Barclay Closed....

[KeithW]

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.

[Anonymous]

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.

[KeithW]

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

[Anonymous]

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

[KeithW]

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

Thanks!

[Brian_Earl_Spilner]

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

[Anonymous]

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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.

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[Anonymous]

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@Anonymous wrote:

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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.

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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.

[Anonymous]

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@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.

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

[VPExecutive]

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