Oh chit

[SpeeDj]

Correct me if I'm wrong but when you close the account it reports for an additional 10years does it not? So how would that be negatively affecting the AAOA? Just curious as I see this question asked a lot and would like clarification of it, thanks!

JP

[youngandcreditwrthy]

Actually mcf, Citi wanted me to lower my cls 50-75% to keep theirs, which is more like them wanting me to cut my lines $84k-126k, assuming my total cls are $168k.
-----I called back though and spoke with someone much nicer though; she said she'd take a day or two to review it and probably reinstate the account. She softpulled my credit history and agreed that my credit was pretty good. We'll see if they really soft pulled it hah. She said the only reason it came in to them as high risk is "too many open revoving credit lines" Idk if this necessarily the amount of accts or avail credit. I have about 20 accts I think, 14 of which are not being used at all and have no balance.
So hopefully by tmrw, I'll know it will be reopened though. Lesson learned haha!

[myjourney]

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@youngandcreditwrthy wrote:
Actually mcf, Citi wanted me to lower my cls 50-75% to keep theirs, which is more like them wanting me to cut my lines $84k-126k, assuming my total cls are $168k.
-----I called back though and spoke with someone much nicer though; she said she'd take a day or two to review it and probably reinstate the account. She softpulled my credit history and agreed that my credit was pretty good. We'll see if they really soft pulled it hah. She said the only reason it came in to them as high risk is "too many open revoving credit lines" Idk if this necessarily the amount of accts or avail credit. I have about 20 accts I think, 14 of which are not being used at all and have no balance.
So hopefully by tmrw, I'll know it will be reopened though. Lesson learned haha!

---

Fingers crossed hopefully re-opened

[youngandcreditwrthy]

SpeeDj- that's what everyone says, but I have no firsthand experience with that order of operations. As a result, I can neither confirm nor deny whether or not that occurs. Lol hopefully it really does.

[asphaltcowboy]

Best of luck young!!

[09Lexie]

Closed accts 'may' stay on your cr for up to 10 years, some have stated even longer. I have a paid/closed mortgage from 1998 and another from 2004 that are still on my EX but not TU or EQ.

Obviously closed cc's will affect your util. Personally, I agree with Revelate regarding store cc's with $10k CL as opposed to Visa/MC/Amex . Store cc's are useful but they also have a place; once you've used them to establish or rebuild your cr history focus on getting higher CL's from Amex/Discover/Visa/MC

[sccredit]

I think everyon's "point of the game" is different.  For some it is to build the best line up of rewards cards they possibly can.  In the past 12 months I've earned over $2,500 in cash back, airline miles and hotel points.  For others it is about the lowest utilization so they have the highest limits.  Others it is strictly about how much credit they can amass.  

Mine, at first, was to hit $100k.  I did that, now I'm looking at getting rid of some so I can make it easier to manage.  

Luckily my AAoA is over 5 years even with almost all of my accounts opened since last August.  Discover panicked on me and shut my card off a few months ago because of the number of new accounts and available credit.  I think every Prime creditor is going to look at how many accounts are open and the sheer volume of available credit and probably worry a little bit, that's how they made it to the big leagues.  I would take a hard look at what cards make sense to keep and which ones don't.  Ultimately it is your decision how you proceed, whether to close or not to, with your creditors.  

[Dubious]

While I think this situation raises interesting questions about the utility of store cards, Citi is asking that OP close tens of thousands in credit lines for a measly 5k Citi line...I realize that it's still 5k in risk for them but I think Citi is being unreasonable IMO. OP would lose quite a few lines, which probably have different benefits. Is that one Citi account really worth giving up all the rest?

Did Citi not notice that you had 150k in available credit before they approved you? This is the other thing I dont understand. They could have made it the denial reason. But to go ahead and approve you and then say "naahh, nevermind" is weird. IMO, at this point they're not really worth the hassle. 

[navigatethis12]

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@Dubious wrote:

While I think this situation raises interesting questions about the utility of store cards, Citi is asking that OP close tens of thousands in credit lines for a measly 5k Citi line...I realize that it's still 5k in risk for them but I think Citi is being unreasonable IMO. OP would lose quite a few lines, which probably have different benefits. Is that one Citi account really worth giving up all the rest?

Did Citi not notice that you had 150k in available credit before they approved you? This is the other thing I dont understand. They could have made it the denial reason. But to go ahead and approve you and then say "naahh, nevermind" is weird. IMO, at this point they're not really worth the hassle. 

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I believe youngandcreditwrthy has obtained more increases since getting the cards, so no Citi didn't. It may only be 5,000, but it has the potential to grow in the future. It doesn't matter how high the limit is, they could do the same thing to someone with a 1,000 limit. Most of the high limit cards are GE cards, which don't have that many benefits and really don't need such high limits. This is the downside to asking for increases on cards you do not use very often.

[enharu]

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@navigatethis12 wrote:

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@Dubious wrote:

While I think this situation raises interesting questions about the utility of store cards, Citi is asking that OP close tens of thousands in credit lines for a measly 5k Citi line...I realize that it's still 5k in risk for them but I think Citi is being unreasonable IMO. OP would lose quite a few lines, which probably have different benefits. Is that one Citi account really worth giving up all the rest?

Did Citi not notice that you had 150k in available credit before they approved you? This is the other thing I dont understand. They could have made it the denial reason. But to go ahead and approve you and then say "naahh, nevermind" is weird. IMO, at this point they're not really worth the hassle. 

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I believe youngandcreditwrthy has obtained more increases since getting the cards, so no Citi didn't. It may only be 5,000, but it has the potential to grow in the future. It doesn't matter how high the limit is, they could do the same thing to someone with a 1,000 limit. Most of the high limit cards are GE cards, which don't have that many benefits and really don't need such high limits. This is the downside to asking for increases on cards you do not use very often.

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+1 to what navigate said.

Citi isn't being unreasonable. It may be just 5k out of 170k, but to them it's 5k worth of unsecured loans.

What happened is probably that Young got approved by Citi, then he got those CLIs from GE. During a periodical manual review by Citi they realized that they are overexposed because of the amount of CL he has relative to his income, and thus decided to take AA.