topic Re: Does Barclays have 5/24 rule? in Credit Cards

Does Barclays have 5/24 rule?

Anonymous — Wed, 10 Oct 2018 00:26:15 GMT

On another of my posts asking for app advice on a Barclays product, someone responded that Barclays now may have a 5/24 rule. I hadn’t seen reports of that previously...does this seem to be a thing now with Barclays?

Re: Does Barclays have 5/24 rule?

FinStar — Wed, 10 Oct 2018 00:57:56 GMT

Their UW criteria and standards seem to have tightened up. However, there hasn't been anything that officially states a 5/24 "rule" as with Chase, for example. That being said, individuals have cited a combination of excessive number of inquiries and/or new accounts within a span of 6-12 months or so. Of course, it's all profile specific so YEMV.

Even reconsideration channels do not yield fruitful outcomes for the majority.

Capital One has also shown similar trends with some of their CCs (Venture, Savor, etc.).

Re: Does Barclays have 5/24 rule?

red259 — Wed, 10 Oct 2018 01:00:00 GMT

I got a barclays card awhile back and was over 5/24 at the time. That being said barclays as always been touchy about a lot of recent inquiries.

Re: Does Barclays have 5/24 rule?

zerofire — Wed, 10 Oct 2018 02:26:57 GMT

Barclaycard is a rather sensitive lender. They are not as brick wall as Chase with the 5/24 but you can safely say if they are concerned about your viability they will happilly cut their losses without thinking twice. If they see lots of unexplained inquiries with short average age of accounts or even lack of repayment guarentee they will get squeemish.

Only Chase has 5/24.

Re: Does Barclays have 5/24 rule?

coldfusion — Wed, 10 Oct 2018 02:46:14 GMT

There are reports that within the last few months Barclay has implemented an unadvertised/unofficial 6/24 policy.

Re: Does Barclays have 5/24 rule?

Sharingan — Wed, 10 Oct 2018 03:35:09 GMT

I have contended that being able to institute a hard wall, inflexible 5/24 rule is a luxury that very few banks, namely Chase, could succeed with. Regardless, for as long as I can remember, Barclays has always been averse to recent or new accounts at their discretion, and I really don’t even think people would be tagging it as an “x/24 rule” if not for Chase. So no, I don’t think it’s exactly new. “Too many recent accounts” without any further elaboration has always been a valid reason for any bank to decline an application.

My most recent Barclays credit card was the Aviator Business card not too long ago with slightly over 5/24. It was an instant approval.

Re: Does Barclays have 5/24 rule?

Anonymous — Wed, 10 Oct 2018 03:15:39 GMT

@red259 wrote:
I got a barclays card awhile back and was over 5/24 at the time. That being said barclays as always been touchy about a lot of recent inquiries.

Same here. Got my Uber Visa in june and was way over 5/24.

Re: Does Barclays have 5/24 rule?

shiftomnimega — Wed, 10 Oct 2018 05:29:09 GMT

I was at around 3/24 when I got the Uber. Pretty sure I had around 5 inquiries, though.

Re: Does Barclays have 5/24 rule?

staticvoidmain — Wed, 10 Oct 2018 08:07:18 GMT

No. According to this article, they might have something similar only on certain card/s (namely, Arrival).

Barclays just thinks it is special. I agree with the responses above. For some reason, Barclays thinks it is Chase which can afford to implement a hard wall. And because they are stingy, and generally hard to deal with, it is easy to dismiss a denial as as an x/24 rule.

Re: Does Barclays have 5/24 rule?

Anonymous — Wed, 10 Oct 2018 13:43:08 GMT

They laughed at me when I tried. They are definitely inq and new account sensitive. I’ll crack that shell eventually.

Re: Does Barclays have 5/24 rule?

FinStar — Wed, 10 Oct 2018 13:59:58 GMT

@Anonymous wrote:
They laughed at me when I tried. They are definitely inq and new account sensitive. I’ll crack that shell eventually.

Just to reiterate, it is more profile specific than anything. I had several new accounts and inquiries reporting and had no issue getting approved instantly for the Aviator CC last time. Since it's all based on algorithms, some individuals may still get approved while others will not.

Re: Does Barclays have 5/24 rule?

jdbkiang — Wed, 10 Oct 2018 16:47:08 GMT

I’ve seen data for a lot of the denials that have been for “too many accounts opened in the last 24 months,” so I feel like there could be some sort of x/24 rule for certain cards, maybe combined with a certain amount of inquiries. It’s just a matter of finding out how many is too many. When I got denied for a recent barclaycard and I called into recon, the agent got surprisingly irritated when I asked her how many was too many for 24 months, not unlike the typical chase CSR response when posed with similar questions.

Re: Does Barclays have 5/24 rule?

FinStar — Wed, 10 Oct 2018 17:30:30 GMT

Again, it's all profile specific since there's lots of DPs that point otherwise. So, before we delve into absolutes, it's important to note that not everyone whose profile may contain X number of new accounts or X number of inquiries (or combination thereof) will be declined.

Unfortunately, I don't believe Barclay's analysts are going to explicitly state... "Yes ,its definitely 5 for sure...oh wait I think it's 6...". Their algorithms have that built internally and it's likely they're more selective on who they want to acquire as a new accountholder.

Re: Does Barclays have 5/24 rule?

Anonymous — Wed, 10 Oct 2018 18:36:23 GMT

I got declined on the Wyndham. I only had 1 inquiry in the last 12 months on Transunion at the time. And had 1 new card in 2018 at the time. Which was a couple of months ago. Reason given was the number of accounts opened in the last 24 months. I did get approved for an Aviator Business card a month or so before. So it doesn't apply to all cards. But other sources point to the Wyndham and the Arrival Plus being 6/24.

Re: Does Barclays have 5/24 rule?

jdbkiang — Wed, 10 Oct 2018 20:55:12 GMT

Yes, I agree, it’s definitely not an absolute, and as always YMMV. Just wanted to note that more and more people have gotten that 24 month reason for denial. The 6/24 “soft rule” has been seen on a couple of other sites as well.

Re: Does Barclays have 5/24 rule?

CreditCuriosity — Thu, 11 Oct 2018 00:12:16 GMT

I am um like 30/24 and had no problem getting the UBER or the Aviator or business Aviator.. So certainly not a hard set rule.. With that said their might be some type of rule on the Arrival+ card as seen a slew of denials with very well established profile enough to keep me from going for the bonus on that particular card or trying for it. Can't say or not that is a hard rule of 6/24 or whatever or profile specific with any certainty. Also have had many other Barclay cards in the past that I have opened such as Sallie mae, Hawaiian Air, Cash Forward, Ring, Rewards, etc.. that I have closed so quite a bit of history with them.. All instant approvals being the more recent ones with the exception of the business card where it was a simple business validation and not by any means a decline

Re: Does Barclays have 5/24 rule?

Anonymous — Thu, 11 Oct 2018 11:36:17 GMT

I have no experience with Chase and IO'm rather new to credit. Is 5/24 accounts or inquiries? I know I didn't have 5 accounts at the time I got my Uber card, but I may have had more than 5 inquiries.

If you get denied or get the 7-10 days message just be prepared to tell your life story to the analyst.

Re: Does Barclays have 5/24 rule?

Anonymous — Thu, 11 Oct 2018 12:57:01 GMT

@Anonymous wrote:
I have no experience with Chase and IO'm rather new to credit. Is 5/24 accounts or inquiries? I know I didn't have 5 accounts at the time I got my Uber card, but I may have had more than 5 inquiries.

If you get denied or get the 7-10 days message just be prepared to tell your life story to the analyst.

The rule is 5 new personal credit card accounts in the last 24 months you will be automatically declined for most of their cards. The Uber card is Barclay and I have not heard this card is under 6/24. Doesn't seem like a card churners would care about so I am not sure why they would put an anti-churning rule on it.

Re: Does Barclays have 5/24 rule?

Anonymous — Thu, 11 Oct 2018 13:08:59 GMT

Not quite three years ago, I received my Barclay CC. I was at 9/24 counting CC applied and approved. Plus, there was a FMCC inquiry, an AT&T inquiry and maybe one more. Things must have changed.

Re: Does Barclays have 5/24 rule?

Anonymous — Thu, 11 Oct 2018 13:25:40 GMT

This whole thread is based upon the premise that the "reason for denial" they give is in fact the true reason. In my experience, they simply check at least 3 boxes as reasons for denial at random and send the letter along its way. The law requires them to give a reason, it does not require that reason to be the REAL reason. In most cases it may be something more hidden than what has been posted so far, especially some 5/24 "rule". Why do I feel this way? In my long experience with lenders I have seen many reasons for rejection that defy the facts, such as:

"Too many recent Inquiries" when the only inquiry in the credit file is their own.

"Balances too high relative to credit lines" when the total of balances reported was $0.

"Too many newly opened accounts" when the most recently opened account was opened 5 years ago.

and a lot of others. These are actual Adverse Action letters I have gotten over the years along with the facts at the time. Recon proved useless at the time. Sometimes they just don't want you as a customer for any or no reason, but the law says they have to come up with a reason. So they do - at random. I am waiting to see an adverse action letter that is truthful, giving a reason like "we just don't want to give you an account" or "we have filled our quota of new accounts this quarter" or "the sun, moon and tides are not in the proper alignment."