topic Re: Citi CLD 2 cards in Credit Cards

Citi CLD 2 cards

Fico_Dish — Mon, 11 Aug 2014 17:28:04 GMT

Citi CLD two credit cards at the same time. The new limits are very close to the balance on the card......Is this trend going to be followed by the other creditors?

Re: Citi CLD 2 cards

JSS3 — Mon, 11 Aug 2014 18:24:36 GMT

@Fico_Dish wrote:
Citi CLD two credit cards at the same time. The new limits are very close to the balance on the card......Is this trend going to be followed by the other creditors?

They're balance chasing you. How long have you carried a balance on the card? Have you been making more than the minimum payments? What's changed on your CR?

Re: Citi CLD 2 cards

Fico_Dish — Mon, 11 Aug 2014 19:15:47 GMT

You are right , they are indeed doing balance chasing. But on the other hand, my score is creeping in the upward direction, other creditors are increasing my credit limits, but some how citi saw something exclusive in my report. I have not added any new cc account in the last three years, only added a new car loan more than a year ago. So I am puzzled....Thanks though for your input......JSS3

Re: Citi CLD 2 cards

JSS3 — Mon, 11 Aug 2014 19:18:22 GMT

@Fico_Dish wrote:
You are right , they are indeed doing balance chasing. But on the other hand, my score is creeping in the upward direction, other creditors are increasing my credit limits, but some how citi saw something exclusive in my report. I have not added any new cc account in the last three years, only added a new car loan more than a year ago. So I am puzzled....Thanks though for your input......JSS3

Did you carry a balance on the Citi cards for a long period of time?

Re: Citi CLD 2 cards

Anonymous — Mon, 11 Aug 2014 19:27:52 GMT

Yeah they're balance chasing... What's next? Most likely going to smack you out of there hands. After you pay, you may see a nice decline next time you go to use the card!

Re: Citi CLD 2 cards

Anonymous — Mon, 11 Aug 2014 19:37:56 GMT

Citi closed my account when I ran up balances. Ive continued to make the monthly payments and almost have it paid off. They originally told me once its paid off they will reopen it if I want. To my surprise they reopned it once the balance got down to 500. I dont plan on using it until its completely paid off and then its pif each month its used. It sucked to have the account closed even without late payments but I understood why they did it and overall citi was very good to me. Paying off the balances even though it took a while went a long way with them and kept me in their good graces.

My main complaint with citi is the cards they offer are quite boring to me, unless I missed some of them.

Re: Citi CLD 2 cards

JSS3 — Mon, 11 Aug 2014 19:43:50 GMT

@purebulldogs500 wrote:
Citi closed my account when I ran up balances. Ive continued to make the monthly payments and almost have it paid off. They originally told me once its paid off they will reopen it if I want. To my surprise they reopned it once the balance got down to 500. I dont plan on using it until its completely paid off and then its pif each month its used. It sucked to have the account closed even without late payments but I understood why they did it and overall citi was very good to me. Paying off the balances even though it took a while went a long way with them and kept me in their good graces.

My main complaint with citi is the cards they offer are quite boring to me, unless I missed some of them.

Can you share the limits on the cards and balance? How long? Also, the monthly payments you made?

Re: Citi CLD 2 cards

Fico_Dish — Tue, 12 Aug 2014 19:11:40 GMT

card oneriginal limit 7000; balance 3500 - limit reduced now to 3700; card 2: original limit 4500; balance 3600; limit reduced to 3800; NEVER had a missed payment. all payments more than the minimum payment. True, i have been carrying the balance for a couple of years on these two cards.

Re: Citi CLD 2 cards

Anonymous — Tue, 12 Aug 2014 19:24:55 GMT

Mine was around 3k balance with 8k credit limit. I paid mininum payment for a few months and and then they lowered limit to 3200 and closed the card.

Citi cards are boring to me either way so they will never be my main card unless they come out with something I really like.

Re: Citi CLD 2 cards

CreditDunce — Tue, 12 Aug 2014 19:34:58 GMT

Your other CCC's will probably not do anything if you haven't been carrying a balance on their cards, too. But be warned your credit score just took a big nose dive. You now have two maxed out CC's. It is not fair, but it is only a business decision for them.

Re: Citi CLD 2 cards

Anonymous — Tue, 12 Aug 2014 19:37:17 GMT

@Fico_Dish wrote:
card oneriginal limit 7000; balance 3500 - limit reduced now to 3700; card 2: original limit 4500; balance 3600; limit reduced to 3800; NEVER had a missed payment. all payments more than the minimum payment. True, i have been carrying the balance for a couple of years on these two cards.

Carrying a balance is one thing but was it a revolving balance or did you just charge it up and made payments without using it other than carrying a balance?

In other words, did you just hit it and quit it?

Re: Citi CLD 2 cards

Fico_Dish — Tue, 12 Aug 2014 19:58:35 GMT

No....it is not revolving credit..... i dont use those cards anymore, rather attempting to pay off them slowly..

Re: Citi CLD 2 cards

CreditMagic7 — Tue, 12 Aug 2014 20:35:21 GMT

@Fico_Dish wrote:
card oneriginal limit 7000; balance 3500 - limit reduced now to 3700; card 2: original limit 4500; balance 3600; limit reduced to 3800; NEVER had a missed payment. all payments more than the minimum payment. True, i have been carrying the balance for a couple of years on these two cards.

That really appears the cause. The fact you carried THE balance past whatever their cutoff period was apparently past their comfort zone. Different lenders sometimes scrutinize differently just how long they are willing for original balances to park on them. I for one appreciate you bringing this to the forum's attention about Citi as a real potential Data Point that others might take note of to avoid this same unfortunate occurance.

Re: Citi CLD 2 cards

Anonymous — Tue, 12 Aug 2014 20:47:33 GMT

Sorry to hear it. Thanks for this thread. Very useful knowledge.

Re: Citi CLD 2 cards

Pat94108 — Tue, 12 Aug 2014 20:57:05 GMT

Thank you for sharing your story and I agree, very useful and informative thread. Sorry to hear about your CLD.

Re: Citi CLD 2 cards

Anonymous — Tue, 12 Aug 2014 21:02:29 GMT

@Fico_Dish wrote:
No....it is not revolving credit..... i dont use those cards anymore, rather attempting to pay off them slowly..

Well then that's why. If you don't show any interest in using their product, they will slowly push you out the door and issue credit to someone that plans on using it.

Sorry thats happening to you. Do you have a product to offset the loss of utilization? Like maybe a CLI from AMEX or something? When the 90% utilization of those two cards gets reported you will probably lose quite a few points on your FICO. I suggest you get a CLI (if you can) before the new CLDs report.

Re: Citi CLD 2 cards

JSS3 — Tue, 12 Aug 2014 21:35:58 GMT

@Anonymous wrote:
@Fico_Dish wrote:
card oneriginal limit 7000; balance 3500 - limit reduced now to 3700; card 2: original limit 4500; balance 3600; limit reduced to 3800; NEVER had a missed payment. all payments more than the minimum payment. True, i have been carrying the balance for a couple of years on these two cards.
Carrying a balance is one thing but was it a revolving balance or did you just charge it up and made payments without using it other than carrying a balance?

In other words, did you just hit it and quit it?

Is this wrong? I thought that's what one was supposed to do. For instance, I just BT balances to two cards and maxxed them out. I have less than $200 available on both. I don't want to charge anything to them, just slowly pay them off in the next year. Then I have a Citi card that's at 80% which I put everything on monthly but Citi gets upwards of 1,000 payment/month. I didn't know companies looked at you wrong for not charging up more on a card that's maxxed. I'd think they'd want you to pay down your huge debt first before accumulating more. How can you ever pay it down, if once you do, you charge it right back up again?

Re: Citi CLD 2 cards

baller4life — Tue, 12 Aug 2014 21:43:49 GMT

@JSS3 wrote:
@Anonymous wrote:
@Fico_Dish wrote:
card oneriginal limit 7000; balance 3500 - limit reduced now to 3700; card 2: original limit 4500; balance 3600; limit reduced to 3800; NEVER had a missed payment. all payments more than the minimum payment. True, i have been carrying the balance for a couple of years on these two cards.
Carrying a balance is one thing but was it a revolving balance or did you just charge it up and made payments without using it other than carrying a balance?

In other words, did you just hit it and quit it?
Is this wrong? I thought that's what one was supposed to do. For instance, I just BT balances to two cards and maxxed them out. I have less than $200 available on both. I don't want to charge anything to them, just slowly pay them off in the next year. Then I have a Citi card that's at 80% which I put everything on monthly but Citi gets upwards of 1,000 payment/month. I didn't know companies looked at you wrong for not charging up more on a card that's maxxed. I'd think they'd want you to pay down your huge debt first before accumulating more. How can you ever pay it down, if once you do, you charge it right back up again?

Makes perfect sense to me. Which is why I'm not using my BOA nor Discover right now because they are carrying bt balances. But, I am making hefty payments and plan to have them both paid off by year end. Makes no sense to me to continue charging on them while I am paying them down.

Re: Citi CLD 2 cards

Anonymous — Tue, 12 Aug 2014 23:05:47 GMT

Yeah I've found that if you carry a balance things go smoother if you don't use the card until the balance is brought down..plus that makes it easier to pay off so its good either way

Re: Citi CLD 2 cards

MidnightJester — Wed, 13 Aug 2014 00:10:22 GMT

I believe that most banks would like a balance paid off between 12-16 months. The length they give us on alot of BT. Anything after 16months-2years and the system notices. After 2years the system kicks back a flag that says he dosent have EXTRA CASH around or is CASH TIGHT. Both are edge of default territory if anything BAD happens money wise. Throw in any other auto-system flag and CLD are on the horrizon. They want you to rotate balances over a 2year period not carry same one forward, part is they make more money from swipes and transaction fees

Just my thoughts by the way