Unemployed and Citi is trying to re-verify income on open account

[Eric_E]

Bottom line: What can happen to an open account if Citi discovers a good customer is now unemployed?

I've had a Citi account for over 23 years, never missed a payment, FICO score of 840 (Discover), always pay off my card in full.  I lost my job in August and am still unemployed.  Not critical, I have almost $40k of cash lying around, unemployment insurance, plus beaucoup bucks in retirement accounts which if pressed I can draw on.  A few months ago when I logged into my Citi online account, they threw up a window asking me to verify my income.  I clicked "Remind me later".  Today the same thing happened.  I did the same.  A few minutes later I tried to go back to the main page and it asked me again, without the opportunity to "Remind me later".

I'm concerned that they are going to corner me on this, I'll have to answer honestly (no other choice for me), and they'll drastically reduce my limit or worse case, close my account.  They are the only company asking for this info (I have three other credit cards).  I'm not sure what to do.  I could report my unemployment insurance income but that expires in March and the amount this year will be paltry.  I have some self-employment income but it's even more paltry. 

Has anyone had this experience or had to deal with it?

I feel like a scofflaw now.  I am not pleased with them, but I can't yell at them yet without betraying my situation.

[Anonymous]

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@Eric_E wrote:

Bottom line: What can happen to an open account if Citi discovers a good customer is now unemployed?

I've had a Citi account for over 23 years, never missed a payment, FICO score of 840 (Discover), always pay off my card in full.  I lost my job in August and am still unemployed.  Not critical, I have almost $40k of cash lying around, unemployment insurance, plus beaucoup bucks in retirement accounts which if pressed I can draw on.  A few months ago when I logged into my Citi online account, they threw up a window asking me to verify my income.  I clicked "Remind me later".  Today the same thing happened.  I did the same.  A few minutes later I tried to go back to the main page and it asked me again, without the opportunity to "Remind me later".

I'm concerned that they are going to corner me on this, I'll have to answer honestly (no other choice for me), and they'll drastically reduce my limit or worse case, close my account.  They are the only company asking for this info (I have three other credit cards).  I'm not sure what to do.  I could report my unemployment insurance income but that expires in March and the amount this year will be paltry.  I have some self-employment income but it's even more paltry. 

Has anyone had this experience or had to deal with it?

I feel like a scofflaw now.  I am not pleased with them, but I can't yell at them yet without betraying my situation.

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Sorry to hear about your job loss.  Hopefully you'll find something soon.

What kind of verifiction are they asking for?  If it's just that you have to input your annual income, put what you expect to submit on your tax forms; ytd income and the unemployment and any investment income.  Other than that I can only think that they would ask for a 4506-T which would give them permission to access your tax returns for last couple years.  That wouldnt hurt you at all.

Overall, I don't think this is catastrophic.  Whatever you do, don't lie if you actually have to seak to someone which is unlikely.

[9CLINE]

+1 totally agree w/ Irish80 on this..
Best wishes 2 u,,, keep us posted on outcome if you don't mind....

[Anonymous]

This sounds like the standard popup that periodically appears with many different card issuers. I got it from Cap One recently. Just fill it out with your 2015 income earned through August. Verifications are almost always done based on the previous year so, if it comes to that, you can easily prove the number.

[elim]

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@Anonymous wrote:

This sounds like the standard popup that periodically appears with many different card issuers. I got it from Cap One recently. Just fill it out with your 2015 income earned through August. Verifications are almost always done based on the previous year so, if it comes to that, you can easily prove the number.

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   +1   we get them about once a year.