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Citi Bank closed all my credit card accounts for no valid reason.
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Jun 9, 2008 Citibank complaint |
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In April, 2008, I received a very upsetting letter regarding my Home Depot credit card account. Out of the blue, they were closing my account and reporting it to the credit agencies. The card was rarely used and I was not late on my payments or over my limit. I was caught completed off guard.
When I called to ask about it, I was told my credit history had been recently reviewed and it was determined that I no longer met their underwriting requirements. The representative was very insensitive and rude, inspite of my long time with the creditor, as well as my excellent standing with all my other creditors and banking firms. I asked for a manager and was given his name and told he would call me back within 48 hours, which he never did. I called again a week later and got what appeared to be an efficient service representative whom explained further and offered an avenue of research to possibly dispute the decision further.
Instead, they sent me a letter the next week, indicating they were now canceling my Sear's Mastercard account (also through Citi Bank). This account had a substantial credit limit, had been paid off in full and not used in a couple years, and was in good standing. I was shocked.
My credit score dropped 10 points.
I am extremely upset and would love a know where I can make a real complaint for damages incurred by this libel.
Help!
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1. Written by seared, on 19-07-2008 17:51
If you were in good standing they shouldn't even be able to drop your credit limit or credit card.And if they do want to drop you it shouldn't affect you rating over all.I think this was probably done under the guise of universal default which means they can change the terms of your card for basically any reason they want.
This is exactly why they need more government regulation.I think credit or credit with a particular company should be that-your record with that company and not a third party.What does your Home Depot card have to do with your Sears card.
The only thing I can think of is that they might consider you a contractor if you use the card alot at Home Depot and since this whole mortgage mess involves bankers and builders as a contractor you might be considered high risk by them.Not necessarily true but there has been alot of talk by the experts about the quality of the loans which means the borrower or card user is subject to scrutiny as well.I don't agree but it's a side effect of the mortgage mess.
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