04-24-2012 03:31 PM
Now that I've read through this thread I'm a little surprised I got denied.
They saw 0 derogs, an 8 year credit card account with good use and good payment history, a 2 year average age of credit card accounts, and a bunch of paid off accounts. 778 FICO to boot.
I did have 6 hard inquiries on my TU. I think that spooked 'em... I wonder if I would have any luck with a second call?
Did you receive a denial letter, with a reason why you were denied?
Yes, I got an email:
Barclays Bank Delaware uses a credit scoring system to process applications. This system assigns a numerical value to the various items of information we consider when evaluating an application. These numerical values are based upon the results of analyses of repayment histories of large numbers of customers.
Based on the information you provided in your application, you did not score enough points when compared with other applicants. The primary reasons you did not score enough points are listed below:
Insufficient credit history
High number of recent inquiries
Low available credit on existing credit card(s)
In evaluating your application, the consumer reporting agency listed below provided us with information that in whole or in part influenced our decision. The reporting agency played no part in our decision other than providing us with credit information about you, and is unable to supply specific reasons why we have denied credit to you. Under the Fair Credit Reporting Act, you have a right to know the information provided to us. You can obtain it by contacting: TRANS UNION, P.O. Box 1000, CHESTER, PA 19022-1000, 800-888-4213
You also have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency.
We also obtained your credit score from this consumer reporting agency and used it in making our credit decision. Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes.
Your credit score: 778
Scores range from a low of 300 to a high of 850
Key factors that adversely affected your credit score:
Too many accounts with balances
Too many inquiries last 12 months
Length of time revolving accounts have been established
Length of time accounts have been established
Number of recent inquiries on credit report
When I called this morning the rep told me the specific reason I was denied again was because of lack of payment history on my B&N card.
04-25-2012 05:57 AM - edited 04-25-2012 01:41 PM
So I said in my second post (the second one in this thread on page one) that I wouldn't apply because Barclay specifically says that they will not approve people with prior bankruptcys for the Ring product. I have a BK that was discharged in 2009. I read so many success stories on here with RECON so I decided to apply. I was INSTANTLY turned down. The only reason stated was prior Bankruptcy in file. I called this morning, answered about 8 questions about my employment, income, credit utilization, ect. I was then APPROVED!!!
CHECK APPLICATION STATUS Congratulations! On 04/25/2012 you were approved for the Barclaycard Ring MasterCard with a Credit Line of $1,500.00 You'll receive your card, pin, and cardmember agreement within the next 10 days. Set up online access now. Select GO to create a username and password. © Barclays Bank Delaware
My starting limit is $1500.00! I have one other Barclay product that I have had for a year as well (Airtran Visa that I PC'd into a Barclaycard Rewards Visa) Barclay's has been kind to me (downright amazing if you consider I took them down in my BK) and I will be rewarding them by using them for all of my credit card needs. Into the sock drawer the rest go! Here are my stats at approval - TU - 681, Revolving UTIL 26%, 0 inquiries, some credit card over 70% utilization (due to 0% offers at Best Buy, Walmart, and Care Credit). Have been using my existing Barclaycard to charge Gas and Groceries (for the rewards) and always PIF each month.
04-25-2012 06:10 AM
04-25-2012 06:37 AM
I applied and was turned down instantly for already having credit with Barclay. I called and went through a 10-minute interview going over all of my finances with a fine-toothed comb and was approved for $9,000.
My husband applied and was turned down for three reasons, one of which was a BK in 2004. He is on the phone with them right now. Wish him luck!
04-25-2012 06:57 AM
OK - So, what is the big deal about this card? It this a prime card? Currently, I have three cards: Barclay US Airways $900/ $3500 (reconned twice after approval and got two CLI before the card arrived - balance is due to balance transfer only paying on it not using card much) - Discover $380/$1500 and Cap 1 Cash Rewards - $0/$3350.
Cap 1 has made it clear that this card will receive no more increasses.
Discover, basically told me that my account - when I applied was flagged as ineligible for auto CLI - I went ahead and allowed a hard pull - was denied - attempted recon - and was denied. Rep cited BK and judgement and basically told me that I will not get any increases until these fall off my CR. That is 1.5 and about 7 years respectively. I stopped using the Cap1 thinking that my Discover had the chance to grow with me, so I made that my primary card. After this last phone conversation with Discover, I am wondering if I should use the Barclay more.
I am not looking for a new card - just want to know if in the future I should be looking to upgrade to this Ring card, if it is in face an upgrade.
04-25-2012 09:33 AM
Not sure what the deal is with everyone coming in so low in credit limits...
When you read through the Barclay Ring community forums, it seems the minimum starting limit is $5k - my score was 689 according to the paper I got.
Originally, I was systematically declined (computer glitch or something). I called and offered to move $2k over from my Barclay Apple Card...they obliged and added $3k to it.
Once I got the card and activated it, I began to participate in the forums. Reading their FYI's about the card is particularly helpful to answer many questions that I see being asked on here..
One thing I do not see or understand is what the cash portion of my card - if any - is.
04-25-2012 11:29 AM
Some credit limits are coming in so low, they are zero. I'm not sure why my husband is credit-card-poison (his FAKOs are consistently 40 points higher than mine) but they said due to 10 open credit lines with balances, they don't want to know him or hear from him again. I looked at my report and saw at least 8 open credit lines with balances, but they liked me OK. Go figure. I'm sure that some of his 10 were tiny amounts, like a tank of gas here and a cup of coffee there.
04-25-2012 12:35 PM
I know this is a long thread now but take a look through as the reasons have been stated multiple times.
04-25-2012 03:06 PM
Applied and got 7-10 day notice. Called recon line next day and
was approved for $25,000 limit in 5 min. Was asked to close
a little card I forgot I had with them.
Open Accounts: 23
Utilization Ratio 2%
Average Age 12 years
Oldes Card 37 years (AMEX)