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I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550. The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts. I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts. I'm sure that was just a roundabout way of saying too many new accounts.
My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692. Overall Util is ~8%.
@Anonymous wrote:I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550. The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts. I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts. I'm sure that was just a roundabout way of saying too many new accounts.
My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692. Overall Util is ~8%.
Sorry this happened to you. I'd rather they didn't extend me credit in the first place if they are going to lower the limiits here and there. I remember the old days when creditors looked at your history with them and not others. I guess you are lucky that they didn't close your card. I read on this forum that they are a great lender and maybe they are but I apped for a card on April 2nd and still have not got an approval or denial, just 3 requests for more identity items which I provided. At this rate I am afraid to get a card from them now anyway so maybe it's a blessing that they just won't make a decision Actually I am afraid of all of these CC companiies so I don't and won't depend on having the CC's. That way if they take the cards or lower the limits, it's just a thing.
;It;s almost if you are married to them and they think you are fooling around on them when you obtain or use other cards.
Good luck.
@Anonymous wrote:I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550. The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts. I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts. I'm sure that was just a roundabout way of saying too many new accounts.
My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692. Overall Util is ~8%.
Sorry to hear about the CLD. Do you mind sharing the number of new accounts you added in the last 6 months and last 12 months? I'm guessing that you may be currently carrying a balance on your Sallie Mae account.
@Man-Of-Steel wrote:
@Anonymous wrote:I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550. The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts. I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts. I'm sure that was just a roundabout way of saying too many new accounts.
My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692. Overall Util is ~8%.
Sorry to hear about the CLD. Do you mind sharing the number of new accounts you added in the last 6 months and last 12 months? I'm guessing that you may be currently carrying a balance on your Sallie Mae account.
I've added 4 accounts in the last 6 months and 9 total for the last year. I never carried a balance with Barclay until recently. I used one of the 0% checks they send pretty much every week. Crazy me thought they'd actually like me to use one. The balance today is ~$900.
@Anonymous wrote:
@Man-Of-Steel wrote:
@Anonymous wrote:I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550. The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts. I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts. I'm sure that was just a roundabout way of saying too many new accounts.
My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692. Overall Util is ~8%.
Sorry to hear about the CLD. Do you mind sharing the number of new accounts you added in the last 6 months and last 12 months? I'm guessing that you may be currently carrying a balance on your Sallie Mae account.
I've added 4 accounts in the last 6 months and 9 total for the last year. I never carried a balance with Barclay until recently. I used one of the 0% checks they send pretty much every week. Crazy me thought they'd actually like me to use one. The balance today is ~$900.
Thanks for providing the additional information. Definitely a bummer. The good thing is that your balance isn't too large. I believe I've read where people have called Barclays and were able to get them to restore their CL. Good luck if you decide to call in and see if they can restore your limit.
@Man-Of-Steel wrote:
@Anonymous wrote:
@Man-Of-Steel wrote:
@Anonymous wrote:I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550. The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts. I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts. I'm sure that was just a roundabout way of saying too many new accounts.
My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692. Overall Util is ~8%.
Sorry to hear about the CLD. Do you mind sharing the number of new accounts you added in the last 6 months and last 12 months? I'm guessing that you may be currently carrying a balance on your Sallie Mae account.
I've added 4 accounts in the last 6 months and 9 total for the last year. I never carried a balance with Barclay until recently. I used one of the 0% checks they send pretty much every week. Crazy me thought they'd actually like me to use one. The balance today is ~$900.
Thanks for providing the additional information. Definitely a bummer. The good thing is that your balance isn't too large. I believe I've read where people have called Barclays and were able to get them to restore their CL. Good luck if you decide to call in and see if they can restore your limit.
Thanks Man-Of-Steel. I think I'm just going to leave it alone. I'm not hard up for credit (as long as Discover and Chase are still cool with me). Sallie isn't really one of those cards we need large CLs on anyway.
@Anonymous wrote:Thanks Man-Of-Steel. I think I'm just going to leave it alone. I'm not hard up for credit (as long as Discover and Chase are still cool with me). Sallie isn't really one of those cards we need large CLs on anyway.
You're welcome and I agree.
@Anonymous wrote:I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550. The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts. I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts. I'm sure that was just a roundabout way of saying too many new accounts.
My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692. Overall Util is ~8%.
I'm assuming you're monitoring your credit reports every month or so.
If you're not, you might want to make sure that no surprise negatives have cropped up. It can be an error on the CRA's part, like tacking on a negative from a person with a name similar to yours but who's not you.
If nothing like that shows up, give Barclay a call to make sure they saw your profile only. The part in bold is the more critical reason. They wouldn't add it if it was simply too many new accounts. They'd have said it's too many new accounts. They're known to be pretty blunt that way.
@Man-Of-Steel wrote:
@Anonymous wrote:I got a letter in the mail yesterday from Barclay saying that the CL on my Sallie Mae had been reduced from $6400 to $3550. The reason in the letter are Derrogatory Public Record or Collection and Age of Accounts. I haven't had anything negative in my CRs in over two years, but I'll 100% agree with age of accounts. I'm sure that was just a roundabout way of saying too many new accounts.
My scores today are EQ 704, TU 708 (which dropped 8 points with the CLD), and EX 692. Overall Util is ~8%.
Sorry to hear about the CLD. Do you mind sharing the number of new accounts you added in the last 6 months and last 12 months? I'm guessing that you may be currently carrying a balance on your Sallie Mae account.
May-Of-Steel, I infer from your comment that OP's carrying a balance was a factor in triggering the adverse action.
Can you elaborate on that? I would have thought that they like people to carry a balance.