Barclay Card...

[Anonymous]

So I got my Virgin America Card like 2 weeks ago, and yesterday I was approved for Chase Freedom Card.. But i just read that if i open a new card Barclays will close my card? Is this true? why would they do this? I only got 1 more card.. Let me know! To what i should expect.

[Anonymous]

I really doubt they would close your account. From what I've heard, Barclay's doesn't like people applying in the next 6 months, but they wouldn't close your account and lose one customer...

[Strepthroat]

Yes, they will close an account and lose one customer.  Will you be that one customer?  No one can say.  Barclays is known for closing cards and decreasing limits after reviewing customers credit reports and finding new accounts/inquiries.  When approved a few days ago the credit analyst confirmed it.  Of course I didn't tell him I know it's a fact because they closed my husband's account for that reason, according to them.  He did in fact a couple of accounts after opening his Barclay's card.

[vish1]

Waiting for JayRizzo...

[Anonymous]

---

@Strepthroat wrote:

Yes, they will close an account and lose one customer.  Will you be that one customer?  No one can say.  Barclays is known for closing cards and decreasing limits after reviewing customers credit reports and finding new accounts/inquiries.  When approved a few days ago the credit analyst confirmed it.  Of course I didn't tell him I know it's a fact because they closed my husband's account for that reason, according to them.  He did in fact a couple of accounts after opening his Barclay's card.

---

Well, I stand corrected.

[amp0804]

Since when cant you have other accounts but a barclays...sounds pretty stupid to me. Once your approved your approved. Not sure why an inq after approval would affect an already opened card.

[android01]

---

@amp0804 wrote:
Since when cant you have other accounts but a barclays...sounds pretty stupid to me. Once your approved your approved. Not sure why an inq after approval would affect an already opened card.

---

They do this because they see someone who is applying for more and more credit, possibly out of desperation, and they don't want to take the risk that they may be the last one standing after the inevitable crash and burn.  It is perfectly within their rights to not take that risk, so they opt on the side of caution.  They seem to be very diligent in checking up on their investments (us consumers), and although maybe losing a few customers, they probably saved themselves a lot of money.      

[JayRizzo]

First, I'm still cracking up over Vish1's post -- hahahaa!!!  All I can say is... go ahead and apply for another card and see if you make it beyond the 6-month mark with Barclays.  Check all of your CRs monthly to see if Big Brother Barclays is watching you.  Be sure to keep us posted!

Everyone else, Great Information You've All Provided!!!    Now, That's What A Forum Should Be About!!!

[bostonte]

Plenty of people have had absolutely no problem with this mythical 6-month watch period, they just aren't as loud or frequent with the posting about it as JayRizzo.

[JayRizzo]

It's not mythical.  The Credit Analsyts will tell you about it themselves now.  It's not a big secret anymore. 

Because not many people are using the forum's search feature, you will see new people asking the same questions again.  I'm all for them applying for credit, but warning them of the consequences if they're also looking to build with additional TLs.  So, I'd rather be loud and frequent to warn members rather than sit mute and say nothing and watch another member take an unexpected negative hit.