Barclaycard closed shortly after opening

foxsake123

I applied for a 0% barclaycard and was accepted instantly, received a card through the post with a large credit limit. I rant today to activate the card, got put through to the fraud dept and was told that the account is closed, and there were no specific reasons, apart from, 'you do not meet our lending criteria'
My credit is good. Afterall they wouldnt have given me a large limit with and instant acceptance if it wasnt.

Can anyone shed any light on why, and how does this affect me. e.g. am i now a money launderer / terrorist to all financial institutions, if barclaycard share the 'information' they have on me?

moshoodo1

If you read through the forum you will know that barclays card is known for closing the card after been accepted.

I believe they have 2stages of verification. you may pass stage 1 and fail stage 2.

I find it unfair because why will you give someone a card and closed it again. why not performing all the verification before issuing the card.


Anyways it is their choice.

Others will comment

foxsake123

moshoodo1 wrote: »

If you read through the forum you will know that barclays card is known for closing the card after been accepted.

I believe they have 2stages of verification. you may pass stage 1 and fail stage 2.

I find it unfair because why will you give someone a card and closed it again. why not performing all the verification before issuing the card.


Anyways it is their choice.

Others will comment

I worked for Alliance&Leicester in the loans department for a year after graduation. And this is most bizarre. They, and im assuming other banks too would not give you a card before they were satisfied with the information you provided, and if need be asked you for further information.

Strange thing is i've got over 10k in active investments with BarclaysStockbrokers.

Martin should include an asterisk next to Barclaycard in the Credit Card section outlining that they behave in this manner so people are aware of this most bizarre practice.

Sabbathdei

Very strange....to go to the trouble of actually "printing" (or whatever they do to make cards) and sending you the card with I assume a PIN and then withdraw it...is there a way you can appeal the decision ?
I've never heard of this happening before.

bengal-stripe

Sabbathdei wrote: »

I've never heard of this happening before.

There are quite a few threads here on the forum, where members have reported that it did happened to them.

One would think, Barclaycard could sort-out their flawed application procedure.......:D

Sabbathdei

It's a rum do !

moshoodo1

here is a link : https://forums.moneysavingexpert.com/discussion/1969669

and many other more

Sabbathdei

Thanks for the link.
That thread is dated 2009, so obviously it's still a standard Barclays procedure.
Something to look out for, anyway.

Aquamania

foxsake123 wrote: »

I applied for a 0% barclaycard and was accepted instantly, received a card through the post with a large credit limit. I rant today to activate the card, got put through to the fraud dept and was told that the account is closed, and there were no specific reasons, apart from, 'you do not meet our lending criteria'
My credit is good. Afterall they wouldnt have given me a large limit with and instant acceptance if it wasnt.

Can anyone shed any light on why, and how does this affect me. e.g. am i now a money launderer / terrorist to all financial institutions, if barclaycard share the 'information' they have on me?

They haven't given you a large credit limit.
They haven't given you any credit at all.
They have rejected your application.

You really need to understand what it was that caused them so much concern as to reject your application. Credit card companies are not in the habit of rejecting new customers for no reasons - something must have spooked them, and whatever it is will probably spook any other company you attempt to gain credit from.

Check your credit files from all 3 agencies to start with to see if there is something there that is cause for concern.

Fruit_and_Nut_Case

foxsake123 wrote: »

Strange thing is i've got over 10k in active investments with BarclaysStockbrokers.

This is something that Barclaycard is unlikely to know, nor would they likely take it into account if they did know.

TheGenerus1

foxsake123 wrote: »

I received a card through the post with a large credit limit.

What salary did you put down on the application? and what was the credit limit that they initial allocated to you? if you don't mind me asking.