Best buy citi visa card..... CAUTION!

[Anonymous]

So, Ive had the card almost a year all payments on time! Decided to pay it off to get a new TV and use the 12 finance.. so I made a 2000$ payment completely paid the card off. THE NEXT DAY they canceled my card.. closed my account. WOW. PLEASE beaware of there crooked ways. Even though I've made all my payments on time and was a good customer they will still screw you over.

[Anonymous]

Have you tried contacting them to find out why your card was cancelled?

[DaveInAZ]

Did you call to ask why?

[Anonymous]

++ to the above. Whenever an issuer up and cancels a card like that, there's almost always something else going on, something that you might not necessarily even be aware of at all. For instance, a fraud alert could have been tripped on their end in their computers that caused the card to be canceled. We've seen several incidents of that sort recently with other issuers. It's hard to tell what will spook a credit-card issuer; I still remember that incident from a month or so back where a Chase member had all their cards shut down on them, just like that, because they changed their income information on the website after getting a new card just a little too soon for Chase's liking (and without any intent at all to defraud them, either!)

In fact, I actually wonder if PIF'ing all at once might not have triggered an algorithm somewhere deep in the recesses of Citi's computers that caused said computers (and computers can be VERY stupid, as we all know!) to suspect you of doing something that wouldn't stand scrutiny even though all you were doing was paying off what you owed so that you could clear the decks for a big purchase.

[Anonymous]

I've called, they did a review on the account. And decided to close the account. They used Equifax to pull a credit report and since my score dropped they decided to close my accout.

[simplynoir]

---

@Anonymous wrote:
I've called, they did a review on the account. And decided to close the account. They used Equifax to pull a credit report and since my score dropped they decided to close my accout.

---

How bad of a drop are we talking here because that just blows my mind that they would do that regardless; like it would have to be something pretty steep for them to take that kind of action I would think.

[Anonymous]

---

@Anonymous wrote:
I've called, they did a review on the account. And decided to close the account. They used Equifax to pull a credit report and since my score dropped they decided to close my accout.

---

That doesn't sound right to me. Credit scores fluctuate by their very nature. I had my TU score drop by 3 points and then rebound by 16 points within two months just now, for example. Do you have a way to check your Equifax scores on your own so that you can see what's going on? Also, have you looked at your most recent credit report? If Citi was citing a big drop on EQ, there must have been some kind of activity that caused it. There are a lot of things that can, counterintutively because one would think that they'd help your score, actually cause scores to drop.

[MyLoFICO]

This thread has just enough information to fuel a grudge for action taken that was probably justified on the banks end. 

[heyryan]

---

@simplynoir wrote:

---

@Anonymous wrote:
I've called, they did a review on the account. And decided to close the account. They used Equifax to pull a credit report and since my score dropped they decided to close my accout.

---

How bad of a drop are we talking here because that just blows my mind that they would do that regardless; like it would have to be something pretty steep for them to take that kind of action I would think.

---

They're not going to close an account in good standing for a minor drop in FICO due to a couple INQs or the like. More likely triggers for AA would be:

• High utilization across multiple cards for extended periods of time;
• New negative account info (late payments, charge offs, collections, etc);
• Many new INQs and/or new accounts in a short period of time (even more so with a thin file);
• Even making out of the ordinary large payments can be a problem apparently;

There are a couple of interesting articles out there that talk about the risk management thought process with credit cards. Some seems counterintuitive, but I guess after analyzing trends over the past 30-40 years, they've figured out what makes them comfortable.

Any AA sucks, and can be bruising to the ego, but that doesn't make Citi "crooked" or mean they're "screw(ing) you over." They (most likely the computer) made a business decision based on information in your credit report that made them nervous. It sounds like a human reviewed it and agreed with the computer, which means there's more to it than just an alorithm gone awry.

OP, You can get a free online copy of your EQ report since Citi stated that's who they used to make the decision. Check overall UTIL, any collections/charge-offs that are new, etc. Citi isn't known for being particularly schizophrenic with good customers (unlike a certain British bank , so that's a good place to start!

[Anonymous]

I understand the banks side of it. But I could of just made my monthly payment and still have my card, still building my credit. It's just sad how I can make my payments on time, and decide to payoff my card so I could continue to make purchases and build my credit.
Just seems fishy that the day after I make a payment they decided to review my account. Couple days prior to the payment I called citi and specifically asked if I pay my card off to make a purchase for my business would that effect my credit and would I be able to make a purchase. There punishing a good person who has been a good customer. I would be understanding if I had late payments all the time or just behind more than 90 days or something. @Citibank has disappointed. How are you suppose to build and achieve the American dream if a computer decides your faith.