Citibank is not reporting credit limits. And I am pissed. One of the main purposes of having a high credit limit is so that It will help your score. Well, they arent not reporting them any longer. According to a rep that I spoke with last night, she verified with her supervisor that this is their new practice. I know we had a discussion about this earlier on the board. Some old citi cust. said that they do report. Well for us newcomers this is not the case. They are about as valuable as my Capital one account as far as helping my credit profile look better. What to do? Any suggestions.
RE: Citibank & credit repo I got Citibank Driver Edge card two months ago and they report credit limit to TU and Equifax but not Experian.
RE: Citibank & credit repo Yep, Change cards or you can get real literal and claim the status is inaccurate. It is huh? Not reporting the terms of the account is not accurate. While it is not required that a company report, it is required that they must report COMPLETE info if they do report right? I'd argue it on my worst day!!!! Second op: Cancel it. Citibank is so worried about other lenders offering you a higher limit resulting in their loss of the card and that is why they are doing this. Can you imagine if all creditors follow? No one would have credit and the big 3 would be out of business and we would all go back to the barter and trade days. I say fight it and Citibank will give in. If we don't, all the others will follow suit. I don't know if it is just me, but I see a major violation of completeness and accuracy issues! Thatâ??s it! Iâ??m writing a letter roni wrote: ------------------------------- Citibank is not reporting credit limits. And I am pissed. One of the main purposes of having a high credit limit is so that It will help your score. Well, they arent not reporting them any longer. According to a rep that I spoke with last night, she verified with her supervisor that this is their new practice. I know we had a discussion about this earlier on the board. Some old citi cust. said that they do report. Well for us newcomers this is not the case. They are about as valuable as my Capital one account as far as helping my credit profile look better. What to do? Any suggestions.
Perhaps CreditWorks can advise This policy is becoming a practice of major companies (Citi, Amex, Cap1, etc.) I've asked Experian to update the limit of one of my cards, and will post the results here when available. Another way to circumvent the problem is to borrow close to the limit. If you don't spend that much in a month, you could make a balance transfer from card A to card B, and as soon as you get the statement, reverse transfer from B back to A. You CAN transfer a sum higher than the balance on the other card. If your cycle ends and there's credit left in your account, the CC company will send you a check. CreditWorks, we're interested to get your opinion on this. Saar
RE: Citibank & credit repo Last night, the rep took my request to have my credit limit reported. I dont know how much that will really help. But look, I just got the card so I will wait until my first statements come before writing a letter. Thanks for the great advise. Man, it is always something!
RE: Perhaps CreditWorks can ad That works, however I do not think there is as much benefit in just moving balances on a monthly basis. The benefits comes from showing a good payment history and the ability to pay off the loan and not be in a position to have to borrow immediately. It has been my policy to only transfer balances when I get a rate that allows me to lower my costs. http://www.creditsense.com
Do you have advise on limits. Do you. That is my question. Do you have advise or info on getting cap1 or citi to report credit limits. OR are the adivse of those mentioned already your suggestion?
RE: Citibank & credit repo My Experian report shows my limit and my highest balance, it also shows my monthly balances for all accounts. http://www.creditsense.com
Clarification Let my clarify what I said. I did not suggest doing that on a monthly basis. One time should suffice to have the "high credit" figure that is reported, close enough to the actual card limit, which is what we want in order to reflect our true credit lines. It's possible that this would have to be repeated, but not that frequently. Twice a year seems fair. Saar
RE: Clarification Hello, I just played the "high credit reporting game" with Cap1 the past two months; here is what happened in my case. Sept. Brand new card $1000 limit. By statement closing time had charged $907. I continued to charge after the closing date but before the due date. I charged up to $986. Paid statement I received in full for $907. Looked at credit reports all listed bal and high credit as $907. Oct. Charged $305 this month. Looked at credit reports again. This month they all had $305 as bal and $986 as high credit. Therefore, you should only have to charge up near the limit one time. High credit is defined as the highest amount that has been charged to date (per Cap1). That is relatively easy with $1000, -not so easy with $9000. Good luck. Let us know what happens if you dispute no limits with the CRAs.
RE: Clarification I agree, but the problem is that the $907 figure won't stay there forever. They update the "high balance" figure as well (every 6 months or so) according to what you spend, so doing it only once may not be enough in the long run. Doing it twice a year is not such a big burden and may yield higher scores. But one should not forget that the "high credit" is also compared to income (hence credit denials based on high ratio of income-to- available credit). Saar
RE: Clarification Saar, I'm not sure what you mean about updating your high credit every 6 months or so according to what you spend. It is my understanding that it could be updated every month if you spent more each month. In my case it went up the second month. If you never spent as much as you did the first monthe e.g. $907, it should stay $907. Cap1 says "we currently report the high credit amount, which is the highest your balance has reached at a given time since the account was opened." I have also noticed that some store cards like Target and Foley's also don't report credit limits anymore. I got one of those psuedo Fico credit scores from Truecredit.com and it gave a reason of too high balance to limit ratio on revolving charge accounts. My ratio on the Target account on the CRs was balance 90$ and High credit $95. In reality, my credit limit is $700. So, it looks much worse than it really is. However, I really don't want to charge up a Target card to $700 in one month. How much Target stuff can you use in a month? I guess I could buy stuff and then take it back... Maybe eventually they will change the scoring somehow, or make creditors put credit limits on reports. Cricket
RE: Do you have advise on limi I have no way to make a creditor report on limits. I don't thing that is what is important. I find having high limits important, not what the bureaus report. Credit is to be used, not to be wasted. Use it responsibly, make money with it or keep it for an emergency. http://www.creditsense.com
