CLD from Citi (Update: Recon Success)

[Anonymous]

On 7/17 my new auto loan hit my reports and almost immediately I received a CLD from Citi. They cut my limit by almost 9k!

Since then I've made about 6k in payments towards my cards (two are now paid off, one with a balance of over 5k). 

Trying to talk to CSRs is like pulling teeth. I've tried chatting and calling and they all tell me different things. The last one today finally said they were able to put through the recon, but I've just made some of these payments within the last few days so they won't be reporting. Should I try again once it's all reporting?

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!

[ChessChik47]

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@Anonymous wrote:

On 7/17 my new auto loan hit my reports and almost immediately I received a CLD from Citi. They cut my limit by almost 9k!

Since then I've made about 6k in payments towards my cards (two are now paid off, one with a balance of over 5k). 

Trying to talk to CSRs is like pulling teeth. I've tried chatting and calling and they all tell me different things. The last one today finally said they were able to put through the recon, but I've just made some of these payments within the last few days so they won't be reporting. Should I try again once it's all reporting?

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!

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Sorry to hear about the CLD.  How long were you carrying balances on your CITI cards?  I'm assuming that you had those balances prior to the new auto loan hitting your reports, correct?  You added additional debt to your profile.  More debt equals more risk (potentially).  It's a good thing you started to pay those balances down.  Not sure if CITI will budge, but eventually your score will recover.  When are you trying to buy a house?  Normally, big purchases like a vehicle loan are put on hold until the house purchase is done (if it can be avoided).  Good luck with your recon.

[SouthJamaica]

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@Anonymous wrote:

On 7/17 my new auto loan hit my reports and almost immediately I received a CLD from Citi. They cut my limit by almost 9k!

Since then I've made about 6k in payments towards my cards (two are now paid off, one with a balance of over 5k). 

Trying to talk to CSRs is like pulling teeth. I've tried chatting and calling and they all tell me different things. The last one today finally said they were able to put through the recon, but I've just made some of these payments within the last few days so they won't be reporting. Should I try again once it's all reporting?

It couldn't hurt. Costs nothing to try. But I don't think your chances are good of accomplishing anything.

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!

Big mistake to apply for anything in the runup to a mortgage application.

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[UpperNwGuy]

OP, I would delay the home purchase by a year or two and use the down payment money you have saved up to wipe out all those credit card balances and the auto loan.

[Anonymous]

Purchasing a different vehicle was a necessity due to issues arising and another baby on the way. It also was suggested by the mortgage company because it lowered my payment by 125.

I’ve carrying a balance since I opened the card because it was 0% for 21 months on BTs. I’ve paid over half of the balance down on this specific card.

[Physh1]

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@Anonymous wrote:

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!

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You're not supposed to make large credit moves while trying to secure a mortgage. Sorry about the CLD...given the times this isn't shocking.

[M_Smart007]

Hi @Anonymous , Very sorry for your Citi CLD

Hope it all works out, so you can buy a house!

[Anonymous]

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@Physh1 wrote:

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@Anonymous wrote:

The new loan plus this CLD have dropped my scores like a pile of bricks and I am trying to purchase a house, so this really hurts!

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You're not supposed to make large credit moves while trying to secure a mortgage. Sorry about the CLD...given the times this isn't shocking.

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Again, it was suggested by the LO I was working with, as it would bring down my DTI ratio. 

[Anonymous]

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@M_Smart007 wrote:

Hi @Anonymous , Very sorry for your Citi CLD

Hope it all works out, so you can buy a house!

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Thanks!

[Remedios]

@Anonymous  sorry ☹

If you have any BT offers on your existing cards, you might want to try a BT away from Citi card. 

I dont think they will reinstate your limit if new, lower balances are not reporting yet. 

They might do it afterwards, but there also might be a HP involved, and that doesnt work well right before the mortgage either. 

You could try paying it down to more bearable utilization level (for scoring purposes), but I dont know if that's possible.

In any case, maybe have a talk with your loan officer and see what they recommend you do. 

Again, I'm really sorry this happened to you at the worst possible time.