Barclays closed my account...

[Datx]

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@mross1080 wrote:

Whats your current util? Seems crazy they would close you so soon with nothing new on your reports.

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Around 25% ish. My toy cards have very small limits reporting and my NFCU card has almost 1K reporting on a 5K card. Maybe that was it...my NFCU card had a zero balance reporting when they approved me. With $1100 on the barclays and almost $1000 on the NFCU card, maybe that was what they didnt like. If that is the reason, all I can say is wow and I maybe christmas shopping was a bad idea. The Barclays card is now paid off, I just went ahead and took care of it. Maybe they will see this on Monday when I call and re-open my account. I can only hope at this point.

[clocktick]

Wow, I'm so sorry.  I would not be happy at all.  I know a lot of us are looking forward to your update to see exactly what happened. 

I opened a Barclays card and I'm sure my new Amex will start reporting any day.  Your thread makes me nervous.  I really hope they reopen it for your sake.  Maybe paying it off really did help.  Let us know!  I'm pulling for you.

[Anonymous]

hopefully this will not happen to the rest of us considering I open 2 accounts since my barclays card. But judging by what I read I think you spooked them by running up the balance on the card and perhaps should have made smaller purchases on card to start with. I think some credit card companies look for red flags like making large purchases when you first get the card.

[Datx]

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@Anonymous wrote:

 But judging by what I read I think you spooked them by running up the balance on the card

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That is true. Tough lesson learned. I wanted to run a high charge on it and then pay if off, to kind of show that I can handle the CL, but I guess that backfired on me. Who wouldve known they close my account after just one month. I never had any CC company do that to me ever.

[Anonymous]

We live and we learn buddy. Th only credit card I have that I know would not get canceled like that is my usaa mc just because I have so many accounts with them but other credit card companies I only run small purchases through for the first 6 months and I always pay off before the statement cuts just to be safe I always fly underneath the radar. But I hope they turn your card back on just explain to them that you don't need the credit and you just wanted to get points back to use on iTunes they like hearing stuff like that and you should be good , oh and pay the rest of the balance today if you can so it looks better.. 

[wollepopolle]

Don't you lose the rewards points that you've accrued when the grantor closes your card? If they cannot be talked round, then that would pain me, too. Your debt doesn't seem extraordinary to me. I myself have three new accounts on my report (now each about 3 months old). I've been paying them mostly off before they reported so that they and other creditors wouldn't panic. I ran $3k through my new BoA card this month. I wonder what that would have looked like had it reported. I let that card only report  $100. This thread reminds me that I should anally stick to that untli the accounts turn a year or so.

Sorry for your loss of the card so quickly. It doesn't sound fair. Perhaps, something will move for you on Monday.

[Anonymous]

If I would have to take a guess, it was the $600 payment on a $1,100 balance. That looks as if you were strapped for cash.

[scottwagnon]

i have opened 8 cards from 9/22 to 11/15. my score initally was excellent, so it went from exellent to good. but i have a really low balance across all of my cards. i don't have a mortgage or a loan (some creditors see this as better, some see as worse). barclays BNMC is one of those new cards. i have still not experienced any adverse action on any of my cards YET. so i don't necessarily agree with rizzo. had 4 active store cards, rcwilley (was inactive) and wells fargo visa before these cards on 9 22 10:

more discover 2500

walmart discover 800

blue cash amex 2000

paypal mc 3000

hooters mc 2800

barclays mc 2600

citi platinum mc 1600

rz gold mc 1500

[JayRizzo]

ScottW, as I stated in my original post, Barclay's Portfolio Credit Unit reviews the credit reports of 'newly-opened' accounts during the first 6-months.  Barclays reports pretty fast to the credit bureaus before you even receive the card, so If Barclays was LAST of the new cards, then you're probably safe.  But, if any of those additional cards begin to post onto your credit report 'after' Barclays, then watch out!  They will state that you're 'agressively seeking credit'.  Even the moderator provided insight on Barclay's history of sudden closures earlier in this thread. 

[scottwagnon]

BNMC is barclays barnes and noble mc. i opened it on october 13 2010, in addition to several other cards afterwards. in fact of the 8 cards barclays was the FIRST to report. 8 new bank/merchant cards from september 22 2010 to november 15 2010.