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As usual, the closing accounts due to the subsequent appearance of too many credit accounts story is blown way out of proportion. Same goes for Amex.
I acquired 6 new revolving accounts within half a year before getting my arrival card. Does it count?
I was happy to see this post, my husband was just approved for Barclaycard yesterday and also got approved for Chase Freedom. They have both posted on the TU report. We have read the stories of Barclaycard closing accounts if you get anything new. Hopefully this doesn't happen.
we'll seee, i have also been a little worried about this because i just got my Barclays rewards and the next day i got 3 more CC and a lot higer CL on all of themthan Barclays (I pretty much begged Barclays gor approval, it took me 2 recon calls). I hope they do not close anything. I PIF always.
I've pushed my luck I think. Approved middle of March, got approved next day for walmart and paypal. Than I was added as a AU on my girlfriends Chase Freedom card. And yesterday I applied for an installment loan from my Credit Union for a payoff on a vehicle.. if approved that'll be 4 accounts in just over a month after being approved by Barclay. Didn't need the loan but I have zero relationship with them besides my checking and saving accounts. They also offer CC's as low as 3.4%, so if approved for the installment loan I will for sure ask about an APR on a credit card.
But i've also ran a few grand through Barclay and pif nearly weekly in the last month since having the card. And my other CC's are at 0 balance, if they were to close me than piss on them i'll give my transaction fee's to another company. haha.
Ahhh yes, the dreaded "Barclay's Boogieman"...lol!
Here's the problem with the 'stories' some post on here and other boards about Barclay's AA/CLDing them: People howl at the moon about how Barclay's screwed them over, but leave out some very important details about why the AA/CLD action was taken (i.e. failure to pay; failure to use the card; manufactured spending; recent major derog pops up on their CR, violating other terms and conditions). Sure I guess if you went out and applied for 15 cards and 5 LOC in a month, that's going to raise some red flags with Barclay's. But it would (and should) raise flags with every other bank too.
Think about from Barclay's POV...a customer who uses their credit product responsibly and pays their bills...why on earth would they shut out a customer like that??? And let that customer leave in order to enrich a rival bank? Even stuffy bankers from London aren't that brain dead
OP, don't sweat it. As long as you use the card regularly, pay your bill (on time), and aren't applying for 20 new cards this month, you have little to fear from Barclay's (or any other creditor for that matter). Go apply for another card (or two) if you need them, live life and enjoy the nice weather.
BTW I got my Sallie Mae (Barclay) at the end of an app spree, have added two more cards since then, and have lived to tell the tale!
^^ Exactly my thought. At first I was afraid about it. But if they AA me after running a lot of money and pif'ing than thats a bank I dont want to do business with.
Adding 5 accounts potentially within a month after being approved from there is a little sketchy, but reviewing my credit will see 0 balances on them too while they are still my everyday card. haha. if they dont want me, someone else will!
@DigitalArk wrote:I acquired 6 new revolving accounts within half a year before getting my arrival card. Does it count?
Exacte same experience here....hit a cold app to test if Barclays is really new account sensitive and to my big surprise I got approved for the Arrival WMC with a nice limit after getting 6 new account out of 8 account in total. It is YMMV I guess
@lg8302ch wrote:
@DigitalArk wrote:I acquired 6 new revolving accounts within half a year before getting my arrival card. Does it count?
Exacte same experience here....hit a cold app to test if Barclays is really new account sensitive and to my big surprise I got approved for the Arrival WMC with a nice limit after getting 6 new account out of 8 account in total. It is YMMV I guess
Did you wait 6 months? I think I may do the same down the road.