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

[enharu]

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@Booboo71 wrote:

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

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you were, but you went ahead and opened 12 accounts in 3 months.

To be honest though that will freak out a lot of lenders.

[FinStar]

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@09Lexie wrote:

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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. 

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+1

And, as enharu has pointed out, Barclays (or any lender) is within their rights to exit any business or credit realtionship with any individual at anytime for any reason.  Not every lender works for everyone.

[FinStar]

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@enharu wrote:

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@Booboo71 wrote:

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

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you were, but you went ahead and opened 12 accounts in 3 months.

To be honest though that will freak out a lot of lenders.

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+1

You were ok with them for that short period, but your credit behavior by opening an excessive number of accounts certainly gave them reason to shut you down.  This essentially demonstrates a high risk for any underwriter, not to mention possible signs of overextension or financial mismanagement - their view.  Sorry.

[FinStar]

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@rlx01 wrote:

Barclays just plays a different game to the other lenders. They have zero tolerance, and reduce their exposure ruthlessly. That doesn't make it bad.

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+1

Purely business at the end of the day for any investor and the expectation with that particular company.

[Credit-hoarder]

I guess it's like someone else posted one time about Barclay's...If you're planning an app spree and including them-app for them last.

[09Lexie]

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@Credit-hoarder wrote:

I guess it's like someone else posted one time about Barclay's...If you're planning an app spree and including them-app for them last.

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And not add 12 new TLs in 3 months 

[FinStar]

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@Credit-hoarder wrote:

I guess it's like someone else posted one time about Barclay's...If you're planning an app spree and including them-app for them last.

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This can still backfire and has for some people.  They will periodically review your CR, so if they were "last" one on the lovely application spree, they sure can be the first to close your account(s) if there's eveidence of excessive inquiries or newly opened accounts within a 6-month timeframe of opening up the Barclays card.  Regardless, it can still have negative consequences.

[enharu]

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@09Lexie wrote:

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@Credit-hoarder wrote:

I guess it's like someone else posted one time about Barclay's...If you're planning an app spree and including them-app for them last.

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And not add 12 new TLs in 3 months 

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+1.

If you're planning to add 12 new TLs in 3 months, it doesn't matter if you app for them first or last.

If you app for them first, they'll just approve the app, and then close the account later on during a periodical review, which is what happened.

If you app for them last, they'll notice all the inquiries, and not approve the app. Even if they do approve the app, they're still going to close the account later during a periodical review. The only way this won't happen is if most of those other 11 accounts were hidden tradelines.

[BootStraps]

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@enharu wrote:

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@Booboo71 wrote:

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

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you were, but you went ahead and opened 12 accounts in 3 months.

To be honest though that will freak out a lot of lenders.

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Especially with the rampant identity theft out there.

[myjourney]

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@09Lexie wrote:

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@Credit-hoarder wrote:

I guess it's like someone else posted one time about Barclay's...If you're planning an app spree and including them-app for them last.

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And not add 12 new TLs in 3 months 

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And not add anything for 6 month minimum