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We have a HELOC through Citibank, and just received a letter on April 18th saying that, as of April 15th, our credit line was being reduced 50% because our home's value has decreased. Considering the fact that our home was just purchased last year and is in one of the most sought after areas in Suwanee, GA, I knew this to be a line of bull. The letter instructed me to call if I wanted Citibank to reconsider, so I called first thing this morning and was told that, in order for Citibank to reexamine the situation, we would have to pay for a new appraisal on our home. We just got one last year, but apparently that's not good enough for Citibank. To add insult to injury, we just had brand new windows installed in our house, and when the vendor went to cash the check, Citibank bounced it because it pushed our loan amount higher than the new, reduced amount that Citibank has decided to give us. We had NO notice of the reduction and the check was written four days prior to the date that Citibank reduced our line of credit. So not only did the reduction hurt us, but it also hurt the vendor, who is a personal friend, because he deposited the check assuming that it would pass with no problem (BECAUSE IT SHOULD HAVE!) and paid some of his own bills with the money.<br> <br> I will never do any business with Citibank again, and I am canceling the credit card that I have had with them for over 12 years as well. Hopefully our local bank will be able to give us a new HELOC so that we can transfer the Citibank balance to it because I want to cut ties as soon as humanly possible with them. Like other posters, we have excellent credit and have always paid more than the minimum balance on anything we've owed. Now, thanks to Citibank, our credit rating will drop significantly.
By Carrie
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