Citicards 60 day/ one application policy
#76
Join Date: Mar 2007
Programs: Hilton Diamond, AA 1MM
Posts: 245
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.
#78
Join Date: Mar 2007
Programs: Hilton Diamond, AA 1MM
Posts: 245
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.
#79
Join Date: Mar 2007
Programs: Hilton Diamond, AA 1MM
Posts: 245
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.
#80
Join Date: Jul 2005
Location: Washington, D.C.
Programs: AA PLT (MM), UA 1K, Marriott Ti, IHG Diamond
Posts: 929
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...
My credit score has not changed yet either...
#81
Join Date: Sep 2005
Location: Modesto, CA (90 miles from any real airport)
Programs: SPG Plat (3.2MM LT), Hilton Gold, AA LT Plat (3.2MM), Hertz 5*, US Mint MVP
Posts: 638
Jim
#82
Join Date: Nov 2001
Location: DFW
Posts: 1,387
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.
#83
Join Date: Mar 2007
Programs: Hilton Diamond, AA 1MM
Posts: 245
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.
#84
Join Date: Sep 2006
Location: PHX
Programs: AS MVP, HH Diamond
Posts: 3,259
Wow. With a score of 800+. Interesting.....
#85
Join Date: Sep 2005
Location: Modesto, CA (90 miles from any real airport)
Programs: SPG Plat (3.2MM LT), Hilton Gold, AA LT Plat (3.2MM), Hertz 5*, US Mint MVP
Posts: 638
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.
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.
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
#86
Join Date: Jan 2007
Posts: 206
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!
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!
#87
Join Date: Jul 2005
Location: Washington, D.C.
Programs: AA PLT (MM), UA 1K, Marriott Ti, IHG Diamond
Posts: 929
Ya, they didn't care about anything except the # of inquires... Nothing else mattered to them
#89
Join Date: Jul 2005
Location: Washington, D.C.
Programs: AA PLT (MM), UA 1K, Marriott Ti, IHG Diamond
Posts: 929
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
#90
Join Date: Apr 2002
Posts: 2,948
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.