topic Re: Citi Costco card in Credit Cards

Citi Costco card

jwduke — Tue, 19 Jul 2016 18:48:14 GMT

Any body seen this? http://www.clark.com/costco-visa-credit-hit I checked my credit score at Chase, and have took a 60 point hit! And I have no lates, no new apps & a 5% usage percentage! I HATE Citi!

Re: Citi Costco card

Scupra — Tue, 19 Jul 2016 19:00:16 GMT

@jwduke wrote:
Any body seen this? http://www.clark.com/costco-visa-credit-hit I checked my credit score at Chase, and have took a 60 point hit! And I have no lates, no new apps & a 5% usage percentage! I HATE Citi!

60 point hit for 1 new TL? Something else is going on..

Re: Citi Costco card

Anonymous — Tue, 19 Jul 2016 23:19:01 GMT

I agree with Scupra. Something else has to have happened too.

Re: Citi Costco card

Closingracer99 — Wed, 20 Jul 2016 05:07:09 GMT

If you read the actual article you would of noticed it stating "He apparently didn't have very many lines of available credit" ..... So if you have one credit card which happened to be the Amex Costco card and it closed then you would have $0 Credit avaliable to you.

Re: Citi Costco card

Anonymous — Wed, 20 Jul 2016 05:14:00 GMT

Do you have a solid average age of credit? Meaning a decent amount of accounts with many years on them so it doesn't affect one single card?

Re: Citi Costco card

jwduke — Wed, 20 Jul 2016 18:10:05 GMT

My AAofA is like around 10 years

Re: Citi Costco card

Scupra — Wed, 20 Jul 2016 18:28:31 GMT

@jwduke wrote:
My AAofA is like around 10 years

I really think something else is going on.. The addition of one new TL is not going to make an impact like that. Especially since the closed AMEX account will continue to report for the next 10 years.

Re: Citi Costco card

Anonymous — Wed, 20 Jul 2016 20:01:51 GMT

This guy's story seems fishy to me as well.

I suppose if it was his ONLY active line that might make a difference but I'm still doubtful that we are seeing the whole story.

Re: Citi Costco card

Anonymous — Wed, 20 Jul 2016 21:49:58 GMT

Jeebus, is nobody reading the article? The OP's likely issue is that the Amex version has stopped reporting but the Citi version isn't reporting yet. This is causing not one additional, but one less tradeline to appear on his CR. If he doesn't have a lot of tradelines to begin with, this could be catastrophic for his score (at least right now before Citi reports)

OP, unless you are applying for a mortgage or other credit right now, dont' worry about the temporary dip in score. It should come right back up again once the Citi card reports. Also, keep in mind that this is a massive, massive transition for any lender to go through, as so many people had the Costco AmEx... so there will inevitably be bumps in the road.

Re: Citi Costco card

Scupra — Wed, 20 Jul 2016 23:30:22 GMT

@Anonymous wrote:
Jeebus, is nobody reading the article? The OP's likely issue is that the Amex version has stopped reporting but the Citi version isn't reporting yet. This is causing not one additional, but one less tradeline to appear on his CR. If he doesn't have a lot of tradelines to begin with, this could be catastrophic for his score (at least right now before Citi reports)

OP, unless you are applying for a mortgage or other credit right now, dont' worry about the temporary dip in score. It should come right back up again once the Citi card reports. Also, keep in mind that this is a massive, massive transition for any lender to go through, as so many people had the Costco AmEx... so there will inevitably be bumps in the road.

Sure did read the article OP has posted in the past about multiple other cards he/she has. Here is a quick quote from the OP...

"They have turned out to be my BEST bank card company... I have $52K in cred line between 2 cards with them. One is at 6.99% (AMEX) and other is Visa at 11.99%. They are a little conservative at first, but get VERY generous as time goes. They are really my "Don't leave home without it" card!"

So, it wasn't his only TL and it's probably safe to assume it isn't a utilization issue. I am sticking with, "we aren't getting all the details".

Re: Citi Costco card

Closingracer99 — Thu, 21 Jul 2016 11:37:10 GMT

@Scupra wrote:
@jwduke wrote:
My AAofA is like around 10 years
I really think something else is going on.. The addition of one new TL is not going to make an impact like that. Especially since the closed AMEX account will continue to report for the next 10 years.

Yes but the Credit limit is showing as $0 and if the Citi card didn't report that would mean he would lose $X in Credit avaliable. It would make his Util% higher and perhaps over 30% depending on how much he has with other cards if he has any other ones.

Re: Citi Costco card

Closingracer99 — Thu, 21 Jul 2016 11:39:43 GMT

@Scupra wrote:
@Anonymous wrote:
Jeebus, is nobody reading the article? The OP's likely issue is that the Amex version has stopped reporting but the Citi version isn't reporting yet. This is causing not one additional, but one less tradeline to appear on his CR. If he doesn't have a lot of tradelines to begin with, this could be catastrophic for his score (at least right now before Citi reports)

OP, unless you are applying for a mortgage or other credit right now, dont' worry about the temporary dip in score. It should come right back up again once the Citi card reports. Also, keep in mind that this is a massive, massive transition for any lender to go through, as so many people had the Costco AmEx... so there will inevitably be bumps in the road.
Sure did read the article OP has posted in the past about multiple other cards he/she has. Here is a quick quote from the OP...

"They have turned out to be my BEST bank card company... I have $52K in cred line between 2 cards with them. One is at 6.99% (AMEX) and other is Visa at 11.99%. They are a little conservative at first, but get VERY generous as time goes. They are really my "Don't leave home without it" card!"

So, it wasn't his only TL and it's probably safe to assume it isn't a utilization issue. I am sticking with, "we aren't getting all the details".

In a different thread... Nowhere does he state it in this and I for one don't notice Thread A is made by Person A unless hes a frequent poster.... Either way only having 2 cards would hurt him...

Re: Citi Costco card

takeshi74 — Thu, 21 Jul 2016 12:33:52 GMT

@jwduke wrote:
Any body seen this? http://www.clark.com/costco-visa-credit-hit I checked my credit score at Chase, and have took a 60 point hit! And I have no lates, no new apps & a 5% usage percentage! I HATE Citi!

While Citi has an impact it's not just about the lack of them reporting. The rest of your profile has an impact as well. If you're seeing a 60 point drop because one tradeline reported as closed then your profile isn't very strong in one of more factors and you might want to look into addressing that. My TE is reporting as closed and my CAV isn't reporting yet. However, while I have seen a hit it has been much smaller even though my TE had a $25K limit. It was backdated to 1998 but is still on my reports.

Don't just look at scores and review your reports to verify the cause(s) of any scoring change.

Re: Citi Costco card

Scupra — Thu, 21 Jul 2016 18:49:01 GMT

@Closingracer99 wrote:
@Scupra wrote:
@jwduke wrote:
My AAofA is like around 10 years
I really think something else is going on.. The addition of one new TL is not going to make an impact like that. Especially since the closed AMEX account will continue to report for the next 10 years.
Yes but the Credit limit is showing as $0 and if the Citi card didn't report that would mean he would lose $X in Credit avaliable. It would make his Util% higher and perhaps over 30% depending on how much he has with other cards if he has any other ones.

I would agree with you if this was OP's only card, or maybe if he only had two cards.. Any member of myFICO can click on the users page and look at their posts. I can find about 7-8 cards the OP admits to having WITH some healthy limits. I don't expect everyone to go look for additional info on posters, but I want to when I give advice. This way I know the advice I am giving is the best for THAT poster.

So, with what this OP has posted in the past - there is no way that his Costco AMEX updating to closed would create a 60 point drop. Something else happened or we simply aren't getting all the info. OP seems to have a nice utilization pad, a strong AAoA and multiple accounts.

Re: Citi Costco card

Anonymous514 — Thu, 21 Jul 2016 19:02:11 GMT

I personally think he is just a Citi Hater

Re: Citi Costco card

joltdude — Sat, 23 Jul 2016 17:39:57 GMT

I could see this happening if the person who the hit happened to has a thin file with few TLs,,, Something like this happened to me after I got two cards .... when the discover hit... it tanked... Im almost back to 749.... not quite... but i was in the low 700s after the Disco hit... but realize i dont have a lot of TLs...

Not someone with a strong AAoA and multiple TLs..