Barclay SM CLD

[SouthJamaica]

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@Man-Of-Steel wrote:

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@SouthJamaica wrote:

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@Man-Of-Steel wrote:

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@Anonymous wrote:

I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550.  The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts.  I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts.  I'm sure that was just a roundabout way of saying too many new accounts.  

My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692.  Overall Util is ~8%.  

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Sorry to hear about the CLD.  Do you mind sharing the number of new accounts you added in the last 6 months and last 12 months?  I'm guessing that you may be currently carrying a balance on your Sallie Mae account.

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May-Of-Steel, I infer from your comment that OP's carrying a balance was a factor in triggering the adverse action.

Can you elaborate on that? I would have thought that they like people to carry a balance.

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It has been reported that Barclays can get nervous when you carry a balance with them.  Especially if they suspect that you may be involved in what they consider to be aggressive credit seeking.  Outside of a dormant card that has received a CLD, I can't say that I've heard of someone receiving a CLD on an account when they weren't carrying a balance.

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Well that is very good information for me to have, since I have 5 cards with them. I've never carried a balance, but if I get tempted, I'll think of this little conversation.

[SouthJamaica]

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@Anonymous wrote:

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@Man-Of-Steel wrote:

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@SouthJamaica wrote:

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@Man-Of-Steel wrote:

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@Anonymous wrote:

I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550.  The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts.  I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts.  I'm sure that was just a roundabout way of saying too many new accounts.  

My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692.  Overall Util is ~8%.  

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Sorry to hear about the CLD.  Do you mind sharing the number of new accounts you added in the last 6 months and last 12 months?  I'm guessing that you may be currently carrying a balance on your Sallie Mae account.

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May-Of-Steel, I infer from your comment that OP's carrying a balance was a factor in triggering the adverse action.

Can you elaborate on that? I would have thought that they like people to carry a balance.

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It has been reported that Barclays can get nervous when you carry a balance with them.  Especially if they suspect that you may be involved in what they consider to be aggressive credit seeking.  Outside of a dormant card that has received a CLD, I can't say that I've heard of someone receiving a CLD on an account when they weren't carrying a balance.

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I have had the opposite. I use both Ring and Apple and carry balances on both. I have a zero purchase on Apple. Imho the trigger was doing something very different with your account that was picked up by the computer, that is using the checks frequently when you had not before. That was different behavior that made them look at your account, I am guessing. 

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Well that makes me nervous, because I do use those checks, they are so convenient. When I get those kind of checks from other banks I shred them, but the checks from the Ring card account are very useful to me from time to time, since the fee and interest rate are so low.

[Anonymous]

Another good reason for me to stay away from Barclay. I'll stick with my US bank cards. One of the most stable cards. No need to worry about CLD for inquires and new accounts.

Sorry to hear about your loss. May be time to close them up and shut them out.

[Anonymous]

If you have to worry about carrying a balance with specific car issuer. It's not worth the hassle.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

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@Man-Of-Steel wrote:

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@SouthJamaica wrote:

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@Man-Of-Steel wrote:

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@Anonymous wrote:

I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550.  The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts.  I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts.  I'm sure that was just a roundabout way of saying too many new accounts.  

My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692.  Overall Util is ~8%.  

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Sorry to hear about the CLD.  Do you mind sharing the number of new accounts you added in the last 6 months and last 12 months?  I'm guessing that you may be currently carrying a balance on your Sallie Mae account.

---

May-Of-Steel, I infer from your comment that OP's carrying a balance was a factor in triggering the adverse action.

Can you elaborate on that? I would have thought that they like people to carry a balance.

---

It has been reported that Barclays can get nervous when you carry a balance with them.  Especially if they suspect that you may be involved in what they consider to be aggressive credit seeking.  Outside of a dormant card that has received a CLD, I can't say that I've heard of someone receiving a CLD on an account when they weren't carrying a balance.

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I have had the opposite. I use both Ring and Apple and carry balances on both. I have a zero purchase on Apple. Imho the trigger was doing something very different with your account that was picked up by the computer, that is using the checks frequently when you had not before. That was different behavior that made them look at your account, I am guessing. 

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Well that makes me nervous, because I do use those checks, they are so convenient. When I get those kind of checks from other banks I shred them, but the checks from the Ring card account are very useful to me from time to time, since the fee and interest rate are so low.

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I wouldn't worry, really. OP was using them "practically every week." I think I quoted that correctly. 

[JamP]

That sucks you got a cld. Call and talk to them as mentioned above to see why.

I am the complete opposite, they will not give me a cli no matter what, hp, sp, length of time. 

We max it monthly and still nothing.

I hope you get it figured out and please let us know.

[CreditMagic7]

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@Anonymous wrote:

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@Ghoshida wrote:

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@Anonymous wrote:

I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550.  The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts.  I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts.  I'm sure that was just a roundabout way of saying too many new accounts.  

My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692.  Overall Util is ~8%.  

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I'm assuming you're monitoring your credit reports every month or so.

If you're not, you might want to make sure that no surprise negatives have cropped up. It can be an error on the CRA's part, like tacking on a negative from a person with a name similar to yours but who's not you. 

If nothing like that shows up, give Barclay a call to make sure they saw your profile only. The part in bold is the more critical reason. They wouldn't add it if it was simply too many new accounts. They'd have said it's too many new accounts. They're known to be pretty blunt that way.

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Ghoshida, yes I do monitor my credit reports.  I subsribe here and get alerts.  I also get scores from Discover, Barclay, Walmart, Amex, etc. every month.   I went through the reports right after the letter, because bad info had been reported to EQ about this time last year, but the lender corrected it quickly.   

That being said, to adress something someone else said, I do have one collection still showing on all CRAs.  It won't fall off until this time next year.  Same deal with some lates for student loans.  But none of this is new info to me or to Barclay.  They approved me AND gave me a soft pull CLI with worse stuff than that showing.  

I'm honestly not complaining.  I'm just providing a few data points. 

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Here we go once again courtesy the Barclay jitter-bug.

Sorry OP that you had to go thru their hatchet job on you.

Would you also mind sharing exactly how long that you've had that Barclay card?

Thank You so much for sharing those few data points for us. It is appreciated more than you know.

[jeffery581]

I am giving barclays a second chance after they chose not to renew an nfl card after it expired. I applied for a cash rewards card a couple years later and was approved. If they get nutty again I will be done with barclays.

[jeffery581]

RE

Sorry this happened to you.  I'd rather they didn't extend me credit in the first place if they are going to lower the limiits here and there.  I remember the old days when creditors looked at your history with them and not others.  I guess you are lucky that they didn't close your card.  I read on this forum that they are a great lender and maybe they are but I apped for a card on April 2nd and still have not got an approval or denial, just 3 requests for more identity items which I provided.  At this rate I am afraid to get a card from them now anyway so maybe it's a blessing that they just won't make a decision  Actually I am afraid of all of these CC companiies so I don't and won't depend on having the CC's.  That way if they take the cards or lower the limits, it's just a thing.    

;It;s almost if you are married to them and they think you are fooling around on them when you obtain or use other cards.

Good luck.

I would not be affraid of any lender. Its business they are loosing. 

[CreditMagic7]

All this really sux and i'm referring to the many others who have been down this same road with them before too.

I envision Barclay cardholders working diligently to build up a reliable profile and are somewhat successful over many months in getting a few cli's from them (due to a low starting limit?) and even picking up some useful new card accounts along the way, only to have even that effort torpedoed in a moment of time.