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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.
@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.
they think you're the one with severe financial problems, and it wouldn't surprise me if other issuers thought so as well
I'd worry about getting those balances down so you don't see any cascading AA from this
@GZG wrote:
@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.
they think you're the one with severe financial problems, and it wouldn't surprise me if other issuers thought so as well
I'd worry about getting those balances down so you don't see any cascading AA from this
I would tend to agree if you had 100k in credit and running around 50% utilization of say 50kish if I understood your post correctly you could be a risk to them and other issuers depending on how long you have had that debt and how aggressively you have been paying it down or has it been going up? Many things ones must factor in before avoiding them. Pay down your debt then you can ask for a CLI with them in the future
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
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!
@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.
They just balance chased me today as well.
I personally can't single Citi out, because I'd been balance chased before that by SoFi, Discover, Amex, Chase, and PenFed.
Nevertheless, it sounds like Citi is on some kind of campaign to reduce credit limits.
I've paid single payments of 6k plus twice this year to bring account balance to zero.
you're very wrong.
@SouthJamaica wrote:
@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.
They just balance chased me today as well.
I personally can't single Citi out, because I'd been balance chased before that by SoFi, Discover, Amex, Chase, and PenFed.
Nevertheless, it sounds like Citi is on some kind of campaign to reduce credit limits.
They've also been sending out letters in the last couple of weeks warning cardholders of an impending CLD that quotes the updated limit f they don't put spend on the card within the next month or so.
Just to clarify, is the 50% utilization carried month to month? What was the balance/credit limit on the **bleep**i account?
we want to know just how much **bleep**i sux!
@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?