"20yr & FICO 990 Gets 85% Line Cut"
Citi® Platinum Select® MasterCard® Review
Written by: jimbo on 2010-07-03
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jimbo's review: 
Citibank may be in financial trouble again, as I had the Citi plat select with $100k credit line which was cut to $15,300! I had never been late or missed a payment of any kind ever. My Experian Credit report which is what CITI claims to have used was a 990/990 with a <1% chance I would default. Also keep in mind I have my business accounts with Citi avg daily balance over $500k & personal accounts with mid 6 figure balance. Citi has shown me 1 thing over my 20 year relationship, they look you in the face & lie. Protect your deposited accounts because if I can get 85% credit line cut then there is a huge problem within Citi the depositors need to know about. When I asked this exact question I got a no comment!!!
Citibank may be in financial trouble again, as I had the Citi plat select with $100k credit line which was cut to $15,300! I had never been late or missed a payment of any kind ever. My Experian Credit report which is what CITI claims to have used was a 990/990 with a <1% chance I would default. Also keep in mind I have my business accounts with Citi avg daily balance over $500k & personal accounts with mid 6 figure balance. Citi has shown me 1 thing over my 20 year relationship, they look you in the face & lie. Protect your deposited accounts because if I can get 85% credit line cut then there is a huge problem within Citi the depositors need to know about. When I asked this exact question I got a no comment!!!
6 Comments
Comment 1 by joeyman
Re: 20yr & FICO 990 
on 2010-07-04
I agree that's annoying that your limit got cut. But at the same time, I think it's outrageous somebody needs a $100k credit limit -- Just my personal opinion -- $15k is plenty to work with. Have you ever thought about working with a credit union or even a community bank? Credit unions are not-for-profit and typically help create a better local community. Your personal & business assets could benefit a credit union well.
PS: I've only heard good things about Citi so far, this is valuable information to me! Thanks.
on 2010-07-04 I agree that's annoying that your limit got cut. But at the same time, I think it's outrageous somebody needs a $100k credit limit -- Just my personal opinion -- $15k is plenty to work with. Have you ever thought about working with a credit union or even a community bank? Credit unions are not-for-profit and typically help create a better local community. Your personal & business assets could benefit a credit union well. PS: I've only heard good things about Citi so far, this is valuable information to me! Thanks.
Comment 2 by wanderer
Re: 20yr & FICO 990 on 2010-07-04
Jimbo - Citi is in the process of selling Citi Financial and regrouping as the feds focused on the most recent past at Citi. Feds want a smaller Citi and changes are in the works. One of the new focuses of Citi was the high end quality customer... Citi was going to focus on the upscale client and shed the sub-prime. I am surprised by what happened. As to credit lines I had $57.5K with MBNA before they went away... You have many relationships with Citi so I have trouble here... Once you collect your feelings and thoughts, why not drop the Citi Bank Board a letter on your treatment and see if there isn't a contact?! Personally, I have found skipping all the folks in between and getting right to the top has worked in the past.
on 2010-07-04 Jimbo - Citi is in the process of selling Citi Financial and regrouping as the feds focused on the most recent past at Citi. Feds want a smaller Citi and changes are in the works. One of the new focuses of Citi was the high end quality customer... Citi was going to focus on the upscale client and shed the sub-prime. I am surprised by what happened. As to credit lines I had $57.5K with MBNA before they went away... You have many relationships with Citi so I have trouble here... Once you collect your feelings and thoughts, why not drop the Citi Bank Board a letter on your treatment and see if there isn't a contact?! Personally, I have found skipping all the folks in between and getting right to the top has worked in the past.
Comment 4 by ari
Re: on 2010-07-04
Two comments. Fico goes up to 850, so we must assume you're referring to the Vantage scoring system. Second comment: why in the world would you ever consider charging any where near 100k. What would happen if you were, god forbid unable to pay the balance off in full on a particular month. Could you imagine the interest?!
on 2010-07-04 Two comments. Fico goes up to 850, so we must assume you're referring to the Vantage scoring system. Second comment: why in the world would you ever consider charging any where near 100k. What would happen if you were, god forbid unable to pay the balance off in full on a particular month. Could you imagine the interest?!
Comment 5 by kdb030609
Possible Lack Of Use ! on 2010-07-06
Could the reason for the decrease be lack of use. It also could be due to the fact that you carry balances in other accounts that exceed six figures. They may have decided that 100k limit isn't necessary. As frustrating as it may seem after all your loyalty to Citibank. They've decided to alocate those available funds to other accounts for other customers. Which will generate more income than they maybe with yours. After all $15k CL isn't to shabby. Maybe if you really want that $100k CL. You can negotiate with them to return the limit to what it was. You can let them know you'll take your money elsewhere if they don't. A six figure balance you allow you to talk to the right person. Good luck!!! I wish I had your problem !
on 2010-07-06 Could the reason for the decrease be lack of use. It also could be due to the fact that you carry balances in other accounts that exceed six figures. They may have decided that 100k limit isn't necessary. As frustrating as it may seem after all your loyalty to Citibank. They've decided to alocate those available funds to other accounts for other customers. Which will generate more income than they maybe with yours. After all $15k CL isn't to shabby. Maybe if you really want that $100k CL. You can negotiate with them to return the limit to what it was. You can let them know you'll take your money elsewhere if they don't. A six figure balance you allow you to talk to the right person. Good luck!!! I wish I had your problem !
Comment 6 by jsoriano
Follow Up on 2010-07-08
I'm getting a credit card w/ CL of $250K which is in essence my CL
Draft.
on 2010-07-08 I'm getting a credit card w/ CL of $250K which is in essence my CL Draft.
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Disclaimer: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citibank. Review content is powered by Finance Globe.
