Citi closed all my credit cards :(((

[BallBounces]

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@sarge12 wrote:

I have close to 20 open credit cards, but I have gotten no more than 3 per year. Citi has not shown any inclination to close mine......yet!!!!!! To be real, I don't think these issuers ever give you fair notice of AA. Chase gave me advanced notice last month that they were cancelling my Freedom Unlimited when it expires. I called them, and they said I could keep it open, or just move the unused credit limit to my Chase Amazon Prime, which I did. The Freedom Unlimited had not been used in 2 years though. I have a gut feeling that most of the credit card issuers are trying to decrease their exposure, and eliminate dormant accounts. I think I may dig some cards out of the sock drawer and swipe them.

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You also pose less risk to the credit issuers than a person with a similar service line profile but FICO scores 150 points lower.  My assumption is the threshold for this AA is complex enough to evaluate that.

[Anonymous]

This is 100% due to the OPs overall profile and IMO has little to nothing to do with how many accounts he had.  The reason he was provided with was a BS fluff reason that I'm sure played into the decision in part, but it definitely wasn't THE reason for the closures.  This reminds me of a guy getting denied when apping for a CC for "too many inquiries" when he's got 5, but his buddy applies and has 30 inquiries and gets approved for the same product.  Clearly the "too many inquiries" was just a BS reason and it was overall profile that mattered.  I'm certain that this was the case with the OP.

The OP possesses mid 600's Fico scores, indicative of elevated risk.  I'd be curious to hear about negative items present on his CR, overall utilization, etc.  There are plenty of people on this forum that have 20+, 30+, 50+ accounts (multiple Citi lines part of them) and they don't see any AA because their profile are solid; perhaps they have 750+ Fico scores, for example.  That being said, number of accounts in and of itself clearly isn't going to be the reason for AA. 

Any time someone has a profile that's fair/average by most standards it's going to be more volatile to minor changes... things like credit-seeking/inquiries, elevated utilization, etc. are going to be magnified on such a profile compared to the same changes on a very solid profile.

[kdm31091]

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@Anonymous wrote:

There are plenty of people on this forum that have 20+, 30+, 50+ accounts (multiple Citi lines part of them) and they don't see any AA because their profile are solid; perhaps they have 750+ Fico scores, for example. 

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This is not entirely true. We definitely have seen AA from various banks on solid, thick profiles with high scores. If you did something to trigger the algorithim it doesn't matter what your score is. AA is not exclusive to "average" or borderline profiles at all. It may be more likely in those cases, but even with impeccable credit you could still have too many inquiries/new accounts/etc for the bank's liking.

[Anonymous]

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@kdm31091 wrote:

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@Anonymous wrote:

There are plenty of people on this forum that have 20+, 30+, 50+ accounts (multiple Citi lines part of them) and they don't see any AA because their profile are solid; perhaps they have 750+ Fico scores, for example. 

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This is not entirely true. We definitely have seen AA from various banks on solid, thick profiles with high scores. If you did something to trigger the algorithim it doesn't matter what your score is. AA is not exclusive to "average" or borderline profiles at all. It may be more likely in those cases, but even with impeccable credit you could still have too many inquiries/new accounts/etc for the bank's liking.

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I never said we don't see AA from banks on solid thick profiles with high scores.  Doing something to trigger the algorithm yes, but as I said above number of accounts in and of itself is not an algorithm-triggering event as there are plenty of members here that have 20-50+ accounts like I said that have not seen AA.  Why?  Because their overall profile is stronger [than the OPs] and overall profile is > one minor piece of profile data.  I never said AA is exclusive to "average" or borderline profiles, just that those types of profiles see it more often.  It's not "may be" more likely, it is more likely.  That's not arguable.  Weaker profiles mean greater risk and greater risk as a whole means greater chance of AA.

Case in point, if the OP had a stronger profile that equated to Fico scores 100 points higher, do you think he'd be more or less prone to the AA that he received for "too many accounts?"

[patoot10]

Citi would never close accounts just because someone has too many accounts on their credit report.

The real reason Citi AAed OP is their weak profile. They have a good amount of cards with Citi, too many accounts with balances and potentially high ones (with Citi and/or other issuers) and low credit scores and that's data I gathered from this topic only. Who knows if OP has deragatory marks on their profile. Citi AI got worried that they won't get paid so they shut OP down.

People shouldn't use credit cards as credit cards -that's how you lose this game- credit cards are meant to be used the same way as debit cards except you run the transaction on them to get bonuses, cashback and protection benefits.

Thanks,

[Anonymous]

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@patoot10 wrote:

Citi would never close accounts just because someone has too many accounts on their credit report.

The real reason Citi AAed OP is their weak profile.

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Exactly correct above.

I think too often people get caught up in "a reason" thinking it is "the reason."  I'm not talking just a lender-consumer relationship, but really any relationship.  It could be a romantic relationship, work relationship, or almost anything else.  Think about when a person ends a relationship with thier significant other or a job ends a relationship with an employee.  They may reference 1 reason why like "you don't spend enough time with me" or "you've been tardy too many times recently" but the real reason is the overall "profile" if you will.  The reason those relationships are ending isn't just because of the 1 reason referenced, but rather the entire profile with that 1 reason being magnified due to other reasons being present as well.  It's sort of like the saying the straw that broke the camels back, where people get too caught up with the straw rather than everything else that lead up to or played into that last straw.

[CreditCuriosity]

Not typical for Citi per-say although AA can happen to anyone the profile most likely had something to do with it whether scores, alot of cards with balances, inquiries... Or a bit of everything and we got what happened..  We can only speculate, but don't see a ton of AA from citi, Amex, bofa.  With people with tons of cards and credit such as myself as i am the perfect person to have AA against me yet lenders being very conservative ones keep giving me more credit.  Sure AA could happen to me, but I believe if I keep my utilization in check, put spend (decent) amount on say chase they remain happy and we all remain happy.  I certainly would expect AA though if my scores started to drop and my utilization started to go up.  I have what 4x my income in credit approx now?  I know others certainly have more than me being 5-10x's their income as well. 

I fully expect when a credit crunch is to come to lose some of my limits; that i know, but till that day as the economy is still doing very well I will live day by day.

[red259]

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@Anonymous wrote:
We all knew this was coming. As churning and "gaming" the system has become widely adopted and discussed on the internet, credit lenders must be extra cautious from both losing money from SUBs and from people that will default on their balances.

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Churning is not causing this. The number of people who churn is quite a small number of credit card holders. The more likely reason is the amount of credit card debt out there and the state of the global economy. Lenders see the economy having a downturn in the future and they are starting to close down credit lines etc to minimize their exposure, because once the economy goes into a downturn and people lose their jobs they are all going to try to jilt the credit card companies. Lenders are going to take a closer look at high risk credit files like OP seems to had. 

[CreditMagic7]

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@rbentley wrote:

I think we are seeing all CC lenders contracting and tightening their UW.  Citi just removed most of the rewards (price rewind) from all their cards, and now closing accounts that were in good standing.  PenFed just this month slashed by 50% the maximum CL on its cards.  Navy has apparently tightened its "internal lending limit."  AmEx is doing CLDs.  Discover had changed its CLI policies.

I am glad my rebuild is largely done.  We are in for a period of credit tightening.  Fasten your seatbelts and put your trays in the upright position.  It may be a bumpy ride.

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HNB just zapped another line of my card accounts with them. This time on the one carrying a balance. Opened a topic on that.

https://ficoforums.myfico.com/t5/Credit-Cards/POW-Another-Huntington-CLD/td-p/5661584

[sghosh5]

Citi closed my accounts as well when my scores were all above 750 and my util was just 1-2%. I was paying them off every month. Someone here told me that is a flag for them of me doing some sort of possible fraud lol as that triggers then that i will eventually max out all my open new accounts and not pay them back. LOL..Credit is just part of your life not a necessity. I moved on from then and i will not apply anything directly with Citi unless they send me offers later. Plus their cards and benefits are not great either.