topic Re: Citi Costco in Credit Cards

Citi Costco

zeeks87 — Mon, 09 May 2022 01:53:16 GMT

Help!!!!! I just got an email That they are reducing my limit from 10k to 4500!!! What should I do?! This has never happend to me

Re: Citi Costco

babygirl1256 — Mon, 09 May 2022 01:58:23 GMT

I would call and try to determine why it's being reduced and if the representative can't assist, then ask to speak to a supervisor. Could it be because of low useage? Best wishes in resolving this issue in your favor!!!

Re: Citi Costco

zeeks87 — Mon, 09 May 2022 21:58:18 GMT

This is what the email said

There was a recent review of your account and credit information. As a result, we have revised the credit limit

Our decision was based, in whole or in part, on information obtained from the following consumer reporting agency:

Equifax
5505 Peachtree Dunwoody Road, Suite 600
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-685-1111
My over All utilization has been higher on all card lately and i have been using this card often it not my go to card but im kind in shock honestly that this happend especially since my limit is now 4580.00 and my balance is 4,391.00

Re: Citi Costco

sarux3 — Mon, 09 May 2022 22:55:04 GMT

@zeeks87 wrote:
This is what the email said
There was a recent review of your account and credit information. As a result, we have revised the credit limit
Our decision was based, in whole or in part, on information obtained from the following consumer reporting agency:

Equifax
5505 Peachtree Dunwoody Road, Suite 600
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-685-1111
My over All utilization has been higher on all card lately and i have been using this card often it not my go to card but im kind in shock honestly that this happend especially since my limit is now 4580.00 and my balance is 4,391.00

Sounds like Citi did not like your overall credit profile and have responded by balance chasing your Costco card. You should call them up and ask whether the CL can be reinstated if you pay off/down the balance or demonstrate some significant paydown across your other cards. Good luck!

Re: Citi Costco

CreditInspired — Mon, 09 May 2022 23:11:36 GMT

@zeeks87 wrote:
This is what the email said
There was a recent review of your account and credit information. As a result, we have revised the credit limit
Our decision was based, in whole or in part, on information obtained from the following consumer reporting agency:

Equifax
5505 Peachtree Dunwoody Road, Suite 600
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-685-1111
My over All utilization has been higher on all card lately and i have been using this card often it not my go to card but im kind in shock honestly that this happend especially since my limit is now 4580.00 and my balance is 4,391.00

Yuck. This is now maxed out and Citi is probably going to continue balance chasing you. I recommend getting the balances paid down on other cards as quickly as possible so this won't cause a domino effect.

Re: Citi Costco

FinStar — Tue, 10 May 2022 00:37:09 GMT

@zeeks87 wrote:
This is what the email said
There was a recent review of your account and credit information. As a result, we have revised the credit limit

Our decision was based, in whole or in part, on information obtained from the following consumer reporting agency:
Equifax
5505 Peachtree Dunwoody Road, Suite 600
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-685-1111

My over All utilization has been higher on all card lately and i have been using this card often it not my go to card but im kind in shock honestly that this happend especially since my limit is now 4580.00 and my balance is 4,391.00

If your overall utilization across all accounts has increased considerably, Citi isn't going to reinstate the credit limit until they deem your profile less of a risk. At this point, I would focus on getting any high utilization on your cards to manageable levels, otherwise this could potentially have a domino effect on other accounts.

How long have you been carrying the ~$4,300 balance on the Costco card? I would imagine the APR/finance charges are killer!

What about your other cards? How many are carrying high balances? What is your overall utilization across all accounts?

Re: Citi Costco

zeeks87 — Tue, 10 May 2022 01:50:51 GMT

I usually dont carry a balance on my accounts i run a construction buiss and these past months i have had to carry a balance right now this is where im sitting right now

Apple Card limit 19,500.00 Balance 8,504.38

Wells Reflect Limit 14,000.00 Balance 9,242.10

Chase Sapphire Limit 21,400.00 Balance 21,194.10

Discover It LImit 11,000.00 Balance 9,626.22

Amex Plum Balance 26,833.97

Amex Plat Balance 12,963.50

Amex Rose Gold 6,332.28

Amex Cash Preferred Liimit 12,000.00 Balance 10,189.85

Amex Business Plus Limit 2000.00 Balance 95.00

Amex Buis Delta Plat Limit 8500 Balance 7,500.00

Home Depot Limit 7,000.00 Balance 3,753.48

Lowes 19,000.00 Balance 0.00

Verizon Visa Limit 4800 Balance 3957.93

Costco Card is 4580 balcance of 4397

Thats all of them not including car loans and trailer loans

Re: Citi Costco

FinStar — Tue, 10 May 2022 02:05:50 GMT

@zeeks87 wrote:
I usually dont carry a balance on my accounts i run a construction buiss and these past months i have had to carry a balance right now this is where im sitting right now
Apple Card limit 19,500.00 Balance 8,504.38
Wells Reflect Limit 14,000.00 Balance 9,242.10
Chase Sapphire Limit 21,400.00 Balance 21,194.10
Discover It LImit 11,000.00 Balance 9,626.22
Amex Plum Balance 26,833.97
Amex Plat Balance 12,963.50
Amex Rose Gold 6,332.28
Amex Cash Preferred Liimit 12,000.00 Balance 10,189.85
Amex Business Plus Limit 2000.00 Balance 95.00
Amex Buis Delta Plat Limit 8500 Balance 7,500.00
Home Depot Limit 7,000.00 Balance 3,753.48
Lowes 19,000.00 Balance 0.00
Verizon Visa Limit 4800 Balance 3957.93
Costco Card is 4580 balcance of 4397
Thats all of them not including car loans and trailer loans

Ok, thanks for providing a bit more background on those balances.

Just looking at some of the numbers and the ratios of the balances vs credit limits, I can see the reason for Citi decreasing their exposure given the signs of overextension. Unfortunately, it is unlikely they will reinstate the limit at this time. Potentially, others may follow suit.

You mentioned you are in the construction business, are you experiencing any cash flow or working capital issues with your business? On your AmEx personal charge cards, are you carrying the balances under POT or do you PIF every month? How often do you PIF the PLUM business card?

Re: Citi Costco

zeeks87 — Tue, 10 May 2022 03:28:55 GMT

Yes big time I have been having a lot of issues with builders paying their bill lately and that has put me in a bad spot and only making the minimum payments as far as my amex goes i pay them in full every month and my plum im paying the minimum payment when i usually paid in full and got 1.5% back im still running a 20k-45k balance on the plum every month

Re: Citi Costco

Kennie02 — Tue, 10 May 2022 03:33:31 GMT

Citi does not like it when you go from low util to high/higher util and neither does Amex. I moved across the country and ended up having to carry balances on my cards. Citi did the same thing to my AAdvantage card. I have never gotten my SL back. I paid it down but it still sits at the same limit. I never tried to call and figure out how to fix it but it wouldn't hurt to try. Sorry this happened.

Re: Citi Costco

CreditInspired — Tue, 10 May 2022 07:59:36 GMT

OP. Agree with FinStar. It's unlikely Citi will reevaluate the CLD.

Since you are saying that just in the last few months, you have gone from PIF to only making min pymts, the algorithm gods may begin to wreak havoc. I honestly hope it doesn't happen, but just be mentally prepared for more CLDs and/or possible closures. I am really concerned about your individual CC UT:

Apple 44%
Chase 99%
Wells Reflect 66%
Discover 87%
AmX cash 85%
AmX Bus Delta 88%
Home Depot 54%
Verizon 82%
Citi 96% (due to CLD)

If you can get those cards that are above 50% down to at least 48.9%, you may stave off any immediate possible balance chases or closures. As stated, the CLD of Citi could start a domino effect. Once the other CCCs become aware, they are going to protect themselves.

Maybe start playing hardball with builders that owe you money.

GL2U