Citibank N A Complaint - Tier One customer has Citi Shell card cancelled
CINCINNATI, OHIO -- So the word is out, Citibank, with Billions of taxpayer's money from the TARP, has decided that long term customer's relationships are not worthwhile and that those with outstanding credit who do the right thing and pay their balances on time and in full are not the customer's they want.
How ridiculous is that? Most financial institutions want the best customer's they can find who pose the least credit risk.
I was so outraged to our Mastercard Shell gas card issued by Citigroup had been canceled that I had to dig further.
I signed up for credit report monitoring thru Equifax, the company Citi noted they had referenced when deciding to close my account...costing some $120 annually. I learned, as I suspected, that my credit score is EXCELLENT at 751.
Notably, we have been customers for some 15 plus years dating to when the Shell Mastercard was administered by Chase. My credit report shows we started the card in 1994.
We have always paid the balance in full and one time.
My credit score is 751 as of the date CITI canceled our card....WITHOUT ADVANCE NOTICE OF ANY KIND.
Our Income approaches $400,000 a year this year and has been over $300,000 for the last 10 years....we pay an extra $1500 a month on our house which will be paid off in about 5 years after we refinanced it to a 10 year fixed term earlier this year.
We own our 2008 Audi S5 purchaseed in June of 2008 for $63,000 car outright...we owe just over $24,000 on a new Chevy Tahoe SLT, purchased this summer.
In short, we don't carry balances on credt cards and we don't owe much to anyone.
So what is the problem?
Congress, where are you?
We, as taxpayer's, give credit to large financial institutions only to have them pull credit from their best customers.
If I am not worthy of credit from Citigroup then no one would be.
It's time for your Congressmen to be involved to get the Consumer Fair Credit Act updated.
If you ahve been a victim of Citi's ridiculous credit decisions, I urge you to cancel all Citi relationships where possible and contact the Congressional representative in your district.
Shell is not without blame either. They have enjoyed our business for 15 years. Like others, we chose to buy gas from Shell for the 5% rebates they offered roughly 70-80% of the time. Now Shell and Citi will get ZERO percent of our business.
Consumer's unite...BOYCOT SHELL...BOYCOT CITIGROUP