RATE JACKED by CITI - absolutely unbelievable!!!!!!

[Anonymous]

To set the scenario - I have a total of 6 cards (4 gas, HD and a MC) affiliated with Citi.  They rate jacked the HD to 26.99 (I have a $400 balance on a 6 month promo which will be paid off in the 6 months), today they RJ'D my MC from 12.24% to 29.99%  -  the reason they 'need' the money to continue to lend money.  Never late, always more than the min paid (usually in full).  In fact, no lates on any accounts.  Heck, AmEX isn't messing with me (shock).

Called them and 'officially' acepted the new terms - watch all six cards never get more than $5 a month on them sporadically - then they will CLD I am sure.  This from a BANK that received how many billions of taxpayer money????????? I am sure this is being done to beat the deadline before new requlations take effect.

November 30th is 'the day' - needless to say the MC will be paid in full on the 29th of November (I just ran $2K in unexpected car repairs onto it).

Message Edited by Lady_Scarlet on 10-19-2009 01:14 PM

[fused]

I'm sorry to hear about this, Lady_Scarlet. Nearly all of us have had some AA taken against us by at least one CCC, myself included.

[DI]

All the rate increases should get people to pay in full, and utilize the grace period offered by the banks.  I personally think its a good thing. 

[armywifey85]

In this credit climate with the rate jacking everyone should be pumping extra money into their savings for rainy days so they don't have to rely on the old credit card imagine car or home repairs and you put them on credit card and they rate jack it. Those Banks made big money and want more. Oh and wait for them to start closing those accounts that don't carry a balance its coming as a little rep stated. I wonder how thats gonna look on all those credit reports closed by grantor watch out for Gemb, Citi and Chase cuz word is it wont be long. I decided to go ahead and do the closing for them and took the 5 to 10 point hit it will rebound and only do business with credit unions. I don't care about the few points I lost I dont plan on applying for anything for a few yrs.

[haulingthescoreup]

Just a comment: "closed by grantor" has no impact on your scores, and I'd imagine that in this day and age, it doesn't have much impact on anyway doing a manual review, either. I'd bet that a lot of the people looking over our reports for an app have had at least one account closed on them as well.

Doesn't make it any more pleasant, I know, in terms of losing the CL and all.

[armywifey85]

Do you lose any points when they close the account? So as long as I close an account that has the same age as another one I wont lose any scoring points?

Message Edited by armywifey85 on 10-19-2009 03:00 PM

[DI]

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@armywifey85 wrote:

Do you lose any points when they close the account?

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No.  The account would still report for up to 10 years.    If they change your credit limit to $0 after its close then you would sure lose points.  Your debt to credit ratio would  be affected. 

[haulingthescoreup]

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armywifey85 wrote:

Do you lose any points when they close the account? So as long as I close an account that has the same age as another one I wont lose any scoring points?

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If you still have a balance (and they don't drop your CL to $0, as DI pointed out), your CL will still count in your util.

Once you pay off the balance, you will lose the CL in your total util, whether they change the CL on your reports or not.

Odd little scoring quirk.

Message Edited by haulingthescoreup on 10-19-2009 03:07 PM

[DI]

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@haulingthescoreup wrote:

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@armywifey85 wrote:

Do you lose any points when they close the account? So as long as I close an account that has the same age as another one I wont lose any scoring points?

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If you still have a balance (and they don't drop your CL to $0, as DI pointed out), your CL will still count in your util.

Once you pay off the balance, you will lose the CL in your total util, whether they change the CL on your reports or not.

Odd little scoring quirk.

Message Edited by haulingthescoreup on 10-19-2009 03:07 PM

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HSBC BEST BUY wraptxt 07/2007 $0 09/2009 $0 PAYS AS AGREED $ 0

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My account was closed  with $0 Credit Line reported. 

 Credit Limit: $0

Message Edited by DI on 10-19-2009 05:17 PM

Message Edited by DI on 10-19-2009 05:19 PM

[haulingthescoreup]

DI, not sure what you're posting there, other than a closed account with a $0 CL and $0 balance, but is that a partial account number? even with the last four X'd out, you might want to edit more out than that.

Some people do have closed accounts with balances and intact CL's. For some reason, those CL's (and balances) are still figured into total util. But once the balance is paid off, the CL is no longer available.