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How common are CLD's?

Established Contributor

Re: How common are CLD's?


sandsanta wrote:

Famous last words Smiley Wink.

 

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. Smiley Happy

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Message 11 of 14
Frequent Contributor

Re: How common are CLD's?

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. Smiley Happy

 


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. Smiley Happy



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. Smiley Wink

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.
Message 12 of 14
Established Contributor

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. Smiley Happy

 


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... Smiley Happy

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Message 13 of 14
Valued Member

Re: How common are CLD's?

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.
Message 14 of 14