topic Re: CLD from Citi in Credit Cards

CLD from Citi (Update: Recon Success)

Anonymous — Sun, 16 Aug 2020 20:21:38 GMT

On 7/17 my new auto loan hit my reports and almost immediately I received a CLD from Citi. They cut my limit by almost 9k!

Since then I've made about 6k in payments towards my cards (two are now paid off, one with a balance of over 5k).

Trying to talk to CSRs is like pulling teeth. I've tried chatting and calling and they all tell me different things. The last one today finally said they were able to put through the recon, but I've just made some of these payments within the last few days so they won't be reporting. Should I try again once it's all reporting?

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!

Re: CLD from Citi

ChessChik47 — Tue, 11 Aug 2020 13:00:10 GMT

@Anonymous wrote:
On 7/17 my new auto loan hit my reports and almost immediately I received a CLD from Citi. They cut my limit by almost 9k!

Since then I've made about 6k in payments towards my cards (two are now paid off, one with a balance of over 5k).

Trying to talk to CSRs is like pulling teeth. I've tried chatting and calling and they all tell me different things. The last one today finally said they were able to put through the recon, but I've just made some of these payments within the last few days so they won't be reporting. Should I try again once it's all reporting?

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!

Sorry to hear about the CLD. How long were you carrying balances on your CITI cards? I'm assuming that you had those balances prior to the new auto loan hitting your reports, correct? You added additional debt to your profile. More debt equals more risk (potentially). It's a good thing you started to pay those balances down. Not sure if CITI will budge, but eventually your score will recover. When are you trying to buy a house? Normally, big purchases like a vehicle loan are put on hold until the house purchase is done (if it can be avoided). Good luck with your recon.

Re: CLD from Citi

SouthJamaica — Tue, 11 Aug 2020 13:31:35 GMT

@Anonymous wrote:
On 7/17 my new auto loan hit my reports and almost immediately I received a CLD from Citi. They cut my limit by almost 9k!

Since then I've made about 6k in payments towards my cards (two are now paid off, one with a balance of over 5k).

Trying to talk to CSRs is like pulling teeth. I've tried chatting and calling and they all tell me different things. The last one today finally said they were able to put through the recon, but I've just made some of these payments within the last few days so they won't be reporting. Should I try again once it's all reporting?

It couldn't hurt. Costs nothing to try. But I don't think your chances are good of accomplishing anything.

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!

Big mistake to apply for anything in the runup to a mortgage application.

Re: CLD from Citi

UpperNwGuy — Tue, 11 Aug 2020 13:41:47 GMT

OP, I would delay the home purchase by a year or two and use the down payment money you have saved up to wipe out all those credit card balances and the auto loan.

Re: CLD from Citi

Anonymous — Tue, 11 Aug 2020 13:55:21 GMT

Purchasing a different vehicle was a necessity due to issues arising and another baby on the way. It also was suggested by the mortgage company because it lowered my payment by 125.

I’ve carrying a balance since I opened the card because it was 0% for 21 months on BTs. I’ve paid over half of the balance down on this specific card.

Re: CLD from Citi

Physh1 — Tue, 11 Aug 2020 15:10:51 GMT

@Anonymous wrote:

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!

You're not supposed to make large credit moves while trying to secure a mortgage. Sorry about the CLD...given the times this isn't shocking.

Re: CLD from Citi

M_Smart007 — Tue, 11 Aug 2020 15:57:00 GMT

Hi @Anonymous , Very sorry for your Citi CLD

Hope it all works out, so you can buy a house!

Re: CLD from Citi

Anonymous — Tue, 11 Aug 2020 16:03:52 GMT

@Physh1 wrote:
@Anonymous wrote:

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!
You're not supposed to make large credit moves while trying to secure a mortgage. Sorry about the CLD...given the times this isn't shocking.

Again, it was suggested by the LO I was working with, as it would bring down my DTI ratio.

Re: CLD from Citi

Anonymous — Tue, 11 Aug 2020 16:04:12 GMT

@M_Smart007 wrote:
Hi @Anonymous , Very sorry for your Citi CLD
Hope it all works out, so you can buy a house!

Thanks!

Re: CLD from Citi

Remedios — Tue, 11 Aug 2020 16:08:47 GMT

@Anonymous sorry ☹

If you have any BT offers on your existing cards, you might want to try a BT away from Citi card.

I dont think they will reinstate your limit if new, lower balances are not reporting yet.

They might do it afterwards, but there also might be a HP involved, and that doesnt work well right before the mortgage either.

You could try paying it down to more bearable utilization level (for scoring purposes), but I dont know if that's possible.

In any case, maybe have a talk with your loan officer and see what they recommend you do.

Again, I'm really sorry this happened to you at the worst possible time.

Re: CLD from Citi

Anonymous — Tue, 11 Aug 2020 16:13:13 GMT

@Remedios wrote:
@Anonymous sorry ☹

If you have any BT offers on your existing cards, you might want to try a BT away from Citi card.
I dont think they will reinstate your limit if new, lower balances are not reporting yet.
They might do it afterwards, but there also might be a HP involved, and that doesnt work well right before the mortgage either.
You could try paying it down to more bearable utilization level (for scoring purposes), but I dont know if that's possible.
In any case, maybe have a talk with your loan officer and see what they recommend you do.
Again, I'm really sorry this happened to you at the worst possible time.

Thanks eMom. They were aware that I purchased a new vehicle to lower payments. I currently have only 1 BT offer and it's to my Ducks Unlimited card and I'd be paying interest on it then.

Re: CLD from Citi

Remedios — Tue, 11 Aug 2020 16:30:14 GMT

@Anonymous wrote:
@Remedios wrote:
@Anonymous sorry ☹

If you have any BT offers on your existing cards, you might want to try a BT away from Citi card.
I dont think they will reinstate your limit if new, lower balances are not reporting yet.
They might do it afterwards, but there also might be a HP involved, and that doesnt work well right before the mortgage either.
You could try paying it down to more bearable utilization level (for scoring purposes), but I dont know if that's possible.
In any case, maybe have a talk with your loan officer and see what they recommend you do.
Again, I'm really sorry this happened to you at the worst possible time.

Thanks eMom. They were aware that I purchased a new vehicle to lower payments. I currently have only 1 BT offer and it's to my Ducks Unlimited card and I'd be paying interest on it then.

🤗

Well, in a pinch, paying a bit of interest till mortgage is finalized is not the worst thing.

A bit of interest on BT can save you thousands on mortgage interest and prevent you from dumping all the money into paying off cards. You will need money for your new home and a newest tiny one.

If that card is now maxed or close to it, neurotic mortgage scores weep.

Once mortgage is done, you should be able to apply for a better BT card and move on.

Re: CLD from Citi

NRB525 — Tue, 11 Aug 2020 17:54:36 GMT

Sorry to hear that OP. Balance chasing never welcome.

Are you certain scores have changed substantially? You have access to the same scoring model the mortgage company will use? Asking to see the datapoint as "ton of bricks" can be a relative term.

What are your remaining balances on all cards, vs the new credit limits? Again looking for specific data as that is more useful to determine possible paths forward.

Re: CLD from Citi

JR_TX — Tue, 11 Aug 2020 22:32:48 GMT

@Anonymous wrote:
@Remedios wrote:
@Anonymous sorry ☹

If you have any BT offers on your existing cards, you might want to try a BT away from Citi card.
I dont think they will reinstate your limit if new, lower balances are not reporting yet.
They might do it afterwards, but there also might be a HP involved, and that doesnt work well right before the mortgage either.
You could try paying it down to more bearable utilization level (for scoring purposes), but I dont know if that's possible.
In any case, maybe have a talk with your loan officer and see what they recommend you do.
Again, I'm really sorry this happened to you at the worst possible time.

Thanks eMom. They were aware that I purchased a new vehicle to lower payments. I currently have only 1 BT offer and it's to my Ducks Unlimited card and I'd be paying interest on it then.

Did you trade-in a vehicle that has substantial equity that you're able to pay-off some debts?
Because that's the only scenario I can think of that might improve/lower your DTI or monthly debt payments in opening a new car loan.
Am I missing something?

Re: CLD from Citi

Anonymous — Wed, 12 Aug 2020 04:08:16 GMT

Surprised that a LO would suggest a new loan app leading up to a mortgage app, even if it meant saving $125/mo or whatever to help DTI.

Re: CLD from Citi

MrDisco99 — Wed, 12 Aug 2020 19:12:13 GMT

Yeah sounds like you got some bad advice there. Sorry this happened to you.

Citi CLD recon SUCCESS!

Anonymous — Sun, 16 Aug 2020 18:07:11 GMT

Hey all!

About a week ago I asked for a recon on my Citi simplicity CLD. After talking to 3 or 4 different CSRs I finally got one to submit a recon proposal. I just received an email stating that effective immediately my CL has been restored to $10600. Looks like I'll keep this card (will PC soon) and give them some love because I had lost hope with them.

Current FICO score range 650-682 depending on model and bureau. I'm not proud of these scores but I had some medical bills that came up and unfortunately had to rely on my cards for a little. I'll report back when my scores balance back out from paying off some cards and when the credit line recon posts

Re: Citi CLD recon SUCCESS!

AllZero — Sun, 16 Aug 2020 18:14:24 GMT

Congratulations on your CLD recon success!

Re: Citi CLD recon SUCCESS!

mrcraft — Sun, 16 Aug 2020 18:20:45 GMT

Congratulations!

Re: Citi CLD recon SUCCESS!

SouthJamaica — Sun, 16 Aug 2020 20:09:01 GMT

@Anonymous wrote:
Hey all!

About a week ago I asked for a recon on my Citi simplicity CLD. After talking to 3 or 4 different CSRs I finally got one to submit a recon proposal. I just received an email stating that effective immediately my CL has been restored to $10600. Looks like I'll keep this card (will PC soon) and give them some love because I had lost hope with them.

Current FICO score range 650-682 depending on model and bureau. I'm not proud of these scores but I had some medical bills that came up and unfortunately had to rely on my cards for a little. I'll report back when my scores balance back out from paying off some cards and when the credit line recon posts

Great news. Good work.