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Pre-approved Barclaycard - worried about being closed down just like other people
book12
Posts: 2,557 Forumite
in Credit cards
Came back from the bank after updating my details (with documentation to prove it), and to see if I have any pre-approved offers. I have a lot of pre-approved offers, which included a Barclaycard Platinum. I decided to have the Barclaycard, and the Personal Banker went through the application with me (seen the screen and stuff she read out, and clicked the buttons to proceed). The Personal Banker asked me to sign some stuff, and clicked on more buttons. A few seconds later, she said I was accepted and showed me the credit limit on the screen.
After reading some posts on here, people have their cards closed down later on. Does this happen to people who apply online only (Barclays customers and non-Barclays customers with or without pre-approved offers)? I am worried it will happen to me.
If it does happen, will a Barclaycard be on the pre-approved list in the future on my profile. The Personal Banker said I have decent credit history and internal score.
I have an overdraft with them that I used last year, and paid back on time. In my opinion, I have limited credit history. Other than that, I haven't used the overdraft this year so far. I am applying for my first credit card too.
After reading some posts on here, people have their cards closed down later on. Does this happen to people who apply online only (Barclays customers and non-Barclays customers with or without pre-approved offers)? I am worried it will happen to me.
If it does happen, will a Barclaycard be on the pre-approved list in the future on my profile. The Personal Banker said I have decent credit history and internal score.I have an overdraft with them that I used last year, and paid back on time. In my opinion, I have limited credit history. Other than that, I haven't used the overdraft this year so far. I am applying for my first credit card too.
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Comments
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Hi book12,
Congratulations on your credit card acceptance.
Sorry i cant help with your query, but I was just wondering if the Barclaycard was pre-approved or pre-selected to apply?
I also bank with Barclays and regular get pre-approved loans and overdraft but only ever get pre-selected for the Barclaycard platinum?0 -
Pre-approved I think.
Never heard of pre-selected when it comes to financial products...0 -
Pre-approved I think.
Never heard of pre-selected when it comes to financial products...
I imagine that 'pre-selected' is what some other banks call 'probable accept' ... i.e. they reckon they'll be able to offer you the product, but will do a credit check to make sure that there are no nasties hiding anywhere.
This differs from a 'guaranteed offer' (which I guess Barclays call 'pre-approved') where they would not do a credit check.0 -
I was told by the Personal Banker that I am a 'limits' customer. More details about what a 'limits' customer means are here: http://forums.moneysavingexpert.com/showpost.php?p=35741347&postcount=17
Not sure if it makes any difference.
Also, after reading some Barclaycard threads regarding them being closed after opening, they have applied online, and not in branch... Do you guys think it makes a difference? Does branch and online have different systems to do applications?0 -
I was told by the Personal Banker that I am a 'limits' customer. More details about what a 'limits' customer means are here: http://forums.moneysavingexpert.com/showpost.php?p=35741347&postcount=17
Not sure if it makes any difference.
Also, after reading some Barclaycard threads regarding them being closed after opening, they have applied online, and not in branch... Do you guys think it makes a difference? Does branch and online have different systems to do applications?
It would make no difference to barclaycard they are going on risk and the preapproval is based on internal score where as later they may check your actual credit record and if they dont like it then bye bye0 -
bengalknights wrote: »It would make no difference to barclaycard they are going on risk and the preapproval is based on internal score where as later they may check your actual credit record and if they dont like it then bye bye
I thought pre-approvals are 100% guaranteed accept. By the looks of it, there will be further checks by external companies (i.e. CRAs).
Even more worried now...0 -
I thought pre-approvals are 100% guaranteed accept. By the looks of it, there will be further checks by external companies (i.e. CRAs).
Even more worried now...
Yes they are generally 100% guarantee its later after you have got the card where someone in there risk department may take a look externally as seems to be happening a lot lately.0 -
Guys,
Forgot to mention that the card that I was pre-approved and accepted is not even on the Barclaycard/Barclays website! How strange. It's a card with 0% for 6 months from account opening.
I have no outstanding debts, as I didn't have a credit card before, paid my small amount of overdraft on time. Didn't use any 'credit' this year so far.
Also called Barclays and Barclaycard helpline, and explain about being accepted and the card being closed. They claim that there is no such thing happening.bengalknights wrote: »Yes they are generally 100% guarantee its later after you have got the card where someone in there risk department may take a look externally as seems to be happening a lot lately.
Strange that they let people have the card, then do further checks to see if you are eligible or not. Their process seems abnormal. Not many banks do this. Actually to be better, after the pre-approval process of acceptance, pass it onto the risk department,to make the final decision, then tell the customer the decision. Also, pre-approved offers should go through the risk department for a decision then be put onto the customer's profile.
I hope they change their ways, so this doesn't happen again.0 -
Some un-official news about these Barclaycard declines - it seems that they use a 2 stage check, initial applications are done via Agency A on a credit worthiness basis, and then a second check is done via Agency B as the card is dispatched - dont ask me, i dont work there but I have been talked through the process.
What seems to be happening is people are passing initial checks, but failing the second checks that are more stringent than the 1st lot....
Thats the story as explained to me anyway...0 -
I'm no expert but it seems you should have a good credit score by the information you have given.
I am a little confused as to why you have gone for this card they are offering.
If you really want one I would look around for a btter deal such, there are some on the cards/loans pages of the site where some are offering good pruchase rates.
I would also recommend through personal experience never ever have a credit card with the people you bank with if it can be avoided on the just incase you run into a little trouble paying the balance.
I have a barclays card and they are forever changing my limits and interest rate. Both change around 3 times a year. I have never understoof why but I keep it for the 'just incase' and I am unable to surf cards as I got into a pickle a little while ago.
Waffle over and good luck x0
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