Barclay has always been known to be tougher in approving cards, the main criteria being that you couldn’t hold too many Barclay cards at the same time and couldn’t get one within 6 months of the last. Judging from numerous comments from readers who recently got denied for the Arrival card, it seems the bank is now skeptical to approve anyone who has opened numerous new credit cards within the past 24 months. The hesitation isn’t limited to those who have many new Barclaycard’s; all new credit cards opened lowers your worth in Barclay’s eyes.
Reader Darv escalated to a supervisor who said that it’s hard coded not to be approved for the card once you have a certain number of new cards opened in the past 24 months. Many others were told similar by various Barclay’s reps. That sounds a whole lot like Chase’s 5/24 rule.
You can find various denial data points in these posts (1, 2, 3, 4). I haven’t yet seen any positive data points of someone from the community getting approved for the Arrival+ card recently.
Based on these reports and what Barclay’s reps are saying, it sounds like there’s a new Barclay’s ??/24 rule. They seem to be using a similar 24-month timeline, and they seem to be working with the number of new card account, though we don’t know the exact number of cards they are okay with. One reader was denied with 6 new accounts and was told specifically that 6+ is the number.
Are we ready to label this the 6/24 rule? Not quite, but my guess is that it’s either 5/24 or 6/24. It probably started sometime in the beginning of August, maybe a bit earlier. It’s not surprising that once Chase’s 5/24 policy became well-known other banks would hear about it and implement similar one’s.
One crucial unknown: assuming there is a new limitation being enforced now, is it system-wide limit for all Barclaycards? From what we’ve seen so far, the restriction seems specific to the Arrival Card. This data point might indicate the same. That’s significantly different from Chase’s 5/24 rule which encompasses most of their cards.
Questions:
- Is it true that Barclay won’t approve those with too many new accounts showing on their credit report? Is it enforced on a computer-level or only on a human level? (Seems like it’s enforced even on computer level.)
- Is the exact number coded in the Barclay’s computer to deny, and is that the same number that reps deny on? Is there wiggle-room with a human? (Doesn’t sound like there’s any wiggle room.)
- Importantly, is it only the Arrival card which has this rule or all Barclay cards?
Share You Data Points in the Comments
A lot of us are applying now for the Arrival+ card since the increased 50k bonus is set to expire soon. If you recently applied for that card or any other Barclay card, let us know how it went!
- Which card did you apply for? When did you apply? Was it approved or denied?
- What is your Barclay history: how many Barclay cards do you have now and had in the past?
- What is your new accounts history: how many new accounts do you have in the past 12 months or 24 months? An estimate is fine. (Don’t count business cards which don’t show on your credit report. Do mention if you have new personal AU’s on the report since that might matter.)
- (Bonus Question: Estimate how many inquires you have on your Transunion report. It doesn’t sound like it’s inquiry-related, but who knows.)
Update
Based on the comments, I think we can say conclusively that the limitation is only for the Arrival card since many have gotten approvals for other cards. As for the Arrival: most have been denied, but there are a couple who were approved which would not be consistent with a strict rule.
The post Is Barclay Denying Those with Many New Accounts (similar to 5/24)? Contribute Data Points Here appeared first on Doctor Of Credit.
Written by Doctor Of Credit @ https://www.doctorofcredit.com
Written by Doctor Of Credit @ https://www.doctorofcredit.com