Citibank is an idiot.....

[FBPirate95]

So we get a letter in the mail today from Citibank saying they are cancelling our credit line. There basis for doing is that they "periodically update their customers credit situation & based on the fact their credit criteria has changed we no longer meet their requirements"

Basically what they said when my wife called was that our revolving credit card account balances are too high. They are that way, cause my wife just put this semester's tuition on another card. (dumb to do, but we pay it off at the end of the year.....keep in mind we have to do this, because "we are too financially stable to qualify for student loans or assistance).

We have also recently paid off all of our credit cards in the past two months. Our credit scores are around 700, AND we've had this card with Citi for almost 11 years with not one single late payment, and we always pay more than the monthly minimum.

All I have to say is WTH????? What sense does it make to cancel your good customers????

My wife said the manager with Citi pretty much left it as....Oh well for you. There's nothing you can do about it.

Well enough about this crap. Honestly its best anyway, they had a pretty high interest rate. But I just can't get what in the hell they could be thinking.

 

[Cornfield Conquistador]

Re: Citibank is an idiot.....

Yeah, they are all going retarded. Bank of America dropped us because we refused to raise our credit limit. We used our card regularly but payed it off each month, so they dropped us. EDIT

 

[FBPirate95]

Re: Citibank is an idiot.....

Yeah, they are all going retarded. Bank of America dropped us because we refused to raise our credit limit. We used our card regularly but payed it off each month, so they dropped us.

I hear ya. But FYI since you're new. Political discussions don't go to well in here and usually wind up being smited. The mods take a pretty tough line on it due to some past um...."dis-agreements" on here. LOL. Just be careful.

 

[ezmobee]

Re: Citibank is an idiot.....

I just had a similar experience with Bank of America. I had an unsecured line of credit that I got through MBNA years ago to consolidate some debt. BOA bought out MBNA. It had like a 32k limit or something ridiculous like that. They would send me these "access checks" like once or twice a month to try to get me to take more money out of it. I paid this off a few months ago. In fact I overpaid by $12. Well I've noticed they haven't sent me any of those checks in a while. I just bought a vehicle and needed $2k for a down payment. No biggie cuz I have $3k coming to me from a freelance job I did. So I figured I would just temporarily grab it out of this line of credit. I log in to my online account and see I still have the $32k limit, but I can see no way to actually get money out of this thing. So I call BOA.
them: "yeah we don't send those access checks out anymore and we don't do direct deposits into your checking account either. Basically if you want to take money out you tell us what you need, we review your credit and decide whether to give to you".
me: "I guess I don't really have a line of credit then do I"
them: "Nope."
me: "I'd like to close this account"
them: "ok, it's closed. Your $12 is in the mail"


Oh well. ALL my business is now through USAA. They are awesome.

 

[skargo]

Re: Citibank is an idiot.....

2 words for you. Credit Union!

 

[j_martin]

Re: Citibank is an idiot.....

2 words for you. Credit Union!

You beat me to it.

 

[Old & In the way]

Re: Citibank is an idiot.....

Chase did the same to me - after many happy years with WA-MU.

Yes, Credit Union.

Big Banks, with their bailouts and screw the customer before the next set of consumer protection laws are implemented.

People should be angry..

But what comes around, goes around - the big banks will get their dose soon.

 

[North Beach]

Re: Citibank is an idiot.....

This is happening all over. We deal with Citi on our commercial Home Depot account. I only carry a 6K line and we use it hard for a couple of months and then we pay it off and start again on the next project. We were at close to 6K and I made a 2K payment. As soon as I made it they reduced our limit to what we owed??????
When I contacted them they said it was based upon our Dunn's report, which is better now than it was when we opened the account 7 years ago?

Basically, they are all doing last minute adjustments to get things where they want them prior to the new consumer protection laws going into effect.

Sad thing is, when things turn around, morons will sign up in droves for the credit instead of not doing business with these blood suckers!

 

[gstanton]

Re: Citibank is an idiot.....

Similar situation here with Citicards. Card holder since 1977, high credit limits, pay it off every month. I'm one of those clients they hate. No profit from interest charges. Last month they institute a $60 annual fee.

I said good bye - after I got a new visa account with no annual fee. There are plenty out there.

 

[DECK SWABBER 58]

Re: Citibank is an idiot.....

2 words for you. Credit Union!

Or.... get established at a local community bank. Where they judge
you by "who you are" and not by some "corporate guideline".

Similar situation here with Citicards. Card holder since 1977, high credit limits, pay it off every month. I'm one of those clients they hate. No profit from interest charges. Last month they institute a $60 annual fee.

I said good bye - after I got a new visa account with no annual fee. There are plenty out there.

I'm by this, I've had a citi card for a few years, have a good score rarely carry much of a balance and this has not happened to me.

Maybe I better look at my statement.

 

[j_martin]

Re: Citibank is an idiot.....

I don't know for sure, but I think banks in general are into the power thing. The last dealings I had with a bank were when I decided to buy a 4 or 5 thousand dollar boat, and approached a loan officer about a loan. He had me fill out forms, sign waivers, all the stuff. 3 weeks into it I saw the boat I wanted, and said let's do it. His reply, "This bank does not do used boat loans." (Why 3 weeks of jumping through fiery hoops) He sent me to a related firm to get a cash card at 22% interest. I did it and acquired the boat. The next day I went into the credit union hat in hand to try to establish a relationship and walked out less than an hour later with the boat loan.

I moved all my "banking" there and haven't looked back.

A bank is a for profit corporation. A credit union is owned by it's members and it's purpose is to serve the banking needs of the members.

my 02
John

 

[Cornfield Conquistador]

Re: Citibank is an idiot.....

Oh well. ALL my business is now through USAA. They are awesome.[/QUOTE]

Yeah USAA is great. I use them too.

 

[Proselect]

Re: Citibank is an idiot.....

We had that happen almost 2 years ago with our Chase home equity line of credit. They did not cancel us, but they sent us a letter. It stated that due to the economy, houses are not worth much anymore. Therefore they are suspending our account. It said it was just a temperary thing but now its been almost two years and we have been paying on it and we still can't use it. I guess its not the end of the world, but it sure does suck.

 

[4JawChuck]

Re: Citibank is an idiot.....

Had a similar thing happen with American Express, we had a $10K line of credit which we more or less used as a revolving door. We always had a small amount owing but then made a large purchase (vehicle) for $5K, I paid the entire account off within a year and once the account hit zero they sent us a letter saying we were no longer eligible for the 10K limit. When I phoned to ask why they offered me a 1K limit at a higher rate as a consolation.

After a 10 second pause I mentioned that I now make a lot more money than when I opened the account and have never missed a payment...another 10 second pause before I said..."cancel my account, have a nice day".

Personally the day I ever borrow money from another bank I'm gonna shoot myself in the foot to remind myself how I was treated after being a loyal customer for many years. I will save my money and keep a large amount of cash in gold and bonds so I never have to deal with them for loans again, and if I do need a loan I am going to submit applications for the loan on-line and choose the lowest rate for a short term loan.

No more relationships, no more Mr Nice guy. They can't be trusted and I can live without them, better off I say.

 

[FBPirate95]

Re: Citibank is an idiot.....

Had a similar thing happen with American Express, we had a $10K line of credit which we more or less used as a revolving door. We always had a small amount owing but then made a large purchase (vehicle) for $5K, I paid the entire account off within a year and once the account hit zero they sent us a letter saying we were no longer eligible for the 10K limit. When I phoned to ask why they offered me a 1K limit at a higher rate as a consolation.

After a 10 second pause I mentioned that I now make a lot more money than when I opened the account and have never missed a payment...another 10 second pause before I said..."cancel my account, have a nice day".

Personally the day I ever borrow money from another bank I'm gonna shoot myself in the foot to remind myself how I was treated after being a loyal customer for many years. I will save my money and keep a large amount of cash in gold and bonds so I never have to deal with them for loans again, and if I do need a loan I am going to submit applications for the loan on-line and choose the lowest rate for a short term loan.

No more relationships, no more Mr Nice guy. They can't be trusted and I can live without them, better off I say.

I agree completely, and it was a same similar situation here. What they don't realize is that while their formula's can hold true on average America, there are exceptions. While I know this economy has been horrible, I have been blessed to double my salary in five years. Of course they don't know that, I haven't told them. We've decided to pretty much write Citi off for life. If there is something we want, someone else will be worked with. Not Citi.

 

[j_martin]

Re: Citibank is an idiot.....

Just a thought. When I was young, a man was expected to keep his word, and if he incurs debt, to pay it off no matter how much it hurts. I've been there.

Now a person that runs up a big debt on depreciating items, and then gets in a position where it is hard to service that debt, is expected to stick the lenders with it and walk away.

Well, it's time to pay the piper. Immorality has a big price.

my 02
John

 

[skargo]

Re: Citibank is an idiot.....

Just a thought. When I was young, a man was expected to keep his word, and if he incurs debt, to pay it off no matter how much it hurts. I've been there.

Now a person that runs up a big debt on depreciating items, and then gets in a position where it is hard to service that debt, is expected to stick the lenders with it and walk away.

Well, it's time to pay the piper. Immorality has a big price.

my 02
John

Great post!