topic Re: CLD from Chase, BofA, Citi in Credit Cards

CLD from Chase, BofA, Citi

Y2kmaxse — Thu, 08 Feb 2018 16:21:49 GMT

Hello everybody,

in January I was hit with multiple CLD on all my cards from Chase and BofA. my 15,000 limited chase aarp account was closed and 2 other chase cards were decreased significatly. I have a balance on some of these cards and they left me with a credit limit with just 200.00 above my balance. My question is what has changed in 2018 that big banks are now actively doing reviews? (i know they periodically do reviews) I am not the only one effected by these CLD. I work with about 35 people and about 3/4 of them have had their credit limit reduced. This came up as a conversation one morning among 3 people and before you know it almost the whole office was involved. It all started for us in 2018.

Any insight would be appreciated.

Thanks!

Re: CLD from Chase, BofA, Citi

Anonymous — Thu, 08 Feb 2018 16:26:08 GMT

Wow I'm sorry.. were you by chance carrying a revolving balance? IE not paying in full?

Re: CLD from Chase, BofA, Citi

Anonymous — Thu, 08 Feb 2018 16:29:43 GMT

I'm sorry to hear this, and it's a major bummer. Did you do some spending that spooked them or have a major change to your scores?

Re: CLD from Chase, BofA, Citi

Anonymous — Thu, 08 Feb 2018 16:35:47 GMT

I'm sorry to hear this. Are you carrying large balances? Did something negative appear on your credit report?

Re: CLD from Chase, BofA, Citi

broke_in_nyc — Thu, 08 Feb 2018 16:37:36 GMT

That's weird, do you have anything negative that hit your reports?

I have BofA, Chase & Citi and have received CLI's from all of them recently.

Re: CLD from Chase, BofA, Citi

UpperNwGuy — Thu, 08 Feb 2018 16:40:02 GMT

Did the banks give you reasons for the adverse actions? When you talked to your work colleagues, were you able to identify any common aspects of your credit card situations?

Re: CLD from Chase, BofA, Citi

Anonymous — Thu, 08 Feb 2018 19:39:30 GMT

In general, defaults are up and interest rates are rising. High revolving balances will spook them (my balances went up November & December, but I pif).

Years ago Citi jacked my rate to 29.99% because they could - no missed payments on any of my accounts. I paid it off and left the card open - until they closed it. Never will do business with Citi again.

Suggest Credit Unions - max is 17.99 for default. They may adjust that as rates rise. CUs will only penalize if you do something wrong (usually).

Re: CLD from Chase, BofA, Citi

FinStar — Thu, 08 Feb 2018 19:50:45 GMT

While CLDs are nothing new, and as mentioned above, recent trends have led lenders to perform more frequent periodic reviews to manage risk, which depending on not only economic factors, but overall profile deterioration can lead them to clamp on the borrowing capacity to stave off rising delinquencies / charge offs.

Re: CLD from Chase, BofA, Citi

NRB525 — Fri, 09 Feb 2018 05:14:47 GMT

CLD can happen, but only if you have high balances compared to limits and credit history, or the cardholder is making charges that are not with regular merchants, or otherwise appearing to mess with the terms and conditions of the card. When multiple banks hit you, it’s got to be high balances. I know from personal experience.

OP can you list out all your cards, the limits before and the limits after CLD. Show when you opened each card for an idea about your credit history.

Any late payments of any kind ever?

For the rest of your colleagues, are those CLD recent or in 2009 - 2012 ? That seems like a very high concentration of CLD experience.

Re: CLD from Chase, BofA, Citi

happypill — Fri, 09 Feb 2018 05:21:54 GMT

wrote:
Hello everybody,

in January I was hit with multiple CLD on all my cards from Chase and BofA. my 15,000 limited chase aarp account was closed and 2 other chase cards were decreased significatly. I have a balance on some of these cards and they left me with a credit limit with just 200.00 above my balance. My question is what has changed in 2018 that big banks are now actively doing reviews? (i know they periodically do reviews) I am not the only one effected by these CLD. I work with about 35 people and about 3/4 of them have had their credit limit reduced. This came up as a conversation one morning among 3 people and before you know it almost the whole office was involved. It all started for us in 2018.

Any insight would be appreciated.

Thanks!

If you had CLD across multiple lenders in a short period of time, the most likely conclusion is that you had something negative appear on your reports or your utilization hit some high threshold, or both.

If you haven't, you really need to check your reports for recent derogs. You didn't mention your utilization in your original message, but that's the other most likely cause.

Re: CLD from Chase, BofA, Citi

Anonymous — Fri, 09 Feb 2018 05:24:02 GMT

The OP has not been back to this thread to answer any of the questions being asked.

Re: CLD from Chase, BofA, Citi

AverageJoesCredit — Fri, 09 Feb 2018 12:20:30 GMT

Unfortunately this happens quite abit. Cld threads can be quite the adventure. Normally we dont find out the true reason for cld until the end of the thread as info is gleaned little by little. Hopefully op can return with some additional info.

Re: CLD from Chase, BofA, Citi

Anonymous — Fri, 09 Feb 2018 12:59:01 GMT

wrote:
Unfortunately this happens quite abit. Cld threads can be quite the adventure. Normally we dont find out the true reason for cld until the end of the thread as info is gleaned little by little. Hopefully op can return with some additional info.

AJC, Exactly!...

Re: CLD from Chase, BofA, Citi

Y2kmaxse — Fri, 09 Feb 2018 15:45:51 GMT

Sorry for the late reply, Ive gathered some information from other co-workers on their situatuon.

My Credit score 596 both TU/EQ prior to the CLD score 659

I do carry balances on my cards, according to credit karma i am using 20% of my total credit 52,108/257,950

i have 4 inquires on TU and EQ

credit age is 2yrs 10mo.

100% payment history

No Negatives

In the last year ive had to use some credit due to my fiance being laid off, she is employeed again as of 8 months ago and we are trying to catch up. Renting in OC doesnt help but this is where our jobs located. Im considering a loan to lump most of my balances together.

My co-workers told me (according to them) that the cards they took a CLD were carrying balances. they told me that the balances werent high (whats high to them and whats high to me is probably differnet) some have called the banks and tried to get an explination and to get their limits restored but were unsuccessful. My co-workers were at first very open to talk about the CLD situation, but as i kept digging for information (how much in debt, utl, inq) to try to see whats going on they stopped talking about it (i know im getting personal so i let it go with the ones that didnt want to talk about it)

Hope this info helps.

Re: CLD from Chase, BofA, Citi

bourgogne — Fri, 09 Feb 2018 15:59:26 GMT

52,108 is the simple answer to the question. my goodness that is a big # and you have a lot available. I am not surprised of the cld considering the exposure. good luck paying it all down

Re: CLD from Chase, BofA, Citi

Anonymous — Fri, 09 Feb 2018 16:20:15 GMT

And the reason rears its head.

High balances - not a systemic problem.

In this case, its not an aggregate utilization problem, its a DTI problem. You are carrying 52k in debt outside of mortgage, do you make 200k a year? If not, totally justified.

Re: CLD from Chase, BofA, Citi

Y2kmaxse — Fri, 09 Feb 2018 16:33:51 GMT

Thanks for the replies. I figured thats what it could be. My fiance and I have a combined income of 120k yr. A chunk of the 52k debt will be paid off in March-April. I receive my vacation check from my employeer at the end of february (4k) and my tax refunds im looking at about 6k.

Re: CLD from Chase, BofA, Citi

Anonymous — Fri, 09 Feb 2018 16:36:00 GMT

wrote:
Thanks for the replies. I figured thats what it could be. My fiance and I have a combined income of 120k yr. A chunk of the 52k debt will be paid off in March-April. I receive my vacation check from my employeer at the end of february (4k) and my tax refunds im looking at about 6k.

Yeah get that balance under 25k and you might see your limits come back, youre sitting at combined about 45% DTI which is very very high.

Re: CLD from Chase, BofA, Citi

Anonymous — Fri, 09 Feb 2018 17:41:13 GMT

wrote:
Sorry for the late reply, Ive gathered some information from other co-workers on their situatuon.

My Credit score 596 both TU/EQ prior to the CLD score 659
I do carry balances on my cards, according to credit karma i am using 20% of my total credit 52,108/257,950
i have 4 inquires on TU and EQ
credit age is 2yrs 10mo.
100% payment history
No Negatives

In the last year ive had to use some credit due to my fiance being laid off, she is employeed again as of 8 months ago and we are trying to catch up. Renting in OC doesnt help but this is where our jobs located. Im considering a loan to lump most of my balances together.

My co-workers told me (according to them) that the cards they took a CLD were carrying balances. they told me that the balances werent high (whats high to them and whats high to me is probably differnet) some have called the banks and tried to get an explination and to get their limits restored but were unsuccessful. My co-workers were at first very open to talk about the CLD situation, but as i kept digging for information (how much in debt, utl, inq) to try to see whats going on they stopped talking about it (i know im getting personal so i let it go with the ones that didnt want to talk about it)

Hope this info helps.

Its just not the balances you are carrying; your average age of accounts is fairly low so the banks' algorithms probably think they see signs of "bust out" fraud. Google the phrase if you don't know what it means.

Re: CLD from Chase, BofA, Citi

Y2kmaxse — Fri, 09 Feb 2018 17:55:54 GMT

I had no idea about "bust out fraud"

I just read an experian article on "bust out fraud" very interesting, they even have a "bust out" score.