topic Re: Barclay Closed.... in Credit Cards

Barclay Closed....

KeithW — Wed, 03 Jun 2020 01:32:52 GMT

Due to high balances, my FICO score back around the end of last yeard dipped down to between 630 and 650. Then I paid down my balances a little and now my score is back up around 700. Then I got a letter from Barclay, which I never carried much of a balance on, usually a couple of hundred dollars at most, that they were closing my account after 10 years with never a late payment.

I just thought that was odd. I am assuming it has more to do with them internally than anything I did.

Re: Barclay Closed....

Anonymous — Wed, 03 Jun 2020 01:46:58 GMT

Sorry about the closure.

It really is probably more on them then you. First they nerfed alot of their rewards for their cards, and then the closures.

If it isn't hurting your utilization, I wouldn't sweat it.

Re: Barclay Closed....

KeithW — Wed, 03 Jun 2020 02:21:15 GMT

I just hate to see a 10 year old card go because of the average age of account metric.

Re: Barclay Closed....

Anonymous — Wed, 03 Jun 2020 02:31:02 GMT

Well, the upside of things is that you won't feel the sting of the account being closed until about 10 yrs from now. It'll still be counted in your Account age

Re: Barclay Closed....

KeithW — Wed, 03 Jun 2020 03:55:56 GMT

I did not realize that. I thought it would be immediate.

Thanks!

Re: Barclay Closed....

Brian_Earl_Spilner — Wed, 03 Jun 2020 04:05:43 GMT

Up to 10 years usually. It could disappear next month, or it could still be on there in 20 years.

Re: Barclay Closed....

Anonymous — Wed, 03 Jun 2020 04:19:37 GMT

I believe each bureau has their own timeline as well. One of the bureaus and I'm drawing a blank on which one, has an old closed account from the mid 2000's still factoring into my account age.

@KeithW wrote:
I just hate to see a 10 year old card go because of the average age of account metric.

Re: Barclay Closed....

Anonymous — Wed, 03 Jun 2020 07:17:43 GMT

@Anonymous wrote:
I believe each bureau has their own timeline as well. One of the bureaus and I'm drawing a blank on which one, has an old closed account from the mid 2000's still factoring into my account age.
@KeithW wrote:
I just hate to see a 10 year old card go because of the average age of account metric.

I have a couple cards closed as far back as 2005 and 2008 still reporting. They are die to drop in 2021 and 2023 because of their last "update". Everything else I have had dropped at exactly 10 years post "last updated" entry. I am starting to think it has to do when it was last updated, just from my personal experience.

Re: Barclay Closed....

Anonymous — Wed, 03 Jun 2020 14:54:12 GMT

@KeithW wrote:
Due to high balances, my FICO score back around the end of last yeard dipped down to between 630 and 650. Then I paid down my balances a little and now my score is back up around 700. Then I got a letter from Barclay, which I never carried much of a balance on, usually a couple of hundred dollars at most, that they were closing my account after 10 years with never a late payment.

I just thought that was odd. I am assuming it has more to do with them internally than anything I did.

When was the card last used? Many issuers are closing for lack of use.

Re: Barclay Closed....

VPExecutive — Wed, 03 Jun 2020 19:49:03 GMT

I would say the loss of any Barclaycard is no loss at all.

Re: Barclay Closed....

sjt — Tue, 09 Jun 2020 09:13:36 GMT

@KeithW wrote:
Due to high balances, my FICO score back around the end of last yeard dipped down to between 630 and 650. Then I paid down my balances a little and now my score is back up around 700. Then I got a letter from Barclay, which I never carried much of a balance on, usually a couple of hundred dollars at most, that they were closing my account after 10 years with never a late payment.

I just thought that was odd. I am assuming it has more to do with them internally than anything I did.

What was the reason for the closure? You should call them and see if they will reopen the account.

Re: Barclay Closed....

Anonymous — Wed, 10 Jun 2020 12:58:58 GMT

After reading many posts on Barclay Card ... closed my last card as it was of no use (no rewards). Also, I did not feel comfortable risking actually using the card.

They closed the card within 12 minutes of my secure message and three days later reported to the credit bureaus.

Likely I was not profitable ... ain't that the truth! Old Barclay Sallie Mae Card holder that was left over from yester' years. No tears and no affect on utilization or account aging as scores remained the same (I planned this).

Re: Barclay Closed....

AzCreditGuy — Thu, 11 Jun 2020 14:57:36 GMT

After my 0% APR ends I will never use the card after what they did to me. They ended up lowering my CI from $5k to $2,350 after I had done a balance transfer for $2k giving me 86% utli for the card. Every new card that I have has not done this and some cards have even given me CLI. If they closed your account as others have said, its blessings.