topic Re: Barclay rewards MasterCard declined in Credit Card Applications

Barclay rewards MasterCard declined

Anonymous — Sat, 27 Aug 2016 01:10:40 GMT

I would like to close my verve card and credit one and thought about doing a balance transfer. So I applied this morning for the rewards card and it went to reviewed. Called about 5 minutes ago and was told denied due to my student loan debt. Ugh totally sucks! My student loans are in deferment even though payments are being made.

Guess no balance transfer for me.

Re: Barclay rewards MasterCard declined

JimBo99 — Sat, 27 Aug 2016 01:56:58 GMT

What about your student loans did they say specifically? If you don't mind sharing or PM me. I have quite a few myself and was looking to apply for that card as well in the next 6 months or so. So, now I'm curious.

Re: Barclay rewards MasterCard declined

Anonymous — Sat, 27 Aug 2016 02:44:23 GMT

I would call again. Barclays is typically one of the easier banks to recon.

Re: Barclay rewards MasterCard declined

Anonymous — Sat, 27 Aug 2016 02:54:06 GMT

They said debt to income ratio was the reason for denial . They said the student loan debt is an issue. My DTI is below 30%. I mentioned that and he said "we have rules we have to follow."

If I call again, I'm not really sure what to say about the loans. I pay every month plus I get a grant every year to pay towards the balance which is about 10k a year. Also, they will be cancelled/forgiven In about 8 years (I know that's a long time)since I work for a government agency.

Re: Barclay rewards MasterCard declined

Anonymous — Sat, 27 Aug 2016 03:05:31 GMT

I have 54k in student loans and a BK. I was initially denied. I called and asked about the status of my app (I already knew it was denied). The CSR said "unfortunately blah blah ......." I immediately said "I would like a reconsideration." 2-3 minutes later along with a few question, I was approved.

You've already taken the hp. What could it hurt? Just call and ask to be reconsidered and see what happens.

You have nothing to lose 😊

Re: Barclay rewards MasterCard declined

Anonymous — Sat, 27 Aug 2016 03:06:32 GMT

Ok. I will call again.

Thank you for the encouragement. 😊

Re: Barclay rewards MasterCard declined

Anonymous — Sat, 27 Aug 2016 03:19:39 GMT

I was denied for that card as well OP. I called for reconsideration and was told too many new accounts have been opened recently and that they would like to see more history. Not sure if I should try again. This was 2 weeks ago.

Re: Barclay rewards MasterCard declined

creditguy — Sat, 27 Aug 2016 03:51:02 GMT

It never hurts to try the recon route again, but if it's a DTI thing, than there's not much explaining to do, you just have to bring your debt down, however if the DTI issue is brought on by student loans, well then I just don't get that rationale. I know a few Barclays cardholders with higher student debt than yourself and it was never an issue and these are not high income people. Good Luck hope you have a successful recon.