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Epic Contributor
Creditaddict
Posts: 22,066
Registered: ‎10-23-2007
0

Re: Citibank Slashed CL

yes granted if you went 100% Dave Ramsey and didn't use credit then we would live in a perfect world that this bull*** wouldn't effect you.

But what's the point of a bank if you can't borrow on occasion.

obviously in the end this CLD did nothing but piss me off, the card is paid off, so sure it help util overall but the card has never been charged on, it was opened for a BT and that is done now. Same with the Bank of America accounts that were CLD yesterday, they will be paid off in less than 6 months and they won't matter either.

Banks need to get a clue though, they screw over a customer, a customer is going to take that business elsewhere and soon enough my family won't have any debt and we will just be charge card people and wouldn't citi or bank of america like those swipes on their card? never again! 

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
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Established Contributor
Itsmeagain
Posts: 832
Registered: ‎01-16-2008
0

Re: Citibank Slashed CL

Correct me if I'm wrong but doesn't the new CARD ACT prohibit CCC's from AA based on what another CCC does?

 

If so, it may be why we are seeing so much of this now.


Starting Score: TU 737 EQ 721
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Epic Contributor
Creditaddict
Posts: 22,066
Registered: ‎10-23-2007
0

Re: Citibank Slashed CL

the new act isn't in effect yet
Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Frequent Contributor
bakalao2k
Posts: 449
Registered: ‎02-21-2009
0

Re: Citibank Slashed CL


Creditaddict wrote:

I'm sorry DI, but that's bull*****. The banks received MILLIONS to stay afloat of our money so they could continue lending, If my credit score has not changed negatively since the account was opened and the bank offered me a BT and I have paid the account off within the 9-12 months of that BT and now the bank comes in and says you actually took advantage of our low interest rate and that doesn't really work for us, so we are going to make sure you don't do that with us again by taking away all your credit.

 

interest rate increases and CLD are merited when someone goes over cl, or misses a payemnt, not when they use the cl that you approved them for.  What's the point of a CL if you don't want them to use the card 


+1

TU - 737 - 02/21/09, 769 - 02/06/10, 795 - 09/08/10
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Established Contributor
Itsmeagain
Posts: 832
Registered: ‎01-16-2008
0

Re: Citibank Slashed CL


Creditaddict wrote:
the new act isn't in effect yet

You missed the question.


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Regular Contributor
hyprble
Posts: 168
Registered: ‎11-05-2008
0

Re: Citibank Slashed CL


Itsmeagain wrote:

Correct me if I'm wrong but doesn't the new CARD ACT prohibit CCC's from AA based on what another CCC does?

 

If so, it may be why we are seeing so much of this now.


My guess is that "technically" Card B does a CLD due to "high balances on cards" but does not say "because Card A did a CLD".  For example, Sally has a $10 balance on Card A's $1000 card.  Card A one day decided to slash the $1000 CL to $50 due to "economic reasons".  Card B has a limit of $100, does their monthly credit check and sees that Sally now has a "high debt to credit ratio" and also does a CLD.  Card A indirectly flagged Card B to CLD by showing high debt to credit, but that won't be the reason Card B cites on the AA paper.  The CLD hurts the folks who carry balances (myself included) and starts a trickling effect.

 

So while Card A's CLD was what flagged Card B to CLD, Card B could just say they went off the overall CR.


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