Kristy
luverne,#2UPDATE EX-employee responds
Thu, August 01, 2002
I used to be a customer service rep for citi. I wanted to let you know how default works. Default pricing can be as high as 24.99% unless you have received the change in terms; if you have then it could be a variable rate of prime rate + 19.99% which currently equals 24.74%. There are two main default categories. Default off-us, which is when the company pulls a credit bureau and finds info stating that you have an item that is more than 60 days & over $100 past due; and Default on-us, which occurs when you go over your credit limit, have late payments, or bad checks. If you go into Default off-us all you have to do is call in find out which credit bureau is reporting so you can fix it. Then ask the rep to drop it back down to original rate. Citi will give you 4 months to correct at which time they will pull another report. Also you can ask to have the difference in default finance charge and original finance charge credit back to you. This last item only occurs if you ask. If you go into Default on-us you have to wait for systematic curing. What that means is after 6 months of ontime payments your account will be automatically reviewed for a lower rate on NEW PURCHASES ONLY. The amount that has been on the account while in default will stay at the default rate until you pay that amount in full. On the accounts that I have seen the decrease in rate is gradual. After the 6 month review and you pass, in my experience, you will see a gradual decrease each month as long as you keep up your account.
Kristy
luverne,#3UPDATE EX-employee responds
Thu, August 01, 2002
I used to be a customer service rep for citi. I wanted to let you know how default works. Default pricing can be as high as 24.99% unless you have received the change in terms; if you have then it could be a variable rate of prime rate + 19.99% which currently equals 24.74%. There are two main default categories. Default off-us, which is when the company pulls a credit bureau and finds info stating that you have an item that is more than 60 days & over $100 past due; and Default on-us, which occurs when you go over your credit limit, have late payments, or bad checks. If you go into Default off-us all you have to do is call in find out which credit bureau is reporting so you can fix it. Then ask the rep to drop it back down to original rate. Citi will give you 4 months to correct at which time they will pull another report. Also you can ask to have the difference in default finance charge and original finance charge credit back to you. This last item only occurs if you ask. If you go into Default on-us you have to wait for systematic curing. What that means is after 6 months of ontime payments your account will be automatically reviewed for a lower rate on NEW PURCHASES ONLY. The amount that has been on the account while in default will stay at the default rate until you pay that amount in full. On the accounts that I have seen the decrease in rate is gradual. After the 6 month review and you pass, in my experience, you will see a gradual decrease each month as long as you keep up your account.
Kristy
luverne,#4UPDATE EX-employee responds
Thu, August 01, 2002
I used to be a customer service rep for citi. I wanted to let you know how default works. Default pricing can be as high as 24.99% unless you have received the change in terms; if you have then it could be a variable rate of prime rate + 19.99% which currently equals 24.74%. There are two main default categories. Default off-us, which is when the company pulls a credit bureau and finds info stating that you have an item that is more than 60 days & over $100 past due; and Default on-us, which occurs when you go over your credit limit, have late payments, or bad checks. If you go into Default off-us all you have to do is call in find out which credit bureau is reporting so you can fix it. Then ask the rep to drop it back down to original rate. Citi will give you 4 months to correct at which time they will pull another report. Also you can ask to have the difference in default finance charge and original finance charge credit back to you. This last item only occurs if you ask. If you go into Default on-us you have to wait for systematic curing. What that means is after 6 months of ontime payments your account will be automatically reviewed for a lower rate on NEW PURCHASES ONLY. The amount that has been on the account while in default will stay at the default rate until you pay that amount in full. On the accounts that I have seen the decrease in rate is gradual. After the 6 month review and you pass, in my experience, you will see a gradual decrease each month as long as you keep up your account.