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I have the Citi Bank Double Cash and Citi Bank Costco cards. Both have now lowered my credit limit twice in the past 5 months (at the same time for both) with the reason being "high utilization". But if they'd stop lowering my CL, I wouldn't have high utilization..! I get the cards paid down to 50% and they then suddenly drop my CL to just over $100 of my unpaid balance, causing a waterfall to a drop in my credit score. I haven't even been using the cards because they keep dropping my limit. And I havent missed a payment, on any credit line, for more than 4 years now (these two cards never). Is this common, will they ever stop?!
Maybe I'm just venting. But I'm getting so frustrated - especially since they are, in theory, causing the reason given 😒.
This is called balance chasing and often, but not always, results in them eventually closing the card, or leaving you with a very low credit limit.
There is no great way to stop it, but getting util down on all other cards might help.
yep being balanced chased due to high utilization with them and likely other lenders. Best way to stop it and possibly other cascading lenders is start paying down your balances and becoming less of a risk for the financial institutions. My guess is either paying min payments and/or escalating debts over period of time.
They sound like Barclays.....Glad I didnt bother getting a Citi card
@AzCreditGuy wrote:They sound like Barclays.....Glad I didnt bother getting a Citi card
Recent posts about Synch and Chase too.
@FlaDude wrote:
@AzCreditGuy wrote:They sound like Barclays.....Glad I didnt bother getting a Citi card
Recent posts about Synch and Chase too.
Any issuer will balance chase an account that has triggered their risk mitigation. In the current climate of rising balances and increasing defaults, we'll probably continue to see more posts about this across the board.
@MN3 wrote:I have the Citi Bank Double Cash and Citi Bank Costco cards. Both have now lowered my credit limit twice in the past 5 months (at the same time for both) with the reason being "high utilization". But if they'd stop lowering my CL, I wouldn't have high utilization..! I get the cards paid down to 50% and they then suddenly drop my CL to just over $100 of my unpaid balance, causing a waterfall to a drop in my credit score. I haven't even been using the cards because they keep dropping my limit. And I havent missed a payment, on any credit line, for more than 4 years now (these two cards never). Is this common, will they ever stop?!
Maybe I'm just venting. But I'm getting so frustrated - especially since they are, in theory, causing the reason given 😒.
If it's any comfort, the same thing has happened to my accounts recently at Chase and Discover. It's a tough climate.
@Slabenstein wrote:
@FlaDude wrote:
@AzCreditGuy wrote:
- They sound like Barclays.....Glad I didnt bother getting a Citi card
Recent posts about Synch and Chase too.
Any issuer will balance chase an account that has triggered their risk mitigation. In the current climate of rising balances and increasing defaults, we'll probably continue to see more posts about this across the board.
Right, so a more appropriate comment, albeit unlikely in this forum is: Glad I didn't bother getting a credit card
And as a gentle reminder from Statistics 456; the fact that one or two people post a bad experience with issuer X (and usually, at least at first, omitting some key details) doesn't mean that you should assume this is typical of X and you should be glad you dodged the bullet, if you did.
And even when there are LOTS of complaints, e.g. Sync, you still don't know if this is because the issuer is extremely risk adverse (and thus may be a bad choice) or is it simply that the population size is very large, because the cards are easier to get, or a mixture of the two (the cards are easy to get and given to people with weaker profiles, leading eventually to more AA).
Just got the simplicity with a too low a limit for me - but first time being with them, and with my high utilization on another card I'm sure led to them allowing me to just squeeze in.
I have to pay insurance any day now and I contemplate putting it on the citi, which I just had a BT for.
I'm hoping to arm wrestle them into increasing the limit so I can have a bit more time paying off a balance.
otherwise it will be a blitz. 😁
If it's of any comfort, chiti sucks pond scum and howls at the moon! They turned me down on preapproval.