Credit crisis hits home - Chicagoland Sportbikes
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post #1 of 19 (permalink) Old 10-09-2008, 10:30 PM Thread Starter
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Credit crisis hits home

If you have any extra credit cards lying around, whether for emergencies or something else, and you don't want to lose them, now might be a good time to exercise them. I got a very curtly worded letter from Citibank today, saying they are canceling my credit card effective at the end of the month due to dormancy.

I called up to find out what the deal was with that. They claim it's a high fraud risk and that's why they're closing the account, and it doesn't sound like they're in the mood to negotiate around it. I pleaded with them at least to let me close the account myself to avoid the hit on my credit report. Nothing doing, but their rep swore on Aunt Fanny's grave, as it were, that it wouldn't show up as a negative report. We'll see.

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post #2 of 19 (permalink) Old 10-09-2008, 10:32 PM
Gettin closer to the edge
 
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Uh oh? Glad I don't have a Citibank card!
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post #3 of 19 (permalink) Old 10-09-2008, 10:32 PM
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it'll just say account closed on your report, it can't be a hit against you for inactivity

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post #4 of 19 (permalink) Old 10-09-2008, 10:45 PM
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Quote:
Originally Posted by wingnutsgsxr View Post
it'll just say account closed on your report, it can't be a hit against you for inactivity
+1

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post #5 of 19 (permalink) Old 10-09-2008, 10:52 PM
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if it is a long standing credit card you could loose that established credit history

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post #6 of 19 (permalink) Old 10-09-2008, 11:15 PM
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What if you use it? Just for $40 and then pay it off. Will they still close it?

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post #7 of 19 (permalink) Old 10-10-2008, 08:04 AM
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Quote:
Originally Posted by Piercedqt78 View Post
What if you use it? Just for $40 and then pay it off. Will they still close it?
yeah, throw a tank of gas in my car, and then pay it off. It's a win win for everybody. You get to keep your credit card, and I love free gas.

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post #8 of 19 (permalink) Old 10-10-2008, 08:40 AM
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Quote:
Originally Posted by HeavyHand View Post
if it is a long standing credit card you could loose that established credit history
+1. You'll want to keep this card open. Go charge some pr0n on the intrawebz and pay it off right away.

Problem solved.

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post #9 of 19 (permalink) Old 10-10-2008, 08:44 AM
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Where is the crisis?

I should post up every time something happens to me or our company. You guys would really hate me.
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post #10 of 19 (permalink) Old 10-10-2008, 09:53 AM
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Thats not recent. It's always been that way. Most cards if you dont use them for 12 or 24 months they close automatically. Thats why i'll toss a tank of gas or something every year on certain ones.

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post #11 of 19 (permalink) Old 10-10-2008, 10:05 AM
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I had a very high limit card closed on me from BOA which really hurt my credit score.

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post #12 of 19 (permalink) Old 10-12-2008, 12:31 PM Thread Starter
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Quote:
Originally Posted by Piercedqt78 View Post
What if you use it? Just for $40 and then pay it off. Will they still close it?
They kind of gave me the impression that they don't care about that. They just want the account gone. The tone of the letter was less, "Hey, we're about to do this, you might want to do something about it," and more, "Buh-bye, sorry it didn't work out."

Maybe it is automatic, and just a coincidence that it happened now, but it seems like they'd at least call first and say, hey, if you don't use that card soon, it's going away. At least to try to get the business one last time.

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post #13 of 19 (permalink) Old 10-12-2008, 02:54 PM
pfft.
 
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I haven't used my citi card in ages and I haven't heard bupkus from them. Huh.
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post #14 of 19 (permalink) Old 10-12-2008, 07:53 PM
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The amount of credit available to you has a large role in determining your score. So when you close a card with a big limit your available credit goes down hence your score goes down. There doesn't even have to be a negative mark for closing the account it doesn't matter the reduction in available credit alone is enough to effect your credit.

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post #15 of 19 (permalink) Old 10-12-2008, 07:56 PM
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Quote:
Originally Posted by coffeeguy View Post
The amount of credit available to you has a large role in determining your score. So when you close a card with a big limit your available credit goes down hence your score goes down. There doesn't even have to be a negative mark for closing the account it doesn't matter the reduction in available credit alone is enough to effect your credit.
Now it depends on which bank, cause they don't have anything to lend out.
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post #16 of 19 (permalink) Old 10-13-2008, 12:37 AM
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Most lenders are doing this, more so now with the economy. May not close your account but reduce the amount availible.
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post #17 of 19 (permalink) Old 10-13-2008, 10:48 AM
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...and when they reduce your lending ability, your score drops.. and according to some policies.. could end up charging you more in fees or higher interest.

(those bastards)

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post #18 of 19 (permalink) Old 10-14-2008, 11:28 AM
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post #19 of 19 (permalink) Old 10-16-2008, 11:14 PM
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http://news.bbc.co.uk/sport2/hi/moto...ne/7672931.stm
just hit home another way!
they cancelled an f1 race due to the bank denying financing

wtf?
doesnt f1 *always* make money in europe?

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The 2009 French GP was cancelled after the French Motorsports Federation (FFSA) withdrew its financing.
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