With Citibank gulping down everything in sight, questions need to be answered. Is it possible Citibank could buy most of the large prime credit card lenders? And further: How likely is it that prime lenders which are Associates linked to Citi will deny you credit based on a bk with Citi? It's a serious question that needs to be answered for people who burned Citi with a bk. Citi won't ever extend credit to those "looters" again. A scary thought.
I am waiting for Citibank to buy Fleet. I have that subtoy $100 credit limit VISA card from Fleet. Tim
I agree with you John, Citi is buying everything in sight. I know they dont approve anyone with a BK unless it is at least 7yrs old, I never BK'd them, but in 1997 I did have an Amoco that I included in BK. I just pulled another copy of my credit bureau, and wham, now it looks like I BK'd Citi since the card was sold to Citi. I was going to try Citi after 7yrs, but now it looks like I BK'd them, so I would automatically be declined. Of course its fine for companies to buy others, it just sucks if you are on their blacklist, and then they take over the entire credit world. Just kidding. Honestly though, they default price people too easy, I dont know if I'd want to take that risk anyway. I've been thinking a lot about it. They pull your credit, if they see you are near your credit lines on other companies or you have even 1 negative mark, wham...default at 24% 1 day late on a promotional BT rate, wham...increase APR to purchase rate. Thats a little scary if you BT'd all your other cards to them. Thats just my opinion. Jamee
What about if Citibank buys my Fleet VISA account? I BKed Citibank back in 1997. Would Citibank then close my old Fleet VISA or would it turn into having a backdoor in aquiring a Citibank VISA? Tim
Intresting thread. I read last week that Bank One was also in the buying mood as they have over a billion dollars in the kitty. Some experts think Bank One will try to buy another credit card operation. The article stated that Bank One execs will make a major purchase soon. Best regards, Mirage
If CITIBANK buys a "BUNCH" of companies...I wish they would make them into ONE NAME... JUST MY OPINION...
Jamie I agree with everything you said. I've heard it said when conglomerates buy a company they "agree" to bring over everything intact - including the customer base. But then a Citibank could look at their blacklist after the takeover and decide to lower your limit and increase your apr with a take it or leave it approach unless you pay an old account in full. I doubt anything short of paying back dollar for dollar in a bk or write off that would change the attitude of a Citibank toward a customer in that position.
Citi has long memory. They just told me they cannot increase cl on my 15 yr old mc with perfect paying history because of bk in 1987.
I don't get it - the BK from 1987 wouldn't be on your credit report anymore, right.. so how do they even know about it? It's 2002 and you've had the card for 15 years, which would make it 1987 - so did you get this card right before the BK and not include it?? Ozzy.
Ozzyburger: I declared ch7 in 1987 and some citi cards were included. This cc was not part of bk. Ch7 is no longer on my cr and my score is 780. Citi does keep a record of old accounts since they explicitely told me just a week ago about ch7. Anyways, this thread makes an excellent point that I might be worthwhile to contact your elected officials next time citi comes knocking to buy your local bank. Otherwise, we can just wake up one day and there is noone else to apply to but citi.
I had an Associates card that was included in my BK 12yrs ago. I have a Citi Plat card and I tried for other cards and they denied because of the BK with Assoc. Ozzy you asked how they know. They check your SS#
I didn't realize they kept such tabs on their card holders. FirstUSA apparently purges their computer files ocassionally - I had disputed a late and they couldn't find me in their computer system and I guess for 1 late they don't wanna pull out the actual records, so I got it deleted.... but I guess Citi keeps your whole life history forever...............good to know... but scary just the same. Ozzy.
1*CR has nothing nothing to do with it as that isn't where they get that Info.2*They know about it because they keep it on file in their own records. Does what i posted make sense?
John Galt, I think your idol, Ayn Rand, would probably apply the word "moochers" to those who owe debts to Citibank and declare bankruptcy. The word "looters" could be reserved for those who pass laws forcing banks to lend to anyone, for example, welfare recipients, illegal immigrants, foreign students, etc. Psych Doc, For an explanation of "looters" and "John Galt," refer to "Atlas Shrugged," the colossal novel by Ayn Rand.
