Another AA, this time around it's Barclay!!!!

[baller4life]

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@Imperfectfuture wrote:

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@baller4life wrote:

Barclays henchmen I mean Portfolio Credit 866 663 6532 M-F 8 to 5 EST

Mods probably should add this number to backdoor thread. 

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Not to derail, but these folks are in no way connected to PRA, are they?

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Haha not at all. This is Barclays credit department that is responsible for any AA.

[longtimelurker]

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@Anonymous wrote:

 These companies needs to be very upfront with customers.  If you close someone's account, tell them and give them a reason.  Give them a chance to also fight the closure.  

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In an ideal world, yes, but there is simply no upside for a bank to do this, assuming that they are not targeting high-value customers (except for security reasons).  On both sides of the equation, customers and cards are highly churnable, and it's just not worth an issuer spending time discussing with the customer (and as someone else pointed out in another thread, giving too many details may create litigation, which even if frivolous, costs resources to deal with).

While people understandably get upset at creditor-initiated closures, think of the alternatives, like say cell phone contracts.   Would you really want to get a card with a termination fee (e.g. pay back some portion of the bonus if you cancel within 2 years).   At present, the playing field is fairly level, either side can cancel at any time.

[Open123]

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@longtimelurker wrote:

In an ideal world, yes, but there is simply no upside for a bank to do this, assuming that they are not targeting high-value customers (except for security reasons).  On both sides of the equation, customers and cards are highly churnable, and it's just not worth an issuer spending time discussing with the customer (and as someone else pointed out in another thread, giving too many details may create litigation, which even if frivolous, costs resources to deal with).

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Right, no one wants to get sued, not even large Corporations.  

Usually, professional courtesy and etiquette dictates a reason should be offered when abruptly ending existing business relatonships; however, in this day and age, it's best to offer only generalized prepared ones which have been proven to be litigation proof.  Hence, the too many inquiries, even when one has 3.  Or, not enough revolving accounts, even if a person has 10.  Or, balances to limit is too high, even when only at around 10%.

[Anonymous]

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@Anonymous wrote:

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@pip3man wrote:

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@Anonymous wrote:

So sorry to hear.  This is not helping Barclays reputation.  Why did BOA close your accounts if you don't mind me asking?  That may be why Barclays also did it.

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I have no idea why BOA took that action, I'm still patiently waiting on them to send the mysterious letter explaining their reason. But the only other thing I can imagine that may have caused them to do so was somehow I ordered a copy of my EX credit report only to find a new collection for like $600 bucks or thereabout. Immediately I called the bureau and advised them it wasnt mine and they deleted the entry right away while I was still on the fone with them. Now the question is, how long the collection has been sitting there before I discovered it?! That I dont know.... but I know for a fact EX got rid of it as soon as I disputed it. I have credit karma and i never got any alert on TU & EQ so thats my story

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Ugghh, sorry to hear.  I think that popping your report is what caused it.  These companies needs to be very upfront with customers.  If you close someone's account, tell them and give them a reason.  Give them a chance to also fight the closure.  A bit absurd if you ask me.  Hang in there..

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It's a nice thought in theory, but the agreement you sign/click online before you submit for approval, generally states that they or you can end the "relationship" whenever they see fit.  And them seeing a collection before it's deleted is probably reason enough for them to act, especially knowing Barclays.  It's reason enough that I haven't had any collections pop up since I've began rebuilding, and the bill I do have that might has potential for collection is paid monthly until PIF (which is coming up).

If you think about it from the bank's point of view, the whole idea of lending is a matter of trust on their part, if they determine that the trust has been violated, either with more collection accounts, too many inquiries/accounts, or high utilization then they'll do whatever they can to insure that they come out with no damage on their end.  A simple reading of the terms and conditions would tell you as much. And more and more banks are doing it now than ever, including the beloved Capital One and Comenity. 

[Kidcat]

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@Anonymous wrote:

So sorry this happened. Is anyone else getting paranoid about checking their accounts all the time? I am checking a couple of times a day. (Edited for spelling)

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Yup

[Anonymous]

Mister I'm really sorry to hear this has happened to you. Were you able to speak with Barclay today? Hopefully, they were able to provide some insight as to what happened. Best of luck to you.  

[Anonymous]

This scares me. I use my $500 Barclay card daily and its my main card. I still use my QS1 but i prefer the rewards point system of Barclay. Would suck to put so many swipes into Barclay and neglect Cap1 swipes only to be punished by Barclay a few years later.

[NoAnchoviesPlease]

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@pip3man wrote:

I ordered a copy of my EX credit report only to find a new collection for like $600 bucks or thereabout. Immediately I called the bureau and advised them it wasnt mine and they deleted the entry right away while I was still on the fone with them. Now the question is, how long the collection has been sitting there before I discovered it?! That I dont know.... but I know for a fact EX got rid of it as soon as I disputed it. I have credit karma and i never got any alert on TU & EQ so thats my story

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I seem to recall that if there's an error on your report, you can "require" the CRA to send an update to anyone who requested a report with the errroneous data. 

To wit (from http://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports):

"When the investigation is complete, the credit reporting company must give you the results in writing and a free copy of your report if the dispute results in a change. This free report does not count as your annual free report. If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider.

If you ask, the credit reporting company must send notices of any corrections to anyone who received your report in the past six months. You can have a corrected copy of your report sent to anyone who received a copy during the past two years for employment purposes."

Worth reading that page (and maybe someone else who's been through this will advise whether it's worth it) and considering action, if your removal item counts as a "dispute." 

[CreditUnionFan]

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@NoAnchoviesPlease wrote:

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@pip3man wrote:

I ordered a copy of my EX credit report only to find a new collection for like $600 bucks or thereabout. Immediately I called the bureau and advised them it wasnt mine and they deleted the entry right away while I was still on the fone with them. Now the question is, how long the collection has been sitting there before I discovered it?! That I dont know.... but I know for a fact EX got rid of it as soon as I disputed it. I have credit karma and i never got any alert on TU & EQ so thats my story

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I seem to recall that if there's an error on your report, you can "require" the CRA to send an update to anyone who requested a report with the errroneous data. 

To wit (from http://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports):

"When the investigation is complete, the credit reporting company must give you the results in writing and a free copy of your report if the dispute results in a change. This free report does not count as your annual free report. If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider.

If you ask, the credit reporting company must send notices of any corrections to anyone who received your report in the past six months. You can have a corrected copy of your report sent to anyone who received a copy during the past two years for employment purposes."

Worth reading that page (and maybe someone else who's been through this will advise whether it's worth it) and considering action, if your removal item counts as a "dispute." 

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This is a good point, and most likely worth a phone call and a fax transmission.

If the collections was not yours, and Barclays took AA because of the collection, you could ask the bureau to send the correction, and you could take your letter from the bureau and send it to Barclays to see if they will consider reversing the AA based on the premise that their action was based on erroneous information.

You may not get anywhere, but it probably wouldn't hurt anything either. I would imagine that there's a fax number that you could take your existing letter from the bureau, as-is, and send it to Barclays.

Once an error is detected on one report, I would check the other two major reports to verify they are correct.

[Bman70]

OP, does the 27% total utilization include Macy's? Because 27% of your total credit lines would make $31,500 in revolving credit debt. We've seen banks backing away when people hit $10k unsecured debt.. not surprising some would get nervous over 32k. The recommended utilization numbers tend to go out the window once debt hits a certain level. There's no automatic safe utilization percentage when past certain dollar amounts.