@micvite wrote:
@CreditCuriosity wrote:Likely not.. Is it just Citi that has the balance or other cards at high utilization as well? Card is near maxed at 85% as 90% is considered max so they are reducing their risk. Its unfortunate, but if carrying for quite a while and smaller payments they got cold feet. If you pay that off your score certainly should rebound and can go after another 2% card as many out there.
as a whole im at 85%, citi has been at 100+ after statement closing due to interest accrual. same with cap 1. i do have other 2% cards so not end of the world but it's one of my if not oldest card at this point so would have liked to keep it since this will destroy my credit age lol... I'm wondering if I can possibly recon it and have them hold off on closing for a month or two to get my util back down to like 50% and pay off the citi entirely next month to show that I'm fine and theres no risk lol... funny enough i never thought citi would be the one to have cold feet, it's always been discover or amex for me.
you can certainly pay it down as much as you can before asking them to reconsider, but I agree that they're unlikely to reconsider
when the card closes, your age of accounts for FICO won't change, it counts closed accounts too.
0/6, 2/12, 7/24
@longtimelurker wrote:
@micvite wrote:Yeah, I just meant in the long run, also from my experience at least experian doesnt count my age of credit for closed accs, when looking at both oldest acc and aaoa it just counts what's active, so not sure if I'm just looking in the wrong place or something
FICO scores do count closed accounts, Vantage don't, so make sure that you are looking at an Experian FICO score
The confusion comes from the front-end of most credit monitoring platforms, including Experian which OP is using. Even though FICO scores are calculated with closed accounts the dashboards will often ignore them for age and for credit line calculation on utilization when a balance is present on a closed account.
OP, unfortunately with 2 cards continuing to report 100+% utilization and an aggregate utilization of 85%, that appears to your creditors as a likely default about to happen. If you are able to significantly reduce the balances on your cards immediately it's possible you may be able to get them to reverse the decision, but otherwise it's not going to happen. As mentioned upthread, balance chasing from other lenders is also probable but the important thing is to pay them way down (or off) to let your scores recover.
@micvite wrote:my citi dc card is expiring 7/23, just got notice they won't reissue card stating either inactivity (not the case) or high balances on revolving credit (my util is 85% rn and has been for a few months). notice goes on to say my acc will be closed once card expires, do I have any recourse on this? I'd like to keep the card open as I'm finally in a position to pay pretty much everything off over the next few months. I don't have any lates, just high balances and my score is 658 (ex)
In my opinion you should definitely call them and explain that you'll be paying pretty much everything off over the next few months.
