!  It's that simple!   (Yes I do know about the mortgage crisis, but progressive lenders were driven to secure high risk mortgages in the market)  Besides CC companies write off bad debt. 

 

Still, your suggestion has merit. I have never had an entity close an account on me, let alone one  that was in good standing.   I would like to be the one to close the account, not them, as I feel that would have more of a positive "ding" if that is even possible!


There are, unfortunately, no guarantees, but I think the odds are in your favor.  Worst case scenario, you lose a 1/2 hour of your time and the cost of a piece of paper, an envelope and a postage stamp.  And even if you don't win, you'll feel a heck of lot better after having sent them a nice, scathing and sarcastic letter.  Wait ... on second thought ... leave the sarcastic and scathing out -- that only works for me.  :smileyhappy:

 

I had an issue with Citibank and also Bank of America not so long ago.  I applied for a credit card with each of them and got the 10-day notice from hell.  When the ECOA letter came they both cited the same exact reasons:

 

1.  No mortgage showing on my credit report; and

2.  Insufficient number of accounts showing a balance.

 

I called for a recon and they stated that they liked to see 40 - 50% of open accounts with a balance.  I had 2 out of 20 showing a balance.  I thought this was bogus and, if you ask me, absurd; they want me to spend more and not pay early to prove I was a good risk? 

 

The no mortgage excuse was even more absurd.  I have had several mortgages over the years and none are still owing.  I had two specifically with BOA and one with Citibank that were paid off quickly.  On each recon the analyst could actually see my mortgages, but said that if they are not still open they didn't consider them.  Bogus!

 

Recon failed.  Talk about pissed.

 

Using the name of the Citibank CEO and the e-mail address protocol used by Citibank. I sent an e-mail to the CEO.  I also sent a copy via fax to the Citibank CEO and another fax to the CEO of BOA.  I know people here on MyFICO.com will find this exceptionally hard to believe, but the tone of my letters were absolutely sarcastic, condescending and, simply, nasty.  Basically I told them that I doubted their reasons for denial complied with the ECOA, their risk managers needed a lobotomy and thirdly, considering the class of people they were dealing with lately, they should be smooching my fat rump for remaining their customer.

 

Within a couple of days they called, apologized profusely and asked me, "What credit limit would you find acceptable?"

 

From what you have explained, they may or may not have a valid concern with the "high revolving balance" excuse.  But I'd not go down without a fight.  Just think of it as the ultimate recon.

IAALBNYL
New Member
ankids4
Posts: 6
Registered: ‎04-23-2010

Re: Citi Credit Card approval?

Wow!  I have their required 40 - 50%, and have multiple mortgages..... Glad you got satisfaction/resolution from your inquiry.  I might just do what you have done (sorry, you haven't patented the sarcasm, so I humbly will indulge in a bit of it myself) with the letter "Facts only" and my opinion of how they are treating good responsible people.  Then maybe they will ask me to stay.  THEN I WILL CLOSE THE ACCOUNT.  I'm not usually a control freak, but Can't resist this opportunity!

 

 

Regular Contributor
JackBeNimble
Posts: 175
Registered: ‎04-02-2010

Re: Citi Credit Card approval?

 


ankids4 wrote:

Wow!  I have their required 40 - 50%, and have multiple mortgages..... Glad you got satisfaction/resolution from your inquiry.  I might just do what you have done (sorry, you haven't patented the sarcasm, so I humbly will indulge in a bit of it myself) with the letter "Facts only" and my opinion of how they are treating good responsible people.  Then maybe they will ask me to stay.  THEN I WILL CLOSE THE ACCOUNT.  I'm not usually a control freak, but Can't resist this opportunity!

 

 


 

 

If they do ask you to stay, leaving it open would be better for your credit score.

 

-----
04/2010 EQ 656 TU 648
05/2010 EQ 669 TU 664
06/2010 EQ 674 TU 678
07/2010 EQ 666 TU 667
Regular Contributor
mekmek86
Posts: 173
Registered: ‎03-17-2008

Re: Citi Credit Card approval?

Funny that they would use insuffient number of accounts reporting a balance. There's also one for 'too many accounts with a balance'

Personally I would forget Citi as well. I've been with them for about 8 years and got a CC with them 2 years ago. I am carrying 90% usage and they sent me a letter to participate in Payment Partner program with would reduce my CL but I would assume they're gonna close it anyway if I pay it off without using the PP program. I'm pretty much over them. Customer service is really bad too.

 


O6 wrote:

There are, unfortunately, no guarantees, but I think the odds are in your favor.  Worst case scenario, you lose a 1/2 hour of your time and the cost of a piece of paper, an envelope and a postage stamp.  And even if you don't win, you'll feel a heck of lot better after having sent them a nice, scathing and sarcastic letter.  Wait ... on second thought ... leave the sarcastic and scathing out -- that only works for me.  :smileyhappy:

 

I had an issue with Citibank and also Bank of America not so long ago.  I applied for a credit card with each of them and got the 10-day notice from hell.  When the ECOA letter came they both cited the same exact reasons:

 

1.  No mortgage showing on my credit report; and

2.  Insufficient number of accounts showing a balance.

 

I called for a recon and they stated that they liked to see 40 - 50% of open accounts with a balance.  I had 2 out of 20 showing a balance.  I thought this was bogus and, if you ask me, absurd; they want me to spend more and not pay early to prove I was a good risk? 

 

The no mortgage excuse was even more absurd.  I have had several mortgages over the years and none are still owing.  I had two specifically with BOA and one with Citibank that were paid off quickly.  On each recon the analyst could actually see my mortgages, but said that if they are not still open they didn't consider them.  Bogus!

 

Recon failed.  Talk about pissed.

 

Using the name of the Citibank CEO and the e-mail address protocol used by Citibank. I sent an e-mail to the CEO.  I also sent a copy via fax to the Citibank CEO and another fax to the CEO of BOA.  I know people here on MyFICO.com will find this exceptionally hard to believe, but the tone of my letters were absolutely sarcastic, condescending and, simply, nasty.  Basically I told them that I doubted their reasons for denial complied with the ECOA, their risk managers needed a lobotomy and thirdly, considering the class of people they were dealing with lately, they should be smooching my fat rump for remaining their customer.

 

Within a couple of days they called, apologized profusely and asked me, "What credit limit would you find acceptable?"

 

From what you have explained, they may or may not have a valid concern with the "high revolving balance" excuse.  But I'd not go down without a fight.  Just think of it as the ultimate recon.


 

 


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