topic Re: Citibank is closing my card-need help!! in General Credit Topics

Citibank is closing my card-need help!!

Anonymous — Fri, 06 May 2011 18:30:20 GMT

Hi there-

Tried to post this before-didn't do so well in IE-anyway, here's the story:

I called CITI several days ago to request a lower interest rate. I was told that my request could not be granted because my card was scheduled to close at the end of this month. I was asked if I had received a letter, which to date, I have not. I asked why my account was being closed, was put on hold so that the associate could speak with a supervisor. When she came back, she said that he said that the reason was not clear and that a letter would be mailed out to me within 7-10 days. I am assuming that this is due to having a late payment in February of this year, but I haven't had a late payment on this card or any other card in more that 10 years, and I did call to state that the payment would be late and I set up an automatic payment for a week after my initial due date. I never thought that this would be the outcome, I really didn't! I do not have have another card with a high enough available CL for a balance transfer. I thought about perhaps opening an account at a credit union and seeing if I could get a new CC for a BT, but I am not sure if I could get a high enough limit. Or should I just beat them to the punch and close the card myself before the month ends? My current balance on my CITI is $6700, CL is $7500. I have had this card for over 17 years. My Fico scores are still as posted in my siggy.

What should I do?! Any and all help is GREATLY appreciated! I thank you in advance!!!!

Re: Citibank is closing my card-need help!!

Anonymous — Fri, 06 May 2011 18:48:58 GMT

Sorry!!

Posted this in the wrong place!! I've been away from myFICO too long-I am having too much trouble with this!!

Could a mod please move this to the right place for me? Thank you so much!!

Re: Citibank is closing my card-need help!!

MarineVietVet — Fri, 06 May 2011 20:28:27 GMT

No problem.

Re: Citibank is closing my card-need help!!

Anonymous — Fri, 06 May 2011 20:48:00 GMT

Thank you!!

Re: Citibank is closing my card-need help!!

llecs — Fri, 06 May 2011 21:07:09 GMT

Bummer on the card. If I had that happen I would pull my CRs directly from each CRA to look for soft inquiries from Citi to see if any were pulled on your reports on the day you called. Maybe they saw something on your report that led to the closure. BofA was famous for this (closing the account after asking for a CLI or rate reduction), but I haven't heard of anything like this on Citi. I would also keep it open and let them close it. Once they close it I would PIF ASAP. I personally wouldn't do a BT, but I would open a new CC if I didn't have any aside from this one.

The card will still continue to factor into utilization if closed. Once PIF, then it is removed. It'll also factor into your length of history and AAoA for about 10 more years.

Re: Citibank is closing my card-need help!!

Anonymous — Fri, 06 May 2011 23:23:09 GMT

Hmm...ok...

Getting ready to pull all 3 reports to do just that, IIecs. I am sooo bummed about this. It is one of my oldest cards; I do have other ones to use, however. I'm trying to just stick with my AMEX and sock drawer all the rest, so I won't worry about getting another card. So don't close it, huh? Ok...I'll just let this lame decision stand. What kind of damage will this do to my FICO's? All 3 are in the mid-700's?

Re: Citibank is closing my card-need help!!

llecs — Fri, 06 May 2011 23:25:53 GMT

@Anonymous wrote:
What kind of damage will this do to my FICO's? All 3 are in the mid-700's?

None, though there could be some movement when paid off or when it falls off in 10 yrs.

Re: Citibank is closing my card-need help!!

Anonymous — Sat, 07 May 2011 00:28:02 GMT

Ok. It's not as dire as I thought, I guess...

Just looked at all 3 CR's-nothing new, no lates, 1 inquiry on EQ for AT&T back in February, no inquiries on the other 2. However, I did see that CITI/SHELL has been stalking me once a month for like the last 6 months. I also have a SHELL card, but things are fine there. When I paid CITI late in February, it wasn't 30 days late, but I guess late is late. Oh well...

Thank you very much for your advice! I do not feel so overcome and verklempt now. It is just disappointing when I have been trying so hard for what seems like so long to keep everything together.

Re: Citibank is closing my card-need help!!

Anonymous — Sat, 07 May 2011 11:42:18 GMT

@Anonymous wrote:
Ok. It's not as dire as I thought, I guess...

Just looked at all 3 CR's-nothing new, no lates, 1 inquiry on EQ for AT&T back in February, no inquiries on the other 2. However, I did see that CITI/SHELL has been stalking me once a month for like the last 6 months. I also have a SHELL card, but things are fine there. When I paid CITI late in February, it wasn't 30 days late, but I guess late is late. Oh well...

Thank you very much for your advice! I do not feel so overcome and verklempt now. It is just disappointing when I have been trying so hard for what seems like so long to keep everything together.

There is a nice lady in Citibank's Office of the President who might help. Sent you the details in a PM.

Re: Citibank is closing my card-need help!!

Anonymous — Sat, 07 May 2011 11:55:59 GMT

at least you called before and thus were notified....

Same thing happened to me a year or so ago, they cut down my credit limit to my then balance... What sucks is I found out right after a dental surgery when I had to pay somewhere around $500 my Citicard was... DECLINED... I had just checked it earlier that same week and had over $1500 available credit.. go figure..

Re: Citibank is closing my card-need help!!

Anonymous — Sat, 07 May 2011 17:47:21 GMT

Oh-thank you, O6! How wonderful of you to share this-I will contact her 1st thing on Monday!! I hope she can help...

Re: Citibank is closing my card-need help!!

Anonymous — Sat, 07 May 2011 17:51:10 GMT

I know, mescobedo! I was thinking about the embarrassment of having my card declined. Yes-good thing I called-there wasn't even a letter scheduled to be sent out to me! Did CITI ever send you a letter stating the reason for closing your card?

Re: Citibank is closing my card-need help!!

Anonymous — Mon, 09 May 2011 03:11:44 GMT

@Anonymous wrote:
I know, mescobedo! I was thinking about the embarrassment of having my card declined. Yes-good thing I called-there wasn't even a letter scheduled to be sent out to me! Did CITI ever send you a letter stating the reason for closing your card?

Yes, it was based on credit review, they did not close my account though, they just reduced the credit limit to match the balanced owed at that time.