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Contributor
Posts: 104
Registered: ‎12-01-2012
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Advice on Barclay Card CLI

Hello all! I wrote awhile ago that I would be paying off those predatory cards that I just don't want anymore. I have about 8 cards, and 4-5 of which I will be closing by the end of the year (strategically closing cards over the course of this year). My question is, I have a Barclay's card I got the middle of last year (I think it was July or Aug), and that is one of the cards that I am intending to keep. Anyway, my limit is $350, and I owe about $290 on it now, so I am paying that off, and another card within the next couple of weeks. The other card I am paying off is going to be one of those that I chop this year, but I am trying to keep things open until I pay off the cards that I am going to keep, so my utilization (once I get it down) isn't horrible. I'm currently at about 80% utilization, and will be around 45-50% by April/May, and hopefully < 10% by end of year.

 

SO, I said all of that background info to ask if it's a good idea (once I pay off my Barclay's card), to attempt to request a CLI to around $1500-2500. That would be benefical in that, a. when I close those 4-5 cards that I have, my utilization will still be in a good place if they grant the CLI, as I will keep my Barclay's PIF, and b. if they granted the CLI, I would have a card with a decent credit line, since all of mine are 1k or lower. I don't want, nor need a lot of credit, but it would be good to (eventually) have two cards w/$2500 limit. In June/July I am getting a CU Secured Credit Card for about 1-2k (to build up to around 5 - 10k in the next couple years), so that will be good for my utilization, eventually, too.

 

Is it better to pay off the two cards I'm going to pay off, and then let that report in March, and then contact Barclay's for the CLI? Or will it even matter, since they will be able to see that their card (at least) is PIF? Oh yes, also, I did see in another thread that you can't PC a Barclay's card, and I REALLY would've like that NFL card since I am an NFL fanatic! :smileysad: But, I don't think I'd get approved for that, so I'm not going to try. I have no real scores now, as I am going to get all of them in March after I pay off those two cards, and see where I'm at. My FAKO's with Credit Sesame is 604 & my Credit Karma is 654 (increased like 18+ points in the past 3-4 weeks, as I slowly have chipped away at my utlization, and some inquiries dropped off, now have 5 on there).

 

Thanks in advance for any responses, they are ALWAYS greatly appreciated!

Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: Advice on Barclay Card CLI

Barclays usually gives CLI's at 6 months. With a $350 CL to go to $2500 is a huge CLI. All initiated CLI with Barclay will result in a HP.

 

Report your utilization below 10% and keep your cards open IMO.


$100K in Credit
Last Credit Card App: 11/16/13
Contributor
Posts: 104
Registered: ‎12-01-2012
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Re: Advice on Barclay Card CLI

Thanks for the advice! I didn't realize that they did a HP for all CLI's and you are right, I thought the $350 to $2500 request would be a lot, but I've seen where it's recommended to ask for more than you really want if it's recon, etc, so I was looking at a $2500 req, but actually getting, maybe $1000 or so, that was my logic on asking for that amount.

 

And the 4-5 "predatory" cards are going. They all have annual fees and/or monthly "maintenane fees," so I will not be keeping any of those. I know my score will take a hit when they are closed, but I don't care. I don't plan on apping for a mortgage in the next 2 years, and I won't be apping for more than 1 card by the middle to end of this year, which will likely just be the CU Secured Card I get, so if my score decreases because of AAoA, I'll just have to take that hit, because I am not keeping those cards.

Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: Advice on Barclay Card CLI

Yeah I would definatly close any card with monthly maintenance fees.

 

Once you pay down your cards how about a GE store card? Good company and generous with CLI's


$100K in Credit
Last Credit Card App: 11/16/13
Contributor
Posts: 104
Registered: ‎12-01-2012
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Re: Advice on Barclay Card CLI

I'll see about a GE backed card perhaps at the end of the year; however, I don't just want a card to have one if I won't ever use it, and I have to buy something random every few months to keep it opened to help with utilization. But, I think Amazon is GE backed, so I could get that since I do spend money on Amazon; otherwise, I don't shop at Walmart or Sam's Club, and I haven't looked at the list of all the GE cards (I saw it floating around somewhere).

Regular Contributor
Posts: 249
Registered: ‎12-24-2012
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Re: Advice on Barclay Card CLI

IME Barclays is pretty reasonable.  If you PIF and have manageable UTIL, you'd have a good chance.  Save yourself time and energy, though, and go directly through the back door.  It will be a hard pull, though. :smileysad:

Contributor
Posts: 104
Registered: ‎12-01-2012
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Re: Advice on Barclay Card CLI

Thanks McArthur. I guess I should do the recon line around May/June, when I will (hopefully) be less than 50%? Also, I'll have been PIF the Barclay card for at least a good 3-4 months, so hopefully that will look good to them, as well as the 50% or less of utilization.

 

I appreciate all the replies, they really do help me a lot, as I am trying to be smart about things, and I'd rather wait a bit longer, than rushing things.

 

 

Regular Contributor
Posts: 249
Registered: ‎12-24-2012
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Re: Advice on Barclay Card CLI


QueenofReinvention wrote:

Thanks McArthur. I guess I should do the recon line around May/June, when I will (hopefully) be less than 50%? Also, I'll have been PIF the Barclay card for at least a good 3-4 months, so hopefully that will look good to them, as well as the 50% or less of utilization.

 

I appreciate all the replies, they really do help me a lot, as I am trying to be smart about things, and I'd rather wait a bit longer, than rushing things.

 

 


Your patience will pay off!

 

I just wish I had patience. :smileyhappy:

Frequent Contributor
Posts: 436
Registered: ‎03-19-2010
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Re: Advice on Barclay Card CLI

IMO 50% is still too high. Also i wouldn't do it if you've opened any new accounts within the last 6 months. Barclays loves to close accounts for that. 

Contributor
Posts: 104
Registered: ‎12-01-2012
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Re: Advice on Barclay Card CLI


Mike360 wrote:

IMO 50% is still too high. Also i wouldn't do it if you've opened any new accounts within the last 6 months. Barclays loves to close accounts for that. 


Thank you! I haven't opened anything in about 6 months or so. I'm in no rush to get any new credit, so that's no worries for me, per se. My BIGGEST thing is to get s#it closed! Unlike most, I can't wait until things are closed and gone! Yes, I won't lie, in that I do want certain things; the reality is that my credit has been bad for such a long time, that being patient really isn't a biggie for me :smileywink: Would it be fantastic to HAVE great credit? YES! But do I? Nope! I won't for a long, long time. As a very responsible poster wrote to me when I first joined, (paraphrasing), "Don't worry about your FICO score; worry about getting where YOU want to be."  I'm living that right now. My credits going to be bad for a long time coming, I mean, I filed CH7 BK at the end of 2010, so ain't nothing pretty coming out of that anytime soon! Oh, and I'm not a millionaire or six figure income person (which would be fabulous) so I'm ok with where I am!

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