All CitiBank Experts...

Anonymous · ‎01-19-2008

I have $2123.55 on my card ($2500CL0 and I want to PIF but am worried about a CLD considering their financial situation.

I also have 3 other Citi backed cards (HD, Exxon, Citgo) that are always PIF each month.

A CLD (for no cause by me) would be a disaster. Account was opened in Spetember 2007... and have always paid the 'current' balance' until now.. decided to let it ride for a month and loathe haveing a balance.

What are my chances of a CLD (not eligable for a CLI yet - that's April)?

Message Edited by Lady_Scarlet on 01-19-2008 12:59 PM

haulingthescoreup · ‎01-19-2008

I guess I'm not completely convinced by some of the things I've heard about CLD's after PIF'ing. I don't know that we're hearing the entire story. (And yes, I do realize that this does happen, even when everything else is in great shape.)

I suppose if anything, I'd be more worried about Citi wondering what I was up to, when I had always PIF'd and then suddenly carried a high balance for a month.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎01-19-2008

Citi left me alone even when my score was mid 600 with high UTL and very slow min pay. I had no lates in 7 years on CR. If you are really worried about a CLD, split between 3 chunks rather than 1 lump sum 30 days apart. This will raise your total payments on your CR for 3 months straight to show a trend. But you will end up paying further interest. I have never heard a peep from Citi, not even soft inqs for slow pay. I would guess they look for lates. I can only add my history and never had CLD's from Citi, but definitely felt them from other banks because of lump sum payments. I don't think Citi does this.

Some banks have an auto trigger to send your account to collections dept for CLD after lump sum payments after many months of slow pay. Another bank hit me with a HUGE CLD with a score over 800. They gave it right back to me though after I called to see what happened. They said it was automatic and if it happens again to just call to have it reversed. But if Citi had it on auto pilot I would have been hit many times already.

Lets see what others have experienced with Citi. Number of opinions count here.

Good luck.

Message Edited by ilovepizza on 01-19-2008 10:27 AM

Anonymous · ‎01-19-2008

This charge hit the day before the statement cut - it's my bedroom furniture (ordered on the net) and they bill upon shipping like they are suppose to. It gets deliverd on Tuesday.

BTW - I paid Citi over $6K on this account in December - I ran out of available online payments (4 per cycle) and had maybe $300 on the balance until the furniture hit.

Message Edited by Lady_Scarlet on 01-19-2008 02:37 PM

Anonymous · ‎01-19-2008

Last September, I PIF'd my Universal CC, $1740 CL. No CLD and this month, I got a CLI for $800 and a BT promo offer.

Then in October, I PIF'd my Sears MC, $11K / $15K CL. So far, no CLD. Knock on wood!

I have a 3rd Citi, still has a balance, hope to PIF or do a promo BT this year. Current CL is $15,290.

Anonymous · ‎01-19-2008

I PIF on all of my cards in November after carrying huge balances for a very long time. I didn't get any CLDs and two of them actually gave me CLIs - unsolicited CLIs even. However the two that I asked to 'increase pretty please' were both denied.

Good luck!

Anonymous · ‎01-20-2008

Thank you all - I feel much less stressed about PIF in February. Just maybe I'll get a CLI in April - keeping my fingers crossed.

Anonymous · ‎01-20-2008

Even with Citi they are securitizing your accounts and selling the balances into the credit markets. They simply administrate the accounts after opening. If you have no balance they have nothing to sell into the investment banking markets and they make less money. They sell their paper based on the WAB, WAM, WAC - weighted average balance, maturity and coupon (interest rate); depending on what account you have with them.

Their credit cards are probably the only thing that is keeping them afloat and in the game.

haulingthescoreup · ‎01-20-2008

@Anonymous wrote:
. . . .Their credit cards are probably the only thing that is keeping them afloat and in the game.

In which case they ought to treat their CC customers properly. (Not disagreeing, just observing.)

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎01-20-2008

@Anonymous wrote:
Even with Citi they are securitizing your accounts and selling the balances into the credit markets. They simply administrate the accounts after opening. If you have no balance they have nothing to sell into the investment banking markets and they make less money. They sell their paper based on the WAB, WAM, WAC - weighted average balance, maturity and coupon (interest rate); depending on what account you have with them.
Their credit cards are probably the only thing that is keeping them afloat and in the game.

Where were you when I needed help calculating the weighted average cost of capital for my homework (I briefly forgot how to do it)? Gee, you can get everything here! It's like one stop shopping. LOL!!