Barclays CLD

[Anonymous]

You bet that Barclays Suck!!! This one is hot of the press. I own a business plus I Work a full time job. My annual househol income is easily 250K with an upwards potential in the next 2 years because of the side business. So basically I tend to run high usage but I always make payments on time and usually large. Case and point I had to make some finacial maneuvers that had me making minimal payments for 2 months at which point I spent 13,000 reducing the debt. I have 15 accounts the most recent was a 5k I used to help a family member on his house down payment. My credit score dipped from a 740 - 690 as a result of all of my recent activities. All of my other Major Credit cards are not reacting to my expenditures. My 8k Discover, my 2 banks card totaling 14K, or my Cap 1 @ 3.5K. However Barclays was a low limit C.card that I used for minimal purchases. I was never late and always made big  payments. Again, I have 15 credit/debt diversified accounts that's manange monthly without fail including this Barclays account. They reviewed my account and reduced my limit after checking my credit report?   So I won't ditch the card but I'll use it to buy a pack of bubble gum every month or at least put enough on it so that they won't declare it inactive. Let's see them make money off me now:-)

Mod note:  Please remember to keep language family-friendly.  --UncleB, myFICO Moderator

[AverageJoesCredit]

Sorry to hear your experience DLP. If youd like more feedback, its always best to start a new thread. Welcome to the forum, dont buy gum, buy some coffee

[UncleB]

Welcome to myFICO! 

Hi there, @Anonymous.  The thread you replied to was older, so to help you get more relevant feedback I've moved your post to a new thread.

--UncleB

myFICO Moderator

[Anonymous]

Chargeoffs are on a big increase lately even with super prime lenders like Amex.

Because chargeoffs affect their lending reserve, that affects total credit they can offer to others. Their top risk individuals are getting targeted regardless of income.

Don't run high balances on multiple cards. Find some business credit that doesn't report if you need to float business purchases.

Once you get utilization under control I bet CLIs come back to you.

[AverageJoesCredit]

With alot of defaults lately im sure whether one pays or not, everyones is more under the microscope .

[Anonymous]

1- what was your original CL and what is it now?

2- barclay account reviews are done by a computer and you may be able to have it partially or fully reinstated by an analyst

[Aduke1122]

Where do you guys see the Op mention anything about Charge Offs? I'm not seeing this

[Aduke1122]

Nvm I see what you guys are talking about now lol

[happypill]

Welcome to the forum OP.

You mention that you always make your payments on time, which is definitely a good starting point.  Late payments will wreck your credit scores and cause lenders to take AA.

After payment history, the next biggest factor in credit scoring is credit utilization.  It's nearly as big a factor as payment history, so maxing out one or more cards is a flashing red light to lenders of potential problems.  Think of it this way, if someone defaults then there's a good chance the lender is already losing money.  The last step before actually losing money is when people run up their credit lines towards the limit.  Lender's would rather act before actually losing any money.

People always seem to get caught up with inquiries, but utilization is actually a much more significant factor when it comes to credit scoring, and it seems you have been pushing the limits.  Barclay's is also known to be sensitive, so no surprise that they were first to act.  I'd take it as an indicator that your activity is prompting other lenders to watch carefully as well, even if they haven't done anything yet.

[Anonymous]

Barclay is a tough bank. They CLDs me last month as well. I didn't blame them, my credit score was going down. When they opened my account I was at 730 and they gave me 10k. Last month my score dipped to 690 as well. My card was maxed out for about 3 weeks and I paid it off. When I paid it off I checked it a few days later and saw that they decreased me to a touch over 3k. My overall utilization was at 28%. Losing that 7k would have put my utilization over 30%. I called a few days later, and they reinstated my credit limit. In my defense they decreased me after I paid it off so that looked like i have money. Plus I paid off a few others because I knew my score was slipping and I wanted to bring it back up over 700. They saw the last payments I made on other credit cards (they have your reports). They saw that I paid them 10k plus, paid double minimum for chase which was about 800 each chase card. All of that made them reinstate me.

I look at credit like I look at the world. They want you when you don't need them, but turn your back on you when you do. Since then I stopped trusting barclay, they are pretty fickle. Chase has given me high limits on 3 cards so I try not to mess with them. Capital One will always be there so I appreciate them the most. Bank Of America isn't bad but I bank with them and they see my finances. I don't know if that's a good or bad thing. Discover--not sure about them. I have a few business cards now so those don't report. But my highest business card is from Bank of AMerica! lol.