topic Re: Citi CLD in Credit Cards

Citi CLD

CreditCuriosity — Fri, 29 Mar 2024 03:29:19 GMT

Just checking account and noticed Citi lowered the CL on one of my custom cash cards. Scores are well into the 800's. Not sure if other s will see this or not. It appears I can call and request for the limit to be retained, but honestly not sure if I will. Keep your eyes open as this is a first for citi for me. Has nothing to do with debt or marks on credit as mentioned near 830ish credit score. Appears citi is slashing limits like other banks as well. Card sees 250-400 use a month

Score from Citi's site decided to take a screen shot of it as well.

Re: Citi CLD

coldfusion — Fri, 29 Mar 2024 12:39:52 GMT

Bah. Humbug.

Stinkers.

Re: Citi CLD

CreditCuriosity — Fri, 29 Mar 2024 12:58:28 GMT

@coldfusion wrote:
Bah. Humbug.

Stinkers.

right.. think i will make that call to see if they will restore it.. no one ever likes that happening and they say call if you want it so i will call although slashed CL is enough we all want to most.. Will let you know of outcome

Re: Citi CLD

CreditCuriosity — Fri, 29 Mar 2024 13:06:50 GMT

submitted to credit team for review. CS agent said it has been happening for last 3 days now across many peoples accounts so appears fairly new. See what comes back but was not instant to have limit reinstanted but certainly no hard pulls

Re: Citi CLD

Anonymous — Fri, 29 Mar 2024 13:15:41 GMT

Got the same notice about my Dividend card, can't quite remember but 25-30% reduction. I didn't bother to call as the current limit is fine (far more than I would ever use the card).

I had assumed it was lack of use (the letter said that I hadn't been utilizing the credit limit, my spend was a few hundred per year), but apparently @CreditCuriosity $250 a month isn't enough either. Shades of Capital One of a few years ago, actually have to utilize the limit to keep it!

Re: Citi CLD

CreditCuriosity — Fri, 29 Mar 2024 13:21:09 GMT

@Anonymous wrote:
Got the same notice about my Dividend card, can't quite remember but 25-30% reduction. I didn't bother to call as the current limit is fine (far more than I would ever use the card).

I had assumed it was lack of use (the letter said that I hadn't been utilizing the credit limit, my spend was a few hundred per year), but apparently @CreditCuriosity $250 a month isn't enough either. Shades of Capital One of a few years ago, actually have to utilize the limit to keep it!

Thanks for the DP.. I assume we are going to see a lot more posts like this especially what CS agent stated. I am guessing on the AF cards we likely won't see as many DP as one is paying AF on say AA card or Prestige, etc.. We shall see though. I honestly wasn't going to call, but if they stop offering my loans on CC at cheap rates that people could take up then one might want that cushion for those loans although not me. Maybe they would not of done AA if I paid them for something I didn't need . I recall we both got the Cap1 treatment at same time several years back as well where I opted to close mine and believe you didn't take it as personally. I love my custom cash cards and as mentioned way above cap of spending a month so they will certainly be kept only hit one of them other was a 13k CL and that is more than I need. Asked for limit back from science and DPs for this forum as can be seen my Score isn't the issue. Think I am carrying 400 on another CC is all other than house/car payment I am well off in the financial situation and dti/payments

Re: Citi CLD

redpat — Fri, 29 Mar 2024 14:40:59 GMT

Nothing on my AA exec. but a DP for this card is it's getting very heavy use $5k - $15k per month. I'm a small sample though as I only have 4 personal cards.

Based on the DPs we see now, it's use it or lose it, which would make sense.

I think the days of banks giving out CLIs like Chiclets and then nobody using it might be over.

IMO, Banks can keep the same reserve and spread out the CLI decrease for CLI to individuals that use the card more.

Re: Citi CLD

keekers — Fri, 29 Mar 2024 15:51:33 GMT

Bummer.

Re: Citi CLD

NoHardLimits — Fri, 29 Mar 2024 16:18:06 GMT

@Anonymous wrote:
Got the same notice about my Dividend card, can't quite remember but 25-30% reduction. I didn't bother to call as the current limit is fine (far more than I would ever use the card).

I had assumed it was lack of use (the letter said that I hadn't been utilizing the credit limit, my spend was a few hundred per year), but apparently @CreditCuriosity $250 a month isn't enough either. Shades of Capital One of a few years ago, actually have to utilize the limit to keep it!

Nothing has happened to my Dividend CL yet (keeping fingers crossed). I only spent several hundred dollars on it last year. The previous year I maxed out the rewards with a little over $6000 in spend. At least Citi is giving the opportunity to request a limit restoration. Best wishes to @CreditCuriosity for a positive outcome.

Re: Citi CLD

iheartwings — Fri, 29 Mar 2024 17:07:17 GMT

I, too, received a CLD on my Double Cash. It was reduced - from $66,200 to $47,100 - of which $0 is avilable for cash advances.

As of late, I've actually been spending more on this card $2k to $4k monthly in addition to pretty much anything that is not streaming or ACH only is on this card. I pay off weekly.

I will see if they can restore limit, and if they don't, then I'll have to decide whether it's worth keeping. I've had this card for nearly 9 years. If only Citi would consider reallocating limits - I'd probably just move a chunk to my Costco card and close the DC.

Business is business, so I get it - but it doesn't mean that I have to like it.

Re: Citi CLD

redpat — Fri, 29 Mar 2024 17:32:25 GMT

@iheartwings wrote:
I, too, received a CLD on my Double Cash. It was reduced - from $66,200 to $47,100 - of which $0 is avilable for cash advances.

As of late, I've actually been spending more on this card $2k to $4k monthly in addition to pretty much anything that is not streaming or ACH only is on this card. I pay off weekly.

I will see if they can restore limit, and if they don't, then I'll have to decide whether it's worth keeping. I've had this card for nearly 9 years. If only Citi would consider reallocating limits - I'd probably just move a chunk to my Costco card and close the DC.

Business is business, so I get it - but it doesn't mean that I have to like it.

Lol, wait a second, so from $66k to $47k and you'll have to decide if it's worth keeping.....You're killing me......

Re: Citi CLD

Anonymous — Fri, 29 Mar 2024 17:38:56 GMT

@CreditCuriosity wrote:
submitted to credit team for review. CS agent said it has been happening for last 3 days now across many peoples accounts so appears fairly new. See what comes back but was not instant to have limit reinstanted but certainly no hard pulls

Any idea what this review is! Hopefully no HPs. I'm asking because the letter said if you don't request restoration by XXX, any later request will be taken as a new CLI request. So I wonder how this differs

Re: Citi CLD

iheartwings — Fri, 29 Mar 2024 17:53:35 GMT

@Anonymous wrote:
@CreditCuriosity wrote:
submitted to credit team for review. CS agent said it has been happening for last 3 days now across many peoples accounts so appears fairly new. See what comes back but was not instant to have limit reinstanted but certainly no hard pulls
Any idea what this review is! Hopefully no HPs. I'm asking because the letter said if you don't request restoration by XXX, any later request will be taken as a new CLI request. So I wonder how this differs

@CreditCuriosity Your agent was more informative, mine just regurgitated what was in the letter, and then said any request had to be forwarded to the credit review team and to expect a letter in next 5-7 days.

My CRs have been and remain frozen, so if they require a hard pull - I suppose I'll hear about it.

Wonder how many folks will call to reinstate.

Re: Citi CLD

FlaDude — Fri, 29 Mar 2024 18:09:47 GMT

Honestly I'm surprised that more lenders don't adjust CLs based on actual spend. I have several cards with limits of $20k that typcially get under $100/month spend. I wouldn't take it personally if the issuers wanted to limit exposure and cut the limits by half or even 3/4. I know that some do take it personally, but this is purely a business relationship, none of the financial institutions are your friend.

I know Sync has been right sizing CLs for a while now. My wife had a JC Penney card with a 20k limit that was getting one or two transactions a year totalling under $200, they lowered the limit to $500. After a year of no further use, they closed it (sort of fitting since that's what JCP has been doing with their stores).

I don't know if bustout fraud is still a problem, but if so, one way to help limit the damage is to adjust CLs more in line with spend.

Re: Citi CLD

CreditCuriosity — Fri, 29 Mar 2024 18:37:10 GMT

@Anonymous wrote:
@CreditCuriosity wrote:
submitted to credit team for review. CS agent said it has been happening for last 3 days now across many peoples accounts so appears fairly new. See what comes back but was not instant to have limit reinstanted but certainly no hard pulls
Any idea what this review is! Hopefully no HPs. I'm asking because the letter said if you don't request restoration by XXX, any later request will be taken as a new CLI request. So I wonder how this differs

Nope no idea but to credit dept just a front line CSR so letter is a bit deceiving as makes it sound like if you disagree you will get you CL back in an instant which appears not to be the case lol. All good either way, but they should choose their wording a bit better. She did say no HP would be done nor can they due to my Credit Reports being froozen, but they can SP if they want as current creditor

Re: Citi CLD

CreditCuriosity — Fri, 29 Mar 2024 18:43:04 GMT

@FlaDude wrote:
Honestly I'm surprised that more lenders don't adjust CLs based on actual spend. I have several cards with limits of $20k that typcially get under $100/month spend. I wouldn't take it personally if the issuers wanted to limit exposure and cut the limits by half or even 3/4. I know that some do take it personally, but this is purely a business relationship, none of the financial institutions are your friend.

I know Sync has been right sizing CLs for a while now. My wife had a JC Penney card with a 20k limit that was getting one or two transactions a year totalling under $200, they lowered the limit to $500. After a year of no further use, they closed it (sort of fitting since that's what JCP has been doing with their stores).

I don't know if bustout fraud is still a problem, but if so, one way to help limit the damage is to adjust CLs more in line with spend.

I don't take it personal at all.. They give you limits for a reason based on credit worthiness, income, dti and many other things and also of course want to compete with your other lenders in some cases. It is just business and won't close other the card due to the CLD as it is a useful card for groceries or they are both worthwhile cards. While other cards that I have say a 40k limit on I wouldn't blink twice on closing it if it was say a 1.5% cashback card as have much better at better APR's. Bank were just very generous at one time and this is a reflection of the overall economy of the country currently and I get that and nothing personal to me as I cut cards when no longer needed or got my bonus as it is just business to me as well. My cards range from basically 20k-60k limits with a few outliers on both sides so this kinda feel in the middle bracket. I have more than enough credit that I could ever spend and good with it. What I don't like is they offer me loans against CL's at say 6.99 and if was to do that and then they cut the CL after the fact that would hurt ones credit, but once again i suspect it is just busiess as well.

Re: Citi CLD

Thomas_Thumb — Sat, 30 Mar 2024 05:50:05 GMT

@redpat wrote:

I think the days of banks giving out CLIs like Chiclets and then nobody using it might be over.

IMO, Banks can keep the same reserve and spread out the CLI decrease for CLI to individuals that use the card more.

Chiclets - ha

Last time I had those was over 40 years ago. Auto spell correct appears not to be aware of them. It changed the word to chickens! You must be old

Re: Citi CLD

CreditCuriosity — Fri, 29 Mar 2024 23:00:37 GMT

Credit line restored not that I needed it but update to thread

Re: Citi CLD

NoHardLimits — Fri, 29 Mar 2024 23:06:39 GMT

@CreditCuriosity wrote:
Credit line restored not that I needed it but update to thread

That is very good news indeed! Thanks for the data point!

Re: Citi CLD

Anonymous — Fri, 29 Mar 2024 23:09:59 GMT

@CreditCuriosity wrote:
Credit line restored not that I needed it but update to thread

Great. I guess I will try just to provide another datapoint. @CreditCuriosity , did you have to promise to spend more, or just said that you wanted the limit restored?