Citi closed all my credit cards :(((

[sghosh5]

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@SBR249 wrote:

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@Medic981 wrote:

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@sghosh5 wrote:

Also I hope my AA miles dont drop. I already got the Sign up bonus of 50K miles from the AA card. 

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I hate to be the bearer of bad news, however, I was reading Chases Terms and Conditions and in there it stated that if Chase closed an account with rewards, points, miles, etc... that those were forfeit. I imagine that Citi has the same provisions in place as well.

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I believe that it's usually the case that unredeemed rewards remain the property of the bank until redemption. So if the AA miles were automatically deposited into your AAdvantage account, that would count as a redemption. But if you had something like Citi ThankYou points, Chase UR points, AmEx MR points, etc. and you kept them in your card account, they are considered bank property and can be forfeit at any time subject to the credit card agreement. 

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Thanks. Good to know. Will see what happens. I still see them in my AA account. May just make a quick trip somewhere now lol

[Medic981]

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@SBR249 wrote:

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@Medic981 wrote:

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@sghosh5 wrote:

Also I hope my AA miles dont drop. I already got the Sign up bonus of 50K miles from the AA card. 

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I hate to be the bearer of bad news, however, I was reading Chases Terms and Conditions and in there it stated that if Chase closed an account with rewards, points, miles, etc... that those were forfeit. I imagine that Citi has the same provisions in place as well.

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I believe that it's usually the case that unredeemed rewards remain the property of the bank until redemption. So if the AA miles were automatically deposited into your AAdvantage account, that would count as a redemption. But if you had something like Citi ThankYou points, Chase UR points, AmEx MR points, etc. and you kept them in your card account, they are considered bank property and can be forfeit at any time subject to the credit card agreement. 

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We can only hope that this is the case.

[SBR249]

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@sghosh5 wrote:

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@Aspireto850 wrote:
@Anonymous dropped @70 pts cuz closing that credit line raised my utilization quite a bit. It was the last card I had opened (2013) so it had minimal impact to my AAofA. This just happen in April.

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Ah, then i should still be fine. I basically have 0 balance on all my credit cards

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Do you let any statements cut with a non-zero balance? Because consistently maintaining 0 reported balance on your CR is not good and here's why. Your CR is basically a record of your debt repayments which then informs lenders of the likelihood of you repaying your future debts. If your CR shows no reported balance, then what lenders will see and think isn't that you are good at managing your credit but that you don't use credit at all. In essence, a history of 0 balances is almost equivalent to no history and that can spook lenders. 

[sghosh5]

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@SBR249 wrote:

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@sghosh5 wrote:

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@Aspireto850 wrote:
@Anonymous dropped @70 pts cuz closing that credit line raised my utilization quite a bit. It was the last card I had opened (2013) so it had minimal impact to my AAofA. This just happen in April.

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Ah, then i should still be fine. I basically have 0 balance on all my credit cards

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Do you let any statements cut with a non-zero balance? Because consistently maintaining 0 reported balance on your CR is not good and here's why. Your CR is basically a record of your debt repayments which then informs lenders of the likelihood of you repaying your future debts. If your CR shows no reported balance, then what lenders will see and think isn't that you are good at managing your credit but that you don't use credit at all. In essence, a history of 0 balances is almost equivalent to no history and that can spook lenders. 

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Hmm...I thought, even if you pay off you balance before statement cut, they will still report what the high balance was and will report final balance as 0. Or else people will have to pay interest on their balances if they don't want to, which will be unfair.

[MrDFinance]

Technically not so... You only pay interest after the due date not the statement date.. You can let a small balance post to your report then pay it off before the due date.....

[MrDFinance]

I had a capital one card I was using and paying it off in full and then one month I let it report a balance and Experian gave me a alert saying a Dorminant account has become active again.....

[sghosh5]

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@MrDFinance wrote:
Technically not so... You only pay interest after the due date not the statement date.. You can let a small balance post to your report then pay it off before the due date.....

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Ok. Too much to remember. I will keep doing what i am doing, i.e. pay off. I know this happened due to opening too many accounts so will just not do that for long long time.

[Brian_Earl_Spilner]

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@sghosh5 wrote:

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@Medic981 wrote:

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@sghosh5 wrote:

No balance. I pay all cards full. My overall balance in all three bureaus are 0%. I wanted to use Priority Pass using citi prestige card for my international trip next year February now i dont have the card. Already paid 450 dollars yearly fees to them, not sure if they will return that to me or not.

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You paid $450 AF to Citi and they closed your accounts??? How Rude!!!

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Yes they charged me that in July. Luckily i was able to use their Global Entry fee of 100 dollars and 250 dollars airline credit already but still i am $100 short of redeeming. Though i know it is all my fault of opening too many accounts. But this is how you treat of handling credit well? So sad.

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I've told people time and time again, Citi doesn't care about us. We're just numbers in their algorithms. The executive office told me so.

[SBR249]

While there are quirks with some lenders, most lenders will report your statement balance*. As for interest, if you've been paying in full most credit cards will grant a grace period between the statement cut date and the payment due statement during which interest is not charged if the balance is paid. This may change if you carry a balance or miss a payment but if you PIF every month you will not be charged interest even if the statement balance is not 0. 

*I do know of some lenders that will report balance at the COB on a certain day of the month instead of the statement balance. There are also lenders (eg Chase) that will report special occurrences off cycle like paying a balance down to zero. But these cases are relatively few. 

As for "high balance" reporting, I'm not the most familiar with it but I believe it's peak balance over a period of time (eg 12 month, etc.) which won't change until you've exceeded the previous peak. It certainly isn't a month by month record of balances. It's a single number for every tradeline. 

[sghosh5]

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@Brian_Earl_Spilner wrote:

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@sghosh5 wrote:

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@Medic981 wrote:

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@sghosh5 wrote:

No balance. I pay all cards full. My overall balance in all three bureaus are 0%. I wanted to use Priority Pass using citi prestige card for my international trip next year February now i dont have the card. Already paid 450 dollars yearly fees to them, not sure if they will return that to me or not.

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You paid $450 AF to Citi and they closed your accounts??? How Rude!!!

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Yes they charged me that in July. Luckily i was able to use their Global Entry fee of 100 dollars and 250 dollars airline credit already but still i am $100 short of redeeming. Though i know it is all my fault of opening too many accounts. But this is how you treat of handling credit well? So sad.

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I've told people time and time again, Citi doesn't care about us. We're just numbers in their algorithms. The executive office told me so.

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Yes you are right. In fact all creditors are like that. Well i am probably black listed by them now for long long time