Barclaycard is really tough for me. I have not been approved for any accounts since December 2012. They have some decent new-ish cards that I would like to get but it has been deny, deny, deny. Here’s my blow by blow of the main reasons given by Barclaycard credit agents:
- Too many applications with Barclaycard;
- Too many new accounts with other banks;
- More than enough credit already extended on existing cards;
- Not long enough history with existing Barclaycard cards.
- Not enough usage of existing Barclaycard cards. Even though I have consistently put about $500/month on each card these have been cited as insufficient because of not enough everyday spend. They expect to see primary card-level usage of all types of transactions.
My experience has been that one can now only apply for any Barclays card once every 6 months. And you should first request them to lower the credit limit on each card you have, to like 6000 each.
Preemptively reducing credit limits goes against all the conventional wisdom with credit card issuers. Existing credit lines are typically key to getting approvals, either moving portions of credit lines or closing entire accounts to move credit. Reducing available credit will also negatively bump up credit utilization.
Yet ‘more than enough’ credit with them has been cited every time I have called Barclaycard, and further, they have never agreed to move credit for me to approve an application.
I checked with an expert, spiffster, who replied:
first i heard of asking to lower your limit but if a metric is “utilization throughput”, then 6K is a nice number to use – just over 5K signature minimum.
So, readers, I have the following:
- Choice Privileges: $2,400
- Priceline: $6,400
- US Air 1: $12,500
- US Air 2: $7,000
- (closed December 2013) Virgin America: $8,400
What should I do? Drop US Air 1 down to $6,000?