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myjourney
Posts: 26,620
Registered: ‎02-07-2013
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Re: Dear Barfclays oh why oh why did you close my account.


Duncanrr wrote:

Credit-hoarder wrote:

Barclay's is so stupid. I wouldn't have them b/c as long as I'm paying my bills when I'm suppose to, I should be able to apply for as much credit as I fell I can HANDLE without having someone looking over my shoulder.


Barclay is a bank and has obligations to its share holders to protect its assets.  Whether you feel you can "handle" more debt isn't what matters to them.  They have a fiduciary duty to determine whether your outstanding credit obligations and credit seeking behavior present a risk to them.  This has nothing to do with whether or not you pay on time but whether your profile presents an unacceptable risk to them.


This is a common mistake people forget and should act and think as a shareholder ...Good point Duncanrr

Wouldn't you watch your investment if it were your money being loaned out? Of course you would :smileywink:

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Established Contributor
Credit-hoarder
Posts: 529
Registered: ‎08-30-2013
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Re: Dear Barfclays oh why oh why did you close my account.

So I'm the ONLY one seeing them as just a little too paranoid?

Valued Contributor
Duncanrr
Posts: 2,843
Registered: ‎06-08-2012
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Re: Dear Barfclays oh why oh why did you close my account.


Credit-hoarder wrote:

So I'm the ONLY one seeing them as just a little too paranoid?


No, they are a little paranoid :smileyhappy:   They are agressive in their monitoring of new accounts.  Much more than most lenders.  I just think that you need to get to know your bank before you enter into a relationship with them.  Just as a bank does a credit check on you prior to extending you credit, you should do a bank check on them to see what they are like and how they have handled credit in the past. 



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
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coterotie
Posts: 556
Registered: ‎11-30-2012
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Re: Dear Barfclays oh why oh why did you close my account.

I was incredibly paranoid about apping for Barclay's when it popped up that I would be pre-approved.  So I got the Sportsman's visa before I apped then immediately apped for the Barclay's.  Got them both.   Waited a couple of months to apply for the card I really wanted which was the Marriott Chase got that one and haven't touched an application button since.  Trying to keep the Barclay's pretty much paid off, but since it is a Mastercard end up using it when I'm at Sam's and my wife has the debit card.

 


Credit-hoarder wrote:

So I'm the ONLY one seeing them as just a little too paranoid?


I'm being really careful with it, as I want it to CLI from the initial 1,900 limit.

Established Member
suzeeh
Posts: 11
Registered: ‎04-09-2012
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Re: Dear Barfclays oh why oh why did you close my account.

I had the same thing happen with me by American Express.  I had never missed a payment but they saw around $1,200 credit purchase I made for an upcoming cruise and several inquiries (probably four).  They even told me what the purchases they saw were for when I called, so they were going through it with a fine toothed comb.  I think this happens quite often from what I'm hearing.  Too many inquiries when you're trying to rebuild your credit is a real red flag to credit grantors. 

American Express Gold $7,000
American Express Platinum $5,000
Barclay's Mastercard $5,000
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Established Member
suzeeh
Posts: 11
Registered: ‎04-09-2012
0

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

By the way, they closed both of my Am Ex account, which were never ever late.  That was $12,000 credit line which then caused my credit utilization to be much higher.  Watch those apps people.

 

American Express Gold $7,000
American Express Platinum $5,000
Barclay's Mastercard $5,000
Discover $5,000
Southwest Airlines Visa Rapid Reward (Chase) $5,000
Khol's 900
Steinmart $2,300
Walmart 1,000
Target 200
Frequent Contributor
rlx01
Posts: 370
Registered: ‎02-10-2013
0

Re: Barclay closed my account...

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.

Contributor
Booboo71
Posts: 226
Registered: ‎11-08-2012
0

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

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. 

Contributor
Booboo71
Posts: 226
Registered: ‎11-08-2012
0

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

I have established credit with others prior to their card but yet those cards haven't shut me down nor have I been late or had high utilization with them.

Valued Contributor
Duncanrr
Posts: 2,843
Registered: ‎06-08-2012
0

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

To get back to the OP's original issue, did you contact them and see if they would reopen the account?



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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