topic Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined in Credit Cards

Barclaycard® Rewards MasterCard® - Average Credit - Declined

Anonymous — Fri, 23 Aug 2013 19:55:52 GMT

Hi,

I'm new to this board but have been reading posts here for a while and I must say it has helped me a lot improving my credit in just about 2 months.

Background: I have two collections on my report, one from 2010 and one from this year, both paid off. Older one was paid in 2010 itself. I have two other credits which are closed due to bad payment history. Both paid off too, recently. I have only one credit line open, Discover with CL 1000.

All these bad things on my credit happened while I was a student and didn't had a steady income. I started working full-time recently and first thing I did was working towards my credit. In two months I jumped from 504 to 626 EQ Fico.

I in market for a personal loan for about $8K but two credit union turned me down. Springleaf Finance approved it today but for a nasty 34% interest and only for $5k. This is my only option but since I need money, I'm going to take but pay it off in less than one year itself.

Now coming to Barclaycard, I applied for it yesterday and they declined. I called Barclay Credit Analyst today and he told me that my credit was 555 from TU. He said that it was Fico score. I have been monitoring my Fico scores and currently my TU Fico is 630 (yesterday) I don't understand why there is a huge difference between lender's Fico pull and myfico.com score. One credit union (which let down my personal loan application) used EQ score and it was exactly 626 which I found from myfico as well. Does anyone know why TU score is varying this much?

Infact, I tried calling Discover for CLI, they told me the same thing, my TU Fico score as 555.

Below is a screenshot of my progress in past two months:

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

Anonymous — Fri, 23 Aug 2013 20:01:57 GMT

Welcome to the forum! I would first suggest you post in Rebuilding for assistance with the derogs on your CR's. second, I'd would strongly discourage the Springleaf loan, 34% is atrocious and perhaps with help from the other board, your credit will improve and you can get a loan with better terms. Third, without knowing your circumstance, seeking new credit while desperately needing money is probably not a good idea.

Lastly, the TU score sold here is an older version. The lenders may be using bank enhanced and/or the newer version.

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

sybo40 — Tue, 27 Aug 2013 14:16:36 GMT

So odd...I was going to ask the same thing. I see that Barclay has a card listed on the fico board as one of the top cards for bad credit, which I found very interesting. I want to apply, but am afraid that with all the inqs on my report (20), they are going to turn me down anyway...despite my 597 score.

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

Anonymous — Tue, 27 Aug 2013 14:24:28 GMT

Barclays, from what I have been reading around here, is really picky about the INQs you have on your CR as they review it every so often.

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

Anonymous — Fri, 30 Aug 2013 15:26:32 GMT

I just applied for the Barclaycard® Rewards MasterCard® - Average Credit and got approved for $500. Not bad for a cc to rebuild my credit. My credit was destroyed my an ex who I was dumb enough to put his name on all of my credit cards over 6 years ago and he maxed them out and I have been doing a clean up and rebuilding ever since. I selected the card because they use TU and that score is 629, my other 2 scores are lower. I only have 1 other credit card and that is with Merrick Bank with a limit of $650 and I do have a high balance of $600 right now but will be making a $250 payment this week.. I have the Merrick card for 6 months now and should be due for a CLI soon I hope. The only other credit I have is Fingerhut and that is a limit of $1300 and have a balance of about $400 and Badcock Furniture with a line of credit of $2500 and a balance of about $240. I am hoping to get my score back to what it was 6 years ago and that was about 800. I do have a few older baddies on my report.

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

Anonymous — Fri, 30 Aug 2013 15:58:59 GMT

@sybo40 wrote:
So odd...I was going to ask the same thing. I see that Barclay has a card listed on the fico board as one of the top cards for bad credit, which I found very interesting. I want to apply, but am afraid that with all the inqs on my report (20), they are going to turn me down anyway...despite my 597 score.

Ignore the card "recommendations" on the top, these are simply paid ads. Barclays rewards is there for Top Gas, Top Low Intro and Top Bad Credit. For gas, you can do much better than the 2% offered here for example!

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

Anonymous — Fri, 30 Aug 2013 16:23:26 GMT

@Anonymous wrote:
I just applied for the Barclaycard® Rewards MasterCard® - Average Credit and got approved for $500. Not bad for a cc to rebuild my credit. My credit was destroyed my an ex who I was dumb enough to put his name on all of my credit cards over 6 years ago and he maxed them out and I have been doing a clean up and rebuilding ever since. I selected the card because they use TU and that score is 629, my other 2 scores are lower. I only have 1 other credit card and that is with Merrick Bank with a limit of $650 and I do have a high balance of $600 right now but will be making a $250 payment this week.. I have the Merrick card for 6 months now and should be due for a CLI soon I hope. The only other credit I have is Fingerhut and that is a limit of $1300 and have a balance of about $400 and Badcock Furniture with a line of credit of $2500 and a balance of about $240. I am hoping to get my score back to what it was 6 years ago and that was about 800. I do have a few older baddies on my report.

Glad that they approved it. $500 is not bad for starting. i just got the letter of deniel from Barclay yesterday and it says that I have Insufficient credit card accounts (I have only one ohter) and Insufficient credit limit on existing accounts (thats $1K). Anyways, when I called them they told me that they keep application for a period of 90 days and I can request for reconsideration anytime within this period, however if it is after 30 days, they will need to pull my credit again.

So for starting, I just opened a secured credit card account with Capital One. Got $200 limit for $49 security deposit. That will at least give me one more account on file.

Eventhough Springleaf interest was really really high , I took the loan anyways because I needed the money urgently. I have resources available to pay off this loan with-in next 8 months so I will not end up paying too much. Now, I don't know if Springleaf will report to all credit agencies or not. I hope they will. This will give some strength to my credit history.

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

dollar_bill — Fri, 30 Aug 2013 16:47:04 GMT

Some years ago I picked up a Direct TV Visa card and used it to get the rewards for Sunday Ticket. Then not too long ago, my card changed into a Barclays Reward Platinum Visa.

The current rewards aren't that great given what you can get from other cards, but I thought it was interesting that I cannot find the Reward Visa cards anywhere, only the Mastercard. The only Visa cards have a partner specific logo, like NFL and what not.

I bring it up because maybe the Visa is easier to get you might want to ask?

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

Anonymous — Fri, 30 Aug 2013 17:28:21 GMT

@dollar_bill wrote:
Some years ago I picked up a Direct TV Visa card and used it to get the rewards for Sunday Ticket. Then not too long ago, my card changed into a Barclays Reward Platinum Visa.

The current rewards aren't that great given what you can get from other cards, but I thought it was interesting that I cannot find the Reward Visa cards anywhere, only the Mastercard. The only Visa cards have a partner specific logo, like NFL and what not.

I bring it up because maybe the Visa is easier to get you might want to ask?

I never thought about Visa vs Master Card. I will request that when I call them next time. I think Barclay does offer Visa cards. Anyways, Since I'm rebuilding my credit, I will hold off for a month or two before calling them for reconsideration. Meanwhile I will get one more secured card.

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

burghpa — Fri, 30 Aug 2013 23:51:58 GMT

I recently got a barclay card (earlier this month, before #gardenstrong ) with $500 credit limit as well. My score was 640+ at that time. This was before my Capital 1 INQ reported.

From what I hear , Barclay can still close anytime since they are INQ sensitive.

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

Anonymous — Sat, 31 Aug 2013 03:07:19 GMT

I got approved with a ~615 transunion a couple of weeks ago (EX was closer to 650) for $750. Not totally sure what they look for on a credit profile, but the one thing I had working for me on TU was low INQs at the time (around 3 i believe). I had one unpaid collection from 2008 on my report. And quite a few lates from student loans back in 2008.

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

burghpa — Sun, 01 Sep 2013 00:34:11 GMT

@Anonymous wrote:
I got approved with a ~615 transunion a couple of weeks ago (EX was closer to 650) for $750.

You may be right, they are looking at TU score , I just checked my TU Score, it is only 611 compared to 644 with EQ, 673 with EX. On TU, i have the lowest INQ, only 3, where as with EX i have 13 (a few of them from apt hunting, multiple HP etc)

Re: Barclaycard® Rewards MasterCard® - Average Credit - Declined

Anonymous — Tue, 03 Sep 2013 15:54:57 GMT

They look at TU score only for approval purpose. My Fico showed me my Fico score as 630 which is why I applied for this card. But the bank told me my score was 555. I got the rejection letter later stating that I have too few credit accounts and CL is too low on opened accounts. I'm getting a few secured credit cards to build my credit account profile. I will call Barclay again after about 2 months for reconsideration of my previous application (They keep applications for 90 days)