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Is it possible that they are just trying to limit exposure by reducing historically unused portions of CLs? The fact that they left your available credit line significantly higher than what is being used seems to indicate that they are not chasing you.
We've all heard the rumblings about some CC companies starting to tighten up a bit, and taking AA against people. If I was the one making the choices, and saw indications that there is the potential for financial hardships coming up, I would reduce my risk in all ways possible. It may have very little to do with individual cardholders, and just a general reduction of exposure.
Not saying that this is, or should be, what is happening. Just sort of pondering out loud.
That's actually a big part of it, I want to know why so if I did something I do not do it again. I also just want a straight answer. I did not mention it by my fiance and I are starting to look at homes to buy. He has perfect credit, no really he has zero debt , a years worth of savings, a good history plus a pretty signficant down payment. I don't want to be the one that screws up a decent interest rate. Thank you for your advice, I may take to pen and paper and see what results I get.
@Anonymous wrote:Is it possible that they are just trying to limit exposure by reducing historically unused portions of CLs? The fact that they left your available credit line significantly higher than what is being used seems to indicate that they are not chasing you.
We've all heard the rumblings about some CC companies starting to tighten up a bit, and taking AA against people. If I was the one making the choices, and saw indications that there is the potential for financial hardships coming up, I would reduce my risk in all ways possible. It may have very little to do with individual cardholders, and just a general reduction of exposure.
Not saying that this is, or should be, what is happening. Just sort of pondering out loud.
good ponder there. you could be spot on, it could be a wave of the future for all citi holders that meet a certain spec. I remember when everyone was riding the cap1 huge limit wave and that came to an abrupt end. they swept through a ton of accounts in 2018 to pass out CLDs, here is mine - imagine my surprise from 37 to 10 lol. what can you do, there are always more fish in the sea
@bourgogne wrote:
"we hope this change doesn't cause any inconvenience for you" is hilarious.
On topic, OP, I can definitely empathize with the lack of a real answer. Sometimes it feels like these places don't actually want you to do the right thing. On the other hand, I can see their side of it with regard to wanting to take credit back from people who aren't using it. I hope you're able to get a solid explanation from Citi, but I wouldn't hold my breath, to be honest.
@FinStar wrote:
It appears this thread has run its course and great points have already been made by several members OP, including those by @longtimelurker and @NRB525.
Bottom line, it is what it is. If you are not happy with the outcome you can exit the relationship. But, by and large, these types of adverse actions are nothing new and as common as bubble gum. Chase, Barclays, SYNCB, Comenity, Capital One, AmEx, USB, etc., all engage in very similar actions and there's nothing shady about it (even though some people attach a personal feeling to it). Business decision plain and simple. Things are spelled out in the credit card agreement (most people don't look at the fine print in the excitement at the point of approval when clicking 'submit') 😄
Most if not all have similar outcomes based on inherent and periodic risk reviews. I'm sure you'll receive a letter that could provide more insight, if anything. No one here is intimately familiar with your CRs let alone the algorithms that played part in their decision, and while you are attempting to grasp at some logical pattern, feeling a sense of victimization or breach of trust about the whole outcome is an exercise in futility. Plenty of fish in the ocean.
+1
The thread as run its course and is now locked and closed to new messages.
--UB