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Should I poke that bear?

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Frequent Contributor

Should I poke that bear?

I've seen a few posts about Citi decreasing CL's, seemingly in response to nothing but the current economic climate and am a little worried about my plan to request a PC when my current card turns a year old, next month.

 

I was hoping to get thoughts specifically from those that were in the credit game during the '08 recession (but all comments are welcome).

 

There's nothing particular in my file I'm worried about (maybe a little credit seeking behavior 🤪 but I don't think it's bad enough to draw any attention to myself).

 

So what do you think? Do I poke that bear and request the PC or just stick with what I've got till the economy recovers?

Current Cards:


Goal Cards:


Banks and Credit Unions:


Goal Credit Unions:



Income: $100k/year
Total CL: $151,700.00

Fico8 scores (as of 6/9/20):

Message 1 of 23
22 REPLIES 22
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Valued Contributor

Re: Should I poke that bear?

Will a product change require a financial review? I can't imagine it would put you under any microscope to do so.





Message 2 of 23
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Frequent Contributor

Re: Should I poke that bear?


@KLEXH25 wrote:

Will a product change require a financial review? 


One of the many things about this process that I just don't know!🙃

Current Cards:


Goal Cards:


Banks and Credit Unions:


Goal Credit Unions:



Income: $100k/year
Total CL: $151,700.00

Fico8 scores (as of 6/9/20):

Message 3 of 23
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Epic Contributor

Re: Should I poke that bear?


@ChazzieT wrote:

@KLEXH25 wrote:

Will a product change require a financial review? 


One of the many things about this process that I just don't know!🙃


I have done a few Citi PC's . also combined 2 cards into one account (got lucky).

never any financial questions or credit bureau reviews.

At least this was my experience.

popcorn eating emoticon.gif

Message 4 of 23
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Super Contributor

Re: Should I poke that bear?

I doubt you have anything to worry about. I converted a Citi AAdvantage card to the no-AF Miles Up card about 2 years ago, and all they do is read you the basic terms about card changes, then it takes them some time to actually process the PC, issue the new card and all that. But virtually everything else about the account stays the same. With these PC's, the idea is to keep you as a customer, in the card you will use.

 

Going for PC's every 6 months on the same card might lead to problems, but a one-time shift to a card you want... no concerns.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 5 of 23
Valued Contributor

Re: Should I poke that bear?

I just did a PC from AAdvantage to DC, quick and easy process. 



Last App: BECU 02-26-2020
Pronouns: He/Him/His
Message 6 of 23
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Mega Contributor

Re: Should I poke that bear?


@seattletravels wrote:

I just did a PC from AAdvantage to DC, quick and easy process. 


Isn't it quick and easy to initiate but takes ages to actually complete!  I seem to remember Citi doesn't actually do the PC for about 60 days or so, or has that changed?

Message 7 of 23
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Super Contributor

Re: Should I poke that bear?

I'm sure technically a PC could result in an account review, but it's not like you are seeking credit. It's not a new app or a CLI or even a balance transfer. It's not a financial transaction at all. Honestly, I think it would be fine.

Message 8 of 23
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Moderator Emeritus

Re: Should I poke that bear?


@kdm31091 wrote:

I'm sure technically a PC could result in an account review, but it's not like you are seeking credit. It's not a new app or a CLI or even a balance transfer. It's not a financial transaction at all. Honestly, I think it would be fine.


I agree it SHOULD be fine, but...

 

  • Any transaction you do with a bank, swipe, phone call, chat, whatever... can and will be used against you in the court of algorithms.
  • Lender UW/algorithms are instant in time just like FICO scores, and can change with zero notice
  • I hate to use the word unprecedented but when talking modern financial institutions and this COVID thing, it's an appropriate word.

All this to say, I'm a little leery of initiating any credit financial transaction that I'm not backing with last Friday's paystubs.

 

I'm still closing on my new home, I'm still going to refinance my car, and I will do something with the LA condo it just may not be a refinance anymore... why pay lending fees if I'm going to dump it soonish anyway.

 

I wanted to setup some new credit cards though specifically looking for BT cards or possibly swapping to Amex for my future needs but I'm hesitating even now when I'm at the highest income I've ever been in my life... those cards will still be around after this is done, and while I'm a big proponent of getting everything done with one shot and getting all the negatives associated with new accounts done and fading into the rear view mirror as soon as possible, things are squirrley right now.

 

I waited 7 years for my tax liens to fall off, I can wait 7 months or less for this to work out one way or the other.




        
Message 9 of 23
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Mega Contributor

Re: Should I poke that bear?


@Revelate wrote:

@kdm31091 wrote:

I'm sure technically a PC could result in an account review, but it's not like you are seeking credit. It's not a new app or a CLI or even a balance transfer. It's not a financial transaction at all. Honestly, I think it would be fine.


I agree it SHOULD be fine, but...

 

  • Any transaction you do with a bank, swipe, phone call, chat, whatever... can and will be used against you in the court of algorithms.
  • Lender UW/algorithms are instant in time just like FICO scores, and can change with zero notice
  • I hate to use the word unprecedented but when talking modern financial institutions and this COVID thing, it's an appropriate word.

All this to say, I'm a little leery of initiating any credit financial transaction that I'm not backing with last Friday's paystubs.

 

I'm still closing on my new home, I'm still going to refinance my car, and I will do something with the LA condo it just may not be a refinance anymore... why pay lending fees if I'm going to dump it soonish anyway.

 

I wanted to setup some new credit cards though specifically looking for BT cards or possibly swapping to Amex for my future needs but I'm hesitating even now when I'm at the highest income I've ever been in my life... those cards will still be around after this is done, and while I'm a big proponent of getting everything done with one shot and getting all the negatives associated with new accounts done and fading into the rear view mirror as soon as possible, things are squirrley right now.

 

I waited 7 years for my tax liens to fall off, I can wait 7 months or less for this to work out one way or the other.


Right.   

 

Now with no evidence at all, I suspect that "eyes on the account" is less of a threat that it used to be, merely because algorithms are getting better, so that anything that might concern a human looking at your account (e.g. MS $40K a month with a $100K income) will have already been detected by the algorithms.   But obviously an additional interaction has is an additional interaction, and so some chance of a new concern coming up.

Message 10 of 23
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