Barclay just decreased my limit LOL

[Anonymous]

So this is literally the first time I’ve had my limit decreased on any card of mine and of course it’s a Barclay card lol. My limit was 4000 and I just happened to log on today and now it’s 500. It was the Aviator White card which was previously the red so I really only used it to keep my miles from expiring since I currently have a BT on the Citi AA card.

I rarely even used the card upon getting the SUB. I used it for one flight and a couple of small purchases.

Just thought I’ll share another Barclay story. I was already planning to close the card soon anyways but they just sped up that process! Haha

[gabeerwin]

Stories like these always make me log on to my Barclay account to see if the dinged me too..  Safe for today.  Sorry for the AA on your account.

[FinStar]

Sounds like an AR was done not long ago for the AA. Did you have lots of inquiries and new accounts reporting in the past 6-12 months?

[AverageJoesCredit]

Sorry Suave, but on the bright side, on a card you dont use and wanted to release

[Anonymous]

Yea I’ve had 10 new accounts this year and a ton of inquiries so I suspect that’s what triggered it. My utilization is at 10% so I’m certain that wasn’t it.

Definitely no big deal as I had no use for the card anyways. Barclays seems to be the only lender spooked by new accounts, other lenders don’t seem to care too much.

[AverageJoesCredit]

Unfortunately this may become more normal than we would like. Lenders seem to not be liking our multi apping in a year and multiple new accounts means less spend on their card.

[UpperNwGuy]

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@Anonymous wrote:
Yea I’ve had 10 new accounts this year and a ton of inquiries so I suspect that’s what triggered it. My utilization is at 10% so I’m certain that wasn’t it.

Definitely no big deal as I had no use for the card anyways. Barclays seems to be the only lender spooked by new accounts, other lenders don’t seem to care too much.

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Ahhh.... but other lenders do care.  I'm thinking about Chase and Synchrony in particular, but there have been random reports of other lenders also taking action when a cardholder opens too many cards in too short a time.  Why exactly did you need 10 new accounts this year?

[SBR249]

Kind of makes sense though right? I mean if Lender A thought that your income and CR means you can handle about $X in credit and then they find out that so did Lender B, Lender C, Lender D, and Lender 5 and they each gave you $X in credit, all of a sudden you now have 5x $X in credit. That may be too much risk for Lender A to handle. 

[Anonymous]

It's not just Barclay, lately we have seen Chase closing newly opened cards, Commenity and Synchrony closing store cards, Amex and CapOne tighten their belts on approval and an uptick of Egyptian denials by PenFed...etc. all for the same reason, time to tread lightly.

[Anonymous]

Oldman is right.
I've seen this movie before...rising debt and an interesting cost to borrow. IMO banks are preparing for the next economic downturn...its not if but when. These things are cyclical.