Reply
Established Contributor
FloridaState12
Posts: 614
Registered: ‎08-24-2011
0

Re: How common are CLD's?


sandsanta wrote:

Famous last words :smileywink:.

 

You should be fine. 


hahaha I can see how that looks to most people seeing a young kid talking about making a punch of purchases and stuff. 

 

The huge perk in this is I'll be getting cash back for all this...so Citi will be essentially paying me to use their card. :smileyhappy:

Photobucket
Frequent Contributor
JMN
Posts: 321
Registered: ‎10-25-2009
0

Re: How common are CLD's?

[ Edited ]

I honestly couldn't tell you how many cards/accounts I officially have, but I've never once been CLDed or closed on. It's honestly nothing to worry about, to be honest. :smileyhappy:

 


FloridaState12 wrote:

 

The huge perk in this is I'll be getting cash back for all this...so Citi will be essentially paying me to use their card. :smileyhappy:



Actually... it'll be the merchants you use your card at that will be paying Citi to pay you, and Citi still keeps a fair chunk as profit. :smileywink:

Despite my employment in the banking industry, any and all views contained in this post are purely my own, and do not represent any financial institution, nor constitute as financial or investment guidance or advise.
Established Contributor
CreditCrusader
Posts: 799
Registered: ‎09-27-2011
0

Re: How common are CLD's?


JMN wrote:

I honestly couldn't tell you how many cards/accounts I officially have, but I've never once been CLDed or closed on. It's honestly nothing to worry about, to be honest. :smileyhappy:

 


You know what? Same here...NEVER been CLD'd in all the years I have had credit - and contrary to popular belief, this isn't the only time in American history where credit lenders got panic shock and tightened up lending guidelines. IME, they get far more ansy when GIVING credit than after that credit has been provided.

 

Of course, this is always YMMV, but I have never known anyone personally who has been CLD'd, closed, ANYTHING for inquiries, running up balances, or taking advantage of ADVERTISED no-interest promos. The instances I know of were related to late pays, foreclosures, reposessions and the like that creditors stumbled upon subsequent to giving that consumer a credit line.

 

For context to the OP, think about this for a minute:

 

You have lenders like Citi, Discover and even Barclay advertising and encouraging no-interest promos and low-interest balance transfers. Subsequent to consumers actually taking them up on these offers, they close the accounts or lower the limits???

 

I'm sure this may have happened on isolated, random instances, but CCCs wouldn't keep good reputations if they screwed customers like that on a consistent basis.

 

Just one man's opinion after over 3 decades in Creditville... :smileyhappy:

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
Take the FICO Fitness Challenge
Valued Member
KBraggs
Posts: 40
Registered: ‎11-12-2009
0

Re: How common are CLD's?

[ Edited ]
I have a Citi Forward card, opened in July. Used it quite heavily $4k CL but make large payments regularly and haven't missed any payments. Got an email this morning saying that they are revising my CL to $3850 because of payment history on other accounts. I have an open collection that was just updated, and validated as +120 day past due for November. Goes to show you that improper reporting by collection agencies does in fact have tangible effects.

Collection occurred may 2008 still inside SOL, haven't missed any payments on any account ever since the collection. They are still reporting monthly terms as an open account, so a soft pull will likely show a recently missed payment although this is not the case.

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+
}