Barclay's CLD - IDIOTS !!!

[bobbay]

OP Congrats on the re-instatement!

Am I looking at this correct?  OP went from approx $225k in TL's to approx $275k in total TL's.  Barclays TL that represented 4% became 3% of ArCpa's Banking TL's after the new TL's reported.

Barclays became spooked by the 20% jump in total available credit that ArCpa has?  Isn't someone with $250k+ in TL's and north of 750 credit score an elite target market for the bank?  I would think at some level a bank would need to be careful not to offend a very limited target market of customers especially once they had their foot in the door with the client.

If this is the case, this should be a good lesson how quickly computer algorithms could destroy your personal finances.  I can see why someone with a large amount of overall credit would get upset when a bank providing 3% of his overall credit would take adverse action on an account that was always paid in full, had good history, and had been adequatly seasoned with them. 

I think I would have gotten a little hot under the collar if this had happened to me weather Barclays had the right or not they would likely have put the nail in the coffin in my book.  I would not want to have a relationship with such a fair weathered business partner.

I may be way off base(and may be looking at limited info) here but this is just the way I see the situation.

[youngandcreditwrthy]

Told you so!!!

but of course the whole point of having all of that credit is to never max it out!  I have about $160,000 in avail credit. and I don't even know how I could spend that much money ever. Barclay's is crazy as hell. LOL  Im almost at two years with them, and the past six months my bal has been at zero with occassional charge and immediate pif. I'm kind of expecting some AA again myself.

Glad you got it taken care of!!!!

So to reiterate, just ignore the naysayers. People will always be dissin'.

:-D

[longtimelurker]

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@bobbay wrote:

OP Congrats on the re-instatement!

Am I looking at this correct?  OP went from approx $225k in TL's to approx $275k in total TL's.  Barclays TL that represented 4% became 3% of ArCpa's Banking TL's after the new TL's reported.

Barclays became spooked by the 20% jump in total available credit that ArCpa has?  Isn't someone with $250k+ in TL's and north of 750 credit score an elite target market for the bank?  I would think at some level a bank would need to be careful not to offend a very limited target market of customers especially once they had their foot in the door with the client.

If this is the case, this should be a good lesson how quickly computer algorithms could destroy your personal finances.  I can see why someone with a large amount of overall credit would get upset when a bank providing 3% of his overall credit would take adverse action on an account that was always paid in full, had good history, and had been adequatly seasoned with them. 

I think I would have gotten a little hot under the collar if this had happened to me weather Barclays had the right or not they would likely have put the nail in the coffin in my book.  I would not want to have a relationship with such a fair weathered business partner.

I may be way off base(and may be looking at limited info) here but this is just the way I see the situation.

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Outside of rebuilding, total CL really doesn't mean a whole lot about a customer.   Anyone with a reasonable score, over time, can build up very high total CLs simply by applying to a lot of institutions (taking time to avoid being stopped for too many inqs).

The bank has to look at risk/rewards.  As the OP says, the Barclays account was hardly used, so from Barclay's viewpoint the OP wasn't, at least currently, a very profitable customer they need to be careful not to offend.   Also, we don't know if a large part of that total CL was being used (it appears not) so it's not as if there was a lot of money that Barclays could imagine getting.   And here the 3 year history could also be somewhat negative: in that time it doesn't appear that OP was transferring more spending to Barclays, so again, not necessarily a prospect to treat with the utmost care.

And then the algorithms were kicked off mb some behavior sometimes associated with risk,   In a mass market, why take the chance? And the few who do call, then get a fair hearing, and in this case, a good result.   But Barclays approach makes total sense to balance risk and keep costs low (don't examine individuals until they escalate)

[youngandcreditwrthy]

Yeah, most folks don't call.

Would the OP have called had we not all harped on him to do so??

Barclay's better step the f*** back. Barclay's is one of the craziest banks I've ever dealt with. They don't know what they want, like many of the 18 year olds I've dated HAHAHAH

[AndySoCal]

I think it is the amount new credit that is causing Barcleys some concern.  Using the preimise a consumer only applies for the credit they need.  The question becomes in their mind is why does the consumer need all this new credit in addition to the credit you already have.

[Shogun]

Congrats on getting your CL raised back up.  As far as the actions that Barclays has taken, I've seen a lot worse for a lot less.  I've seen some just up and close the accounts after they had been flagged.  At least Barclays just did a CLD and it was easily enough for you to call and get it raised back up.  Kind of a frustrating thing, but I'm glad it all worked out for you!

[ArCpa]

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@Shogun wrote:

Congrats on getting your CL raised back up.  As far as the actions that Barclays has taken, I've seen a lot worse for a lot less.  I've seen some just up and close the accounts after they had been flagged.  At least Barclays just did a CLD and it was easily enough for you to call and get it raised back up.  Kind of a frustrating thing, but I'm glad

[Anonymous]

Thank you what a fool lol

[longtimelurker]

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@Anonymous wrote:

Thank you what a fool lol

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Commenting on a 10 month old thread?

[wacdenney]

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@longtimelurker wrote:

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@Anonymous wrote:

Thank you what a fool lol

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Commenting on a 10 month old thread?

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Most forums auto-lock threads after they become old.  I don't think Lithium offers that feature and it causes this problem over and over.  Out of all the choices available I honestly do not know why anyone would decide to go with Lithium.