Citibank Mortgage Complaint

Citibank Mortgage department,

Home equity loan or line of credit Credit decision / Underwriting Connecticut

Due to unusual historical circumstances, I have approximately $55000.00 of outstanding credit card and other revolving debt. Most of it carries an interest rate of 29.99 % and is owed to Citibank. I would like to take out an additional home equity loan from Citibank for $80000.00 to pay off this high interest rate debt and use the remainder ( $25000.00 ) to pay towards my son 's college education. I have plenty of equity in my home and am employed full time and earning a good salary ( $ - K/year ). So from an equity and debt-to-income point of view I should have no problem qualifying for this additional home equity loan. The problem I have a low - score - but it is purely on the basis of my high credit card balances. In fact, I have an excellent payment history ; e.g. my existing home equity loan to Citibank for approximately $230.00 K has never missed a payment! Now because Citibank is denying me this debt


On Tuesday - -, 2016 I spoke with - - ( - ) who is the Citibank home equity credit officer handling my inquiry. She confirmed that Citibank denied my request for a HELOC purely because of my low - score, not due to my payment history or equity in my home or debt-to-income ratio. Furthermore, she confirmed that in looking at my - credit report, my score of - was low purely because of my high credit card balances. I explained to - - that I can no longer continue to make these high credit card payments. I further explained that this is not the way Citibank would treat its corporate or high net worth clients looking to refinance their high interest rate debts. In fact this is not how the taxpayer treated Citibank during the credit crisis! When I think about the mission of the CFPB, I can not think of a more black and white situation for them to look into.