Denied by Barclay

[Open123]

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@--HighHopes-- wrote:

It sounds surreal that a big card company like Barclays would endorse high or somewhat high utilization of cards...

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The utility ratio to maximize one's Fico scores isn't necessarily the same as the utility ratio a respective lender may find the most profitable.  

In other words, if I'm an issuer of credit cards primarily profiting from interest revenue derived from carried balances, a higher utility would be more valuable than an extremely low one.  All things being equal, at best, a low utility with high CLs will suggest very little CC spending; or, at worst, preparation for bust out BK.

[Jerry45]

Thanks Hopes. I was baffled by the 30% Util from the Supervisor. The other thing that concerns me is that they do not like new accounts for months after opening a Barclay's card or they may close your TL.

[TRC_WA]

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@baller4life wrote:
GE UWs have absolutely NO authority to approve. It's all computer based. They merely input data. So you are at a dead end there. Sorry. But, Barclays UWs can and will override computer. Both of my cards were recons. Just call and sweet talk them.

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So THAT'S why I can get a CLI on every single account I have other than my 4 GE cards!

[TRC_WA]

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@--HighHopes-- wrote:

The analyst told me that Barclays likes on time payments a little more than minimum and that they like usage of their cards.  They really want to be your daily card, but at least keep a 20-30% utilization on them and that along with good payment history should set you up for a CLI within the first 6 months if not sooner.

So I really think that Barclays is one of a kind in big banking with what they look for and like to see!

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I'd agree with the analyst.

That's all I've done with my Barclay card and I got a $1000 auto CLI when my 6th statement cut... and hopefully another when my account hits 1 year old in Sept.

[Turbobuick]

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@--HighHopes-- wrote:

It sounds surreal that a big card company like Barclays would endorse high or somewhat high utilization of cards, but I agree with Jerry and was told the same thing by Barclay Credit Analyst!  I apped and was approved for the Barclay Rewards MC and since I applied over the phone due to some address issues after being told I was approved with a little 1.3K limit I asked what did they look for in auto CLI.  The analyst told me that Barclays likes on time payments a little more than minimum and that they like usage of their cards.  They really want to be your daily card, but at least keep a 20-30% utilization on them and that along with good payment history should set you up for a CLI within the first 6 months if not sooner.

So I really think that Barclays is one of a kind in big banking with what they look for and like to see!

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wow, they are advocating carrying a balance? I'm on day 3 of the "we'll get back to you in 7-10 days" on my app for Sallie Mae. I don't carry balances, I charge a few thousand a month and pay it off. Expecting 20-30% monthly utilization is one thing. When they couple that with "a little more than minimum payment", they lost me and now I expect to be denied. It would not make financial sense to me to carry any balance on a rewards card. I have a few low interest cards between 6-8% I can use instead.

[nikkiheaven]

So, what are my chances of getting the Barclays Apple Card.  TU Vantage Score is at 683.  Thinking about  getting an IMAC for Christmas.  The only other cards I have are Navy Federal, Navy Federal LOC, Walmart, and VS.

[Jerry45]

They want to see at least one TL with  a year of age. Also any new opened accounts, 3 or 4 payments on your Transunion CR. They told me 30% Utilz, but who knows.

Recon is a drag, someday I just want to be one of the lucky few who get approved instantly. LOL

[TRC_WA]

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@nikkiheaven wrote:

So, what are my chances of getting the Barclays Apple Card.  TU Vantage Score is at 683.  Thinking about  getting an IMAC for Christmas.  The only other cards I have are Navy Federal, Navy Federal LOC, Walmart, and VS.

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I would say your chances are pretty good.

I was approved in 9/2013 with a couple open CapOne cards and a TU FICO score around 640.

[Jerry45]

Baller, thanks for the tip on creating a statement for Walmart. I went in store and paid $1 over my balance, and it worked like a charm.

[Turbobuick]

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@Jerry45 wrote:

They want to see at least one TL with  a year of age. Also any new opened accounts, 3 or 4 payments on your Transunion CR. They told me 30% Utilz, but who knows.

Recon is a drag, someday I just want to be one of the lucky few who get approved instantly. LOL

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Applied for a couple Sallie Mae World Cards, for my wife and myself, 4 days ago and hadn't heard back so I called them this morning using the backdoor number (answered by male and handed off to female).  

She took lots of info from me regarding address, birthday, SSN, and time in current home. All stuff that was on the app. Nothing related to income which was surprising since I'm self-employed. Not really sure why I wasn't instantly approved. Perhaps should have asked, but it didn't occur to me. 

35 yr credit history, fico over 800, less than 2% current utilization, approved with $12.5 CL on two cards. I think the 30% utilization thing was a ruse.