So I applied for and got the CashForward card back in early October and was approved for a $15,000 limit. As it turns out, this was maybe the third card of four that I was approved for in a little application spree at that time. Anyway, I took advantage of their 0% BT offer and moved about $5000 over. Generally, I was pretty happy.
A couple of days ago I noticed on my phone app that my account was reporting only $200 in available credit. Huh? Checked the website, same thing... pulled up my last couple of statements and confirmed that on both first two statements I had a $15k limit, but my latest statement showed $4800. WTH? No notices or messages on my online account.
Today I received a letter in the mail notifying me of the credit limit decrease. Suddenly those other three applications and approvals back in October has made them skittish. TU FICO score of 782 they say. So suddenly I go from 31% utilization to 96% on this stupid account. Arrgghh!!!!
Barclay strikes again
There's a recent thread of others luck with them (if you want to browse).
Call them tomorrow and ask them to transfer you to portfolio services... Sorry this has happened and hopefully they can and will restore your limit. This is known of Barclay's, but if you been paying off good chunks of that debt you have a good change of getting your limit restored. Best of luck.
At this rate, maybe there should be a sub forum under CREDIT CARDS titled: Barclays CLD.
Every time I think, "Maybe i'll just keep them open," another thread pops up. Now, I'm just keeping my fingers crossed, I can make it 1 yr without AA from them.
Yeah, right after getting approved for this card I saw a few posts about Barclays dishing out CLD's to people who applied for credit with other companies, so I was a little concerned, knowing that I had applied for several at the same time. I just didn't expect them to act on it within a couple of months, or to drop my SL to barely over my balance.
Guess I'll give Portfolio Services a call and see about getting the limit restored. Kind of tempted to tell them to eff off, take the fee hit and BT this to another card and close the account. But I guess if I'm halfway smart, I should take advantage of my 0% BT rate and pay off the card over time and then close it later.
Yada yada yada Baclay's is bad yada yada yada. Barclay's isn't "de-risking" or randomly CLD accounts. This crap has been going on for years. They're known to clock new account holders aftrer they give a decent approval if they see ANY other inq's or new accounts around the same time. (Mod Cut-Please no political talk on the forums, thanks for understanding)