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@Anonymous wrote:I think i know which account I will be closing after paying it down
I do understand this. If this happens to me as well, I'd close it. I know, FICO logic tells us not to (already three advices above against it), but I would not want to deal with them anymore. I'd cut my losses (as my lowest CL, not that much, which I even had to fight for to begin with), and be happier not having to think about it, really.
Don’t close it.
All that closing it will do is hurt you (in the short term) and Barclay won't care. People think they are "getting back at" the banks by closing the account after some form of AA, but the reality is the bank doesn't care. So it's best to put emotion aside.
Is the card useful to you? Ostensibly you obtained it for the benefits. If the benefits are useful, don't close it out of anger. Just let things cool down. You can still use the card and enjoy the benefits.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@staticvoidmain wrote:@Anonymous wrote:I think i know which account I will be closing after paying it down
I do understand this. If this happens to me as well, I'd close it. I know, FICO logic tells us not to (already three advices above against it), but I would not want to deal with them anymore. I'd cut my losses (as my lowest CL, not that much, which I even had to fight for to begin with), and be happier not having to think about it, really.
+1
When Barclay's reduced my credit limits on two "perfect history" cards earlier this year ($15k RING and $11k Cash Rewards) I closed the accounts. Recently Citi-backed Home Depot reduced my credit limit from $25k to $5001 for non-use (strange number) I closed the account (my DW has a $25k HD account too). I refuse to do business with lenders that see me as a "special case for concern".
I currently have too much revolving credit but this is not a new or recent issue ($400k +/-) and too many cards so its no big deal for me to close cards I don't need. I'm retired as of March 1, 2019, and moving to a place where there is much less traffic and it doesn't snow and I'm planning on closing all but maybe 6-8 cards (currently have 24) so again it's not really an issue. While I understand that this paragraph has little to do with the OP's situation or credit history, it's more to say it is YOU that should "manage" your card portfolio and be in control, not begging for acceptance from lenders.
I understand that coming off a BK or rebuilding requires a bit of humble pie in getting accepted for the accounts you want or find useful, I'm just not interested in constantly watching my six for a credit card account that has proactively reacted negatively when I've given them no reason for concern - Barclays and Comenity are on MY blacklist and are not getting off it.
@Anonymous wrote:I think i know which account I will be closing after paying it down
Not paying down the account may be the problem. Combine that with a bankruptcy, and the computers in charge will see increased risk.
Everytime I see one of these Baraclays CLD posts I head off to Barclays and check - nope, everything still fine there.
I know Barclays is well known for their CLD actions - credit limit decrease, credit limit decrease balance chasing (lowering CL as you pay down the balance), and other nefarious actions. And we know the more common reasons - opening too many new accounts after approval, and inactivity.
But I have to say Barclays has been stellar for me. I accepted a mailer pre-approval for Rewards MC in April 2012, my 2nd CC after the Jan. 2011 discharge of my BK7, CL was $3k. My 2nd Barclays card was an NFL card in March 2015, CL of $5k, so $8k combined. Today my CL between Rewards MC & Uber is double that, $16,200, all auto CLIs except for a $2500 SL for Cash Forward. And I've done 3 PCs, "PC" the Barclays way - app & get approved for the new card you want and then call and move the CL from the old card you no longer want to the new one and close the old one.
I got he NFL card solely for the SUB and 15 month 0% BT, I used the BT to payoff a Prosper loan, saving hundreds in interest. Once the BT was paid off I app'd & was approved for Cash Forward and called & moved the CL from NFL to it & closed NFL. Cash Forward really is a lousy CC, only 1.5% rewards and a ridiculous $50 minimum to redeem rewards. So this spring I app'd for Uber. I got the "we need more time" message so I quickly called in to their excellent Credit Analyst team. The rep approved Uber, but only if I closed Cash Forward and moved the CL to Uber. Fine, that's exactly what I wanted, and I got the SUB for Uber, as I did for Cash Forward.
My Rewards MC, 6 1/2 years old, is almost a daily driver as it's a 2% rewards card for me. It gives 2% for gas, groceries & utilities so I use it to pay my electric bill and since Barclays is very "loose" on grocery coding it gives me 2% at my local Family Dollar & Walmart. Uber just gets the 4% dining. I tried it for 2% on PayPal but that's hit or miss and I have the PayPal 2% Cashback MC (and PP Credit for $99+ purchases), so why risk a miss?
Sorry for those who get hit with Barclays CLD, but they've been great for me. Maybe it's the luck of (my 50%) Irish?