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Citi Slashed Credit Line - What is this score!?

NJCasper
New Member

Citi Slashed Credit Line - What is this score!?

Citibank slashed the credit lines on both my cards, making the limit on them slightly above my current balance. In the letter, they listed the reasons - Too many recent increases in balanes; average balances too high, report shows too many inquiries, too many recently opened accounts, balances vs limits too high.  But the thing that really got me, was a weird score they got. They said I could contact Trans Union.. so must be a TU score.. yet MYFICO claims its hanging at 655; while Citibank says "the consumer agency above provided us with your credit score of 332 as of May 12" and it says scores can range from 1 to 2500... what is this about. Is Myfico not giving us the right scores is this another of those fako ones - I though this service was legit. Or am I missing something here?

 

Message 1 of 33
32 REPLIES 32
thornback
Senior Contributor

Re: Citi Slashed Credit Line - What is this score!?

Sorry about your reduced credit lines.

 

There is no FICO version that has a high end range of 2500.   The scores provided by myFICO are actual FICO scores.  There is also no Vantage score that goes to 2500.

 

The score noted in your letter from Citi is calculated  based off Transunion data, but is not a FICO score.   Perhaps it's an internal score developed by Citi -  most creditors have an internal scoring model that is used in addition to FICO.

 

Or -  it could be one of Transunions Risk Scoring models -  though the highest end range I've seen published for those is 999. 

 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 33
GApeachy
Super Contributor

Re: Citi Slashed Credit Line - What is this score!?

So sorry this happened, but score or no score are the reasons listed accurate? Have you been carrying high balances on multiple cards for a long time? They may be balance chasing you for fear of default if those reason are legit.  Just asking for dp's sake.


@NJCasper wrote:

 In the letter, they listed the reasons - Too many recent increases in balanes; average balances too high, report shows too many inquiries, too many recently opened accounts, balances vs limits too high. 

 


 

"My Take Home Pay Don't Take Me Home"
Message 3 of 33
CreditCrusader
Valued Contributor

Re: Citi Slashed Credit Line - What is this score!?

That odd range that you received is not at all uncommon. I've personally seen a variety of score ranges that do not reflect the 300-850 FICO model.

 

On a related note, I've always been curious about the "90% of creditors use the FICO model" verbiage routinely passed along here. Frankly, that has not been my experience. I've had a near-equal mix of multiple Vantage and FICO versions given to me by multiple CCCs over the years. I think that "90% of mortgage lenders and top-line CCCs like AMEX, Discover, and BOA use FICO scores" is a bit more accurate...and even those top-line lenders toss FAKOs into the mix.

 

All that having been said, I'm sorry to read of your reduced line. These are indeed trying times relative to a great many things, including credit.

In my wallet: Cap1 QS $10,000 Apple $1,500 Interra CU $5,000 Sweetwater $15,000

Current scores (EQ, EX, TU): 756, 758, 770
Message 4 of 33
Remedios
Moderator

Re: Citi Slashed Credit Line - What is this score!?


@NJCasper wrote:

Citibank slashed the credit lines on both my cards, making the limit on them slightly above my current balance. In the letter, they listed the reasons - Too many recent increases in balanes; average balances too high, report shows too many inquiries, too many recently opened accounts, balances vs limits too high.  But the thing that really got me, was a weird score they got. They said I could contact Trans Union.. so must be a TU score.. yet MYFICO claims its hanging at 655; while Citibank says "the consumer agency above provided us with your credit score of 332 as of May 12" and it says scores can range from 1 to 2500... what is this about. Is Myfico not giving us the right scores is this another of those fako ones - I though this service was legit. Or am I missing something here?

 


I'm sorry this happened to you.

 

Typically, the first reason or two are what led to AA. 

Your letter, regardless of the score used, indicates your balances are not going down (on Citi cards), and that there is high utilization on other cards. 

Rest of it (inquiries, negatives, new accounts etc) is just compounding to the problem. 

Sometimes balance chasing results in cards being closed, and other times it stops when balances are paid down significantly. 

Because of balance chasing, your cards are now maxed out. If you can, pay as much as possible.  I'm not sure if you can salvage Citi cards, but paying them down could prevent avalanche of AA from other lenders because your scores will suffer, and maxed cards indicate financial distress. 

 

I wouldn't worry about that score at the moment,  just focus on reducing balances. 

 

Message 5 of 33
kerplunk
Frequent Contributor

Re: Citi Slashed Credit Line - What is this score!?


@CreditCrusader wrote:

That odd range that you received is not at all uncommon. I've personally seen a variety of score ranges that do not reflect the 300-850 FICO model.

 

On a related note, I've always been curious about the "90% of creditors use the FICO model" verbiage routinely passed along here. Frankly, that has not been my experience. I've had a near-equal mix of multiple Vantage and FICO versions given to me by multiple CCCs over the years. I think that "90% of mortgage lenders and top-line CCCs like AMEX, Discover, and BOA use FICO scores" is a bit more accurate...and even those top-line lenders toss FAKOs into the mix.

 

All that having been said, I'm sorry to read of your reduced line. These are indeed trying times relative to a great many things, including credit.


You may be confusing what lenders use versus what they give you access to. Just because you can see a VantageScore on their online portal does not mean they use that themselves.

Message 6 of 33
CreditCrusader
Valued Contributor

Re: Citi Slashed Credit Line - What is this score!?


@kerplunk wrote:

@CreditCrusader wrote:

That odd range that you received is not at all uncommon. I've personally seen a variety of score ranges that do not reflect the 300-850 FICO model.

 

On a related note, I've always been curious about the "90% of creditors use the FICO model" verbiage routinely passed along here. Frankly, that has not been my experience. I've had a near-equal mix of multiple Vantage and FICO versions given to me by multiple CCCs over the years. I think that "90% of mortgage lenders and top-line CCCs like AMEX, Discover, and BOA use FICO scores" is a bit more accurate...and even those top-line lenders toss FAKOs into the mix.

 

All that having been said, I'm sorry to read of your reduced line. These are indeed trying times relative to a great many things, including credit.


You may be confusing what lenders use versus what they give you access to. Just because you can see a VantageScore on their online portal does not mean they use that themselves.


I'm not confusing anything. I've seen the scores, ranges and score model names on the letters for years...and I know full well the difference between the FAKO scores many CCCs give you and FICO scores (though they are sometimes congruent).

 

Now, it's worth pointing out that I do not use AMEX, BOA, Citi or Discover, even when I get offers. My credit is a pretty wide mix relative to lenders, but I choose those who give me the least hassle as the years pass as opposed to those who would pad my UTIL and obscure balances carried for FICO scoring purposes.

 

My point was that tossing "90%" out is likely more reflective of TOP-TIER CCCs and mortgage lenders, not the credit industry as a whole. My experience differs from others...and I doubt that I'm on an island by myself with that.

In my wallet: Cap1 QS $10,000 Apple $1,500 Interra CU $5,000 Sweetwater $15,000

Current scores (EQ, EX, TU): 756, 758, 770
Message 7 of 33
Jordan23ww
Valued Contributor

Re: Citi Slashed Credit Line - What is this score!?

I'm so sorry this happened to you! It is really upsetting when a company cuts your limit. I had all my cards at 100% utilization before and despite having 100% payment history with them I experienced something similar. I decided to borrow some money from my 401k and decided to use that to pay down my card balances. At the time I had 4 cards and all were maxed out. I could either pay off 3 of them completely and a little of the 4th one or I could make a huge dent on just the 4th one. I had a limit of $14,500 on the 4th one (my highest limit) and when I paid it down to $2500 Wells Fargo immediately reduced my limit to $2500. Felt like a huge slap in the face.  I was like I should've just paid the other 3 off! When I got a letter from WF they listed some of the same reasons Citi gave you: my average balances were too high and my balances vs my limits were too high. It felt unfair.  Sorry that you have experienced something similar.  Hopefully you can get your balances paid down and in time have your limits grow back to what they were and even higher!  

 


@NJCasper wrote:

they listed the reasons - Too many recent increases in balanes; average balances too high, report shows too many inquiries, too many recently opened accounts, balances vs limits too high.


 

 




Message 8 of 33
M_Smart007
Epic Contributor

Re: Citi Slashed Credit Line - What is this score!?

OP. sorry for your AASmiley Sad

You are being balance chased.

lenders are very nervous right now!

Post #5 sums it up very well.

Message 9 of 33
Wavester64
Valued Contributor

Re: Citi Slashed Credit Line - What is this score!?

@NJCasper 

 

Smiley Sad




Potential Future Cards
Message 10 of 33
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