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Citi reducing lines

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Moderator

Re: Citi reducing lines


@Wavester64 wrote:

**off topic**

 

@ttulaw , I see you have a relationship with Andrew's (so do I, car loan refinance) was wondering have they ever offered you to try for one of their CCs? For me, 19-months in, and not a peep.


Let's keep this particular thread on topic, as this is something that's clearly distressing to the OP. 

 

Message 21 of 33
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Visitor

Re: Citi reducing lines

No reason to panic over this. We have much more to be concerned about. 

Message 22 of 33
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Moderator

Re: Citi reducing lines


@Nmgal wrote:

No I was making substantial payment much more than minimum. Did not know a post would cause criticism and argument. I was trying to alert people.


There is no criticism or argument.  We're trying to help you to understand, and to understand ourselves, why this happened.  Citi is not known to just randomly start balance chasing and a blanket statement that Citi is slashing credit lines doesn't jive with what we typically see or experience ourselves.  A headline that reads "Citi reducing lines" causes concern with those of us that have Citi cards, so we certainly want to understand why so that we can avoid it happening, and it appears that you wanted to share this concern with us.

 

Substantial payments more than the minimum is vague.  If my minimum payment is $300 a month and I am making $400 payments, I might consider that substantially more than the minimum, but Citi may not see it that way.  It also doesn't necessarily mean that they are speaking of the balance on this card, but possibly on others that are on your reports.  Without a better understanding of your use and payments on this card, as well as how much your other accounts are being utilized there is nothing to go on.

 


@Nmgal wrote:

Said card balances to high. I have excellent score.



I have very high credit card balances.  My FICO 8 scores are 820 EQ, 812 EX, and 798 TU.  High balances and excellent scores are not mutually exclusive.

Affected by natural disaster.

Message 23 of 33
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Visitor

Re: Citi reducing lines

How about balance 5000 payment 2500

Message 24 of 33
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Moderator

Re: Citi reducing lines


@Nmgal wrote:

How about balance 5000 payment 2500


That's a good start, and this was the payment that led to the balance chasing.  What was the credit line before and after, and what did the payment look like in the year preceding the credit line decrease?  Do you have other cards with high balances?

Affected by natural disaster.

Message 25 of 33
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Valued Contributor

Re: Citi reducing lines


@Nmgal wrote:

How about balance 5000 payment 2500


that's a very healthy payment so nice job getting it down! my gut tells me if that the $5k balance was around for a few months and suddenly dropped by that much, it would have caught their attention. I've read a few other posts (other banks) where someone took a decent chunk of out what was a hovering debt and the bank immediately started balance chasing them. hopefully they didn't cut your line too low that it makes it look like the card is maxing out. 

Message 26 of 33
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Visitor

Re: Citi reducing lines

Yea they are balance chasing. Just remember I am a long time card holder with excellent history of making these kind of payments for a long time nothing has changed with me. But they will be trying to lower their risk.

Message 27 of 33
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Established Contributor

Re: Citi reducing lines

@Wavester64 I just recently became a member with Andrews, so no offers yet. I've got a checking & savings account and will make small monthly savings deposits for the next year while my credit "heals" and then cold app for Simplicity Visa even if I've got no offers. If you do get an offer please let me know, I'd be interested in knowing the details!













Message 28 of 33
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Established Contributor

Re: Citi reducing lines


@Nmgal wrote:

No I was making substantial payment much more than minimum. Did not know a post would cause criticism and argument. I was trying to alert people.


I certainly didn't mean any criticism, just a better understanding so that I or someone else could perhaps be helpful or potentially avoid a similar experience. 













Message 29 of 33
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Valued Contributor

Re: Citi reducing lines


@Nmgal wrote:

... Did not know a post would cause criticism and argument. I was trying to alert people.


Alert people to what exactly -- that one person claims a credit line was reduced from X to Y for especially vague reasons & thus ALL Citi card holders should BEWARE? Color me skeptical. 

 

Had the title of your post been: Citi reduced my line and not Citi reducing lines I wouldn't mind in the least and likely would have offered my condolences and moved along. It's your story, tell it how you like. But laying claim to a trend -- "Citi reducing lines" -- is an entirely different thing. This type claim ought be scrutinized. 

 

 

 

 

 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (05/20/2020): FICO 08 EXP: 743; TU: 751; EQ: 759
2020 Goal Score: 760 across the board


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Message 30 of 33
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