Barclay :(

[Anonymous]

That is pretty dramatic.  I've been in those shoes as well, but I deserved it.  I was missing payments and they lowered my limit to the card balance.  It was devestating and embarrassing, but can't say I didn't deserve it.  Your situation sounds the opposite.  For the record, Barclays has always been pretty fair to me even though that situation was rough, but it was symptom of a bigger problem [my irresponsibility].  They used to raise my limit without warning, but I guess that swings both ways.  Good luck

[CreditMagic7]

Thanks for sharing this experience.

With so many different opinions in favor of as well as against the way Barclays makes headlines so often, one thing is for sure.

You have to keep trying and make adjustments when and where neccessary to see matters stay as level as possible.

Best of luck for better times after this.

[morgacj2004]

Cancel it!

[Anonymous]

Sorry but there must be credit concerns if they decreased you. I actually used to work in the area and you must have some type of credit issues even if its with other banks. Other banks do it too, Barclay's is not the only one. There is no such thing as a CLD for 'no real reason'. A common theme is increase in debt. Take some time to pay off your balances, call them back and they may reinstate it.

[Anonymous]

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@Anonymous wrote:

Sorry but there must be credit concerns if they decreased you. I actually used to work in the area and you must have some type of credit issues even if its with other banks. Other banks do it too, Barclay's is not the only one. There is no such thing as a CLD for 'no real reason'. A common theme is increase in debt. Take some time to pay off your balances, call them back and they may reinstate it.

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Not to sound snarky but you don't really know what you're talking about. 

There's one thread a week on here about Barclaycard CLD'ing people. 

[NRB525]

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@Anonymous wrote:

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@Anonymous wrote:

Sorry but there must be credit concerns if they decreased you. I actually used to work in the area and you must have some type of credit issues even if its with other banks. Other banks do it too, Barclay's is not the only one. There is no such thing as a CLD for 'no real reason'. A common theme is increase in debt. Take some time to pay off your balances, call them back and they may reinstate it.

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Not to sound snarky but you don't really know what you're talking about. 

There's one thread a week on here about Barclaycard CLD'ing people. 

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Yes, lots of Barclay CLD. 

My one and only Barclay app was 3 years ago. Denied, and as I have said before, probably a good thing. Now that I have the approval for the CSP, and will be working on existing accounts, even some closures, a Barclays app may be happening mid 2018. I want to see how they react, if I get approval, and whether any AA happens. My file is rather tame now, no significant utilization issues, and poking a bear can be an experience. 

[marty56]

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@Anonymous wrote:

Sorry but there must be credit concerns if they decreased you. I actually used to work in the area and you must have some type of credit issues even if its with other banks. Other banks do it too, Barclay's is not the only one. There is no such thing as a CLD for 'no real reason'. A common theme is increase in debt. Take some time to pay off your balances, call them back and they may reinstate it.

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I would be suprised to find that a bank would reduce someone's CL for no reason too.  While I am not sure what the reasons that they use to do that, I am sure that if you can afford to not revolve balances then you would be AA proof.  If Bank A does a CLD and you need the credit you may be able to go to Bank B and get it there.

[Anonymous]

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@marty56 wrote:

You should never close a CC unless they are charging a monthly or yearly fee that you don't want to pay.

If you want you can just stop using the card, or use it and PIF each month.

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To each his own ... closed many cards over the years as I moved to the best cards for my spend. It has not affected my credit bureaus and closed accounts stay on the report generally ten years. Trying to maintain too many cards can be a headache. Totally personal choice. It has worked well for me. Whether they are AF or not I did not choose to chase using them to keep the lender from closing them for inactivity. My credit experiences span many years so I have a solid track record of successes.

[Anonymous]

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@Anonymous wrote:

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To each his own ... closed many cards over the years as I moved to the best cards for my spend. It has not affected my credit bureaus and closed accounts stay on the report generally ten years. Trying to maintain too many cards can be a headache. Totally personal choice. It has worked well for me. Whether they are AF or not I did not choose to chase using them to keep the lender from closing them for inactivity. My credit experiences span many years so I have a solid track record of successes.

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I agree with this.

FICO only needs to see 5 credit cards that are aged over 24 months.  Anything over that is just gravy.

In my research, the folks who are most afraid of closing accounts are those who are over-extended and are paying too much in interest.  The typical excuses for not closing cards are:

1. I need all of them to help utilization -- meaning they can't pay off debts.  Pay down debts and you won't need so many cards for utilization purposes.
2. I'm afraid it will hurt my AAoA -- closing cards doesn't hurt AAoA for 10 years, at which point the cards you don't close will more than make up for it.
3. I get rewards from the store cards -- if you're overextended, you don't need to shop at any of those stores except maybe Walmart.

In general, if you're not overextended with debt, closing cards will decrease financial anxiety.  Keep your 5 best cards (rewards-wise) and nuke the rest and you won't stress over having to check every card twice a month to make sure no charges went through.

I'm at 10 cards now but planning to chop down to 5 cards this year.  Long term needs are well met with just 5 cards but I still don't qualify for the 2 more that I want to maximize rewards.  Once I have those 2, the rest go in the shredder.   It's possible other cards will be released that might help me maximize rewards, but right now I'm not seeing anything that might come out to compete with what is already out there.

[Anonymous]

they decreased me when one of my cards was still Sallie Mae after I opened 2 new accounts in 4 months.

It's good to know that. I've been eying (a little) the Barclay Arrival, and have noticed a lot of posters not being too happy with Barclay anymore.