bichonmom wrote:I'd say they're a prime lender, but a little more lenient and less conservative than other banks. Their reps actually have the authority to make decisions about approvals and CLs, which a lot of bank CSRs don't have (e.g. Amex). Their standards might be a little lower than Amex or Chase, but I don't think that makes them any less desirable as a lender. In fact, if anything, I appreciate that they do have that flexibility, to help me move out of Cap One land!
+1
CreditScholar wrote:I'd probably say they're quasi-prime. They're essentially a stepping-stone for people from non-prime lenders like CapOne to prime lenders like Amex and Chase. They have some at the very low end of prime, but their actions of constant softing people after opening an account doesn't describe a true prime lender.
Prime lenders typically show more faith to their cardholders or will simply deny them upon application if they have serious doubts. I know there are exceptions like Amex FRing a fresh applicant, but in general I think this holds. Barclays checks up on you frequently because of the typical client they have. A good number have screwed up their credit in the past, so they want to make doubly-sure people don't screw up again while using their cards.
I definitely see your point; however Amex is notorious for repeated softing too. Citi also softs me monthly. I think a soft check periodically is becoming the norm, even with most lenders for the first 6 months to a year. Chase softed me monthly for the first 6 months but since then it has been few and far between (and I think for promotional purposes).
Starting over in the garden...my seed has been planted:-)Last app: 02/23/2013
tonyaether wrote:
CreditScholar wrote:I'd probably say they're quasi-prime. They're essentially a stepping-stone for people from non-prime lenders like CapOne to prime lenders like Amex and Chase. They have some at the very low end of prime, but their actions of constant softing people after opening an account doesn't describe a true prime lender.
Prime lenders typically show more faith to their cardholders or will simply deny them upon application if they have serious doubts. I know there are exceptions like Amex FRing a fresh applicant, but in general I think this holds. Barclays checks up on you frequently because of the typical client they have. A good number have screwed up their credit in the past, so they want to make doubly-sure people don't screw up again while using their cards.
I definitely see your point; however Amex is notorious for repeated softing too. Citi also softs me monthly. I think a soft check periodically is becoming the norm, even with most lenders for the first 6 months to a year. Chase softed me monthly for the first 6 months but since then it has been few and far between (and I think for promotional purposes).
Yes...I agree...Barclay is by no means the only prime lender that softs its card customers in a paranoid manner. Just do a search about CLDs, closures of account holders with scores in the 700s and you'll see that this is by no means limited to Barclay.
Now, I will stipulate that Barclay is probably the worst offender of the bunch, but I really don't think it has to do with who they are lending to. If that was the criteria, Cap1 and Orchard would soft card holders weekly because nearly all of their card holders are either building or rebuilding credit for a variety of reasons.
lol
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