Avoid CITI like the plague

[DanteJuan95]

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@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. 

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

[DanteJuan95]

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@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!

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

[coldfusion]

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@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?

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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.

[NikkiRosen]

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.

[ptatohed]

I love my citi cards.  

[jdxprs1]

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@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 

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How much are you willing to bet on that?

[jdxprs1]

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

financial trouble.....

[unsungivy]

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@jdxprs1 wrote:

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

financial trouble.....

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

[jdxprs1]

More recent issues...

https://www.reuters.com/business/finance/us-bank-regulators-fine-citi-136-million-failing-address-lo...

[coldfusion]

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@jdxprs1 wrote:

More recent issues...

https://www.reuters.com/business/finance/us-bank-regulators-fine-citi-136-million-failing-address-lo...

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$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.