Letter from Barclaycard-Summary of changes-anybody else get one

[Anonymous]

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@chwebb1 wrote:

I got a similar letter for my Ring. I agree that the "employment data from third parties" seemed very big-brotherish to me. The rest of it was fine, but I do feel that if I pay the account as agreed, no need to pry into my private (financial) life. 

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Well, simply they want to avoid the situation where you suddently don't pay the account as agreed and default, because then it would be too late for them.

[tjones9234]

Ahhhh where do they think they are going to be getting income data from? I mean the work number has a very limited amount of companies using the service

[CreditUnionFan]

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@ramblinggirl wrote:

From time to time we may request employment and income data from third parties for the ongoing administration of your account.

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Barclay's has conducted AA in the past, as do other issuers, if something in your credit report shows what they perceive as a sign of trouble.

The addition that the AA may be triggered by some other third party is a little worrisome,because there are data aggregators out there and who knows if that data is accurate. Hopefully Barclays will become more transparent who those third parties are.

[coldnmn]

Fee increases on the Ring as well including time to time income verification. 

[tjones9234]

Well I doubt they will be able to access anyones financial records, unless their company participates in the Equifax program..I think with the wording being so broad now on applications "all income available to you" after the revision to the card act, will be tough for them..They can always do a FR like amex, still it seems all major CC issuers have changed wording after the new card act laws not to descriminate stay at home paretns, etc...

[Themanwhocan]

Got a letter for one of my Sallie Mae cards. No fee increases, just elimination of the penalty APR. That was a real short letter.

[IrishPM]

I received the same letter...and about 10 days letter they sent me BT checks for 2 of my accounts and raised the CL on one card. Chase is also another one that will do a check on your credit file to look at utilization...they lowered my CL on 1 2 cards because I hit the magical "over 30%" utilization in January...kind of stinks that they just happened to check on that one month my utilization was high but I've paid it down since...

[ramblinggirl]

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@IrishPM wrote:

I received the same letter...and about 10 days letter they sent me BT checks for 2 of my accounts and raised the CL on one card. Chase is also another one that will do a check on your credit file to look at utilization...they lowered my CL on 1 2 cards because I hit the magical "over 30%" utilization in January...kind of stinks that they just happened to check on that one month my utilization was high but I've paid it down since...

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What doesnt make sense to me is that the credit card co extend  to you these ridiculous credit lines($18,000) but suppose you decide to use it then you have high utilization and thats a problem. If we all PIF, are never late with payments  or  have the cards sitting in a sock drawer-credit card co will never make as much money as they do now.

[Anonymous]

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@ramblinggirl wrote:

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@IrishPM wrote:

I received the same letter...and about 10 days letter they sent me BT checks for 2 of my accounts and raised the CL on one card. Chase is also another one that will do a check on your credit file to look at utilization...they lowered my CL on 1 2 cards because I hit the magical "over 30%" utilization in January...kind of stinks that they just happened to check on that one month my utilization was high but I've paid it down since...

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What doesnt make sense to me is that the credit card co extend  to you these ridiculous credit lines($18,000) but suppose you decide to use it then you have high utilization and thats a problem. If we all PIF, are never late with payments  or  have the cards sitting in a sock drawer-credit card co will never make as much money as they do now.

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You have caught the myfico mindset!    Most credit card users have no idea what utilization means, and many  are fine charging up near the credit limit, so long as they can afford the monthly payments (and don't necessarily worry, till those nagging messages on the statements, about how much interest they are paying!)  Unless they are applying for loans, score impact hardly matters.  And few know about the concept of CLIs, so not getting them isn't a problem either.

It's only here that people have the rule keep utilization under 10%, pay before the statement cuts etc, and this population is a small fraction of the CCC's user base.