02-14-2011 02:51 PM
Although their Credit Analysts will review and open your account based on their Reconned review of your credit report, Barclays other department called, "Portfolio Credit Unit", monitors CRs of newly-opened accounts for the first 6 months, post-CARD ACT. If new accounts begin to report that were not there during the initial application, red flags are raised and you will notice multiple soft inquiries appearing on your report. Soon afterwards, the account will be suddenly closed -- the Credit Analysts have absolutely nothing to do with this decision. The PCU department do not reconsider their decision, it's final.
My advice to new Barclay account holders would be to let the dust settle before and after applying. A few may slip through the cracks as there are thousands upon thousands of cards issued, but often times, accounts are closed -- Do Not Pass Go, Do Not Collect Reward Points!
This isn't the first time I've read this on here but I think all the posts I've read are from you. Has this happened to others that you know of? Your wording (excuse me if I'm misunderstanding) seems as if this is a universal procedure of theirs, but is it possible it's just a case by case basis? I mean, how do you know that, "often times, accounts are closed." Just inquiring because this personally affects me if it's true.
I've never dealt with Barclay's, and probably never will, but I can promise that this has happened to TONS of people. The portfolio review unit is just as bad as Amex's "Media Department"
Well i hope that they will not close my account maybe i will be able to slide thru cracks. If not then i guess i dont need it but I'll just keep my fingers crossed