hi paakman,

you have been away from the website for a long time now and i am wondering how is your credit situation now? i was able to read your post concerning with the cancellation of your Citibank card after they found out about your credit score.

how about your credit score? is it enough now to get the finest credit cards?

i hope to hear from you and continue on posting on the site.
thank you.

Thanks for the link. Good advice :)

The high utilization is just a temporary thing - like I mentioned, just clearing up some smaller cash-based accounts, which frees up a fair amount of money monthly(which I intend to use to knock down the balances on the cards). Seemed logical to have a couple monthly bills rather than a dozen.

I am wondering what kind of harm this will do to my credit rating having a closed account, with balance, dangling on my report.

Follow these simple tips and your credit score will always be high: http://www.totaldebtfreedom.ca/articles/article_2.htm

Watch your utilization, thats why Citi cancelled it on you.

I assume they did...My score was 716 when I applied. Its weird that they would check again so quickly

Very weird. Don't they always check your credit score FIRST before issuing a card?

Here's the thing...

I had a few things FINALLY fall of my report and my score jumped a good 100 points. yah me!

So...I applied for - and got - 3 credit cards.

I used these cards to pay off alot of smaller bills and it put my utilization in the high 90% on all of them.

With opening new accounts, multiple hard iquiries and high utilization, my score dropped back down almost 90 points.

Thats not really a big deal, I freed up some smaller bills that were eating up alot of small chunks of monthly available cash. I am happy with that.

the issue I have is that Citi Mastercard decide to check the credit bureau and cancel my account. Its been active barely 6 weeks! This will probably hurt my chances of getting my score back up.

Other than the obvious "pay it off", is there anything ELSE I can do to minimize the impact of this stupid mistake...(guess I got a little excited at finally getting my credit back that I didn't take things a bit slower and keep my usage down.)

It really surprises me that citi cancelled the card so quickly. Anyone have a similar experience? If so, what was the impact?

Thanks!