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jernyc1080
Posts: 6
Registered: ‎12-23-2007
0

Citibank = evil. Credit line increase/decrease wheel of insanity

Wife's citicard had a $10,000 CL. We used about 6k of it. Then as our family util went up on other cards, fico drops from 800+ to just about 700, so citi immediately dropped her CL to just above the balance of $6100. Then we learn about how util and fico and interest rates are all related...

So we paid off the citicard in full last month, and Citibank raises her CL back up to $10k.

My expectation (and if I could afford to do this, I would) -- if we were to use $6,000 of credit again, and if citi lowers the CL again, you know there is evil in the world (and citi's business practices).

WHAT GOOD is a CL if, when you use it, the creditor immediately cuts you off -=- then since your util increases from 60% to 97%, then your fico drops -- and if your fico drops, you set off all kinds off interest rate hikes and other bad stuff...

Citi should be ashamed of themselves for such practices.

I hope a media person reads this and busts them.
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masdeocho
Posts: 2,050
Registered: ‎04-17-2007
0

Re: Citibank = evil. Credit line increase/decrease wheel of insanity

Unfortunately this is becoming more common.  It's Universal Default on steriods.  It stinks because you haven't done anything wrong -- no late payments, no over limits.  But with all the credit hysteria, banks are getting jumpy at any sign that someone might be in or nearing financial straits.  Citi freaked when you used up a lot of your CL, so they wanted to stop that from happening again soon.
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Citibank = evil. Credit line increase/decrease wheel of insanity

Actually, I'm amazed that they put it back up to where it started from! Not saying you shouldn't be mad, because I agree, that was ridiculous.

FWIW, Citi raised the credit limit on my Sears MC from $775 to $1,212.00. How's that for weird? Several months ago, they also restricted by access to my full $775 CL because I had about 40% util on it, I think it was. They said that it raised money-laundering concerns. * snort *
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Citibank = evil. Credit line increase/decrease wheel of insanity

If they took AA on your account based on your credit report-
They were/are required to notify you of this in writing-

jernyc1080 wrote:
Wife's citicard had a $10,000 CL. We used about 6k of it. Then as our family util went up on other cards, fico drops from 800+ to just about 700, so citi immediately dropped her CL to just above the balance of $6100. Then we learn about how util and fico and interest rates are all related...

So we paid off the citicard in full last month, and Citibank raises her CL back up to $10k.

My expectation (and if I could afford to do this, I would) -- if we were to use $6,000 of credit again, and if citi lowers the CL again, you know there is evil in the world (and citi's business practices).

WHAT GOOD is a CL if, when you use it, the creditor immediately cuts you off -=- then since your util increases from 60% to 97%, then your fico drops -- and if your fico drops, you set off all kinds off interest rate hikes and other bad stuff...

Citi should be ashamed of themselves for such practices.

I hope a media person reads this and busts them.


Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007
0

Re: Citibank = evil. Credit line increase/decrease wheel of insanity



jernyc1080 wrote:
Wife's citicard had a $10,000 CL. We used about 6k of it. Then as our family util went up on other cards, fico drops from 800+ to just about 700, so citi immediately dropped her CL to just above the balance of $6100. Then we learn about how util and fico and interest rates are all related...

So we paid off the citicard in full last month, and Citibank raises her CL back up to $10k.

My expectation (and if I could afford to do this, I would) -- if we were to use $6,000 of credit again, and if citi lowers the CL again, you know there is evil in the world (and citi's business practices).

WHAT GOOD is a CL if, when you use it, the creditor immediately cuts you off -=- then since your util increases from 60% to 97%, then your fico drops -- and if your fico drops, you set off all kinds off interest rate hikes and other bad stuff...

Citi should be ashamed of themselves for such practices.

I hope a media person reads this and busts them.

I still believe that  cash is legit mean of payment.
IN VINO VERITAS.
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krystofur
Posts: 387
Registered: ‎08-10-2007
0

Re: Citibank = evil. Credit line increase/decrease wheel of insanity



wmarat wrote:

I still believe that  cash is legit mean of payment.

??? Am I missing something?

Frequent Contributor
sunrise
Posts: 430
Registered: ‎10-28-2007
0

Re: Citibank = evil. Credit line increase/decrease wheel of insanity

I can't believe they gave your DW her cl back!  I used my Amex card to 35% util and received a letter informing me that my cl had been decreased to just $500. above my balance.
 
I paid it back down....and I never received my cl back!!  So, guess where my Amex card is going?  Sockdrawer for LIFE!!! 
 
BTW...my limit was $30,000...they dropped it to $14,000.  JERKS!!!  This was after many many years as being a card holder and NEVER EVER late or missed a pymt.  I just used my card for the holidays.....as I always have...and PIF after the holidays...as I always have.   I even called and pointed out this history to them....they could care less!!  So, I told them "I enjoyed the ride while it lasted, I will give my biz to Chase or Discover"
takin' it one day at a time
Member
ChumChurum
Posts: 46
Registered: ‎08-07-2007
0

Re: Citibank = evil. Credit line increase/decrease wheel of insanity

[ Edited ]
Creditors are extremely jittery.  Their balance sheets built on the house of cards are about to fall apart and take down massive amounts of other stuff with them.
 
My advice: hit the CLI button on the CITI web-site, get the hard inquiry.  If your income is sufficient, you should be able to raise your CITI CLI quite a bit.
 
W/ 800 score, you can probably get total credit across all creditors equal to about 4-5 times your income, and about 50-75% of your income w/ any individual credit issuer.
 
Say, w/ 75K income, you should easily be able to get 200K of total credit, and maybe 25-35K of credit w/ just CITI.
 


Message Edited by ChumChurum on 02-27-2008 10:27 PM

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