topic Re: Whats it take for Barclays Ring card in Credit Cards

Whats it take for Barclays Ring card

someguy32 — Thu, 03 Mar 2016 07:54:25 GMT

I would really love a lower interest rate CC and have my eyes set for the ring card only bad thing sitting on my CR is my chapter 7 from 2010 everything else is 100% good besides my utilization is around 60% which is high but been buying stuff got baby on the way and my FICO from barclays is 650... I did call them up and asked if i could do a product change but they said i would need to reapply although she looked at my file and had nothing bad to say

I did just do a product change with captial one quicksliver one to quicksliver which they rate that as needing excellent credit, just stumped if i should roll the dice

Re: Whats it take for Barclays Ring card

Anonymous — Thu, 03 Mar 2016 08:52:33 GMT

I wouldn't. I don't know how Barclay is with BK but it obviously won't help. 60% util and 650scores are not favorable for ring underwriting. Approval is not out of the question but the limit wouldn't be great even if you were able to sneak in. Reduce util to 0%, let the BK age, garden, and consider it down the road.

All that being said of course there is only one way to find out for sure

Re: Whats it take for Barclays Ring card

Anonymous — Thu, 03 Mar 2016 09:16:21 GMT

@Anonymous wrote:
I wouldn't. I don't know how Barclay is with BK but it obviously won't help. 60% util and 650scores are not favorable for ring underwriting. Approval is not out of the question but the limit wouldn't be great even if you were able to sneak in. Reduce util to 0%, let the BK age, garden, and consider it down the road.

All that being said of course there is only one way to find out for sure

I agree. Better to wait. Good luck if you decide to go for it.

Re: Whats it take for Barclays Ring card

Anonymous — Thu, 03 Mar 2016 09:40:22 GMT

@Anonymous wrote:
I wouldn't. I don't know how Barclay is with BK but it obviously won't help. 60% util and 650scores are not favorable for ring underwriting. Approval is not out of the question but the limit wouldn't be great even if you were able to sneak in. Reduce util to 0%, let the BK age, garden, and consider it down the road.

All that being said of course there is only one way to find out for sure

Good advice except for bolded section. Paying all of your credit cards off could have a negative impact on your credit profile. Plus, I think it's better to get approved with a great SL instead of spending the next 1-2 years trying to obtain CLIs. Best wishes!

Re: Whats it take for Barclays Ring card

someguy32 — Thu, 03 Mar 2016 11:43:05 GMT

LOL, i think barclay's likes me though i never asked and they always keep auto CLI started with them at 500 now 6750.. I suppose i can see how much my score goes up @ 40% util. I also had a judgement removed off my CR a week back so my that will help my scores.

Re: Whats it take for Barclays Ring card

OmarGB9 — Thu, 03 Mar 2016 12:52:45 GMT

Lower util and higher scores is always better. Ring has some tough UW, which will not be overwritten no matter how much Barclays may "like" you.

Also, cap1's description of "excellent" credit is very broad and loose and many people would qualify for it. Plus just because they deem you creditworthy, it doesn't mean Barclays or other lenders would view you the same way. Not trying to be negative, just being realistic and trying to avoid you a potentially wasted hardpull.

Re: Whats it take for Barclays Ring card

takeshi74 — Thu, 03 Mar 2016 13:44:16 GMT

@someguy32 wrote:
my utilization is around 60% which is high

You'd need to get that signiificantly lowered for any creditor.

@beautifulblaquepearl wrote:
Good advice except for bolded section. Paying all of your credit cards off could have a negative impact on your credit profile. Plus, I think it's better to get approved with a great SL instead of spending the next 1-2 years trying to obtain CLIs.

There is a hit from allowing all revolvers to report 0 balances but the OP needs to pay off revovling debt before doing anything. One can pay in full and still have balances report. It's all a matter of when the balance is paid in full versus the report date.

The SL comment doesn't make sense to me. Revolving utilization matters for approval and SL as well.

@someguy32 wrote:
@I suppose i can see how much my score goes up @ 40% util. I also had a judgement removed off my CR a week back so my that will help my scores.

You can but keep in mind that 30% is a suggested maximum. It is, however, far from ideal. Lower is generally better and revolving utilization has a significant impact.

Definitely get as many derogs removed as possible as they tend to have the biggest impact and hold one down as long as they are reporting. There's nothing you can do about the BK but you can certainly work to improve your credit profile as much as possible. Do that before applying. Doing so will also help with CLI's as what you qualify for is determined based on your credit profile and income.

@someguy32 wrote:
just stumped if i should roll the dice

Dont' rely on luck. Get your credit profile in the best possible shape. It's all about risk assessment of your credit profile -- not random chance. Derogs and high utilziation make your profile appear risky.

Re: Whats it take for Barclays Ring card

kdm31091 — Thu, 03 Mar 2016 13:46:13 GMT

It's not about rolling dice, as noted above. The simple fact is that most creditors will not approve people with 60% overall utilization because it represents risk. Additionally, Barclay is not known as a "generous" lender, and the Ring is one of the harder products to get in the first place.

Pay down the utilization and wait at least a few months, IMO.

Re: Whats it take for Barclays Ring card

SouthJamaica — Thu, 03 Mar 2016 13:47:13 GMT

@someguy32 wrote:
I would really love a lower interest rate CC and have my eyes set for the ring card only bad thing sitting on my CR is my chapter 7 from 2010 everything else is 100% good besides my utilization is around 60% which is high but been buying stuff got baby on the way and my FICO from barclays is 650... I did call them up and asked if i could do a product change but they said i would need to reapply although she looked at my file and had nothing bad to say

I did just do a product change with captial one quicksliver one to quicksliver which they rate that as needing excellent credit, just stumped if i should roll the dice

I wouldn't.

I would want to get my utilization down, I would want to have few inquiries, and I'd want to have FICO scores of around 720 or so.

If you apply and get turned down, your inquiry will count against you if you apply again within a year -- even though it would be an inquiry from Barclays.

Re: Whats it take for Barclays Ring card

someguy32 — Thu, 03 Mar 2016 14:42:46 GMT

Thanks for all the info, I mean my main goal in general is to get a lower interest rate around 8-12-15% cause 19 and 23 flat out suck if you carry a balance.. So lets say i lower my util to 20-30% do you think i can get a rate close to that or is my chapter 7 from 2010 going to play the biggest factor in that?

Re: Whats it take for Barclays Ring card

SouthJamaica — Thu, 03 Mar 2016 14:57:24 GMT

@someguy32 wrote:
Thanks for all the info, I mean my main goal in general is to get a lower interest rate around 8-12-15% cause 19 and 23 flat out suck if you carry a balance.. So lets say i lower my util to 20-30% do you think i can get a rate close to that or is my chapter 7 from 2010 going to play the biggest factor in that?

You can help yourself by

- not applying for new things

-getting your utilization as low as possible

-having most of your cards reporting zero balance

Follow those principles and your scores will keep going up

When your TU score is in neighborhood of 720 and you have few or no TU inquiries, that's the time to apply for the Ring