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Report: #1087046

Complaint Review: citibank - Sioux Falls South Dakota

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  • Reported By: gotburned — beaumont Mississippi
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  • citibank Sioux Falls, South Dakota USA

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 I've been paying citibank very timely for 16 years. I have a sawmill business and I always paid any debts ontime, when I didn't make money I used other credit cards to pay the bills and when I made money I paid everybody down and if I got in too deep I always got a balance transfer offer, at first with citibank, they had given me about 10 credit card accounts, I just open my mail box and they would fall out, none I ever applied for, if the phone rang it was citibank telling me how good of customer I was and I shouldn't even be working with a 850 credit score. Well about 3 years ago I paid all my credit cards off, and was almost out of debt but all my equipment was wore out. Well they started again with the offers 0% with 18 month no interest charges ect, well half way into using the money they offered to help my business at the same time bank of america started doing the same thing and ATT did the same. I used the balance transfer checks back and forth to keep a low interest rate for 13 years, and had a excellent credit score around 850 and mind you now I have never been late on any payment. Well my business needed about $140000 to get back on top with machinery and they were all offering so I took them up on it, I figured if I got to deep I could go to the local bank I've been doing business with and get a 30 year low interest loan and pay them off. All of a sudden I got numerous notices they had cut out all my credit cards that didn't have any owed money on them, each credit card company did that. Some of the cards were for $30000 to $35000 available credit. All of a sudden I got a notice they all lowered my credit ceiling and made me look like I maxed out my credit cards, and I was notified I cannot get any balance transfer offers from bank of america, ATT or citibank and then my credit rating people notified me my score is plummetted to 600 and now lower. I feel like they ran a scam on me, now consider this I paid off in access 200 credit card loans and when I walked in a car dealership they punched up my credit rating and would say " any car on the lot is mine" now thy laugh at me, my local bank says no loans for me and also the small business loan adminstration says NO WAY.  This was all done before I had ever been late on any loan. I feel like this is a federal crime and that they are doing it to other consumers and businesses. I see on yahoo 0% for 18months and I worry about my country falling into this scam, thats what it is a scam, you know my minimum payment with citibank went from $160 a month to $500. My total minimum payments for all my credit cards were about $620 a month and at one time they all went up to over $2000 a month.  My credit score went to nothing and they boxed me in at 20% interest rate, price gouging and deceiptive practices , they had lowered my credit ceiling to make me appear maxed out on my cards. I believe its a big scam now days and the credit card companies are controlling or in collusion with the credit rating people.  So I'm in a big mess with no way out. So I am warning the american to beware to this crafty practices of the credit card companies and if you know something I don't let me know.

thanks for your time

This report was posted on Ripoff Report on 09/24/2013 03:51 PM and is a permanent record located here: https://www.ripoffreport.com/reports/citibank/sioux-falls-south-dakota/citibank-1087046. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
2Author
3Consumer
0Employee/Owner

#5 Author of original report

lawyers are crooks nowdays

AUTHOR: gotburned - ()

POSTED: Wednesday, July 09, 2014

 All these banks got bigtime lawyers born with silver spoons.

They want to judge me but soon the russians will judge america and God is with the russians not with the crooked lawyers that got america in a mess in the first place.

A credit card is a contract, it goes how much ceiling you have , balance transfer amount, interest amount, so if after you use the money, and all the credit ceiling is shut down, and the balance transfer closed off and jacked up interest rate, then it appears you maxed your card out  and now they sending updates to the contract is all a scam now . Like trapping coons with a piece of fish is illegel. I say the credit card agencies are the bullet head crooks. But anyhow they all going bankrupt, and I'm tickled, money won't be worth nothing soon and everybody in america will be on foot. China and russia will dominate and the america people will be better off with a working government instead of a print it and hand it out government.

I'll get to see you know it alls crawl very soon. 

Lawyers are ruining everybodys lives in america with lies.

God hates them

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#4 Consumer Comment

Just a brief comment...

AUTHOR: Ken - ()

POSTED: Friday, May 16, 2014

Robert tried to explain to you what happened and why.  Looks like, even with a very commendable effort, he has failed to even make one point with you.  You are what I would call a "bullet head."

I predict a bleak financial future, of your OWN doing, for you.

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#3 Author of original report

its your opinion

AUTHOR: gotburned - ()

POSTED: Thursday, September 26, 2013

 Its your opinion, and I was in the 850 excellent credit range or I could have not went as long as I did, but one day all the credit cards were took away at one time and I was never late on a payment. Credit cards as well as bank loans are financial backers. When you get a loan you get a contract same as a credit card has a contract, you cannot keep updating the contract after the loan is made as the credit cards do. Another thing when you have  credit cards with available credit just say $30000 available as was 1 of my cards, so I looked at that credit card and it says on the statement, $30000 available for you at 5%  or whatever percent and the statement has a attached check saying improve your business use this check, so I say well I'll get $15000 off this card and that will give me $15000 extra if the bp oil spill kills my business I can pay out of it if my business goes to a halt until econemy here picks up. So I use that card and soon as I got $15000 on it they lower the available credit to 0, and make me look like I maxed my card out. They never done that before and I would have never used those cards if they did. The statement I receive is also part of the contract, why should it change because I use my credit card? That is deceptive practices, enticing contract, or devil craftiness if you ask me. In the mean time because its a revolving account so now the score is down, but before freddimac revolving accounts did not bring your score down, it wasn't until then the amount of cards killed the credit score, which like you say they can do anything they want to but to me its a breach of contract. BIG BUSINESS with rights, little man with nothing.When I used the credit cards I had every intention to pay it back, and I would have never used them if there wasn't a way out, but they trapped me like a coon, but like katrina came, then the bp oil spill came, now its the health care issue came, ect, as far as getting a job I am disabled and trying not to go on social security. My system worked as long as my monthly statement stayed in tact, but when that changed it sunk. I wasn't lucky it was I worked hard and the system I had was working for me, when I had got payments from clients I paid off what I could, Its the same with the veterans adminstration, I was in nam and fought for my country and received a honorable discharge but now I get charged for medicine, but when I signed up for service I had free health care when I needed it THEY SAID. Big Business is running over the little man. Same as the afforable health care act now going to charge consumers ruffly $250 a month with a $6000 deductble, Same as walgreens working my wife for 24 years at a $100000 a year and one day came in and said hit the road, Big Business can do what they want too. There is no consumer protection. I believe what will happen now to credit cards will end up like the housing market , people will walk. And now I will just go on disability and shoot working the bird. Big business can do what they want too to the american people. I worked hard for 16 years to keep a high credit score and to make a living even though  was 100% disabled by law in 1995. Why offer me all these credit cards? And now why take them away , I was paying the bill at $660 a month why go to $2500 a month over night with no notice, I don't even make that much and everything I own piled up is not worth 1/4 of what I owe now . I just feel they should have worked with me, instead of cutting me off where ever I turned, I still wasn't ever late on a bill. You know back in 1995 I had a tylenol liver and almost had to receive a transplant, back then not much was known about a tylenol liver and a statue of limatations was placed because tylenol is big business, so now I'm hurting now and can prove the same thing that now its found out about tylenol, but I'm not allowed to sue because a small clause too much time went by. I could not sue then because it was unheard of and cannot sue now because lawyers got a judge to place a time limit. So don't say get a job, I had 2 cervical fusions, 2 lumbar decompressions, a cracked hip, and broke toe, and 2 broken ribs, and limping liver.

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#2 Consumer Comment

Wrong..

AUTHOR: Robert - ()

POSTED: Wednesday, September 25, 2013

 First of all you have some very bad misconceptions about credit.  Not only that but you have been running what is basically a pyramid scheme on a house of cards...and you are VERY lucky that your house of cards stood for this many years.  Ecomonics 101 and what every accountant will tell you is that you can not borrow your way out of debt...if you want proof just look at the Government.  Now of course you are in 100% denial and figure that what you were doing was working and it is everyone else that is wrong.  However, that is not the case.

Because I am sure you will be in denial let's just to hit a few points as to why the only one you have to blame is yourself.

As to your credit score.  I have no idea where you are getting the 850 from, but if that is a FICO score that is the top score you can get, less than 1% have a score above 800 and to hit even close to an 850 you are talking probably 1% of that 1%.  But even if you have an 850..one major mis-conception you have with credit is that the score equates to if you have to work or not.   How great your credit is has nothing to do with you "having" to work.  It has to do with how well you manage what you have.  I know many people who have excellent credit but not because they don't work..because they live within their means.

For 13-16 years you basically used one card to pay off another.  This is not a long term financial solution, and as I stated before you are very lucky your house stood this long. 

A credit card company is extending you a credit limit.  This is the amount of THEIR money they are willing to allow you to borrow.  There is nothing that says they must for all eternity continue to allow you to borrow against that line.  So they decided to lower their risk and cut your credit limit.  Again...you are saying "but I paid my bill"..and again I will say it doesn't matter because it isn't YOUR money..it is THEIRS.  How would you like it if in your business you gave a customer a $1,000 "credit line" they used it and paid it off.  But then you decided for what ever reason didn't want to extend them credit again..but you were forced to do it.  The only difference here is that they let you play for 16 years before they took away your toys.

Oh and guess what..this is in the terms you agreed to every single time you opened up another card.

At no time were you FORCED  to take a card.  They at no time said you must apply for credit.  Every single time you did it you did it of your own free will.  In other words you took a gamble and just like Las Vegas..in the end the house always wins.  But it is the smart gamblers who know when to get up and walk away..which while hindsight is 20/20 you probably should have done when you had your debts paid off a few years ago.

 

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#1 Consumer Comment

Others need to be ware

AUTHOR: MochaG - ()

POSTED: Wednesday, September 25, 2013

Just want to let others know as well about credit ceiling. If you paid off your debt nowadays, the creditor will lower your credit ceiling to prevent their loss in the future. You will need to reapply for a higher credit ceiling when you need it. This issue has been known since the economy went down (about 4~5 years ago). You were unlucky to be caught in their tactic without being notified. I am sorry to hear about this. Hopefully, others will be more cautious from your warning.

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