Citigroup closes inactive credit card accounts and tightens underwriting due to rising late payments and credit losses.

Citigroup is closing inactive credit card accounts and tightening underwriting amid a rise in late payments. Credit losses reached $2.5Bn in Q2, up from $1.8Bn a year ago. The bank's card spend growth is driven by high-scoring consumers, while low-scoring customers pull back on spending. 90-day delinquency rose to 1.1%, with 86% of card loans to consumers with FICO scores of 660 or higher.