Citibank closed my account for no reason!

Anonymous · ‎10-21-2009

For the 6.5 years I was with them, I've had no problem. Never over the limit; never late. For some reason today I received a letter from them saying that they are closing my account. Their reason is: "Too many bank or national revolving accounts". I only have a total of 6 cards, but Citi card had the highest CL (1/3 of all my credit limit). The only reason I kept this card was because of the limit; their rate was at 17.99%. I'm glad I PIF every month and owe them only $26. I hope this doesn't hurt my score. Did anyone ever had this problem?

SCF · ‎10-21-2009

From what I've been reading here, small consolation that it is, you are far from the only person experiencing AA from big banks even though it may not be warranted by your credit report.

As long as you keep your utilization down, this shouldn't impact your score too heavily. The account should stay on your reports for around 10 years and continue to contribute to your AAoA, so just make sure the combined balanaces on your other cards are low compared to your reduced overall CL and you should be fine.

Anonymous · ‎10-21-2009

How old is your credit flie , to me the only reason to close an account just cause having 6 credit crds as long there not all max out would a very young credit file

haulingthescoreup · ‎10-21-2009

Wow, this is a whole new ugly twist. As if the 29.99% APR wasn't bad enough, now they're closing accounts for no particular reason? Wow.

Citi must really not want business from everyday consumers any more. ~~Good thing that we haven't done them any favors lately~~ --whoops, my bad, I forgot that we taxpayers saved their rear ends.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎10-21-2009

i've had this account for 6.5 years... always in good standing... only time i've (near maxed out) was 2-3 years ago. After I paid it off, I've always kept it between 5-15% util; PIF every month. Been like this for more than a year.

Funny thing: I checked my account just now... and there's a new popup link saying that I should pay the rest of my account off by the due date, otherwise I might get the 29.99% APR. So I paid it off...

My overall util went up from 3-4% to 6-7%.

Message Edited by valenjimmo on 10-21-2009 09:23 PM

Anonymous · ‎10-22-2009

haulingthescoreup wrote: Citi must really not want business from everyday consumers any more.

Someone had posted in another thread a week or two ago that Citi announced it's planning to focus its business on affluent customers, while eliminating many branch banking locations outside of metro areas.

I'll edit my post to include a link (if I can find it, of course!)

Anonymous · ‎10-22-2009

new strategy?

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=184372&query.id=23629...

Message Edited by valenjimmo on 10-22-2009 08:42 AM

pattycake · ‎10-22-2009

@Anonymous wrote:
new strategy?
http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=184372&query.id=236296#M184372
Message Edited by valenjimmo on 10-22-2009 08:42 AM

Wow - I make six figures, guess they don't want my business!

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749

DI · ‎10-22-2009

Having too much revolving credit is a reason to be decline for credit off the top. One is certainly not immune from an account closure after the bank determined one accumulated a plethora of accounts after being approved.

DI · ‎10-22-2009

@pattycake wrote:
@Anonymous wrote:
new strategy?
http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=184372&query.id=236296#M184372
Message Edited by valenjimmo on 10-22-2009 08:42 AM
Wow - I make six figures, guess they don't want my business!

People who have six figure income also see their homes get foreclosed, have debt up to the eyeball and file BK.