topic Barclays Bank signature card in Credit Cards

Barclays Bank signature card

Anonymous — Thu, 11 May 2017 03:07:49 GMT

Hello to all,

A friend recommended this site and said they found it extremely useful and helpful. I've just joined. I wanted to ask a question. My two high scores are 614 and 616. I received a prequalified letter from Barclays. How likely is an approval? I don't want to do a credit check for a probable denial. I don't have any lates or bankruptcy or public records, just a lot of cards and high balances. Your thoughts please.

Re: Barclays Bank signature card

JoeLuvsHisCredit — Thu, 11 May 2017 03:30:52 GMT

I honest think they willn't approve you because of "lot of cards and high balances".

If I was you I would pay down your balances down to about 10% and it should bring up your scores up too. I know we want credit now but I promise if you wait until your balances are down and scores up, You will see a better approval meaning better terms and bigger limit etc.

Re: Barclays Bank signature card

Anonymous — Thu, 11 May 2017 05:01:48 GMT

Thanks Joe for the honest response. I guess that is what I was thinking too. Most of my cards are within 200.oo of the credit limit. I have 19 cards with balances on 5 of them. I got most of them in the last 2 years. I guess I know I need to wait and pay some of the balances way down. I can do it, but it takes some discipline and sometimes that is my weakness. I was just hoping that with no lates for at least 6-9 years, maybe more, that it would be okay. I coudl dprobbly get them all paid or down to something reasonable within about 18 months. I will really try to do that. I can use one card and not the rest if I need to, pay cash as I go for most things. On problem is I have some expensive dental work coming in a couple of months. How hard is care credit to get? Thanks again.

Re: Barclays Bank signature card

Anonymous — Thu, 11 May 2017 05:03:50 GMT

Joe, I'm sorry I meant to say I have 19 cards with balances on all but 5. So 14 balances.

Re: Barclays Bank signature card

Aduke1122 — Thu, 11 May 2017 05:21:53 GMT

What kind of balances are we talking about here ? What is your total Utilization on all your accounts?

Re: Barclays Bank signature card

Aduke1122 — Thu, 11 May 2017 05:22:12 GMT

Are these store credit cards or majors?

Re: Barclays Bank signature card

Anonymous — Thu, 11 May 2017 05:32:08 GMT

Joe,

Highest balance is almost $7K with Penfed. Lowest balance is Ann Taylor with less than $200.00. 3 Capital Ones for about $8K total, Citi is $1800 and Am Express is about $900. Home Depot and Chevron is about $1500 each. I don't know how to compute utilization, but I am near the max on several cards.

Re: Barclays Bank signature card

Anonymous — Thu, 11 May 2017 05:36:12 GMT

Aduke, 11 Visa or MC, 1 American Express, 1 Line of Credit, and 6 store cards. I know it doesn't sound good, but hopefully it doesn't sound horrible. Your thoughts?

Re: Barclays Bank signature card

Anonymous — Thu, 11 May 2017 08:36:36 GMT

@Anonymous wrote:
Joe,

Highest balance is almost $7K with Penfed. Lowest balance is Ann Taylor with less than $200.00. 3 Capital Ones for about $8K total, Citi is $1800 and Am Express is about $900. Home Depot and Chevron is about $1500 each. I don't know how to compute utilization, but I am near the max on several cards.

Add up all of your balances and divide that number by your total credit lines.

Example.... $65000 in total credit lines and $12500 charged on cards..

$12500÷65000=19.23% utilization..

I would suggest not Apping for anything until your balances and total utilization is under 9%.

Re: Barclays Bank signature card

SouthJamaica — Thu, 11 May 2017 10:56:23 GMT

@Anonymous wrote:
Joe,

Highest balance is almost $7K with Penfed. Lowest balance is Ann Taylor with less than $200.00. 3 Capital Ones for about $8K total, Citi is $1800 and Am Express is about $900. Home Depot and Chevron is about $1500 each. I don't know how to compute utilization, but I am near the max on several cards.

The way to compute credit card utilization is to divide the statement balance by the credit limit.

If you have a $500 statement balance on a card with a $1000 limit your utilization for that card is 50%.

You might as well refrain from applying for more cards until you've gotten utilization to a good number, because if you do get approved for a card they're going to give you a low limit.

Re: Barclays Bank signature card

JoeLuvsHisCredit — Thu, 11 May 2017 13:03:42 GMT

@Anonymous wrote:
Hello to all,

A friend recommended this site and said they found it extremely useful and helpful. I've just joined. I wanted to ask a question. My two high scores are 614 and 616. I received a prequalified letter from Barclays. How likely is an approval? I don't want to do a credit check for a probable denial. I don't have any lates or bankruptcy or public records, just a lot of cards and high balances. Your thoughts please.

One thing you could do is

let us know the total amount that's is on your credit cards and tell us the total credit lines. We will do the math for you and let you know your UTI for you

Most of the times for a strong approval you only need to have balances on not more than 3 or 4 cards with around 10% of your limits, I have learned that the hard way meaning lower limits and HIGHER Apr and those cards doesn't move much at all (CLI) etc.

Re: Barclays Bank signature card

Anonymous — Thu, 11 May 2017 21:15:12 GMT

@JoeLuvsHisCredit wrote:
@Anonymous wrote:
Hello to all,

A friend recommended this site and said they found it extremely useful and helpful. I've just joined. I wanted to ask a question. My two high scores are 614 and 616. I received a prequalified letter from Barclays. How likely is an approval? I don't want to do a credit check for a probable denial. I don't have any lates or bankruptcy or public records, just a lot of cards and high balances. Your thoughts please.
One thing you could do is
let us know the total amount that's is on your credit cards and tell us the total credit lines. We will do the math for you and let you know your UTI for you
Most of the times for a strong approval you only need to have balances on not more than 3 or 4 cards with around 10% of your limits, I have learned that the hard way meaning lower limits and HIGHER Apr and those cards doesn't move much at all (CLI) etc.

I think the OP can do simple arithmetic.