topic Re: Citi closed all my credit cards :((( in Credit Cards

Citi closed all my credit cards :(((

MacRoadie — Wed, 26 Jun 2019 19:50:11 GMT

Same thing happened to me today: woke up to an email from Home Depot:

Checked ExxonMobil and Best Buy: gone as well.

Got Bushwhacked by City today: Happy Hump Day

MacRoadie — Wed, 26 Jun 2019 18:54:23 GMT

Woke up this morning to this wonderful email in my inbox:

ExxonMobil and Best Buy are gone too. I'd read about this happening to others, now I've experienced it first-hand. $1,200 balance on HD with a $6,000 CL (appliances), $125.00 on the Mobil card ($1,000 CL), and zero balance on Best Buy ($3,500 CL).

Re: Citi closed all my credit cards :(((

sghosh5 — Wed, 26 Jun 2019 18:55:24 GMT

@MacRoadie wrote:
Same thing happened to me today: woke up to an email from Home Depot:

Checked ExxonMobil and Best Buy: gone as well.

Yes now you will be in their internal database blocked for long long time. All my citi accounts were closed though i have very good credit and i got approved for other cards, CLIs but not citi. I tried once after getting closed and the letter said their internal system does not allow me more credit ... smh...anyway i have better cards and don't give a **bleep** about Citi

Re: Citi closed all my credit cards :(((

sjt — Wed, 26 Jun 2019 19:00:43 GMT

Yikes!

How many of your open accounts have balances and what is your utilization?

Re: Citi closed all my credit cards :(((

ChargedUp — Wed, 26 Jun 2019 19:28:11 GMT

How quickly did you amass the cards that you have? Did your scores take a dip recently or did you miss a payment with them?
This is the first I've heard of Citi doing this over just the amount of cards that one has open.

Re: Citi closed all my credit cards :(((

rbentley — Wed, 26 Jun 2019 19:35:07 GMT

I think we are seeing all CC lenders contracting and tightening their UW. Citi just removed most of the rewards (price rewind) from all their cards, and now closing accounts that were in good standing. PenFed just this month slashed by 50% the maximum CL on its cards. Navy has apparently tightened its "internal lending limit." AmEx is doing CLDs. Discover had changed its CLI policies.

I am glad my rebuild is largely done. We are in for a period of credit tightening. Fasten your seatbelts and put your trays in the upright position. It may be a bumpy ride.

Re: Citi closed all my credit cards :(((

sarge12 — Wed, 26 Jun 2019 19:40:59 GMT

I wonder if Citi is adopting the chase 5/24 policy....I actually had 2 snail mail notices of changing terms on both my Chase Amazon Prime, and my Citi double cash. The weird thing is both were for the same basic thing. They have added a flexible loan option to the cards that will allow the card holder to basically set up some of the cards CL to be used like an installment loan. I will not ever use it on either card, but I find it strange that the same option came for both cards on the same day. Has Chase bought Citi, or vice versa? Surely I would have heard about a major bank merger like that. I mean really, the lowest interest was the Citi at 15.24%...they have lost their minds if they think I am going to do a 15.24% installment loan....#justsayno...#bankerbumpedhishead

Re: Citi closed all my credit cards :(((

gdale6 — Wed, 26 Jun 2019 20:27:23 GMT

Another reason I detest Citi, these are finance accounts and these kinds are typically not included in such shut downs. I will never own anything from Citibank again.

Re: Citi closed all my credit cards :(((

kdm31091 — Wed, 26 Jun 2019 20:31:17 GMT

Credit is definitely tightening up across many lenders. While this is an unfortunate story it serves as a reminder to everyone to be careful with credit seeking, utilization, etc, etc.

Re: Citi closed all my credit cards :(((

Anonymous — Wed, 26 Jun 2019 20:40:34 GMT

We all knew this was coming. As churning and "gaming" the system has become widely adopted and discussed on the internet, credit lenders must be extra cautious from both losing money from SUBs and from people that will default on their balances.

Re: Citi closed all my credit cards :(((

FinStar — Wed, 26 Jun 2019 20:44:56 GMT

Sorry to hear about your Citi Retail [AA] closures OP. It certainly would be unpleasant news, but not all is lost. Just chalk it up as a lesson learned and restratregize as there are plenty of other opportunities.

Did you obtain the 3 Citi Retail CCs in less than a couple months or how far were they spaced out? Something definitely tripped their algorithms.

Re: Citi closed all my credit cards :(((

MacRoadie — Wed, 26 Jun 2019 20:55:15 GMT

Home Depot was October 2018, Mobil was July of last year, and Best Buy was Christmas of 2017.

Definitely a lesson learned. I've decided that I'm just going to take all my lumps at one time, and go ahead and close a few other cards from the early rebuilding days. I have a few Comenity SCT cards, as well as a few Synchrony cards (is there anything that isn't Synchrony anymore?) with zero balances and relatively low CL's that I'm going to jettison. After paying off and closing, I'm left with 20 accounts, including Discover, AMEX Platinum, BofA MC, BBVA Visa, and some store cards. 10 with balances. Utilization will go up to 23%, but I'll pay off the rest (or pay down significantly). I'd rather have fewer accounts anyway. I'm fine, credit-wise, so the reports can drop as they may. Built up once, can do it again.

Re: Citi closed all my credit cards :(((

BallBounces — Wed, 26 Jun 2019 20:58:04 GMT

The OP and first response both have 20 or more revolving credit lines if I am readin sigs correctly.

Do we know if this recent AA from Citi is widespread among profiles with a more typical number of open revolving accounts?

Re: Citi closed all my credit cards :(((

BallBounces — Wed, 26 Jun 2019 21:00:57 GMT

@MacRoadie wrote:

<SNIP> After paying off and closing, I'm left with 20 accounts, including Discover, AMEX Platinum, BofA MC, BBVA Visa, and some store cards. 10 with balances. Utilization will go up to 23%, <SNIP>

Yeah, per my simultaneous reply above, that was(is) a lot of open revolvers. Probably a "message" for you to close the SCT relics, but unfortunate that it came from Citi, IMO.

Your sig FICOS are a few months old, do you know what they are today?

Re: Citi closed all my credit cards :(((

MacRoadie — Wed, 26 Jun 2019 21:03:26 GMT

EXP: 685

EQ:678

TU: 660

Re: Citi closed all my credit cards :(((

BallBounces — Wed, 26 Jun 2019 21:08:00 GMT

@MacRoadie wrote:
EXP: 685

EQ:678

TU: 660

Gotcha. I am sure that plays in to their risk management algorithms.

Re: Citi closed all my credit cards :(((

Anonymous — Wed, 26 Jun 2019 21:10:52 GMT

Thanks for the data points. So were you closer to 30 open revolving accounts if I'm reading that correctly?

Just a heads up you mentioned 10 cards are carrying a balance. You may want to close down to no lower than 21. There is scoring hit for "half or more" (I think that's the wording iirc) accounts with balances. Its probably not a massive amount of points but points are points.

That is until you can reduce the number with balances.

Re: Citi closed all my credit cards :(((

sarge12 — Wed, 26 Jun 2019 21:49:31 GMT

I have close to 20 open credit cards, but I have gotten no more than 3 per year. Citi has not shown any inclination to close mine......yet!!!!!! To be real, I don't think these issuers ever give you fair notice of AA. Chase gave me advanced notice last month that they were cancelling my Freedom Unlimited when it expires. I called them, and they said I could keep it open, or just move the unused credit limit to my Chase Amazon Prime, which I did. The Freedom Unlimited had not been used in 2 years though. I have a gut feeling that most of the credit card issuers are trying to decrease their exposure, and eliminate dormant accounts. I think I may dig some cards out of the sock drawer and swipe them.

Re: Citi closed all my credit cards :(((

kdm31091 — Wed, 26 Jun 2019 21:54:22 GMT

@sarge12 wrote:
I have close to 20 open credit cards, but I have gotten no more than 3 per year. Citi has not shown any inclination to close mine......yet!!!!!! To be real, I don't think these issuers ever give you fair notice of AA. Chase gave me advanced notice last month that they were cancelling my Freedom Unlimited when it expires. I called them, and they said I could keep it open, or just move the unused credit limit to my Chase Amazon Prime, which I did. The Freedom Unlimited had not been used in 2 years though. I have a gut feeling that most of the credit card issuers are trying to decrease their exposure, and eliminate dormant accounts. I think I may dig some cards out of the sock drawer and swipe them.

AA because of inactive accounts vs AA because of something "negative" are two different things. An issuer is not going to warn you they are closing your account for reasons like spiking utilization, too many new accounts, inquiries, etc. If they are uncomfortable with extending you the credit and feel you're a credit risk in any way, the last thing they will do is warn you so you could rack up more charges on the card.

Closures for neutral reasons like inactivity are the exception. In general though you aren't going to get warned about AA because it would defeat the purpose.

Re: Citi closed all my credit cards :(((

rbentley — Wed, 26 Jun 2019 21:57:41 GMT

I think we are going to need more reports and data points before we can assume that this is a new policy that Citi is going to be applying accross accounts or just specific to the OP's profile.