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OK so I need some opinions...CitiCards rate jacked me from 7.24%V to 29.99%!!!!!!!! I am in complete shock considering I have never paid late once, its one of my older cards but not the oldest, had a 34k (just raised it a few months ago!) I owe the card 14,300.00 and I have no option but to opt-out and have them close the card so I can continue to pay down the balance under my current terms. How badly will this affect my fico score?
I have the following other cards
HSBC Rewards Mastercard 0 bal 4,500 limit
Discover 0 bal 4,100 limit
Kohls 0 bal 2,000 limit
ChaseFreedom 0 bal 14,500 limit
Chase+1 (facebook cc) 0 bal 10,000 limit
b of a amex 0 bal 7,200 limit
toyota rewards visa 600 bal 1,850 limit
Capital One 1,500 bal 7,500 limit
I don't really have the option of transferring the balance anywhere, nor do I really want to because the interest is really low at 7.24v
soo.....what kinda hit should I expect on my fico? my current fico is 704 as of yesterday ....i just opted out of the citi rate hike today and i'm worried about what effect this will have on my score.....good thing I just leased a new car last weekend so I won't need to worry about any big ticket purchases for awhile...
Thanks
Thanks
I believe that ,as long as you owe a balance on the card, the original credit limit will also be reported. Check out this thread:
@mgs2010 wrote:
even though when I opted out they closed the card to further purchases? They stated to me that the card will be reported closed per consumer request on my credit report. I've heard that nothing can look worse for your fico then a large balance on a closed account....anyone have the facts on that?
You have to do what you have to do to treat yourself right financially, "Closed by consumer" is not an issue and the CL will still be included in your UTIL. It is terrible to lose a huge CL like that, but I'm sure that was part of Citi's strategy. In the long run you'll be fine.
mgs2010 wrote:
even though when I opted out they closed the card to further purchases? They stated to me that the card will be reported closed per consumer request on my credit report. I've heard that nothing can look worse for your fico then a large balance on a closed account....anyone have the facts on that?
If Citi does anything other than continue to report the then current balance and the CL at the time of closing I would consider it punative. If they were punishing me on top of the AA I would file an official complaint with the Office of the Comptroller of the Currency:
http://www.helpwithmybank.gov/
If they inflicted the 29.99% AA on me I would probably file a complaint with the OCC over that, too, but that's just in my nature...
@creditwherecreditisdue wrote:If Citi does anything other than continue to report the then current balance and the CL at the time of closing I would consider it punative. If they were punishing me on top of the AA I would file an official complaint with the Office of the Comptroller of the Currency:
http://www.helpwithmybank.gov/
If they inflicted the 29.99% AA on me I would probably file a complaint with the OCC over that, too, but that's just in my nature...
To follow up on your suggestion, I would take the complaint one step further. The Office of the Comptroller is the regulatory arm for the government. However, the government is the majority and controlling shareholder of CITI. The same government that yesterday slashed the officers' pay from the largest 7 financial institutions taking bail-out money. Their rationale was that such exorbitant salaries were unconscionable. How can the government call exorbitant salaries unconscionable while allowing CITI, which it controls, charge unconscionable interest rates to customers who are not in default.
Send your letter to Secretary of Treasury, the controlling shareholder of CITI.