Weird Barclay online account management issue

[longtimelurker]

I think part of the issue is that we forget the Myfico behavior isn't normal (at all).    Most (honest God-fearing etc) folk do NOT open 12 accounts in a year,  Or even 2 accounts.  

So this behavior at least invites a closer look, and depending on the issuer, at a certain point it appears unacceptably risky.    And there are really no good answers as to why you are doing it.  "To get rewards" means that you are spreading your spending around several cards, so your profitibility is lowered, "to reduce utilizaion" might be read as "artificially" iimproving your score to disguise the risk, etc

So just be careful with getting lots of accounts.  Presumably credit worthiness plays into this, getting 15 cards in a year may be fine for someone with great scores and established history, while it may raise questions with anohter type of profile.

[ddemari]

Totally true, the damage is done. In a way now that I have had some time to stir over this, I am actually happy about it. Screw barclays and screw me for opening up all of those cards. I went so long without having the app spree energy in me, to needing to app constantly just for approval happiness.

oh well, one thing is true for me.... I always have to learn the hard way. As long as my best friend chase leaves me alone, I will be good and planting myself in the garden and getting off myfico.com. 

[baller4life]

Well said LTL!!! Myfico certainly is not the norm. And it's very easy to get caught up in all the newest card hype and chasing rewards. But it can also be detrimental to you as far as AA from creditors. NOT worth it!! I really hate seeing these Account Closed and CLD threads!! I think everyone on this forum,including myself should tread lightly if you care about your existing accounts.

[ddemari]

Yep this has taught me to respect my current cards even more than just paying them in full and using them actively. but actually just be happy with my cards. 2 weeks ago boa credit limit increased to 7k and i just received my new boa cash rewards visa signature upgrade yesterday. I am staying loyal to boa and chase, for they have given me the best terms and limits. I don't want to be a brat about barclays, but i used to be their biggest fan and always had great experiences with them. How quickly I change my opinion on them, i don't hate barclays for thinking im risky... I hate barclays for 1 not informing me and 2 making me feel like an idiot on the phone with them. I am going to get this out of my system today, I just need to tweet something to them about my experience and this will be out of my system lol. 

and i will be a little high anxiety about my neiman marcus card reporting soon. God, another new tradeline lol. but im closed for business until 2016 This is post 911 for me. ill take that as a sign lol hahahaha. 

[ddemari]

The lady from the EO office said she would call me back in a 2-3 hours, still no word. I am hoping to just check my account and poof its back, keep dreamining.

But I was looking over my spreadsheet of cc's and whatnot, my utilization will not really take a hit because 2 weeks ago gap raised by credit limit by 4k via chat and cap1 raised my quicksilver card by 1500. Both of those have not reported yet. And my payments have brought my utilization down to around 8% but not posted yet. 

[ddemari]

I am still awaiting the response from the EO. No changes have been made to my account online so I am thinking its a no go. 

I have thought about what I am going to do long and hard, at first I immediately think screw u but I can understand their concerns. 

If they do not reinstate me, I am going to close the card as I will not miss it. Normally, I would call and ask to close my card and move the limit over to another card, but I feel like with them taking some AA on me, I don't even want to bother having them do that. Is that stupid, sucker move on my part? 

[Bman70]

So why are you closing it again? I wouldn't say it's a stupid sucker move, but your motive seems emotional and reactionary more than logical. A Sallie Mae card is very useful and racks up cash fast. Especially if you use it on Amazon. The most you can cash in on in a month is $1250 ($750 Amazon, $250 each gas and grocery.) So if you pay in full, your cash back is exactly the same as mine with my $12500 limit. A $1500 limit works just as well. It's not personal, they probably do this hundreds of times a month, so why react as if it is? 

If you talk to EO, I would use this angle: "If I spend my cash back caps in a given month, that puts me over 80% utilization ($1250 of $1500). The reason I want a higher limit is so I don't go over 20 or 30 % if I spend my full cash back amount in a month." 

[ddemari]

The reason I would close the card is 1) semi emotional reactions and 2) just like barclays liked to point out to me I have a lot of cards. When I opened SallieMae i was using it for gas and amazon spends but then I received some other cards I liked better. So for me, I am no where near maxing out on the caps. I wish that I could use that reason as to why I want my limit back. 

I did take them up on a balance transfer offer which was the balance I have been paying down every month at 8 times the minimum payment. My plan was to pay the b/t off and then start using the card again for regular spend, which I think is a valid reason? 

[ddemari]

If I do a b/t on a card i tend to not use the card for spending because I see it being counter productive and i will never have it paid off. i know they rather the opposite but I thought I was being somewhat responsible 

Yesterday I paid the entire balance off out of spite 

[Bman70]

You might have a few cards that are better than sm, but I'm sure you have several that are worse. Maybe tell the EO you're going to be closing a number of those new accounts, you just opened them for bonuses and you're not needing credit. Sounds like the new cards are what spooked them.