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@yfan wrote:
@Anonymous wrote:
I called already and they did a FR and everything was in order. They just wouldn't restore CL because of new accounts... Macy's, Lowes, Ritz Carlton, Discover and Toys R Us.Might I ask why you are taking on a $395 AF card when you have $2K in long term balances that you can't pay off at once (because if you can, you should, yesterday).
@Anonymous wrote:
@Anonymous; umm?? (Mod Cut-nonFSR) where did I hold lender responsible for MY actions?(Mod Cut) You did hold lender responsible for your actions. Your actions in this case entailed opening up multiple new accounts within a short period of time, which is what Barclays cited as the reason for your CLD. In other words, they didn't do it randomly, something you did triggered their action.
Every account affects your relationship with other creditors to the extent it is repored on a credit bureau report. When you first got the card, I am sure it gave you a boost, what with being your highest limit card. That too affected your relationship with other creditors, just in a positive way.
(Mod Cut) QUARTERLY BONUS. $395 on my quarterly bonus justifies the benefits especially since I don't carry a balance on the "$395 AF card"" ($95 for anyone who even remotely travels)
@Anonymous wrote:
I called already and they did a FR and everything was in order. They just wouldn't restore CL because of new accounts... Macy's, Lowes, Ritz Carlton, Discover and Toys R Us.
@Anonymous; umm?? (Mod Cut-nonFSR) where did I hold lender responsible for MY actions? I think I was merely seeking suggestions.
So we've all determined said lender is hypersensitive. I'm uber responsible so even after a financial review and HP they would not restore CL because of the new accounts. I'm upset because it just doesn't affect my relationship with them but all credit approvals going forward.
Maybe I'll try for slate and BT. All I ever used Extra Points was for the $100 bonus which went to paying down that BT.
Honestly, I'm not sure grabbing two more cards is the best idea at this time.
(Mod Cut)
I won't front like I have $2k to just pay off the balance lying around somewhere. However, my current income supports my home life - kids, car loan and lease, football, gymnastics, Disney passes, gym membership, etc just fine and so don't assume that I'm piling on debt. I have other obligations that dictate where it goes first and that's not towards a 0% BT that is actually being paid off faster than initially anticipated.
(Mod Cut)
Sorry to read of your troubles OP. I've noticed a pattern with Barclay's CLD's as of late. The majority of the issue seems to stem from the BT's. I've opened more accounts than you in a shorter period of time and haven't heard a peep out of them thus far. So I'm wondering if the BT plus multiple account openings triggers a swift CLD response from them? The util is temporary, so I wouldn't sweat it too much. Once your balance is below that 30% mark the scores will bounce back...probably higher than before the issue. Sucks I know..it's all temporary as everything in life is.
@Gmood1 wrote:Sorry to read of your troubles OP. I've noticed a pattern with Barclay's CLD's as of late. The majority of the issue seems to stem from the BT's. I've opened more accounts than you in a shorter period of time and haven't heard a peep out of them thus far. So I'm wondering if the BT plus multiple account openings triggers a swift CLD response from them? The util is temporary, so I wouldn't sweat it too much. Once your balance is below that 30% mark the scores will bounce back...probably higher than before the issue. Sucks I know..it's all temporary as everything in life is.
Yep I think you are correct. Never heard a peep about my new accounts until I did a bt. I also think it was the combination of the two that got me cld last month.
It happens. Its just part of the credit world. This is why you should spread out inquiries.
Also you mentioned barely using their card. Honestly, that may have contributed. Anecdotally, they "like" seeing everyday spending on a card and seem to take AA more often on seldom used cards.
Opening new cards is about the worst thing you could do right now. Constant BTs are often a risk signal for issuers. Keep that in mind.
OP, I do feel your pain, as a few years ago I had a similar situation.
Just when I was at my weakest financially, it's as if certain lenders decided to all 'pile on', so to speak. I know our scenarios are different, but I'm sure the irritation and annoyance is very much the same.
The myFICO forum members seem to either 'Love' or 'Hate' Barclays, with little in-between. There are folks who can't say enough about how wonderful they are as a bank (especially the folks with Sallie Mae or Ring accounts) and there's the folks who, like yourself, have felt the sting of Barclays arguably heavy-handed adverse action.
I agree that Barclays (just like any other lender) certainly has the "right" to take any action they want on any customer at any time for any reason - but you already know that, and that's not what you came here to hear.
Barclays has already "rendered judgement"... you don't need us to as well.
All I can say is that while what has happened is completely lousy it's not completely unexpected. Barclays is well-known here to be quick to take AA on some customers, specifically when balance transfer offers are used and when new accounts are opened with other lenders in a short period of time. Is this 'right'? Well, it's certainly within the scope of the cardmember agreement. It is fair? Well, that can certainly be debated - other myFICO members are welcome to discuss that as much as they like. I'm fairly certain, though, that the OP feels it isn't - which is his prerogative just as much as it's ours.
To the OP, at this point it seems you've taken the exact action I would take in your situation (called for recon) and at this point there's not much more you can do. Unless you're trying to actively manage your daily FICO scores for an upcoming major purchase, I would for the moment just be concerned with paying down the remaining balance on the Extra Points card. Your scores will take a temporary 'hit' due to your increased utilization (because of the reduced credit line) but that will only be temporary, and will quickly recover as you pay down the balance. You seem very conscientious of your credit, so I suspect you'll recover from this 'bump' very easily.
My own takeaway from this situation is to continue to keep a diverse collection of cards; I don't want to give any one lender the power to wreck my own financial situation with a simple keystroke.
OP, I'm sorry that this happened to you. Hopefully, once you pay off the balances, your scores will rebound. It also sucks that when you seek advice, people try to chastise you. Don't let other comments get you down. Good luck!
UncleB, you win the internet today! In a perfect world we would all pay off our cc balances weekly, but the world isn't perfect and life happens. I'm sure MANY people have received unexpected news where their first gut reaction was to blame the messenger. It is what it is. Getting judgemental about someone's reaction to bad news doesn't help at all.
Op I wish I had a brilliant idea to offer, but I don't. All I know of is to just pay down the balance so that when your scores rebound you can get a good BT card that is less twitchy. Then SD the Barclay card as an emergency only card or something. When I f first started my rebuild, I thought Barclay would be a good "goal card" to aim for. But I keep reading posts like yours which have made me rethink that. Yes, it's within their rights to do stuff like this, but dang! Barclay seems to do it a lot, and that makes me leery of them. If they are THAT concerned with my use of the credit they extended me, then they probably shouldn't have given it to me to start with.
Here, have some bacon. Bacon makes everything better. Well, chocolate too, but I am all out of chocolate at the moment.