Proactively Closed Barclays Ring

[CreditMagic7]

Thank You very kindly afuche for passing along that info.

I have recently done my homework on this in researching the top 50 CU's and i must say that they certainly are well positioned at the very top of the list according to.............

S&P Global Market Intelligence ranked eligible credit unions throughout the nation based on five core financial performance metrics: member growth; net charge-offs as a percentage of average loans; efficiency ratio; asset quality; and market growth

[Anonymous]

Glad you did what was right for you!  If I ever feel that way, I would most likely do the same.  It's not worth the worry.  I will be closing a few accts that are not in my wheel house or whose limits don't seem to move.  Don't have the time to worry about spending 2k and going over that 30% but prefer to keep it under 20%.  Hard to do with some cards.  

[CreditMagic7]

[kdm31091]

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@wasCB14 wrote:

Would a CLD, or a "closed by grantor" designation on a sockdrawered card really be so bad? If your other issuers are supposed to be less finicky than Barclaycard, what does it matter so long as all balances are paid?

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I would kind of agree here. Out of many accounts I doubt any creditors would notice or care if one happened to say "closed by grantor". Also, Barclay's tends to CLD rather than outright shut down accounts. So OP could have just waited until/if something had happened and closed the card at that time.

I personally don't find Ring to be a super exciting product and it's nothing I would apply for but IIRC, OP fought pretty hard to get the card (I believe a PC or something and he had to fight with Barclay's EO) so the decision seems a little surprising.

On the other hand, none of their products are anything super groundbreaking that you can't find elsewhere so I don't feel they are worth losing sleep over. 

[Anonymous]

It is obvious that you considered this a while before doing it, CM. I am one of those who checks the website everyday to be sure my accounts are in tact, so I completely understand your decision. Best of luck with your future financial plans...

[CreditMagic7]

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@kdm31091 wrote:

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@wasCB14 wrote:

Would a CLD, or a "closed by grantor" designation on a sockdrawered card really be so bad? If your other issuers are supposed to be less finicky than Barclaycard, what does it matter so long as all balances are paid?

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I would kind of agree here. Out of many accounts I doubt any creditors would notice or care if one happened to say "closed by grantor". Also, Barclay's tends to CLD rather than outright shut down accounts. So OP could have just waited until/if something had happened and closed the card at that time.

I personally don't find Ring to be a super exciting product and it's nothing I would apply for but IIRC, OP fought pretty hard to get the card (I believe a PC or something and he had to fight with Barclay's EO) so the decision seems a little surprising.

On the other hand, none of their products are anything super groundbreaking that you can't find elsewhere so I don't feel they are worth losing sleep over. 

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That's the whole point of being proactive in case it escapes understanding.

The mere mention of "waited until/if something" indicates procrastination and frankly with the negative attention which barclays continues to negatively draw to itself, IMO it's just ludicrous to play into that when you honestly don't have to. It's not necessary to resign yourself to it if you don't have to.

Consumers do have a choice in matters such as these and it's up to each person to make the decision that best fits to their expectations.

This decision is not that so surprising either. Granted it took some back n forth just to finally see the PC through for the ring card, but in spite of that, the POSITIVE outweighs the potential negative and avoids any of the same frustration which so many others have already experienced as well as many more yet to come.

Like already mentioned earlier in this thread, barclay has long enough made themselves a mark of popularity with so much negativity far too frequent for their own good and this was just a smart business decision like any other only from the consumer's side of things this time, PROACTIVELY!

[kdm31091]

As long as you're satisfied with your choices that's all that ultimately matters and it sounds like you are! I was just curious that's all since Ring was a card you really wanted. But our wants and needs do change over time. Regardless, I don't think you'll be missing out on anything wonderful.

[Gmood1]

Good for you, I believe in the coming months the closure may help you land the approval or cli of a more useful card.
Unlike some folks, I don't visit Barclay's website to check the limit. I could truly care less what they do. However, I'll check the free score. Lol
Since I can get the same score from two other lenders now. I don't do that anymore either.

I will follow in your footsteps very soon. Barclay's is just a small bleep on my radar.

[takeshi74]

AA with Barclaycard isn't a guarantee or a constant looming threat for everyone.  Again, it's not just the creditor's critiera but one's credit profile as well.  I have no problems with them -- and even got a $17,500 CLI near the beginning of the year -- but YMMV depeding on your credit profile.

You also always need to consider your sources.  There are a lot of builders and rebuilder on myFICO so it's shouldn't be surprising that many of them may be on the ledge for one or another creditor.

Still, it's up to each to determine which solutions work for the individual.  If you're living in constant fear of Barclaycard then closing them out can certainly alleviate that.  Just don't assume that everyone is in the same situation as you.  Everyone does not have the same credit.

[CreditMagic7]

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@kdm31091 wrote:
As long as you're satisfied with your choices that's all that ultimately matters and it sounds like you are! I was just curious that's all since Ring was a card you really wanted. But our wants and needs do change over time. Regardless, I don't think you'll be missing out on anything wonderful.

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It wasn't something that i was so eagerly looking forward to having to finally resort to, but barclays is simply not worth the aggravation given the continued negative results more often posted about then not.

Whether it's symptomatic of their own form of uncertainty or just plain incompetent treatment with customers excused away as risk management, i seen and have had enough of it so as not to want to also eventually fall victim from their kneejerk reactions while in building quality relationships with more responsible (flexible) lenders.

Definitely am not missing out on anything wonderful as well as not having to feel ill at ease everytime needing to speak with one of their high school underwriters either who are almost always NO people.

Some customers swear by good experiences and results with their analysts but mine is always been eactly the opposite unfortunately.