topic Re: Avoid CITI like the plague in Credit Cards

Avoid CITI like the plague

jdxprs1 — Wed, 30 Oct 2024 20:15:51 GMT

I have over 100K in credit cards with under 50% utilization. Citi just chased my limit down from 10k to $400.

only a company with severe financial problems would make a move like this. I'm ending all other financial dealings with them and I recommend everyone else should do so as well.

you've been warned.

Re: Avoid CITI like the plague

GZG — Wed, 30 Oct 2024 20:36:26 GMT

@jdxprs1 wrote:
I have over 100K in credit cards with under 50% utilization. Citi just chased my limit down from 10k to $400.

only a company with severe financial problems would make a move like this. I'm ending all other financial dealings with them and I recommend everyone else should do so as well.

you've been warned.

they think you're the one with severe financial problems, and it wouldn't surprise me if other issuers thought so as well

I'd worry about getting those balances down so you don't see any cascading AA from this

Re: Avoid CITI like the plague

CreditCuriosity — Wed, 30 Oct 2024 20:41:09 GMT

@GZG wrote:
@jdxprs1 wrote:
I have over 100K in credit cards with under 50% utilization. Citi just chased my limit down from 10k to $400.

only a company with severe financial problems would make a move like this. I'm ending all other financial dealings with them and I recommend everyone else should do so as well.

you've been warned.
they think you're the one with severe financial problems, and it wouldn't surprise me if other issuers thought so as well

I'd worry about getting those balances down so you don't see any cascading AA from this

I would tend to agree if you had 100k in credit and running around 50% utilization of say 50kish if I understood your post correctly you could be a risk to them and other issuers depending on how long you have had that debt and how aggressively you have been paying it down or has it been going up? Many things ones must factor in before avoiding them. Pay down your debt then you can ask for a CLI with them in the future

Re: Avoid CITI like the plague

CreditPoor — Wed, 30 Oct 2024 21:00:43 GMT

100k in available credit and roughly 50% utilization and your saying there is a problem with the lender? I'm willing to bet you've been carrying a high balance month over month for a good amount of time and paying minimum or just above towards the debt

The lender has a right to be concerned and has every right to limit its exposure. My suggestion is pay down the utilization and be thankful they didn't close the accounts

Re: Avoid CITI like the plague

NikkiRosen — Wed, 30 Oct 2024 21:23:43 GMT

Wow! I just got off phone with CITI because I thought there was an error with the app!

My credit limit of $4800 was dropped waaayyy down to $300 almost *immediately* after I made a payment of $4300 bringing the account down to a zero balance!

Before the account pay off I always made my payments on time and each month the payment was far above and beyond the minimum due.

To say I'm a bit miffed is an understatement!

Re: Avoid CITI like the plague

SouthJamaica — Wed, 30 Oct 2024 21:38:44 GMT

@jdxprs1 wrote:
I have over 100K in credit cards with under 50% utilization. Citi just chased my limit down from 10k to $400.

only a company with severe financial problems would make a move like this. I'm ending all other financial dealings with them and I recommend everyone else should do so as well.

you've been warned.

They just balance chased me today as well.

I personally can't single Citi out, because I'd been balance chased before that by SoFi, Discover, Amex, Chase, and PenFed.

Nevertheless, it sounds like Citi is on some kind of campaign to reduce credit limits.

Re: Avoid CITI like the plague

jdxprs1 — Wed, 30 Oct 2024 22:02:13 GMT

I've paid single payments of 6k plus twice this year to bring account balance to zero.

you're very wrong.

Re: Avoid CITI like the plague

coldfusion — Wed, 30 Oct 2024 22:04:20 GMT

@SouthJamaica wrote:
@jdxprs1 wrote:
I have over 100K in credit cards with under 50% utilization. Citi just chased my limit down from 10k to $400.

only a company with severe financial problems would make a move like this. I'm ending all other financial dealings with them and I recommend everyone else should do so as well.

you've been warned.
They just balance chased me today as well.

I personally can't single Citi out, because I'd been balance chased before that by SoFi, Discover, Amex, Chase, and PenFed.

Nevertheless, it sounds like Citi is on some kind of campaign to reduce credit limits.

They've also been sending out letters in the last couple of weeks warning cardholders of an impending CLD that quotes the updated limit f they don't put spend on the card within the next month or so.

Re: Avoid CITI like the plague

FicoMike0 — Wed, 30 Oct 2024 22:07:33 GMT

Just to clarify, is the 50% utilization carried month to month? What was the balance/credit limit on the **bleep**i account?

we want to know just how much **bleep**i sux!

Re: Avoid CITI like the plague

AndySoCal — Thu, 31 Oct 2024 00:54:10 GMT

@coldfusion Citi letters warning of not enough spend was their a range in the credit limits affected ? My Citi credit limit is 11000 with a 100 to 200 a month in spend. Do you think I would get a letter?

Re: Avoid CITI like the plague

DanteJuan95 — Thu, 31 Oct 2024 01:21:23 GMT

@jdxprs1 wrote:
I have over 100K in credit cards with under 50% utilization. Citi just chased my limit down from 10k to $400.

only a company with severe financial problems would make a move like this. I'm ending all other financial dealings with them and I recommend everyone else should do so as well.

you've been warned.

Even under "50% utilization is just as worse as one having 90% of util.

Re: Avoid CITI like the plague

DanteJuan95 — Thu, 31 Oct 2024 01:36:40 GMT

@NikkiRosen wrote:
Wow! I just got off phone with CITI because I thought there was an error with the app!

My credit limit of $4800 was dropped waaayyy down to $300 almost *immediately* after I made a payment of $4300 bringing the account down to a zero balance!

Before the account pay off I always made my payments on time and each month the payment was far above and beyond the minimum due.

To say I'm a bit miffed is an understatement!

How long did you have the balance? Was it carried over a month or so.

Re: Avoid CITI like the plague

coldfusion — Thu, 31 Oct 2024 02:21:53 GMT

@AndySoCal wrote:
@coldfusion Citi letters warning of not enough spend was their a range in the credit limits affected ? My Citi credit limit is 11000 with a 100 to 200 a month in spend. Do you think I would get a letter?

Not that I know of insofar as ranges with CL, and it appears to be tied more to cards being sockdrawered, not cards like yours that are used regularly.

Re: Avoid CITI like the plague

NikkiRosen — Thu, 31 Oct 2024 04:48:18 GMT

The balance accumulated up to $4300 since maybe the beginning of this year. Ive had the card for nearly 6 years now and Ive always paid more than the minimum, never had any late payments, and have paid off sizable amounts ($2500+) at least 3 other times.

Re: Avoid CITI like the plague

ptatohed — Thu, 31 Oct 2024 05:30:25 GMT

I love my citi cards.

Re: Avoid CITI like the plague

jdxprs1 — Thu, 31 Oct 2024 11:32:53 GMT

@CreditPoor wrote:
100k in available credit and roughly 50% utilization and your saying there is a problem with the lender? I'm willing to bet you've been carrying a high balance month over month for a good amount of time and paying minimum or just above towards the debt

The lender has a right to be concerned and has every right to limit its exposure. My suggestion is pay down the utilization and be thankful they didn't close the accounts

How much are you willing to bet on that?

Re: Avoid CITI like the plague

jdxprs1 — Thu, 31 Oct 2024 11:34:47 GMT

https://www.cnbc.com/amp/2024/01/12/citigroup-c-earnings-4q-2023.html

financial trouble.....

Re: Avoid CITI like the plague

unsungivy — Thu, 31 Oct 2024 11:39:15 GMT

@jdxprs1 wrote:
https://www.cnbc.com/amp/2024/01/12/citigroup-c-earnings-4q-2023.html

financial trouble.....

That link is over 9 months old, and talking about 2023.

Re: Avoid CITI like the plague

jdxprs1 — Thu, 31 Oct 2024 11:49:30 GMT

More recent issues...

https://www.reuters.com/business/finance/us-bank-regulators-fine-citi-136-million-failing-address-longstanding-data-2024-07-10/

Re: Avoid CITI like the plague

coldfusion — Thu, 31 Oct 2024 12:32:49 GMT

@jdxprs1 wrote:
More recent issues...

https://www.reuters.com/business/finance/us-bank-regulators-fine-citi-136-million-failing-address-longstanding-data-2024-07-10/

$136 million fine vs. their reported $3.2 billion net earnings in Q3 2024, $1.51 EPS. Financially they aren't swirling around the bowl.