topic Re: Barclays killing me. in Credit Cards

Barclays killing me.

TaterDawg — Tue, 10 Jan 2017 05:07:30 GMT

So I applied for and got the CashForward card back in early October and was approved for a $15,000 limit. As it turns out, this was maybe the third card of four that I was approved for in a little application spree at that time. Anyway, I took advantage of their 0% BT offer and moved about $5000 over. Generally, I was pretty happy.

A couple of days ago I noticed on my phone app that my account was reporting only $200 in available credit. Huh? Checked the website, same thing... pulled up my last couple of statements and confirmed that on both first two statements I had a $15k limit, but my latest statement showed $4800. WTH? No notices or messages on my online account.

Today I received a letter in the mail notifying me of the credit limit decrease. Suddenly those other three applications and approvals back in October has made them skittish. TU FICO score of 782 they say. So suddenly I go from 31% utilization to 96% on this stupid account. Arrgghh!!!!

Re: Barclays killing me.

elim — Tue, 10 Jan 2017 05:14:57 GMT

Barclay strikes again

There's a recent thread of others luck with them (if you want to browse).

http://ficoforums.myfico.com/t5/Credit-Cards/Barclays-CLD/m-p/4833567#U4833567

my condolences

Re: Barclays killing me.

CreditCuriosity — Tue, 10 Jan 2017 05:15:07 GMT

Call them tomorrow and ask them to transfer you to portfolio services... Sorry this has happened and hopefully they can and will restore your limit. This is known of Barclay's, but if you been paying off good chunks of that debt you have a good change of getting your limit restored. Best of luck.

Re: Barclays killing me.

CreditMagic7 — Tue, 10 Jan 2017 05:44:39 GMT

Re: Barclays killing me.

Anonymous — Tue, 10 Jan 2017 06:03:40 GMT

Sigh.......

At this rate, maybe there should be a sub forum under CREDIT CARDS titled: Barclays CLD.

Every time I think, "Maybe i'll just keep them open," another thread pops up. Now, I'm just keeping my fingers crossed, I can make it 1 yr without AA from them.

Sorry op!

Re: Barclays killing me.

Anonymous — Tue, 10 Jan 2017 06:06:07 GMT

Sorry OP. I'm the other post. Luckily I didn't have a balance on my card. I closed it. I have literally read over 100 of these in diff sites in the past 48 hours. I'm happy to be rid of them. Ironically I got an alert my TU went up again this month. Sitting at 770 now. Guess that's too risky for them.

Re: Barclays killing me.

TaterDawg — Tue, 10 Jan 2017 07:18:52 GMT

Yeah, right after getting approved for this card I saw a few posts about Barclays dishing out CLD's to people who applied for credit with other companies, so I was a little concerned, knowing that I had applied for several at the same time. I just didn't expect them to act on it within a couple of months, or to drop my SL to barely over my balance.

Guess I'll give Portfolio Services a call and see about getting the limit restored. Kind of tempted to tell them to eff off, take the fee hit and BT this to another card and close the account. But I guess if I'm halfway smart, I should take advantage of my 0% BT rate and pay off the card over time and then close it later.

Re: Barclays killing me.

Anonymous — Tue, 10 Jan 2017 07:49:01 GMT

Barclay seems to be running rampant.

Re: Barclays killing me.

rlx01 — Tue, 10 Jan 2017 08:15:43 GMT

We're going to be seeing a lot more of this in the next couple of years across a range of lenders.

I don't think it has anything to do with your app spree. They seem to be de-risking at a rapid pace.

Re: Barclays killing me.

austinguy907 — Tue, 10 Jan 2017 18:03:44 GMT

Yada yada yada Baclay's is bad yada yada yada. Barclay's isn't "de-risking" or randomly CLD accounts. This crap has been going on for years. They're known to clock new account holders aftrer they give a decent approval if they see ANY other inq's or new accounts around the same time. (Mod Cut-Please no political talk on the forums, thanks for understanding)

Re: Barclays killing me.

rlx01 — Tue, 10 Jan 2017 08:45:21 GMT

We'll see. The other equally plausible possibility is that their risk algorithms are junk.

I never know if there's more to a story or what. I've personally had 75k in new CLs approved (around August) and Barclays haven't touched my CL.

So who actually knows what triggers it.

Re: Barclays killing me.

Anonymous — Tue, 10 Jan 2017 08:49:20 GMT

I don't get why anyone does business with Barclays
And Synchrony.

Re: Barclays killing me.

rlx01 — Tue, 10 Jan 2017 08:54:06 GMT

The Barclays Arrival+ has a very special niche in that it's a no FTF 2.1% CB MC card with secondary Chip + PIN support. I spend $3000+ a month outside the US in non bonus categories so it adds up fast.

Presumably other people have the Ring, SM, etc.

Not sure how Barclays and Synchrony are in the same group.

Re: Barclays killing me.

Anonymous — Tue, 10 Jan 2017 09:19:21 GMT

@rlx01 wrote:
The Barclays Arrival+ has a very special niche in that it's a no FTF 2.1% CB MC card with secondary Chip + PIN support. I spend $3000+ a month outside the US in non bonus categories so it adds up fast.

Presumably other people have the Ring, SM, etc.

Not sure how Barclays and Synchrony are in the same group.

The group includes:

Barclays - Jealous CLD's

Synchrony - Blue envelopes of DOOM

Comenity - Random(?) Account Closures

Have I missed anyone?

Re: Barclays killing me.

Anonymous — Tue, 10 Jan 2017 09:52:04 GMT

Lol @Tyger! I agree. I'm glad it happened now. Even if I would have tried to get mine restored I would be paranoid to use it for fear of being declined in public, or always having to check the app daily to make sure they don't do it again... or wonder every time I want a new card if Barclays will shut me down for it. I've said I'm lucky I had a zero balance. This seems to happen a lot to ppl and they lower it right above their balance and then they are 90-95% utilized and their FICO tanks. Good riddance Barclays.

As @Austin said.... this is normal. I didn't realize how much so till it happened. I always thought it wouldn't happen to me as my score raised 125-150 since Approval and I did everything right... haha! Go read other credit sites and even sites like redit and quora... it happens to sooooooooo many people. All of them say "I didn't think it would happen to me" or "I love my Barclays card and they have never done anything like that to me" etc....

I hope it doesn't cuz it sucks and is a Sh!tty feeling. But.... I would say it probably will and make sure you never keep a balance if you don't want to be utilized 90% on one card.

Re: Barclays killing me.

austinguy907 — Tue, 10 Jan 2017 10:06:49 GMT

Barclay is like a dose of sour bitters to keep a pet off of something. Once you get a taste of it you will never do it again. It's just kind of a fact of life that they're a bunch of turds and no one wants to clean up after them. They fit in the ladder of turds between comenity and sync when it comes to shifty practices at time but, hey, at least they're consistent Some don't heed the warning signs or just had their experience with them prior to finding this site because it was an easy in for a couple of cards while rebuilding and then getting bit in the @$$ after going for that 1 more card after being approved.

Re: Barclays killing me.

Anonymous — Tue, 10 Jan 2017 12:10:22 GMT

This thread and all of the others like it or the reason I plan to get the Arrival, redeem the bonus and subsequently SD the card.

Re: Barclays killing me.

AverageJoesCredit — Tue, 10 Jan 2017 12:13:37 GMT

Lol, @ 12v, unfortumately until a Chase or Amex want to help hold up this rebuilders walls, ill have to continue to suffer the indignity of all my Synch accounts dreamily taunting me with with visions of blue.

Re: Barclays killing me.

gdale6 — Tue, 10 Jan 2017 17:57:32 GMT

Its not just CC holders Barclay goes after http://www.independent.co.uk/news/business/news/barclays-stop-trading-with-clients-boost-profits-a7483971.html

Re: Barclays killing me.

kdm31091 — Tue, 10 Jan 2017 18:00:14 GMT

@Anonymous wrote:
@rlx01 wrote:
The Barclays Arrival+ has a very special niche in that it's a no FTF 2.1% CB MC card with secondary Chip + PIN support. I spend $3000+ a month outside the US in non bonus categories so it adds up fast.

Presumably other people have the Ring, SM, etc.

Not sure how Barclays and Synchrony are in the same group.
The group includes:

Barclays - Jealous CLD's

Synchrony - Blue envelopes of DOOM

Comenity - Random(?) Account Closures

Have I missed anyone?

Comenity (or Barclay, or Synchrony) doesn't just randomly close accounts. There is an algorithim. How effective the algorithim may or may not be is a whole different story but it's never random.