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I just got approved for the Barclaycard ring on monday and I know barclay is very sensitive about new accounts. Does this also include auto loans? I may be getting an auto loan next week and was wondering if barclay would care??
New accounts YES within the 1st 6 months. Auto loan I wouldnt be worry about. I got Barclays 3 months ago and they soft my C/R.
Congrats! I was contemplating the Ring, but opted for the Rewards MC. Barclay's has been good to me, knock wood. I don't think you'll have a problem w/an auto loan at all.
Well Im going to have some trouble because I applied for them last. And their account hit my CR already. At some point in the next month Chase Freedom, NFCU Platinum, NFCU Cash Rewards, Capital One Cash Rewards and potentially a Chase SWA Visa (pending) will hit my account. Im guessing they will be closing my account. Which I wouldnt mind sort of. Its only $500 CL and the next lowest was $2.3K. But I did take a hard pull and Im not sure how that will look on my credit report. An account immediately closed only after one month. Would I have to petition to get the acount completely removed if that happens?
@Anonymous wrote:Well Im going to have some trouble because I applied for them last. And their account hit my CR already. At some point in the next month Chase Freedom, NFCU Platinum, NFCU Cash Rewards, Capital One Cash Rewards and potentially a Chase SWA Visa (pending) will hit my account. Im guessing they will be closing my account. Which I wouldnt mind sort of. Its only $500 CL and the next lowest was $2.3K. But I did take a hard pull and Im not sure how that will look on my credit report. An account immediately closed only after one month. Would I have to petition to get the acount completely removed if that happens?
That's a lot of new accts to open at once. I got Barclay's apple in November and apped after I was approved for Walmart & NFCU, but the NFCU didn't show up on CR for a month or so -- which was after I got Barclay's. I was a little concerned, but thankfully everything is fine. I'm concerned again because I just upgraded my GE Old Navy store card to a visa, which hasn't reported on TU yet. I'm hoping my low util will keep everything okay.
Just pray you fly under the radar and keep your util as low as you can. IMO, I think that is one of the things that concerns them. If util is higher (even 30%) and you're apping for a bunch of cards, I think it's a red flag. If your util is low (under 10%) and you get some new CCs, it doesn't look like you're in financial trouble as much as just getting new cards, maybe for rewards or something. Hopefully that makes sense!
Not much you can do about it now. Just keep your fingers crossed and your util low.
I keep seeing threads about people who apply for credit and then are afraid to use it (AMEX), or apply for credit and are afraid that some other creditor is going to do something in response (Barclays). I don't understand this line of thought. Can someone please explain this so I can?
@android01 wrote:I keep seeing threads about people who apply for credit and then are afraid to use it (AMEX), or apply for credit and are afraid that some other creditor is going to do something in response (Barclays). I don't understand this line of thought. Can someone please explain this so I can?
Eh, well, Sears card just credit limit decreased my husbands card. His utilization is better than it has ever been, but, they insisted on using a soft pull from two months ago to make that decision. We called 4 times, one time the customer service rep said it was because of inquiries and new account. Though, hey, each time we got a different answer.. lol
It seems like some lenders are the type that take their toys and go home if you get another card or a few more inquiries. Which wouldn't be a big deal, it's just the way they do it. His credit would've dropped drastically if that card would've reported maxed out thanks to their credit limit decrease. I'm sure we won't get the letter about it until after the statement date. I wonder how his new Amex account would've reacted to him being maxed out on his only other nonstore card? I bet they would've closed it. Lots of card companies will close a new account if something adverse happens to the customers credit score. Then he goes from entering prime territory to stuck back in rebuilder with not a thing changing on his end. I think that incidences like that cause paranoia. American Express for me is worth the risk, but I don't think I would bother with Barclays now.
Current Cards: Cap 1 Journey $3000, Cap 1 Playstation $2250, WFNNB Store Cards $2450 combined, Target $700, CareCredit $1700, Barclay Rewards Plat. Mastercard $1800, Old Navy $300, DCU Platinum Rewards Visa $2000, Swagbucks Rewards Visa $1000
Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009
Current Score: 671 EQ (09-27-2014 DCU) 660 TU (9/26/14 Barclays) Ex 688 (10/07/2014 Swagbucks)
Gardening since 9/22/2014
@JenniferinFL wrote:
@android01 wrote:I keep seeing threads about people who apply for credit and then are afraid to use it (AMEX), or apply for credit and are afraid that some other creditor is going to do something in response (Barclays). I don't understand this line of thought. Can someone please explain this so I can?
Eh, well, Sears card just credit limit decreased my husbands card. His utilization is better than it has ever been, but, they insisted on using a soft pull from two months ago to make that decision. We called 4 times, one time the customer service rep said it was because of inquiries and new account. Though, hey, each time we got a different answer.. lol
It seems like some lenders are the type that take their toys and go home if you get another card or a few more inquiries. Which wouldn't be a big deal, it's just the way they do it. His credit would've dropped drastically if that card would've reported maxed out thanks to their credit limit decrease. I'm sure we won't get the letter about it until after the statement date. I wonder how his new Amex account would've reacted to him being maxed out on his only other nonstore card? I bet they would've closed it. Lots of card companies will close a new account if something adverse happens to the customers credit score. Then he goes from entering prime territory to stuck back in rebuilder with not a thing changing on his end. I think that incidences like that cause paranoia. American Express for me is worth the risk, but I don't think I would bother with Barclays now.
Thanks for the explanation! So my next question would be why would anyone want to keep that kind of relationship in the first place?
Thanks for the explanation! So my next question would be why would anyone want to keep that kind of relationship in the first place?
Now, that's a good question. My husband had planned on keeping his Sears card because it's one of his older accounts and he has a very short credit history. It doesn't have an annual fee, so, it used to make sense to keep it. He also is very light on revolving nonstore accounts. As nasty as they are, I think he should still try to keep them for another couple years. Of course, knowing what we do now, I would never let a balance report on it since his credit limit could be changed at any time. It also really stresses the need for a varied set of credit cards held longterm.
Current Cards: Cap 1 Journey $3000, Cap 1 Playstation $2250, WFNNB Store Cards $2450 combined, Target $700, CareCredit $1700, Barclay Rewards Plat. Mastercard $1800, Old Navy $300, DCU Platinum Rewards Visa $2000, Swagbucks Rewards Visa $1000
Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009
Current Score: 671 EQ (09-27-2014 DCU) 660 TU (9/26/14 Barclays) Ex 688 (10/07/2014 Swagbucks)
Gardening since 9/22/2014