topic Re: Citi Best Buy emailed me back on CR issue in Credit Cards

Citi Best Buy emailed me back on CR issue

Kratos-TM — Sun, 22 Sep 2013 01:58:11 GMT

Here is what I wrote them....

Hi, A lot of Cap One Best Buy cardholders are worried about the Citi switch in
regards to how it will be reported to the CRA's. If the new citi card reports as
a new trade-line with a new date, this will hurt everyone's credit scores due to
two reasons.....1 score drop because a new account was opened...and.....2 scrope
drop because of the average age of accounts is lower. If we are going to lose
all of our backdating on the credit report and virtually start over, then I am
gonna cancel my card before this occurs. I like my bestbuy card and want to keep
it, but I will not lose any credit score points because of it.

Here is what they wrote back....

Dear Valued Customer,

I <kana_cat_14321> have received your recent inquiry
regarding your credit score and I will be happy to try and assist you today. I'm
happy to advice you that your credit score will not drop nor change due to the
conversion of Best Buy and Citi Bank. We will report to the credit bureau they
way your account is standing and everything in your account will still stay the
same. I <kana_cat_14301> hope this matter has been clarified and that the
information is helpful.<kana_cat_14301>

I appreciate your business and
please let us know if we can be further assistance.<kana_cat_14321>

Re: Citi Best Buy emailed me back on CR issue

09Lexie — Sun, 22 Sep 2013 02:06:30 GMT

I hope it will report with the same open date for you guys. By the way..., I asked the very same question to Walmart when I was upgraded and got the same answer. However, it reported as date opened 07/2013.

Re: Citi Best Buy emailed me back on CR issue

Kratos-TM — Sun, 22 Sep 2013 02:09:37 GMT

Yeah, I take it with a grain of salt. Since I backed him/her into a corner with the idea of canceling, there was probably only one answer to give even though it may be a flat out lie.

Re: Citi Best Buy emailed me back on CR issue

Anonymous — Sun, 22 Sep 2013 02:11:00 GMT

@09Lexie wrote:
I hope it will report with the same open date for you guys. By the way..., I asked the very same question to Walmart when I was upgraded and got the same answer. However, it reported as date opened 07/2013.

did you go to a walmart discover card? if so I heard that always gets a new date

Re: Citi Best Buy emailed me back on CR issue

MYCherie — Sun, 22 Sep 2013 02:14:40 GMT

Just curious, I checked my experian CR and my CAP1/Best Buy shows closed and I do not see a new tradeline for Best Buy/CITI. Sigh this does not look good. Is anyone else having the same problems or noticing the account not reporting on CR's but still open. Thanks.

Re: Citi Best Buy emailed me back on CR issue

09Lexie — Sun, 22 Sep 2013 02:20:19 GMT

@john398

It was an upgrade. I knew it would give me a new date based on others before me. But, I wanted to see what their analyst would say if asked. I did a live chat and sure enough, I was 'reassured that my credit would not be effected by the new trade line.' He went on to say, since I did not apply but was upgraded my credit would remain the same.

HAHAHA!!!!!

Re: Citi Best Buy emailed me back on CR issue

Anonymous — Sun, 22 Sep 2013 02:22:18 GMT

My transunion report shows the same thing. Cap one best buy account closed and no trade line for citi best buy. Now it looks like I just lost 7k available credit and my cc utilization just jumped from 7 to 21% because of it. The equated to a 38 point drop. All the same time I am trying to get preapproved for a mortgage. Thanks for nothing citibank..

Re: Citi Best Buy emailed me back on CR issue

mxp114 — Sun, 22 Sep 2013 02:24:32 GMT

Capital One has updated all the BB accounts to reflect transferred/closed with a $0 balance but have preserved your original CL for the purposes of the report. Best Buy/CBNA will soon appear on your reports on your next statement cycle after 9/9/13, and will reflect your original opening date from HSBC or Capital One. There is no way to know what impact it will have on your AAoA, until after the account reports. Does anyone know if transferred/sold status TLs do not factor in scoring? It doesn't seem like they do.

Re: Citi Best Buy emailed me back on CR issue

MeridianRN — Sun, 22 Sep 2013 02:33:23 GMT

I got a score alert that showed my best buy account had been transferred/sold to Citi & my score went up 2 points.

Re: Citi Best Buy emailed me back on CR issue

Kratos-TM — Sun, 22 Sep 2013 18:51:58 GMT

Weird cause this month my account reported the same. I'm must gonna get closed next month.

Re: Citi Best Buy emailed me back on CR issue

Peter1142 — Sun, 22 Sep 2013 19:21:34 GMT

My new Citi BB TL should have reported, it has not. They are behind.

Re: Citi Best Buy emailed me back on CR issue

MYCherie — Sun, 22 Sep 2013 19:40:22 GMT

Same here and I just looked and it doesn't show a zero balance for my Cap Bb it shows a 100 balance. Does that mean they have closed my account?

Re: Citi Best Buy emailed me back on CR issue

Kratos-TM — Sun, 22 Sep 2013 21:57:36 GMT

Kind of at a cross road here.........someone needs to help me out. Ok, lets look at risks..........What's the risk if we end up getting screwed on a new TL and then decide to close the account? Is the damage still done......?.....due to the new closed citi account still effecting our AAoA, even though it's closed.

This would then say that we should take the loss on the front end and close now.......

But I need this account for my mix credit (I built a perfect mix setup based off the info from the forum and it has paid off bigtime for me).

This is looking like a lose-lose here.......

Re: Citi Best Buy emailed me back on CR issue

Anonymous — Mon, 23 Sep 2013 01:00:48 GMT

This is seriously wrong - nothing has materially changed about your credit risk. All that happened was a simple accounting wash between 2 banks. There should be some sort of legal remedy for this, especially considering it affects your ability to get prequalified for a mortgage. Has anyone attempted legal action in cases like this? I'm in the same boat with wanting a prequalification in about 3-4 months...

Re: Citi Best Buy emailed me back on CR issue

Anonymous — Mon, 23 Sep 2013 01:36:25 GMT

ok thanks lexie for explaining

Re: Citi Best Buy emailed me back on CR issue

09Lexie — Mon, 23 Sep 2013 01:48:25 GMT

I believe that all the BB/Cap1 to Citi will keep the orig open date. I only mentioned what the GE CSR told me because I knew it was wrong. So, don't give up hope!

Re: Citi Best Buy emailed me back on CR issue

Kratos-TM — Mon, 23 Sep 2013 02:43:47 GMT

Thanks Lexie. Makes me feel better even though we all don't know.

Decision..... I'm gonna take the risk and keep it open because I need this card to stay for my credit mix.

Let's just hope I take the right gamble......

Re: Citi Best Buy emailed me back on CR issue

Anonymous — Mon, 23 Sep 2013 02:57:59 GMT

@jarroldharrell1 wrote:
But I need this account for my mix credit (I built a perfect mix setup based off the info from the forum and it has paid off bigtime for me).

Is there a particular thread/post about that? I would be very interested in reading it.

Re: Citi Best Buy emailed me back on CR issue

09Lexie — Mon, 23 Sep 2013 03:00:16 GMT

@navyox

Here is one:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Credit-Scoring-101-START-HERE/m-p/8169

Re: Citi Best Buy emailed me back on CR issue

Anonymous — Mon, 23 Sep 2013 03:12:16 GMT

@09Lexie wrote:
@Anonymous

Here is one:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Credit-Scoring-101-START-HERE/m-p/8169

Thanks, I didn't see anything about specific types of cards though. I guess I always assumed beyond the charge card/credit card split it didn't matter. That post made me wonder otherwise.