Barclays

[Anonymous]

Just opened a letter from Barclays. Closed my account for lack of activity. No notice just closed. $1170 CL Had it for a long time just never used it. Catch 22 never grew either. Just shocked at no notice or anything like Target sends a message use it within x days or we will close it. Oh well see ya Barclay. 

[FinStar]

Some lenders do provide ample notification as a courtesy in the event a closure (due to inactivity) is imminent, but they're not required to do so. And, if it's not been used it in such a long time, then the lender did what they would be expected to do for lack of use.

If it's not hurting anything, then no harm, no foul 😊

[Anonymous]

I feel you. I had a CLD from Barclays that cost me about $25k in available credit. I think they would've closed me down entirely if I didn't have a $1k balance. Really shorted my overall profile UTIL out of nowhere. The only notification was the CLD the next time I logged in. No notice or warning was given.

I find them to be a jittery bank. They appear to have their own internal alarms that they act upon. Some think of them as the canary in the coal mine and once they act against you, other banks tend to notice, and can start to get jittery, too. What good is giving you a credit line if they can take it back any time without warning or a chance to remedy? At least AMEX will call you and tell you to make a payment right now, or else. 

[soxfaininfl]

You should never let any of your revolver's go more than six months without activity. It's a rule I've always had because some of the creditors don't notify you when they plan to close your account. Also, it doesn't look good when a creditor closes an account. It's better that an account holder does it. Store credit cards can go longer without activity. 

[Anonymous]

That's unfortunate. In California, card issuers must provide 30 days' written notice "unless the cardholder is or has been within the last 90 days in default of payment or otherwise in violation of any provision of the agreement between the card issuer and the cardholder governing the cardholder's use of the credit card or unless the card issuer has evidence or reasonable belief that the cardholder is unable or unwilling to repay obligations incurred under the agreement or that an unauthorized use of the card may be made." - California Civil Code 1747.85

It would be nice if this were mandated everywhere.

[Anonymous]

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@Anonymous wrote:

That's unfortunate. In California, card issuers must provide 30 days' written notice "unless the cardholder is or has been within the last 90 days in default of payment or otherwise in violation of any provision of the agreement between the card issuer and the cardholder governing the cardholder's use of the credit card or unless the card issuer has evidence or reasonable belief that the cardholder is unable or unwilling to repay obligations incurred under the agreement or that an unauthorized use of the card may be made." - California Civil Code 1747.85

It would be nice if this were mandated everywhere.

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Yes, but I assume eventually banks would give 30 days notice and just close anyway (i.e. no use in the next 10 days or we close) so the gain wouldn't be that big.

But from the issuers point of view, this is just a case of an insufficiently used CL,that from their view would be better deployed elsewhere (with someone who could give them revenue).    So not exactly unexpected, with or without notice.

[AverageJoesCredit]

Curious whats a very long time Op?

[SFLSpotter9210]

That’s exactly how it started for me in 2007. Synchrony chopped my limit to nothing and everyone started after that. I got caught holding my thing in my hand. I needed another 6-8 months to unload some things and I would have been good. AMEX and BOA recalled my loans and the house of cards came tumbling down 💥.

[Anonymous]

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@SFLSpotter9210 wrote:
I needed another 6-8 months to unload some things and I would have been good. AMEX and BOA recalled my loans and the house of cards came tumbling down 💥.

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Right! Painful. Sure, we got caught mid-distress, but sometimes in life, and in business, you have to take chances. We live. We know. We gamble on our talent, and we hope we win more than we lose. 

[SFLSpotter9210]

Amen brother!!