New Barclays Rewards Card vs. Additional Inquiries

[jake619]

I app'd and was approved for the Barclays card this month.  There is a lot of talk about them watching my CR for the next 6 months.  I feel like since I took the HP hit getting this card I might as well take another HP hit and see if I can get into AMEX.  My thinking is if I get declined then oh well, the HP's both fall off together and if I am approved then yaay for me.  And that's the part that worries me.  

So many people bring up the Barclays CR polling that I've come down with the parlysis-by-analysis syndrome.  If AMEX approves me and Barclays gets pissy and closes their TL, I still have the AMEX.  But if AMEX declines and Barclays gets pissy and closes their TL them I'm hosed.

What to do?

[beb86]

Congrats just watch as Barclays is INQ/New acct sensitive for the first 6mo.....

What is your limit?

[jake619]

$1900.  Their hypersensitivity to INQ's is what's holding me back from another HP this month.

[CreditResuscitation]

@jake619 I would wait. I asked the same thing when they approved me for the Apple Barclay. If you aren't in any rush and don't need the card for a specific purpose, I would just wait it out. Then not only in six months will you more than likely get approved for an AMEX card, but you'll get a CLI on your Barclay card too!!!

[jake619]

Good point about the 6 month CLI.  Is that auto or will I need to request it?  After emerging from a short sale that really dragged us through the bowels of the credit system (many thanks to BofA for that) my wife and I are anxious to rebuild our creditworthiness.  I don't have a purchase-pending reason for wanting the AMEX; just want to get back on their radar.  It's just one part our strategy but certainly can wait.

Thanks. 

[CreditResuscitation]

I'm not exactly sure how Barclay works with their cards. I just got approved for my first one a few days ago, but I think you call in for it. If you find out before me give me a shout.

[beb86]

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@CreditResuscitation wrote:

I'm not exactly sure how Barclay works with their cards. I just got approved for my first one a few days ago, but I think you call in for it. If you find out before me give me a shout.

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Barclays is GREAT with recons so you can call in after approval and request a higher initial CL

[Epcot]

Congrats on your approval! As others have mentioned, to play it safe I would wait a while before apping for a different card, unless you really want to get in the door with Amex for backdating purposes in the future.

[CreditResuscitation]

@beb86 Thanks for the info.

[improvingmycredit]

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@jake619 wrote:

I app'd and was approved for the Barclays card this month.  There is a lot of talk about them watching my CR for the next 6 months.  I feel like since I took the HP hit getting this card I might as well take another HP hit and see if I can get into AMEX.  My thinking is if I get declined then oh well, the HP's both fall off together and if I am approved then yaay for me.  And that's the part that worries me.  

So many people bring up the Barclays CR polling that I've come down with the parlysis-by-analysis syndrome.  If AMEX approves me and Barclays gets pissy and closes their TL, I still have the AMEX.  But if AMEX declines and Barclays gets pissy and closes their TL them I'm hosed.

What to do?

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Hey!  

Barclays is very inq/approval sensitive.  It's really a good thing actually.  It forced me to garden for a full 6 mo. and I am glad I did.  My FICO rebounded from the new account showing and it better set me up for my next steps in rebuilding.  If you have nothing pressing, why chance it.  Plus, I've really enjoyed have the Barclays card.  It's grown to 10K in litttle over a year.