Barclay :(

[UFGuy2006]

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@ginger1477 wrote:

Got an alert today the one of my accounts reported a credit limit  decrease.   Thanks to reading these boards I knew who from right away.   Barclay cut me down from 5000 to 850.  I'd been using it last month,  so it has 650ish on it.   I've never carried a balance on this card,  or any balance that wasn't interest free on any card.   I'm going to pay them off tomorrow.   Just wondering if it is a good idea to ask for the limit to reinstated before I make them report a zero balance and cancel?  I know for sure I don't want the card anymore.   

I've opened a few new cards, and my capital one reported a 3000 balance out of the 14000 limit.   Thinking that may have scared them.  Oh well.

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Sorry to see this. Which card may I ask do you have?

[Anonymous]

My credit line was changed from $7,800 to $500 with no warning. I have had the card for many years and have nothing derogatory on my credit profile. Is the bank in trouble or are they just simply the most disreputable bank out there? I shall not use the card again, nor any other product they offer - such as a JetBlue card. I am really angry about this and although I have let them know how I feel, there is nothing one can do. I just hope that the few people I am able to influence to stay away from them will give me some slight satisfaction.

[UpperNwGuy]

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@Anonymous wrote:

My credit line was changed from $7,800 to $500 with no warning. I have had the card for many years and have nothing derogatory on my credit profile. Is the bank in trouble or are they just simply the most disreputable bank out there? I shall not use the card again, nor any other product they offer - such as a JetBlue card. I am really angry about this and although I have let them know how I feel, there is nothing one can do. I just hope that the few people I am able to influence to stay away from them will give me some slight satisfaction.

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I assume by "nothing derogatory" you mean no late or missed payments.  What's your overall utilization rate across all your cards, and has it increased recently?  Have you added new credit cards or gotten significant credit limit increases on existing cards recently?

[Anonymous]

Yes, I accepted an offer from Chase to move other balancees to interest free for 12 months. Seemed like a good move. I think the important lesson is that regardless of how much you think a bank appreciates your business, no one at the banks prodbably has any involvement... it is all done by computer algorithms and you are of no value.

I doubt any bank is any better than any other, although none of the other banks that I have cards with has done this. I needed to get this out of my system as I fumed for hours earlier this week. I have now cut the card up, will pay off the balance, and will move on.

[Anonymous]

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@longtimelurker wrote:

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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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That is rather too broad a statement.   There are others reasons to close a no-AF card.

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Agreed.

[dbatl14]

Not true. Barclay decreased mine while other banks like Bank of America, Amex, TD Bank, Nordstrom increased me by double. My BofA has 22K, Nordstrom has 13K, Target has 11K, Amex (I have 6 card business & personal all have Pay over Time and No spending limit). Barclay was 3500 and they reduced it to 2400 and my Apple Rewards went from 2000 to 1650 (they dropped it the next month after I got approved via Apple when I bought my MacBook Pro with their promo).

So either they are in their feelings because I bank with other banks and I put all my spent on those, I hardly ever use Barclay and only use Apple when I buy Apple stuff. After Barclay reduced my CL, Amex approved me for the Hilton Honors Aspire.

So whatever their "logic" is, it's either they think too highly of themselves or they just don't have the money and reallocate limits to those that make purchases with it. Also keep in mind that all foreign banks operate the same. I received the HSBC card not much credit like 2000 and they made me go through the wringer for that took over a month to approve, phone calls, emails with my ID and so on maybe it is because they were associated with major money laundering charges.

Who knows I only use cards of the banks that are good to me which is right now Amex, Discover, Cap One and Discover. Put most my spend on the Amex cards for business and personal since they have the best rewards for me from Dining, Travel and Business. I don't fool with Chase at all as we had a big falling out and since I have no desire to pursue any of their Cards, I know many rave about the Sapphire but I hate Chase and won't give them a dime.

But as far as Barclay the bank totally sucks, if you only have a few cards and it is one in your portfolio maybe your mindset is different considering that I have a huge portfolio with a lot of banks and Barclay is the bottom of service, rewards and credit. I don't really care

[ridgebackpilot]

Adding to the datapoints on Barclay: A couple of years ago, they gave me a CLD on both my Barclaycards, the Arrival Plus World Elite MC and the JetBlue Plus MC. I believe it was due to the fact that I'd opened credit cards with other banks...

Since then, my use of the Barclaycards has been quite limited. They're sitting in the sock drawer at zero balances and I'm considering closing them both. I don't fly JetBlue much anymore. I formerly used the Arrival Plus MC quite a bit due to the travel benefits, but after they gave me a CLD it just wasn't worth it anymore.

You have to wonder what motivates a bank that so freely dispenses CLDs. Do they not want us to use their cards?! Seems self-defeating to me...