Citibank lowering limits?

[kerplunk]

I dislike Citi more and more every day. My issues with them:

1. Their physical cards are more fragile than other banks. Citi is the only credit card I've had which frequently gives EMV chip errors (and makes it re-insert).

2. Unreliable. Their entire card network was down one weekend last summer when I went to buy $6,000 in appliances. When I called their customer service, it disconnected the phone call. I had to use my Discover card and lost out on 1% cash back.

3. They cut most/all of their card benefits. The extended warranty was a major reason I got their Double Cash card.

4. Weaker customer service than other banks their size.

5. Unpredicable behavior and decisions (e.g. credit line decreases for no obvious reason). That's really helpful to their customers during this pandemic and global crisis.

[seattletravels]

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@kerplunk wrote:

I dislike Citi more and more every day. My issues with them:

1. Their physical cards are more fragile than other banks. Citi is the only credit card I've had which frequently gives EMV chip errors (and makes it re-insert).

2. Unreliable. Their entire card network was down one weekend last summer when I went to buy $6,000 in appliances. When I called their customer service, it disconnected the phone call. I had to use my Discover card and lost out on 1% cash back.

3. They cut most/all of their card benefits. The extended warranty was a major reason I got their Double Cash card.

4. Weaker customer service than other banks their size.

5. Unpredicable behavior and decisions (e.g. credit line decreases for no obvious reason). That's really helpful to their customers during this pandemic and global crisis.

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I prefer Citi customer service to Chase.

[Cory88]

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@Anonymous wrote:

On my bestbuy card went from 5k to 1k. It was paid off and the most I utilized was around half of the credit line. Maybe they are cutting lines that aren't used to the fullest while protecting their assets during this crazy time. 

no big deal but seems like citi is cutting lines more than anyone else from what I've seen 

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I have my Citi since 2015 with 817 FICO and mine are fine as of now but if they close the account or reduce the credit line I don't really care as they are a mess when you call they don't know what they are doing half the time and the web site is a nightmare to use. My one Citi is the dividend card and when I try to sign up for the quarterly offer it does not work online and I have to call it in just to get it done and the rep half the time don't know what they are doing at all.

[Anonymous]

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@Anonymous wrote:

On my bestbuy card went from 5k to 1k. It was paid off and the most I utilized was around half of the credit line. Maybe they are cutting lines that aren't used to the fullest while protecting their assets during this crazy time. 

no big deal but seems like citi is cutting lines more than anyone else from what I've seen 

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Would you be able or willing to share some datapoints? Current scores, info about other accounts, DTI, aggregate utilization, how long since last used, etc. Did you get the adverse action letter with supposed reasons?

This sort of info may help everyone get an idea of their thinking and how it may impact others.

[Guyatthebeach]

KatT1,

I'm sorry to hear that happened to you. I checked all my credit cards tonight, luckily no decreases yet. I have cobranded cards with Citi that worry, as well as some with Synchrony.  

It sounds like Citi is trying to limit their exposure.  I wish they gave you the reason why immediately instead of a letter. 

Keep us posted. 

Guyatthebeach

[Remedios]

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@seattletravels wrote:

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@kerplunk wrote:

I dislike Citi more and more every day. My issues with them:

1. Their physical cards are more fragile than other banks. Citi is the only credit card I've had which frequently gives EMV chip errors (and makes it re-insert).

2. Unreliable. Their entire card network was down one weekend last summer when I went to buy $6,000 in appliances. When I called their customer service, it disconnected the phone call. I had to use my Discover card and lost out on 1% cash back.

3. They cut most/all of their card benefits. The extended warranty was a major reason I got their Double Cash card.

4. Weaker customer service than other banks their size.

5. Unpredicable behavior and decisions (e.g. credit line decreases for no obvious reason). That's really helpful to their customers during this pandemic and global crisis.

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I prefer Citi customer service to Chase.

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Chase doesn't have customer service

It's kinda "If you're dead on the inside and not afraid to show it, come answer phones for us"

[Anonymous]

My DC line was cut as well, down to within $100 of the balance. Perfect payment history over the years with them and on all accounts. Scores are all just under 700.

I've had Synchrony cut my line before on one card, at least it was a card that wasn't being used at all. I (used to) use my DC card frequently.

[Anonymous]

Citibank has lowered my limit by about $1000 three or four times in the last year. I assume this is because I was carrying a balance and once I got below a certain number they'd lower the limit to that number. Paid the balance off last month and no CLD yet, but they denied my CLI request.

[Anonymous]

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@Anonymous wrote:

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@seattletravels wrote:

Interesting. In light of current events,   I wonder if they're hedging their bets and taking other factors like job industry and income into consideration for the moment. 

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That was always what I thought they did from day 1, regardless of the economy. If you are in the restaurant business as opposed to healthcare right now, there is certainly more risk of job loss in the restaurant industry. 

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I am not sure your statment is true, but I receive 9k CLI on 4 mths old Prestige...and I am in healthcare field.  My spending has been less than 10% of SL after getting SUB the first month.

[NRB525]

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@Anonymous wrote:

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@Anonymous wrote:

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@seattletravels wrote:

Interesting. In light of current events,   I wonder if they're hedging their bets and taking other factors like job industry and income into consideration for the moment. 

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That was always what I thought they did from day 1, regardless of the economy. If you are in the restaurant business as opposed to healthcare right now, there is certainly more risk of job loss in the restaurant industry. 

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I am not sure your statment is true, but I receive 9k CLI on 4 mths old Prestige...and I am in healthcare field.  My spending has been less than 10% of SL after getting SUB the first month.

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Banks cannot take your line of work into account for credit granting.  The questions on "are you employed or retired" are more for categorizing your likely income stream.  Banks do use your level of reported income in CL decisions.