topic Re: Be Careful - Barclay Just Lowered my Credit Limit in Credit Cards

Be Careful - Barclay Just Lowered my Credit Limit

Legal_Girl — Wed, 10 Dec 2014 01:40:42 GMT

Yep... just when I thought I way safe. I check my credit card information everyday. I have 2 Barclay accts as you can see in my signature. My oldest Barclay account is the Rewards Master Card. Well, they apparenly have decided they liked my CL better at $2,150 instead of $4k. Good thing I checked the Barclay website today. I like the way they lowered it without telling me. I am on paperless billing and they have not emailed me nor sent me a message or document on their site giving me a heads up. So they will probably send me a letter via U.S. Mail.

I have NEVER been late, I have never Just paid the Minimum and 4 out of 10 times, I pay it off. But here at the holiday season (and new house and all), I don't pay them all off every month. My scores have only dropped maybe 8-12 points since I bought my house in July, got the 4 new accounts and started using some of them.

I do have 3 new CC since July and a LOC with NFCU.....

I am not calling to ask why, I am sure they don't like the fact that I have new cards and some have been used. But that is okay. I made a very large payment to them earlier and the remainder will be paid off ASAP and closed or sock drawered and then they will close from lack of use. They are actually one of my higher APRs...so maybe not a bad thing.

I have vented and feel much better now.....

Thanks guys.

Re: Be Careful - Barclay Just Lowered my Credit Limit

Anonymous — Wed, 10 Dec 2014 01:35:34 GMT

Your post states that they lowered your credit limit from 2150 to 2150. Unless I am reading that wrong... I assume you meant they lowered it from the 4K CL from your signature. Either way, that's a bummer. Looks like you have a good portfolio though and congratulations on the house!

Re: Be Careful - Barclay Just Lowered my Credit Limit

Fico2Go — Wed, 10 Dec 2014 01:38:05 GMT

That's why I prefer CLI requests vs. apping for new cards. New sign up bonuses and MRs are great but there is always a risk of CLD from existing issuers.

Re: Be Careful - Barclay Just Lowered my Credit Limit

Membersince2013 — Wed, 10 Dec 2014 01:38:21 GMT

Whats your overall UTI like?

Did you let a high amount report on your new accounts?

Re: Be Careful - Barclay Just Lowered my Credit Limit

Legal_Girl — Wed, 10 Dec 2014 01:39:42 GMT

Thank you... Love my house.

You are right, it should be from $4k. I was actually typing something else in there and edited it, just didn't edit everything...

thanks

Re: Be Careful - Barclay Just Lowered my Credit Limit

Membersince2013 — Wed, 10 Dec 2014 01:41:42 GMT

Ive opened liek 15 new accounts this year....No one has decreased my CL yet..

Re: Be Careful - Barclay Just Lowered my Credit Limit

Legal_Girl — Wed, 10 Dec 2014 01:47:31 GMT

I only have balances on a few cards, not all of them and my Utilization is, I believe, around 26%, so it's not like I am over 50% or maxed out or anything. I am not trying to get an 850 Fico. I bought my house in July, bought a new 2015 SUV in September, so I have no big purchase items to get and not looking for any more CC's. So if my scores drop a few points here and there, it isn't the end of the world. It is just the idea that it happed at all.

Re: Be Careful - Barclay Just Lowered my Credit Limit

Fico2Go — Wed, 10 Dec 2014 01:48:26 GMT

@Membersince2013 wrote:
Ive opened liek 15 new accounts this year....No one has decreased my CL yet..

May I ask what your objectives were when apping for so many cards with small CLs? Were there large sign up bonuses?

Re: Be Careful - Barclay Just Lowered my Credit Limit

Legal_Girl — Wed, 10 Dec 2014 01:57:23 GMT

@Membersince2013 wrote:
Ive opened liek 15 new accounts this year....No one has decreased my CL yet..

I would have said the same thing yesterday if someone else had sent this message, then. Although it had never happened to me before, I knew it could happen and now I am in a club with many others who have experienced the joy of a CLD.

Re: Be Careful - Barclay Just Lowered my Credit Limit

Membersince2013 — Wed, 10 Dec 2014 03:34:35 GMT

@Fico2Go wrote:
@Membersince2013 wrote:
Ive opened liek 15 new accounts this year....No one has decreased my CL yet..
May I ask what your objectives were when apping for so many cards with small CLs? Were there large sign up bonuses?

Well, maybe not 15, but pretty close lol. I forgot what the BOA credit analyst told me. Well, let's say about 15 accounts in a 12 month period. I opened them because i knew i was due to graduate college last year and i knew i was gonna get a job early this year. I use all my accounts except my Citi DP card (god i hate that card). Each card serves a purpose (well, sometimes). The small CL is an effective of my "app spree" from last year into this year and an Amex FR last this year which resulted in my Hilton Honors being slashed from 10k to 4.6k and a hard limit on my PRG.

Re: Be Careful - Barclay Just Lowered my Credit Limit

Anonymous — Wed, 10 Dec 2014 04:04:49 GMT

Sorry to hear OP....their loss! Your post made me check my Barclays card. I did have one new account (NASA) after opening Barclays. So far no AA. It almost makes me feel like I have my Dad looking over my shoulder all the time in fear of getting in trouble. Sheesh!

Re: Be Careful - Barclay Just Lowered my Credit Limit

lg8302ch — Wed, 10 Dec 2014 04:12:22 GMT

@Membersince2013 wrote:
@Fico2Go wrote:
@Membersince2013 wrote:
Ive opened liek 15 new accounts this year....No one has decreased my CL yet..
May I ask what your objectives were when apping for so many cards with small CLs? Were there large sign up bonuses?

Well, maybe not 15, but pretty close lol. I forgot what the BOA credit analyst told me. Well, let's say about 15 accounts in a 12 month period. I opened them because i knew i was due to graduate college last year and i knew i was gonna get a job early this year. I use all my accounts except my Citi DP card (god i hate that card). Each card serves a purpose (well, sometimes). The small CL is an effective of my "app spree" from last year into this year and an Amex FR last this year which resulted in my Hilton Honors being slashed from 10k to 4.6k and a hard limit on my PRG.

That is why I prefer to add them slowly as I prefer a starting limit that does not require CLI.

OP ...you might get the CL back as soon as paid down. I read somewhere that these CLD happen system generated and there was even a cardholder that got a CLD on one card and at the same time a CLI on another Barclaycard. That was the most illogical thing I have seen in credit so far. Same lender, same profile only different cards and different usage.

Re: Be Careful - Barclay Just Lowered my Credit Limit

Anonymous — Wed, 10 Dec 2014 05:14:17 GMT

@Legal_Girl wrote:
Yep... just when I thought I way safe. I check my credit card information everyday. I have 2 Barclay accts as you can see in my signature. My oldest Barclay account is the Rewards Master Card. Well, they apparenly have decided they liked my CL better at $2,150 instead of $4k. Good thing I checked the Barclay website today. I like the way they lowered it without telling me. I am on paperless billing and they have not emailed me nor sent me a message or document on their site giving me a heads up. So they will probably send me a letter via U.S. Mail.

I have NEVER been late, I have never Just paid the Minimum and 4 out of 10 times, I pay it off. But here at the holiday season (and new house and all), I don't pay them all off every month. My scores have only dropped maybe 8-12 points since I bought my house in July, got the 4 new accounts and started using some of them.

I do have 3 new CC since July and a LOC with NFCU.....

I am not calling to ask why, I am sure they don't like the fact that I have new cards and some have been used. But that is okay. I made a very large payment to them earlier and the remainder will be paid off ASAP and closed or sock drawered and then they will close from lack of use. They are actually one of my higher APRs...so maybe not a bad thing.

I have vented and feel much better now.....

Thanks guys.

Mind if I ask when did this happen? (like, how many days specifically after your n-th statement that was?)

I just opened a new Barclay card in June and the 6th statement just arrived about a week ago. I'm so scared of an AA because I have 5 new credit accounts opened after the Barclaycard approval ... though, I use the card very heavily and PiF all the time (like that matters?)

Would they actually close my account or CLD?

Re: Be Careful - Barclay Just Lowered my Credit Limit

Fico2Go — Wed, 10 Dec 2014 05:28:44 GMT

@Membersince2013 wrote:
@Fico2Go wrote:
@Membersince2013 wrote:
Ive opened liek 15 new accounts this year....No one has decreased my CL yet..
May I ask what your objectives were when apping for so many cards with small CLs? Were there large sign up bonuses?

Well, maybe not 15, but pretty close lol. I forgot what the BOA credit analyst told me. Well, let's say about 15 accounts in a 12 month period. I opened them because i knew i was due to graduate college last year and i knew i was gonna get a job early this year. I use all my accounts except my Citi DP card (god i hate that card). Each card serves a purpose (well, sometimes). The small CL is an effective of my "app spree" from last year into this year and an Amex FR last this year which resulted in my Hilton Honors being slashed from 10k to 4.6k and a hard limit on my PRG.

Kudos to you!

I would not have the guts to do what you've done. My plan is to increase CL first and later follow up with a second and third wave of app spree consisting of 2-3 new accts each time.

Re: Be Careful - Barclay Just Lowered my Credit Limit

Jarrodpd — Wed, 10 Dec 2014 08:30:52 GMT

If you dont mind me asking what triggered your Amex review? I have the same cards, and I have spent over half of my reported salary in a month and a half period. The first month or two of next year should be relatively low spending, hopefully it will calm them down, I just really dont want to have my limit slashed and have a hard limit placed on my charge card. Also the spending I do is only if I know I have the money, or will have it though Amex could probably care less.

Re: Be Careful - Barclay Just Lowered my Credit Limit

Membersince2013 — Wed, 10 Dec 2014 11:20:18 GMT

@Jarrodpd wrote:
If you dont mind me asking what triggered your Amex review? I have the same cards, and I have spent over half of my reported salary in a month and a half period. The first month or two of next year should be relatively low spending, hopefully it will calm them down, I just really dont want to have my limit slashed and have a hard limit placed on my charge card. Also the spending I do is only if I know I have the money, or will have it though Amex could probably care less.

I'm not sure...My account manager said it was just to "update my income", so all i can do is speculate. A series of things happened before the FR though. I had a returned payment because the careless rep i spoke with on the phone used a totally WRONG checking account info. Seems like she didn't even care. She put my card number as an account number. I maxed out use of the "check spending ability button" and i bought Amex GCs all the way from Amsterdam lol. I can't really tell you what exactly led to it.

Re: Be Careful - Barclay Just Lowered my Credit Limit

chalupaman — Wed, 10 Dec 2014 13:21:18 GMT

@Membersince2013 wrote:
@Jarrodpd wrote:
If you dont mind me asking what triggered your Amex review? I have the same cards, and I have spent over half of my reported salary in a month and a half period. The first month or two of next year should be relatively low spending, hopefully it will calm them down, I just really dont want to have my limit slashed and have a hard limit placed on my charge card. Also the spending I do is only if I know I have the money, or will have it though Amex could probably care less.
I'm not sure...My account manager said it was just to "update my income", so all i can do is speculate. A series of things happened before the FR though. I had a returned payment because the careless rep i spoke with on the phone used a totally WRONG checking account info. Seems like she didn't even care. She put my card number as an account number. I maxed out use of the "check spending ability button" and i bought Amex GCs all the way from Amsterdam lol. I can't really tell you what exactly led to it.

It sounds like the third thing you did with the MS might have really spooked them the most and I also don't think the returned payment and check spending ability button had that much to do with why you got FRed there. Did they tell you anything else specific as to what triggered it and were your Amex accounts still relatively new at the time this all happened?

Re: Be Careful - Barclay Just Lowered my Credit Limit

HeilFico — Wed, 10 Dec 2014 14:05:41 GMT

Hi Legal!

Based on my own experiences sometimes computers make the change without any human interaction. Because of this I would call and see why they determined this would be the best course of action. I realize you stated you did not want to contact them but the information they provide might help any other form of AA occurring from another account. At the same time, it may have just been a mistake on their end.

Let us know the outcome....

Re: Be Careful - Barclay Just Lowered my Credit Limit

takeshi74 — Wed, 10 Dec 2014 14:35:10 GMT

@Fico2Go wrote:
New sign up bonuses and MRs are great but there is always a risk of CLD from existing issuers.

CLD's are possible even without new accounts.

Re: Be Careful - Barclay Just Lowered my Credit Limit

Legal_Girl — Wed, 10 Dec 2014 17:11:04 GMT

@Anonymous wrote:
@Legal_Girl wrote:
Yep... just when I thought I way safe. I check my credit card information everyday. I have 2 Barclay accts as you can see in my signature. My oldest Barclay account is the Rewards Master Card. Well, they apparenly have decided they liked my CL better at $2,150 instead of $4k. Good thing I checked the Barclay website today. I like the way they lowered it without telling me. I am on paperless billing and they have not emailed me nor sent me a message or document on their site giving me a heads up. So they will probably send me a letter via U.S. Mail.

I have NEVER been late, I have never Just paid the Minimum and 4 out of 10 times, I pay it off. But here at the holiday season (and new house and all), I don't pay them all off every month. My scores have only dropped maybe 8-12 points since I bought my house in July, got the 4 new accounts and started using some of them.

I do have 3 new CC since July and a LOC with NFCU.....

I am not calling to ask why, I am sure they don't like the fact that I have new cards and some have been used. But that is okay. I made a very large payment to them earlier and the remainder will be paid off ASAP and closed or sock drawered and then they will close from lack of use. They are actually one of my higher APRs...so maybe not a bad thing.

I have vented and feel much better now.....

Thanks guys.
Mind if I ask when did this happen? (like, how many days specifically after your n-th statement that was?)
I just opened a new Barclay card in June and the 6th statement just arrived about a week ago. I'm so scared of an AA because I have 5 new credit accounts opened after the Barclaycard approval ... though, I use the card very heavily and PiF all the time (like that matters?)

Would they actually close my account or CLD?

Since I check all of my CC accounts every day at some time or other, I can tell you that the CLD was showing yesterday when I signed in to the Barclay mobile site. My statement was just cut the day before. I have had the account for 2-3 years.

Unfortunately, Barclay is known for AAs. You might want to check out a few of the threads here on the forums. It is definitely NOT unheard of for them to close accounts for numerous reasons. I'm not sure why they decreased by CL instead of closing the account.. I'm certainly not trying to scare you, just make you aware it is always a possibility with Barclay.