BARCLAY CARD CLD

[Anonymous]

The CLD roller coaster going on lately has the feel of conspiracy.  I wonder if the Fed is putting some pressure on banks in the form of threatening to raise their asset ratio to debt provisions.

There are a lot of complicated "master trusts" and "issuance trusts" designated by banks to provide for the securitization of credit card debt and the Fed sets some policy for standards of what ratio the trust capitalization is to overall debt.

If the Fed is going to play some games (maybe unemployment is too low leading to price inflation being too high) with banks, they might be hinting privately to the banks that they're going to raise securitization ratio down the line and the banks are scrambling now to lower credit lines rather than try to put higher assets into long term trust holdings.

[Anonymous]

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@AverageJoesCredit wrote:
Sir Barclays is a nervous nelly. Only you know if you want to close it but if it were me and im not meshing ,or vica versa, with said creditor best to part ways . With 11 other accounts, dont think your aaol will take a hit if you decide to close it. Thankfully your limit wasnt too high so perhaps its best to find out how they treat you now than later. Good luck

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THIS CARD IS MY 3RD OLDEST......Would closing it effect my score negatively?

[Anonymous]

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@Anonymous wrote:

The CLD roller coaster going on lately has the feel of conspiracy.  I wonder if the Fed is putting some pressure on banks in the form of threatening to raise their asset ratio to debt provisions.

There are a lot of complicated "master trusts" and "issuance trusts" designated by banks to provide for the securitization of credit card debt and the Fed sets some policy for standards of what ratio the trust capitalization is to overall debt.

If the Fed is going to play some games (maybe unemployment is too low leading to price inflation being too high) with banks, they might be hinting privately to the banks that they're going to raise securitization ratio down the line and the banks are scrambling now to lower credit lines rather than try to put higher assets into long term trust holdings.

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One guy here said Barclays has been doing this nonsense for years.  It just seems new to a lot of us.

[austinguy907]

Barclay's serves a purpose for some just like Cap1 does.  It seems they're both hopping into bed together lately with similar issues popping up.  Oh you don't use it... well we'll slash it for you and give some to someone else.  Barclay has typically been the jealous one of the relationship when it comes to adding comeptitors to your portfolio.  

Throw it into a shredder and just wait them out to cancel it on their own.

Closing it won't hurt since you'll have it on your reports for the next 10 years anyway.  Obviously you've been hitting the apps hard for the past year and have some better options than the sub tier prime cards like B/C.  Don't overthink it and just move forward either way.

[CreditMagic7]

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@Anonymous wrote:

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@AverageJoesCredit wrote:
Sir Barclays is a nervous nelly. Only you know if you want to close it but if it were me and im not meshing ,or vica versa, with said creditor best to part ways . With 11 other accounts, dont think your aaol will take a hit if you decide to close it. Thankfully your limit wasnt too high so perhaps its best to find out how they treat you now than later. Good luck

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THIS CARD IS MY 3RD OLDEST......Would closing it effect my score negatively?

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The card if closed remains POSITIVE for 10 years to the AAOA.

If anything those 11 new cards affected the FICO score to the NEG already, closing it won't change that.

However after opening those 11 cards that Barclays cited for the CLD it might take a very very long time for them to want to raise it very much again if ever.

After all that's just how barclays is.

[AverageJoesCredit]

What Austinguy and CM7 is sound good advice. Even though it mabe your third oldest card, you still have 2 older ones lol, so just look at what you have and where you want to go. Certain lenders,though all can be quirky at times, you have to be on your p's and q's . Barclays seems like one i have some with Synchrony who have their Blue is the new You tour that work for me now but are always at the back of my mind so the first cls i see theyll be getting a red envelope from me. Thankfully, being here on the forum we get to see how each lender have been reacting around the time one apps so its good to know who is skittish who is not.

[fltireguy]

Meat man. Same thing happened to me. Same excuse from them, same reasons - even though my TU had gone up 60 points. I closed it and never looked back. Replaced their crummy rewards card with a PenFed card in my lineup 😁

[Anonymous]

I have to completely agree here credit unions serve all of the aspects you need whether you like the ring or balance transfers. Give your business to credit unions not Barclays. PenFed is pretty freaking amazing but if you can get a deal was something local of course support your local economy

[Anonymous]

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@Anonymous wrote:
I have to completely agree here credit unions serve all of the aspects you need whether you like the ring or balance transfers. Give your business to credit unions not Barclays. PenFed is pretty freaking amazing but if you can get a deal was something local of course support your local economy

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I am going to look at PENN FED to see about opening an account with them as that is a requirement to have a CC with them...I have researched the card well...it si a nice one

[fltireguy]

Remember with PenFed you do not have to be a member to apply, but if you are approved you will need to become one and open a savings account