Citi CLD

[redpat]

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@iheartwings wrote:

I, too, received a CLD on my Double Cash. It was reduced - from $66,200 to $47,100 - of which $0 is avilable for cash advances. 

As of late, I've actually been spending more on this card $2k to $4k monthly in addition to pretty much anything that is not streaming or ACH only is on this card. I pay off weekly. 

I will see if they can restore limit, and if they don't, then I'll have to decide whether it's worth keeping. I've had this card for nearly 9 years. If only Citi would consider reallocating limits - I'd probably just move a chunk to my Costco card and close the DC.  

Business is business, so I get it - but it doesn't mean that I have to like it. 

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Lol, wait a second, so from $66k to $47k and you'll have to decide if it's worth keeping.....You're killing me......

[Anonymous]

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@CreditCuriosity wrote:

submitted to credit team for review.  CS agent said it has been happening for last 3 days now across many peoples accounts so appears fairly new.  See what comes back but was not instant to have limit reinstanted but certainly no hard pulls

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Any idea what this review is!  Hopefully no HPs. I'm asking because the letter said if you don't request restoration by XXX, any later request will be taken as a new CLI request.  So I wonder how this differs

[iheartwings]

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@Anonymous wrote:

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@CreditCuriosity wrote:

submitted to credit team for review.  CS agent said it has been happening for last 3 days now across many peoples accounts so appears fairly new.  See what comes back but was not instant to have limit reinstanted but certainly no hard pulls

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Any idea what this review is!  Hopefully no HPs. I'm asking because the letter said if you don't request restoration by XXX, any later request will be taken as a new CLI request.  So I wonder how this differs

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@CreditCuriosity Your agent was more informative, mine just regurgitated what was in the letter, and then said any request had to be forwarded to the credit review team and to expect a letter in next 5-7 days.

My CRs have been and remain frozen, so if they require a hard pull - I suppose I'll hear about it. 

Wonder how many folks will call to reinstate. 

[FlaDude]

Honestly I'm surprised that more lenders don't adjust CLs based on actual spend. I have several cards with limits of $20k that typcially get under $100/month spend. I wouldn't take it personally if the issuers wanted to limit exposure and cut the limits by half or even 3/4. I know that some do take it personally, but this is purely a business relationship, none of the financial institutions are your friend.

I know Sync has been right sizing CLs for a while now. My wife had a JC Penney card with a 20k limit that was getting one or two transactions a year totalling under $200, they lowered the limit to $500. After a year of no further use, they closed it (sort of fitting since that's what JCP has been doing with their stores).

I don't know if bustout fraud is still a problem, but if so, one way to help limit the damage is to adjust CLs more in line with spend.

[CreditCuriosity]

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@Anonymous wrote:

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@CreditCuriosity wrote:

submitted to credit team for review.  CS agent said it has been happening for last 3 days now across many peoples accounts so appears fairly new.  See what comes back but was not instant to have limit reinstanted but certainly no hard pulls

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Any idea what this review is!  Hopefully no HPs. I'm asking because the letter said if you don't request restoration by XXX, any later request will be taken as a new CLI request.  So I wonder how this differs

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Nope no idea but to credit dept just a front line CSR so letter is a bit deceiving as makes it sound like if you disagree you will get you CL back in an instant which appears not to be the case lol.  All good either way, but they should choose their wording a bit better.  She did say no HP would be done nor can they due to my Credit Reports being froozen, but they can SP if they want as current creditor

[CreditCuriosity]

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@FlaDude wrote:

Honestly I'm surprised that more lenders don't adjust CLs based on actual spend. I have several cards with limits of $20k that typcially get under $100/month spend. I wouldn't take it personally if the issuers wanted to limit exposure and cut the limits by half or even 3/4. I know that some do take it personally, but this is purely a business relationship, none of the financial institutions are your friend.

I know Sync has been right sizing CLs for a while now. My wife had a JC Penney card with a 20k limit that was getting one or two transactions a year totalling under $200, they lowered the limit to $500. After a year of no further use, they closed it (sort of fitting since that's what JCP has been doing with their stores).

I don't know if bustout fraud is still a problem, but if so, one way to help limit the damage is to adjust CLs more in line with spend.

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I don't take it personal at all..  They give you limits for a reason based on credit worthiness, income, dti and many other things and also of course want to compete with your other lenders in some cases.  It is just business and won't close other the card due to the CLD as it is a useful card for groceries or they are both worthwhile cards.  While other cards that I have say a 40k limit on I wouldn't blink twice on closing it if it was say a 1.5% cashback card as have much better at better APR's.  Bank were just very generous at one time and this is a reflection of the overall economy of the country currently and I get that and nothing personal to me as I cut cards when no longer needed or got my bonus as it is just business to me as well.  My cards range from basically 20k-60k limits with a few outliers on both sides so this kinda feel in the middle bracket.  I have more than enough credit that I could ever spend and good with it.  What I don't like is they offer me loans against CL's at say 6.99 and if was to do that and then they cut the CL after the fact that would hurt ones credit, but once again i suspect it is just busiess as well.

[Thomas_Thumb]

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@redpat wrote:

I think the days of banks giving out CLIs like Chiclets and then nobody using it might be over.

IMO, Banks can keep the same reserve and spread out the CLI decrease for CLI to individuals that use the card more.

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Chiclets  - ha

Last time I had those was over 40 years ago. Auto spell correct appears not to be aware of them. It changed the word to chickens!  You must be old

[CreditCuriosity]

Credit line restored not that I needed it but update to thread

[NoHardLimits]

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@CreditCuriosity wrote:

Credit line restored not that I needed it but update to thread

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That is very good news indeed!  Thanks for the data point!

[Anonymous]

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@CreditCuriosity wrote:

Credit line restored not that I needed it but update to thread

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Great.   I guess I will try just to provide another datapoint. @CreditCuriosity , did you have to promise to spend more, or just said that you wanted the limit restored?