Barclay :(

[ginger1477]

Got an alert today the one of my accounts reported a credit limit  decrease.   Thanks to reading these boards I knew who from right away.   Barclay cut me down from 5000 to 850.  I'd been using it last month,  so it has 650ish on it.   I've never carried a balance on this card,  or any balance that wasn't interest free on any card.   I'm going to pay them off tomorrow.   Just wondering if it is a good idea to ask for the limit to reinstated before I make them report a zero balance and cancel?  I know for sure I don't want the card anymore.   

I've opened a few new cards, and my capital one reported a 3000 balance out of the 14000 limit.   Thinking that may have scared them.  Oh well.

[Legal_Girl]

Sorry this happened, but Barclay is famous for decreasing credit limits, especially if you have opened new credit cards.  That seems to be one of the biggest complaint about Barclay.   If you haven't opened any new accounts in the last couple of months there is no telling why they decreased.  I personally don't use either of my 2 Barclay cards anymore because they decreased me when one of my cards was still Sallie Mae after I opened 2 new accounts in 4 months.  They start 'balance chasing' card holders when that happens.  If you like the card, give them a call and see what's up.  I need to take the time and close mine. Good luck.

[AverageJoesCredit]

Ill have a cup of joe and say good riddance to Sir Barclays for ya. NOT COOL

[Anonymous]

I really dislike Barclays. I never did business with them (athough was close to), and your post just comes to confirm that I never should.

To cancel or not depends on your AAoA with and without that CC, and your average CL thorughout your CCs. If it affects AAoA you'll see some score drop. If it affects avg CL, you may or may not see some effect in the form of a lower SL when applying for more CCs.

Assuming you can cancel right now, I would always call before cancelling, to give them an opportunity. I'd ask what happened, and then explain the problem for me with the new situation, and that I'll have no choice but to cancel it if there's no way we can revert that CLD. If they say no I cancel immediately

[Anonymous]

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@Anonymous wrote:

I really dislike Barclays. I never did business with them (athough was close to), and your post just comes to confirm that I never should.

To cancel or not depends on your AAoA with and without that CC, and your average CL thorughout your CCs. If it affects AAoA you'll see some score drop. If it affects avg CL, you may or may not see some effect in the form of a lower SL when applying for more CCs.

Assuming you can cancel right now, I would always call before cancelling, to give them an opportunity. I'd ask what happened, and then explain the problem for me with the new situation, and that I'll have no choice but to cancel it if there's no way we can revert that CLD. If they say no I cancel immediately

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Closing the CC will have absolutely no affect on your AAOA. The account will remain on your credit reports for 10 years once they are closed and will still factor in your AAOA's.

[fltireguy]

You can ask to have the limit reinstated, but I doubt they will
They suck, they CLD'd me for no real reason at all a year ago. I closed my card... I don't need them at all!

[Anonymous]

fltireguy --I just saw your signature and totally agree, barclays and citi suck, so far the only 2 financial entities I dislike. Although citi has the sears card...
And true, Synchrony sucks even worse but they're all over the place so I have to deal with them.
Chase I like its banking style for CCs, and CUs, Cap1, and maybe Amex too. Not really sure about the last one

[LadyJEsq]

I have yet to have an issue with Barclay (knock on wood). I'm currently carrying a significant amount of debt and have yet to be CLD. I also opened several new accounts, including the Ring, in the past 3mths. If I make it without getting CLD, I wonder if it's because my CRs show that I carry balances all the time. I've never done AZEO, so maybe it's not so startling that I'm carrying such a large balance now.

[CreditMagic7]

That's Barclays axe chopping routine. We read about it so very often in here that it's not funny and still others sing high praises over them.

The one last thing you can try is to call them during business hours and request reinstatement of the before limit.

Some have had luck getting it back and others not.

Sorry they targeted you. It is a very well known tactic of Barclays especially.

[NRB525]

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@LadyJEsq wrote:

I have yet to have an issue with Barclay (knock on wood). I'm currently carrying a significant amount of debt and have yet to be CLD. I also opened several new accounts, including the Ring, in the past 3mths. If I make it without getting CLD, I wonder if it's because my CRs show that I carry balances all the time. I've never done AZEO, so maybe it's not so startling that I'm carrying such a large balance now.

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Yes, I have to agree your credit profile with actual balances over a long period of time, with no issues, likely has something to do with how Barclays looks at your accounts.

OP seems to have a shorter credit history, the $3k on CapOne is probably relatively new, and so the Barclays computers do what they have been programmed to do, to reduce percieved risk.

To the OP, if it were me, I would not close the account, I would not even jump too fast to pay down the card. You borrowed the money, you will pay it back according to terms. If you really don't want the card, then closing is your choice to make. As others have said it really won't affect your AAoA.