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Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011
0

Re: Getting CCs closed by issuer

VR = gift cards?

 

I had one shut down by Chase a couple years ago.  Underwritters on my mortgage didn't say a thing about it last year.  Not a huge deal.

Super Contributor
longtimelurker
Posts: 7,725
Registered: ‎04-22-2013
0

Re: Getting CCs closed by issuer

Vanilla Reloads, things to load gift cards and various reloadable cards.

New Member
kaiotes1
Posts: 19
Registered: ‎05-25-2013
0

Re: Getting CCs closed by issuer

aside from multiple recent inquiries I do not have other issues. my lowest score is ky transfusion at 785. never been late to any payments or closures
New Member
kaiotes1
Posts: 19
Registered: ‎05-25-2013
0

Re: Getting CCs closed by issuer

is my transunion ,,typo,,
New Member
kaiotes1
Posts: 19
Registered: ‎05-25-2013
0

Re: Getting CCs closed by issuer

I am talking about closing 10 not 1 card. I do not hold balances on any but one citi acct. that one has a 1.99% for life. balance of 1.6 k left


vr= vanilla reload
Super Contributor
longtimelurker
Posts: 7,725
Registered: ‎04-22-2013
0

Re: Getting CCs closed by issuer


kaiotes1 wrote:
I am talking about closing 10 not 1 card. I do not hold balances on any but one citi acct. that one has a 1.99% for life. balance of 1.6 k left


vr= vanilla reload

I think 10 cards closed by issuer is going to cause comment at a refinance.  But, depending how careful the UW is, closing 10 Citi cards yourself in a short period of time might also raise questions.   In your situation I might be tempted to cash out and close just the TYP (and other TY cards) , and hope that prevents any more investigation.  It would be strange for them to close other cards once the "bad" card is closed, but of course that can't be ruled out.

 

Or just sit tight.   While there are suddenly lots of reports of closure, we don't know if it 10%, 75% or 0.0001% of those with the card.

New Member
kaiotes1
Posts: 19
Registered: ‎05-25-2013
0

Re: Getting CCs closed by issuer

a little late now they have begun closing my accounts

5 are now already closed by citi

Moderator
09Lexie
Posts: 26,348
Registered: ‎09-13-2012
0

Re: Getting CCs closed by issuer

What's your util like if they close them all? Do you have any other cc's?
Asking cause of the possibility of being rebucketed and what those closures will do to your high FICO
Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Getting CCs closed by issuer

Kaiotes, I PM'ed you a number to call. Hopefully they can help you.

Chances are they will close at least all the accounts that has any form of reward structure. My guess is that you will close out every single card that they deemed you have abused even in the slighest bit.

 

If you have non-rewards cards such as Diamond Preferred or Simplicity, you could at least try to persuade them to leave those alone.

 

In the event of a manual review, this might look very bad. A typical underwriter will most likely assume these 3 scenarios:

1. Citi closed out all your accounts because their risk assessment of you is too high

2. Something related to fraud has occured.

3. You somehow manage to become unprofitable even for a TBTF bank, so that by itself is quite a feat to accomplish.

 

My guess is that #3 happens rarely though, and most of them would just assume your accounts are closed because of Citi's risk analysis. So you might have quite a bit of explaining to do. In the overall picture, it is really hard to tell how big or small of an impact this is going to cause on your report. Like others said, your utilization will be affected as well if you owe any debt. If you are trying to get a refi from a lender that you already are in good standing with, chances are you should be alright.

 

Overall I think if your credit report doesn't have any blemishes (lates, collections, high util, lots of inquiries, etc), you should be fine. If not, then you might have some explaining cut out for you to do.

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
New Member
kaiotes1
Posts: 19
Registered: ‎05-25-2013
0

Re: Getting CCs closed by issuer

I have a student loan of 7.5k, mortgage of 210K, CC balance of 1.6K, that CC balance got shut. i pay my CCs ahead so that the ending statement balance on all are almost 0. usually just few bucks on each card. I had a total of 40 accounts.

 

If all of my Citi CC gets shut (which  i expect) I will lose 90k.

I would expect to have overall CC creditline of about another 70K

Should i just go close my remaining oepn Citi accts?


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