Reply
Mega Contributor
Creditaddict
Posts: 19,409
Registered: ‎10-23-2007
0

Citibank Slashed CL

$18400 = $2100 new credit line.

 

WOW 

Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
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: Express $300
Over 40 Cards in between :smileytongue:
Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009
0

Re: Citibank Slashed CL

OUCH! Do you have a balance on the card?

 

Did they give you a reason?

Mega Contributor
Creditaddict
Posts: 19,409
Registered: ‎10-23-2007
0

Re: Citibank Slashed CL

it's my moms account. up until 3 months ago she was carrying about a $4500 balance and then they rate jacked her to 29.9 so she paid it down to $900. today I think it has a $400 balance which she is paying or has paid recently.

they said other account are close to CL.

Lets see Capital One slashed CL

Bank of America Slashed CL

one bank takes an adverse action and then the next bank sees that and does the same, it's a chain reaction in mass form. it's f'ing stupid 

Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
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: Express $300
Over 40 Cards in between :smileytongue:
Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009
0

Re: Citibank Slashed CL

Creditors don't know who will and who won't default. Many simply see carrying balances as risky.

 

No one wants to be the last credit card left holding the bag, and that's what starts the cycle. It's too bad that happened to your mom.

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: Citibank Slashed CL

It's my understanding banks are slashing limits with customers who carry a balance many months.  Also, if they see the customer pay some of the balance, and later charge something else to the existing balance, they see the customer is high risk. I think that's fair and a CLD merits.  Judge Judy would think so too! 
Mega Contributor
Creditaddict
Posts: 19,409
Registered: ‎10-23-2007
0

Re: Citibank Slashed CL

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 

Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
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: Express $300
Over 40 Cards in between :smileytongue:
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: Citibank Slashed CL

[ Edited ]

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 


I understand your frustration.  The credit industry has changed as we all know.  All the changes are not fair or unjust.  But banks feels the only way they can maintain profits and pass the stress test, they have to take drastic measures.  

Message Edited by DI on 01-20-2010 02:55 PM
Mega Contributor
Creditaddict
Posts: 19,409
Registered: ‎10-23-2007
0

Re: Citibank Slashed CL

okay that's better, the first post made it sound like you felt like this was all the cardholders fault. now I read it as the banks are probably wrong but they have no other choices... and I agree with that.
Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
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: Express $300
Over 40 Cards in between :smileytongue:
Frequent Contributor
Kiwill
Posts: 328
Registered: ‎09-01-2009
0

Re: Citibank Slashed CL

I agree with CreditAddict 100%!!  From what I understand, credit is issued to those who have somehow proven that they don't need it because if you use your credit lines, you're proving to the banks that you need their money and now they can treat you like crap and make a load of money off you.  BUT then again, if you choose not to use their credit, they CLD you and then offer credit to those that need it because obviously, they aren't making any money from offering you high credit limits.  This credit thing is really screwy and unfortunately, it's one of life's necessary evils. 

Starting Score: EQ 729, TU 752, EX ? (1/1/2011)
Current Score: EQ 696, TU 718, EX 686 - PSECU (5/17/2011)
Goal Score: ALL 800+ by December 31, 2011

Take the FICO Fitness Challenge
PROUD MEMBER OF THE 700 CLUB!
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: Citibank Slashed CL


Creditaddict wrote:
okay that's better, the first post made it sound like you felt like this was all the cardholders fault. now I read it as the banks are probably wrong but they have no other choices... and I agree with that.

It's not all the cardholders fault.  But the cardholders certainly can prohibit many of the AA's by doing you know what.  


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+