Dear Barfclays oh why oh why did you close my account.

[Booboo71]

Yes and it was NO! 

[Booboo71]

I called a credit analyst and they sent me over to some portfolio credit team. Their the ones who monitor and watch your credit profile. The credit analyst cannot override their decision.

[Booboo71]

It's ok now I have my Bank of America card which is a secured card and hopefully in March it will unsecure. I have capital one for 1.5 years  us bank and gte visa. All prior to them along with macys. none of those closed me for barclays and none of those closed because of the other new cards I just got.  

[09Lexie]

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@Booboo71 wrote:

I understand they have to protect their assets as a bank. I just think it's ridiculous if I had waited 1 year compared to 3 months that would make a difference in their eye's . Yes I have had credit issues before but  they knew this also when they approved me for their card. 

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There is no way of telling if they would have closed your accounts in 12 mos or 24 mos.  The red flags were the dozen new accounts in 3 mos.  if you had the account open for 2 years and decided to go on an app spree of 12 cc's, they would have had the 2years of pyt history to decide if the account was a risk.  Three months is too new for any lender when there are credit concerns, a thin file or util factors.

the difference between Barclays and Amex is called a FR - In this case they decided to cut their losses. 

Edit:typo 

[enharu]

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@Booboo71 wrote:

I understand they have to protect their assets as a bank. I just think it's ridiculous if I had waited 1 year compared to 3 months that would make a difference in their eye's . Yes I have had credit issues before but  they knew this also when they approved me for their card. 

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If you have derogs on file, banks will be a lot more stringent on you as compared to others who have no past derogs, simply because you're in a much higher risk subset. Beyond a certain point of risk, certain bank(s) will want nothing to do with you altogether because the perceived profits do not justify the risk exposure.

Like others have already said, Barclays is extremely conservative / paranoid when it comes to their credit cards division. So in a way it's not entirely your fault either, though to be honest 12 accounts in 3 months is really pushing it too far. It's just you're not the "right" customer for Barclays and Barclays isn't the right bank for you. My advice is to try calling their backdoor department a couple times and try to have an analyst reverse the decision. Sometimes it can be done, but that'll depend on your internal risk score and how far you're away from their threshold. Otherwise, just forget about them for now and focus on your other credit lines.

[Booboo71]

What does FR stand for? 

[enharu]

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@Booboo71 wrote:

What does FR stand for? 

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financial review.

[FinStar]

That's unfortunate, but it is what it is and what's done is a learning lesson.  Sorry to hear OP.  Next time, plan your applications or any extensions of credit more strategically and just be aware that Barclays is not the only lender that takes this type of AA.   I have 4 CCs with them, actually 5 is you count Bank of Hawaii AMEX, never any CLDs or AAs.  However, these have been acquired over a long period of time.

Then again, I don't go for any major or indiscriminate application binges and I use credit responsibly.  It just happens that you stepped on the Barclays "booby trap" and it bit.  At the end of the day, regardless how you pay them or your loyalty to them, it is a business decision and they're just more keen on the risk side of things whereas other lenders are more relaxed on those internal policies, but they're all watching one way or another.

[Credit-hoarder]

I just picked up 2 INQ's-One on TU and one n EQ-but they were for CLI's on existing cards. I'm hoping my other creditors realize this and decide not to freak out also.

[Booboo71]

i was right for them 3 months ago when they granted me credit.