Credit reduced... - Chicagoland Sportbikes
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post #1 of 54 (permalink) Old 11-24-2008, 10:56 AM Thread Starter
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Credit reduced...

So I've seen my first taste of the economy in my credit accounts. i have a line of credit I can use for whatever i want from Citibank. I can move it in and out of any account whenever. it's been cut by 1/3, the total available...

Not a good sign, although Citibank isn't doing so well right now.

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post #2 of 54 (permalink) Old 11-24-2008, 10:59 AM
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Out of curiosity, what is your credit score range?

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post #3 of 54 (permalink) Old 11-24-2008, 10:59 AM
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Quote:
Originally Posted by Arch View Post
Out of curiosity, what is your credit score range?
+1

curious as well

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post #4 of 54 (permalink) Old 11-24-2008, 11:03 AM
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Same here. I have an open unsecured line of credit I normally use for the off season and bike purchases if I need it. They sent a letter saying the same thing. No black marks or bad credit, just reducing the available credit based on "economic conditions". It's always nice to have a surprise for the holidays. Cheers!

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post #5 of 54 (permalink) Old 11-24-2008, 11:21 AM
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Yeah, seems widespread. We just got an email telling us to apply ASAP for our Bar study loans because there likely won't be anything left by the time one would normally apply for it.

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post #6 of 54 (permalink) Old 11-24-2008, 11:31 AM
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I got the same damn thing. Had cedit on Amex card up to 6k which is the limit I wanted and no higher. They just whacked it down to 2k and change.

...plus my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike"...so i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
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post #7 of 54 (permalink) Old 11-24-2008, 11:45 AM
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Discover just cancelled a card I never use and Capitol lowered to 10K.

Fine w/me... don't need the temptation LOL

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post #8 of 54 (permalink) Old 11-24-2008, 11:48 AM
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weird i just got a credit like increase on my citi card

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post #9 of 54 (permalink) Old 11-24-2008, 11:49 AM
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good I maxed mine out. They cant touch me now.
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post #10 of 54 (permalink) Old 11-24-2008, 11:49 AM
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Citicards FTL, FYI

Citibank is having some issues and they're gonna try and take it out on their customers. (BTW, I'm in the lower 800's, above 790 the last 15 years).- I have a cc with them, currently paying 0% on some of my past purchases, 4.99% on the rest.
example/details:
(abbreviated where possible, to save typing time)
received a letter last week" Notice Of Change and right to Opt Out"
"we r increasing ur variable apr 4 purchases. Ur purchase apr will equal the US Prime Rate PLUS 8.99%, with a minimum apr of 14.99%. This apr equals a daily periodic rate of 0.0411%"

cash advances are worse! (" US Prate PLUS 16.99%, minimum apr of 21.99% as of oct 1,2008"

The Right to opt OUT is- saying you can opt out and stay with your current plan until your (CC) membership expires, then your account will be closed and full payment is required OR you pay the balance under currect terms.
Just passing some info, be sure to read your mail Boys and girls!

..........just got off the phone with them. I opted-out and my rate will be 4.99% and then they will close my account (It's ok, I plan on paying it off anyway or transfer to CHASE)- I'm glad my Credit score is good, as it leaves options. I feel sorry for those with credit score of 500.

Last edited by toys4pops; 11-24-2008 at 11:59 AM. Reason: just talked to THEM!!!!!
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post #11 of 54 (permalink) Old 11-24-2008, 12:20 PM
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Quote:
Originally Posted by pcohenchicago View Post
So I've seen my first taste of the economy in my credit accounts. i have a line of credit I can use for whatever i want from Citibank. I can move it in and out of any account whenever. it's been cut by 1/3, the total available...

Not a good sign, although Citibank isn't doing so well right now.
In that case you should probably give me the 848 for Christmas.




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post #12 of 54 (permalink) Old 11-24-2008, 12:20 PM
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maybe they will gives its backs nows

Seems only fair.. I mean.. It's all of our money.. Right?
They might as well be allowed to loan our money back to us for a small profit.. Right?


http://money.cnn.com/2008/11/23/news...ion=2008112400

Quote:
Citi dodges bullet
Government will guarantee losses on more than $300 billion in troubled assets and make a fresh $20 billion injection.

Regulators extended a lifeline to Citigroup late Sunday, in an attempt to bolster investor confidence in the health of the banking giant.
NEW YORK (CNNMoney.com) -- The U.S. government on Sunday announced a massive rescue package for Citigroup - the latest move to steady the banking giant, whose shares plunged in the past week on fears about its exposure to toxic mortgage securities.

The plan has two key features:

First, the U.S. Treasury and the Federal Deposit Insurance Corporation (FDIC) will backstop some losses against more than $300 billion in troubled assets.

Second, the Treasury will make a fresh $20 billion investment in the bank. The government has already injected $25 billion into Citigroup as part of the $700 billion bailout passed by Congress in October.

Investors liked the news. Citigroup shares gained 65% in morning trading. Major U.S. indexes soared at the start, with the Dow Jones industrial average climbing nearly 4%, while European markets were sharply higher.

Citigroup, which ranks as the nation's fourth-largest bank based on deposits and employs more than 300,000 workers, has been one of the hardest hit financial firms since the mortgage market first started to unravel in the fall of 2007.

Over the past four quarters, the company has recorded close to $21 billion in losses.

The goal of the package is to restore confidence in Citigroup. "We thought it was important to do something to underline the fact that Citi had a strong position," said Gary Crittenden, Citigroup's chief financial officer.

In return for the latest intervention, the government will receive a larger stake an additional batch of preferred shares - $20 billion for its direct investment and $7 billion as compensation for the loan guarantees. Citigroup will pay an 8% dividend rate on those shares.

In addition, the government will get warrants, or the right to purchase $2.7 billion worth Citigroup shares in the future.

The government will impose restrictions as well. Citigroup will be prohibited from paying out a dividend of more than a penny per share for the next three years and will face limits on executive compensation.

Plus, Citigroup will be expected to adjust mortgages for troubled borrowers, using procedures similar to those the FDIC implemented at IndyMac, which it took over last summer.

Under the terms of the Citigroup rescue package, the bank would be on the hook for the first $29 billion in losses on the covered assets, which includes mostly loans backed by residential and commercial mortgages. It would cover 10% of losses above that amount, with the government shouldering the rest.

Despite the massive rescue effort, regulators did not push for a management change at Citigroup. In recent days, there had been speculation that Citigroup CEO Vikram Pandit could step down. There had also been talk that the company was considering replacing Chairman Sir Win Bischoff, although the company denied such reports.
A scary week

Last week, fears about Citigroup's fate rattled equity markets around the globe and sent shares of the 196-year-old firm plummeting to levels not seen in over a decade.

Citigroup shares lost close to two-thirds of their value for the week, even as the company announced plans to layoff more than 50,000 workers and as its largest individual shareholder upped his stake.

By the close of trading on Friday, Citigroup (C, Fortune 500) shares had dipped below $4 a share, and were down 87% for the year.

The most recent slide in Citigroup stock comes on the heels of news earlier this month that the Treasury Department was abandoning its initial rescue plan to buy troubled assets from banks - Citigroup had been seen as a major beneficiary of that strategy.

Instead, as part of the $700 billion bailout package that was signed into law in early October, Treasury has focused on making direct investments in banks. In exchange for equity stakes, the agency has injected $25 billion into Citigroup and an additional $100 billion into eight other major U.S. financial institutions.

Top regulators, including Federal Reserve Chairman Ben Bernanke and Timothy Geithner, president of the New York Fed, were both involved in the weekend talks over Citigroup's fate. Geithner is expected to be nominated to be Treasury Secretary by President-elect Barack Obama.

There had been concerns that had the government not stepped in, the New York City-based bank could have gone under throwing both the U.S. economy and the global financial system into further turmoil.

"With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy," Treasury, Federal Reserve and the FDIC said in a joint statement.

Despite the recent events, many industry experts had stressed that Citigroup is relatively healthy. Two veteran banking analysts - Mike Mayo of Deutsche Bank and Ladenburg Thalman's Richard Bove - both advised clients last week that Citigroup could survive substantial loan losses.

The move to prop up Citigroup, however, will certainly raise eyebrows on Capitol Hill.

Sen. Richard Shelby, R-Ala., the ranking member of the Senate Banking Committee, was one lawmaker who voiced opposition to extending additional aid to Citigroup in an interview on ABC's "This Week".

"Citi has got to save itself," said Shelby. "For the government to say we're going to save Citigroup, I think that's a mistake."

While he did not condemn the Citigroup rescue package altogether, House Financial Services Chairman Barney Frank, D-Mass., said that immediate steps needed to be taken to stem the tide of foreclosures for American homeowners.

"It is essential that TARP funds be used immediately to fund mortgage foreclosure relief," Frank said in a statement.

But many analysts wondered whether Citigroup even had another option. No other financial seemed willing or able to buy the bank and arguably there were few peers that the company could merge with. Selling assets would certainly raise cash for the company, albeit at distressed prices. Such a move would also do little to address concerns about the toxic assets on its balance sheet.
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post #13 of 54 (permalink) Old 11-24-2008, 12:24 PM
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post #14 of 54 (permalink) Old 11-24-2008, 12:29 PM
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Damnit let them go under!!!!! and let that whip out whatever debt is held by them. credit cards mortgages etc. the only thing sticking a bandaid on them is doing is keeping americans buried in debt. then again maybe thats what the government wants as it keeps them in control.




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post #15 of 54 (permalink) Old 11-24-2008, 12:42 PM
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Quote:
Originally Posted by HDTony View Post
Damnit let them go under!!!!! and let that whip out whatever debt is held by them. credit cards mortgages etc.
Doesn't work that way.


Also, First American Bank did that to me with a equity line of credit over 6 months ago.

This is a smart move by these banks. No sense in letting people rack up a bunch of debt in a panic and leaving them holding the bag.

If you ain't with us, then it's just bad news.
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post #16 of 54 (permalink) Old 11-24-2008, 12:43 PM
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Quote:
Originally Posted by HDTony View Post
Damnit let them go under!!!!! and let that whip out whatever debt is held by them. credit cards mortgages etc. the only thing sticking a bandaid on them is doing is keeping americans buried in debt. then again maybe thats what the government wants as it keeps them in control.
Wait, wasn't this about helping those people who's homes were being foreclosed?

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post #17 of 54 (permalink) Old 11-24-2008, 12:44 PM
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I think it's a great sign...the market is correcting itself. Credit line extensions are WAAAAAY out of hand.

Tom

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post #18 of 54 (permalink) Old 11-24-2008, 12:49 PM
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I think it's a great sign...the market is correcting itself. Credit line extensions are WAAAAAY out of hand.
It's not correcting itself.. We the taxpayers and big bad uncle sam are in there sticking fingers in the dyke... fingers that keep getting nice new diamond rings based on the price we're paying for it.

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post #19 of 54 (permalink) Old 11-24-2008, 12:55 PM
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Quote:
Originally Posted by Arch View Post
It's not correcting itself.. We the taxpayers and big bad uncle sam are in there sticking fingers in the dyke... fingers that keep getting nice new diamond rings based on the price we're paying for it.
I was referrring to reduced credit lines, not the bailout

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post #20 of 54 (permalink) Old 11-24-2008, 01:25 PM
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We the taxpayers and big bad uncle sam are in there sticking fingers in the dyke...
Hot
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post #21 of 54 (permalink) Old 11-24-2008, 01:49 PM
 
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Chase bumped me up on 2 cards. They added about $750 on one card and $800 on another card. In total I have around $13k credit line with them.
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post #22 of 54 (permalink) Old 11-24-2008, 01:53 PM
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Totally common for lenders to freeze or reduce home equity lines lately.

They are basically unsecured loans right now because the collateral (your home) has depcreciated. In most cases, there's not enough equity to cover that loan after paying off the 1st mortgage should they need to foreclose...
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post #23 of 54 (permalink) Old 11-24-2008, 02:01 PM
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Quote:
Originally Posted by Thunderstruck View Post
I got the same damn thing. Had cedit on Amex card up to 6k which is the limit I wanted and no higher. They just whacked it down to 2k and change.
Are you talking about blue cash? Never heard of that...my AMEX blue cash line is $42,000 but I've had the account for a few years now.

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Cash and debit cards FTW!!!!
I prefer the asset security, fraud security, credit building, float, and CASH back benefits that credit cards provide over debit cards and cash. If you missuse credit, you're fing yourself. If you only use cash/debit, you're still fing yourself, just not as bad. Self-control FTW!


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post #24 of 54 (permalink) Old 11-24-2008, 02:12 PM
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Quote:
Originally Posted by Pilotx1 View Post
weird i just got a credit like increase on my citi card
Me too. The Diamond Preferred one? Almost a 35% increase, and I actually want it lowered again, but without any detrimental effect on my credit score. Will calling to lower it do that?

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post #25 of 54 (permalink) Old 11-24-2008, 02:12 PM
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Quote:
Originally Posted by Pilotx1 View Post
weird i just got a credit like increase on my citi card

What I've been hearing is that credit scores and limits for people with great credit histories may even go up as competition for those customers gets tighter.

Also, behaviors of people with good credit tend to mirror that of the general population, meaning they cut back expenses and try to spend less. Charging less on your card even if you pay it in full every month may cause your score to increase.

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post #26 of 54 (permalink) Old 11-24-2008, 02:21 PM
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Quote:
Originally Posted by Stephiroth View Post
Me too. The Diamond Preferred one? Almost a 35% increase, and I actually want it lowered again, but without any detrimental effect on my credit score. Will calling to lower it do that?
diamond prefered...hahaha nope

ive got the platinum dividend card whatever that is


as for calling... i have no clue, i pay my bills in full 99% of the time adn occasionally carry a balance for 1 month to throw them a bone


Quote:
Originally Posted by chibeemer View Post
What I've been hearing is that credit scores and limits for people with great credit histories may even go up as competition for those customers gets tighter.

Also, behaviors of people with good credit tend to mirror that of the general population, meaning they cut back expenses and try to spend less. Charging less on your card even if you pay it in full every month may cause your score to increase.

my spending on the car has always been quite low, and thusfar has remained unchanged. If i use 10% of my available limit in 1 month that a pretty spendy month for me, if im actually the one spending the money. I have recently put a few purchases of several k each thru that card as work expenses but those are paid off generally in a week, and never even make it to statement time

-Jason
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post #27 of 54 (permalink) Old 11-24-2008, 02:29 PM Thread Starter
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Quote:
Originally Posted by Arch View Post
Out of curiosity, what is your credit score range?
I am at 790 right now on average. For some reason, Experian has me at 815...

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post #28 of 54 (permalink) Old 11-24-2008, 03:10 PM
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Quote:
Originally Posted by HDTony View Post
Damnit let them go under!!!!! and let that whip out whatever debt is held by them. credit cards mortgages etc. the only thing sticking a bandaid on them is doing is keeping americans buried in debt. then again maybe thats what the government wants as it keeps them in control.

Maybe this will help ....

http://money.cnn.com/2008/11/24/mark...ex.htm?cnn=yes

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post #29 of 54 (permalink) Old 11-24-2008, 03:13 PM
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Same thing happen to me. Two months ago AMEX decided to slash my credit limit from $30,000 to $1,200. Suffice to say, my jaw hit the ground.

The irony is that by debt and credit scores are the best they have been in years.

-- Matthew --

"I'm just a simple man trying to make his way in the Universe" - Jango Fett
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post #30 of 54 (permalink) Old 11-24-2008, 05:23 PM
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Join Date: Apr 2007
Location: San Francisco, CA
Posts: 864
Location: San Francisco, CA
Sportbike: 950 Super Enduro / FZ6 / 640 ADV
Years Riding: Never enough!
How you found us: SBN
           
Quote:
Originally Posted by pcohenchicago View Post
I am at 790 right now on average. For some reason, Experian has me at 815...
Dayum!!! And I thought I had done a good job at 779 out of 830.

Is it always out of 830?

A superior rider uses superior judgment to avoid situations that require superior skill.
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