curious_miles

I am sorry to hear that. But in other way, Citi saved you from the hassle of closing the cards before applying new ones. You will be able to get new ones from citi after 6 to 9 months. You are temporarily quarantined for the sake of risk management, but not blacklisted in any bad way. Take it easy, and the quote "closed by credit grantor" on your credit report will not do any harm in any way. Don't worry about it.

upgrader

CURIOUS, you know that quote about "closed by credit grantor" will not have any negative effect because.....?

curious_miles

Because... people have reported that they could open new accounts from the creditors who closed their accounts due to too many inquiries or the like 6 months to 1 year ago.

Major credit card companies are not so narrow-minded as to blacklist you because you have taken too many miles from them. Miles are just marketing tools and they are not cheap enough to revenge you for that reason. When you are proven to be "clean" after having so many inquires or so many opened accounts, they are more than glad to welcome you as a customer.

Take the miles as they are more pleased to give them to you than you are to get them, but just excercise some moderation not to be branded as a "risk" to them.

curious_miles

Another way to put it, the creditors' default action when you apply for their cards is to approve you unless they want to market the card as "exclusive." Each underwriter has a couple of minutes per application and they don't have time to read the comments on each tradeline as to who closed the account. Who closed the account, creditor or the customer, is such a small detail relative to other more significant factors such as credit history, utilization ratio, existence of delinquencies, bankruptcy and so on.

In sum, the reason "closed by creditors" doesn't affect is that they are too busy to take a note on such a detailed comment when they look at your applications.

technique

Closed by creditors doesn't affect your score as far as I know... In fact, I have a few accounts that I just never used and after a few years the credit card company closed it due to inactivity... As far as I can tell from looking at my credit report, they are the same thing, just different language used by the different bureaus...

My credit score has not changed yet either...

CandymanJim

Crap... (On the otherhand, I did put about 30k on Citi spending last year so perhaps they won't want to get rid of me so quickly)

Jim

singlemalt

Did you have any Citi cards that you've had for awhile, or were they all churn cards? My #2 card for regular use is a Citi MC - I'd really hate to see that one closed.

curious_miles

Well, CandymanJim,

You are still thinking in your shoes, and not yet thinking in their shoes. Somehow you seem to think that your having spent 30K last year makes you look better to them than those who opened as many accounts and spent only 750 on each card.

Marketing department and the revenue department want you to spend more and sometimes provide you incentive for additional spending, but the risk management department sees you as a higher risk if you are a high spender. And which department takes adverse action for your too many inquiries and accounts? Actually your having spent more than others puts you on the priority list on their action.

It might sound weird that your giving more business to a credit card company puts you in a higher risk category, but to them it makes sense, doesn't it?

You might want to decrease your total credit exposure to citi if you really want to decrease the adverse action probability, even though this would decrease your credit score. Sounds ironical, but after all, it makes sense if you understand how this industry works.

Ripper3785

Wow. With a score of 800+. Interesting.....

CandymanJim

And you have this advice and the other statements made here based on... hey more speculation! If you wish to contribute here, I suggest you do so by stateing firsthand facts and less speculation. Do you work for a credit card company? Are you making these statements from company policies or experience?

Jim

budugu

So i recently applied for both PP MC and PP amex the same weekend. couple of days ago i got the approval for my PP-MC. And i am still waiting for the result on the amex card. Do you guys think the second application was cancelled because of this 60 days - 1 app thingy?

Sorry for a naive question. i just wanted have Amex PP just because of the retail protection (or what ever they call it). So do they issue Amex PP as an add on card to the MC account so that i dont have two different statements? thanks for your help!

technique

Yes, I had one card with monthly activity dating back to 1995... It was a Citi MC as well... And yes, it totally sucks that they closed that one, but I have plenty of other cards with 1990s history, so my credit score has not been affected significantly by the closing... I had a pretty big limit on it too, around $50k...

Ya, they didn't care about anything except the # of inquires... Nothing else mattered to them

TTT103

What address do you use to mail the cancellation letter to? Is it the same for AA VI/MC/AmEx? Calling to cancel has become quite an uneasy process.

technique

Instead of canceling, just call and tell them you want to consolidate cards... That's much better because they won't try and talk you out of it, and you get to transfer the credit limit of the card you want to close to another card

TTT103

My only concern with consolidating cards is that I don't want Citi to necessarily see how many cards I've had with them in the past. Although I have no idea what the Citi representatives see on their computer screen, if I mention colsolidation, I'm affraid they may take a look at all of my accounts and notice just how many I've had (opened and closed). I'm trying to draw as little attention as possible to the churning. I just can't stomach going through the little dance of having to deal with the retention department any more, and was hoping that my sending a letter to cancel would eliminate that one step.