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     | Thursday, March 30, 2000 - 04:10 pm  I declared BK chptr 7 last year and the BK was successfully discharged. I got a fresh start and owe no one anything. Today I was told by a Citibank rep in the credit department, which was one of my accounts included in bankruptcy, that chances were good I could get a credit card with them again if I settled on a payoff amount with their company. I could pay 40 percent of what was owed, and once the negatives dropped off my credit report, I had a good chance to receive their card again. No guarantees, but a good chance for a gold card and $5000 limit. I am aware, of course, that paying Citibank something when my debt was discharged is not necessary, and plus Citibank wrote the debt off on their taxes. My motivation in trying to reestablish credit with Citibank. It is a well respected card that I enjoyed having more than any other card. It was my first credit card ever, and the only way I know to get it again would be to accept the payoff amount this year, which I could afford. I must reemphasize that I could afford to pay them in my current situation. Would anyone care to comment? Advice is welcome. I am taking a chance should I pay Citibank, and some comparisons would be nice. Jackie
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| | Thursday, March 30, 2000 - 04:41 pm I am curious as to whether they contacted you with this offer or you contacted them? It sounds like a very underhanded method of collecting a discharged debt? What guarantees do you have they won't cancel the card in the future(which also is detrimental on a credit score)? Something doesn't add up here. Anyone else got any ideas?
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| | Thursday, March 30, 2000 - 05:09 pm Why bother? Just focus on rebuilding your credit and they'll give you a credit card without you paying off the amount you once owed them. Their only motivation in this is to get you to give them money that you don't have to.
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| | Thursday, March 30, 2000 - 07:06 pm I contacted Citibank to ask them whether I could get a credit card with them. I do so because they have my old cc number connected to their bk department. I called in my cc number to see if it was active on their automated phone system and it took me to the bk office. You are right they could cancel the card after I open a new account. Never thought of that. How is Citibank for trust? Any one have experiences with them.
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| | Friday, March 31, 2000 - 01:40 am Unfortunately, in this day and age, you cannot trust any company. they have no regard for regular employees, nor customers. all they want is the almighty dollar and the profit for the fat cats at the top. He who trusts loses. The modern mantra. You have to be as nasty as the big company prez in order to protect yourself.
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| | Friday, March 31, 2000 - 06:21 am Sean: Do you report your debtors' payments to the credit bureaus? Why, or why not?
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| | Friday, March 31, 2000 - 01:07 pm I only report debtors if they fail to pay as agreed for 3 or more months. I would report positive information on them if I could, but the cost is prohibitive.
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| | Friday, March 31, 2000 - 01:24 pm Sean- Could you define "prohibitive". -Dan '97 Plymouth Neon (White) Just kidding
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| | Friday, March 31, 2000 - 01:25 pm Do you give them a Truth In-Lending statement?
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| | Friday, March 31, 2000 - 05:46 pm I do give a disclosure statement, but it's not a truth in lending statement. A lot of those disclosures on the truth in lending are overly repetitive, imo. I make sure they are informed of the APR. I'm exempt from Truth-In-Lending disclosures because I make less than 25 loans a year. I make more money ticket scalping than lending.
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| | Friday, March 31, 2000 - 06:29 pm A little more of this "damage control" is forthcoming, I suspect.
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| | Saturday, April 01, 2000 - 03:38 am Sean: What is overly repetitive the disclosures? How many loans did you make in 1999? Any real estate loans? How many lines of work are you in?
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| | Saturday, April 01, 2000 - 06:07 am What is this, 2 million questions? The truth-in-lending statute requires you to inform the consumer that they're going to be making x payments of y for a total of z. Example: You will be required to make 10 payments of $100. The total you will pay is $1,000. No s#!t, really? Ten payments of $100 is $1,000? I thought it would be more like $55 or something. Hey, I'm all for disclosure so that consumers can be informed and make the decision that works the most for them, but I'm not here to think for them and to operate their calculator for them.
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| | Saturday, April 01, 2000 - 08:20 am That isn't repetitive. It only says it once. What does it repeat? You said, "A lot of those disclosures on the truth in lending are overly repetitive, imo." What else do you see as repetitive? You answered one out of four questions.
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| | Saturday, April 01, 2000 - 10:35 am Sean- Just ignore him. Next time he asks a question don't answer. His type of replies are ridiculous, and everyone can see that. He called me incompetant. When I told him that was name calling, he disagreed, and said it was an attribute. Well then he's an idiot. No name calling, just an attribute. And Greg, I will not respond to anything you post in reply to this. This message was directed at Sean. -Dan '97 Plymouth Neon (White)
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| | Saturday, April 01, 2000 - 05:27 pm Back to the question of paying Citibank - horrible, horrible, horrible idea. If you wanted to maintain the liability then re-affirmation would have been the procedure. 40% is what they often offer in the unsecured reaffirmation agreements. But at least then you are guaranteed to have the credit card. Now it is too late to reaffirm. I feel that it is better to let them stop fighting, then take their advice on credit re-establishment.
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| | Sunday, April 02, 2000 - 05:10 pm Jackie: What do you mean by "well respected card"? Do you feel that more merchants will accept their MasterCard or VISA over another bank's? Why did you enjoy having that one more than others? How much money are we talking about? Have you reviewed your credit report? Dan: That would be "idiotic." I don't think you're getting it. For anyone interested, here's the thread to which Dan is referring: http://www.bayhouse.com/discus/messages/4/467.html?954726221#POST3070
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| | Monday, April 03, 2000 - 12:02 am Hello, I meant by "well respected card" that it was prestigious in the eyes of many people. Plus, I lived next to a Citibank office complex where I could drop my payments off. Their customer service is friendly and knowledgable. These are the reasons why I enjoyed the card more than others. The money I would have to pay Citibank in settlement is $3000. I have reviewed my credit report and found that my account was closed by "credit grantor." It's true I did close the account myself, but there is some law that says if your account gets delinquent more than 60 days the credit grantor can report the account closed by them. Of all the creditors Citibank tried to work with me to help me with lower payments and skipping months. I appreciated them for that, and I wish I could have the card again. It was my first ever in college and special to me. Let me clear something up: I declared BK due to medical bills, and the negatives won't drop off the credit report for another 5 years, BK in 8. Citibank only looks at your last 7 years of history, and I have reestablished credit. Citibank no doubt will match my ss number with their personal files so if I pay them the money they want, I may have a better chance to get their card again. I could get screwed if I pay them, I may get the card if I don't pay them. Who knows? It's all a roll of the dice. Right? Jackie xo
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| | Monday, April 03, 2000 - 10:07 am Jackie, I find it very interesting that a credit card is special to you because it was your "first" in college. Apparently consumers are discussing their credit cards like houses and cars? I for one don't look at Citibank as prestigious, I make a point of NOT having their cards, just like I once cancelled all my Bank of America credit cards and CDs. I feel that all the major bank credit cards are very UNprestigious. Unless I buy something over the $1,000 daily limit, I use my plain MasterMoney or Visa debit cards. I know someone who had a lot of problems with Citibank, she had thought she could bank at their branches nationwide. Then deposits made in California took several days to show up in her account in NY, in 96 or 97, causing a lot of problems. She was writing dispute letters to Citibank for about the next year. As discussed here previously, Citibank won't report your credit limit, so they'll lower your Credit Score. Since you apparently don't have other cards, the impact will be significant. If you really want that Citibank card, make sure you get in writing what EXACTLY the terms for the new card will be BEFORE you send the check.
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| | Monday, April 03, 2000 - 10:14 am Citibank did always report my credit limit to my credit report. You didn't say why you thought BofA and Citibank were unpresitgious. Jackie
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| | Monday, April 03, 2000 - 02:06 pm Jackie, start with http://www.bayhouse.com/discus/messages/4/276.html?MondayJanuary3120000333pm#POST1688 and then http://www.bayhouse.com/discus/messages/4/410.html?WednesdayMarch1520001157am#POST2617 If you do a "Keyword Search" and enter Citibank you'll find every posting containing the word "Citibank." I found 44. There are over 3,100 postings! Citibank has been lobbying hard against consumer credit rights, and rumors have it that they threatened to stop lending if penalties for incorrect credit reporting were enacted. That was around the mid 90s. Having lived in the San Francisco Bay Area I couldn't help but notice the ongoing BofA scandals, from anti gay positions to the ATM surcharges. They refused to participate in the MCC Progam, and I *hated* to hear and see their first-time buyer ads EVERYWHERE. I closed my BofA credit card accounts at least 10 years ago because they raised the interest rate. Then they sent the check with the credit balance to my husband. He was only an authorized user on my accounts and it really pissed me off. So I went to the BofA branch to close my CD with about $30K. They didn't want to give me cash, but insisted on charging me $5 or so for a bank check. I refused to pay, and the manager (mayor Simon of San Bruno) got involved. Of course I didn't have to pay for the check, but the hassles you have to go through just wanting your own money back. Aside from my own countless experiences, I just don't believe in supporting big business. They're the ones who run the "free" world and I don't like where it's going. I support a FREE market, as opposed to a society, market and congress controlled by 20 corporations.
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| | Monday, April 03, 2000 - 04:51 pm Also, there should be a notation that the account was included in bankruptcy. Is there? $3000 is too much to pay for a card just to get prestige. I don't consider their card as any more worthy of accolade than the others. That's marketing at work in hyper-drive if it doesn't do anything more than other cards. Try another credit card company and invest the $3000; don't throw it away on that. Does anybody know how can the account be closed both by the credit grantor, and by the consumer?
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| | Monday, April 03, 2000 - 04:58 pm Yes, there was a notation that CB was included in BK. Thanks for the response, Greg. Jackie
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