12-05-2008 08:48 PM
12-08-2008 12:19 PM
I got notified from ScoreWatch that CITI did a pull for the UPromise card..... *confused*
i have a feeling that BOA is going to do a hard pull to revise credit limits and APRs on accounts once the change is complete. my APR just dropped from 14.99 to 13.99 when i PIF last month
12-09-2008 07:50 AM
My primary concern is that once BOA takes over my account, they will close it due to my previous CO with them.
However, part of me wants to stick with them and see if they will keep my account so that I can get back in with them. What to do..what to do...
From what I've read on other boards, at this point I really have to option to stay with Citi anyways. And I'm afraid I would be denied by Citi now since I have 3-4 inqs on each report.
12-09-2008 08:40 AM - edited 12-09-2008 08:41 AM
Here's the deal guys. You applied for an card through an affinity program. That program (Upromise) is currently handled by Citibank. If you apply now your application is going to be processed by Citibank and you will get a Citibank issued card. Sometime in the first quarter the affinity program is changing their issuer from Citibank to BofA. Basically Upromise's contract with Citibank expired, and as free agents they were able to obtain a better deal for themselves and their members with BofA. At some point in time they will hit a switch and from then onward all the new app's will be processed by BofA and all new cards issued will be BofA cards. At another point in time they will hit another switch and the existing accounts will be issued new cards by BofA. You have received notice that this process is ongoing. As explained in the letter you received as long as your account is in good standing it will be picked up by BofA. It is not customary when affinity programs change issuers for accounts to be dropped wholesale. Your account should not be carried over to BofA only if it is suspended or closed. If that is the case it is going to remain with Citibank.
When you accept an affinity program card you usually do not have the same product change opportunities that non-affinity ("general"/) cardholders have. That is because you app'ed for a card based on a special program offered by an affinity group. The affinity group "brought you in" and is obtaining a benefit from your acceptance/use of the card you obtained under their program. It does not make business sense for an affinity group to allow their issuer to poach their accounts by offering product changes out of their card to another offering.
As for future CLI's - that is going to be BofA's business. If you have had previous issues with BofA I would remain optimistic. This might just be that foot in the door you need to get back on your feet with them. Remember, BofA bought out MBNA, and MBNA was the king of affinity card programs. They know what they are doing with affinity cards. You will be with the best in the business in that regard.
The abovegoing is why I do not accept offers for affinity card programs. Over the decades I have probably received 100's of these offers and never app'ed a single one of them. I even had a choice of two pre-app's from BofA for an AMEX card - one general and one from an affinity card offered through my university. I took the general one exactly so I could preserve my product change opportunities. Once locked into that university card it is highly likely that I would have been stuck there.
Best of luck to all of you. No one likes change, but in the long run I think you all will be very happy!
02-05-2009 03:57 AM
02-05-2009 05:17 AM
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