- Report: #515807
Complaint Review: Citi Mastercard Citibank - Sioux Falls South Dakota
-
Author Not Confirmed
Why?
Citi Mastercard Citibank
Sioux Falls, South Dakota, United States of America
Phone:
Web:
www.citicards.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Citi Mastercard, Citibank Citi Group, Inc. Closed Account In Bad Faith Sioux Falls, South Dakota
Citi Bank purchased my account in good standing from Macy's Bank about a year ago. In late September of 2009, and without notice my account was simply closed.
Citi cited the reasons were based on an Equifax credit report, however in my situation nothing adverse such as lates, collections, or charge offs appear on any of my credit reports. With regard to this, I contacted Citi Bank to dispute their allegations, one of them being insufficient reporting history. They did not agree that having 10 years of perfect payment history was infact sufficient and simply used the low score excuse.
Nothing on my credit file had changed since the time they purchased my account from Macy's. Under the same circumstances they now felt that I was not credit worthy.
Another thing to mention is that the 3 credit bureau's have created a VantageScore system making a single score for all three bureaus combined. Citi refuses to disclose which scoring system was used in my situation.
It is rumored that a borrower with a FICO credit score of 800 had "excellent credit, but under the new VantageScore system, that would only grant them a letter grade of "C.", while those in the 600 and below range would receive a grade of "F."
Citi cited the reasons were based on an Equifax credit report, however in my situation nothing adverse such as lates, collections, or charge offs appear on any of my credit reports. With regard to this, I contacted Citi Bank to dispute their allegations, one of them being insufficient reporting history. They did not agree that having 10 years of perfect payment history was infact sufficient and simply used the low score excuse.
Nothing on my credit file had changed since the time they purchased my account from Macy's. Under the same circumstances they now felt that I was not credit worthy.
Another thing to mention is that the 3 credit bureau's have created a VantageScore system making a single score for all three bureaus combined. Citi refuses to disclose which scoring system was used in my situation.
It is rumored that a borrower with a FICO credit score of 800 had "excellent credit, but under the new VantageScore system, that would only grant them a letter grade of "C.", while those in the 600 and below range would receive a grade of "F."
1 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Things have changed..
#2Consumer Comment
Wed, October 28, 2009
Nothing on my credit file had changed since the time they purchased my account from Macy's. Under the same circumstances they now felt that I was not credit worthy.
- Correct nothing on your file has changed. But they didn't just obtain your account, they obtained everybody's account. They are required by law to notify you that they accessed your credit report and are basing their decision on the information in it. This does not necessarily means that it is "bad".
With regard to this, I contacted Citi Bank to dispute their allegations, one of them being insufficient reporting history. They did not agree that having 10 years of perfect payment history was
- I am not saying that it makes sense but I will bet that that was one of three "general" reasons. These reasons if you have a good history, very often make no sense. Especially when you get down to reason two and three.
Every creditor is using stricter standards for credit approval. They no longer give out credit like "candy". So when your credit was re-evaluated under their new criteria they you no longer were qualified. When you got the card you gave them the right to review your account. This works both ways, just as if they don't need a reason to raise your limit, they don't need a reason to close out your card.
Also, it is true that the Vantage score is a different methodology, but they are still based on each individual report. Vantage gives weight to different items than a FICO score does. But in general if a person has a good FICO score they will have a good Vantage score. If a person has a poor FICO score they will have a poor Vantage score. For the "borderline" people it depends on the exact factors if it will improve their rating or not.
