Barclaycard - Suspended Account Paid Off - What happens next

PJSAN

Hi all
First post so please be kind.

I have a Barclaycard which was suspended some time ago as I was just making the minimum payment. I reached an agreement to pay down the debt and am now close to clearing it. I have not missed a payment.

What I am wondering is, will my card be fully reinstated when the balance is cleared, or does some other mechanism kick in, where I may be offered an alternative card with a lower credit limit or none at all.
I have tried speaking to them, but have been fobbed off, so don't know where I stand.

Any information would be very welcome.

DE_612183

Is your card cancelled and you just have an "account" with a balance?

It probably depends on why the card was suspended - if you are making the minimum payment they will not normally do this.

I would suspect you will have to apply for a new card - and they will probably take into account your history so will either refuse or offer a very low limit.

You may be better applying to another provider.

born_again

Best bet give them a call & see what they say.

retiredbanker1

IMO you stand no chance of getting a new card from Barclaycard anytime soon.
Just check your CRA report to see what they have been reporting and move on.

Hoenir

PJSAN said:

I have a Barclaycard which was suspended some time ago as I was just making the minimum payment. I reached an agreement to pay down the debt and am now close to clearing it. I have not missed a payment.

If you previously struggled to repay money borrowed. Ask yourself whether the same party whether it be a finance company or a friend would be inclined to expose themselves to the same risk immediately again. 

Superhoopza

Probably have a reduced balance at best. I've recently been given a 3 month interest waiver, same day they reduced my credit limit.

PJSAN

Thanks for the replies.

My situation is that I have never missed a payment, before the card was suspended or otherwise. As I was paying the minimum it was deemed to be persistent debt under the new guidelines and a plan was agreed which has been adhered to. I was going through some other stuff at the time and didn't really pay attention to the letters I was sent about upping payments.

My credit rating is very good and I have never missed a payment on any card or loan. My clearscore report shows the card as active with its current balance.

I'm thinking that if I was Barclaycard I would be an ideal customer. They have made their money on interest and I have never missed a payment or defaulted. I am consolidating some debts, and I guess I am really wondering if paying the remaining balance would be a smart move and unlock an extra credit facility, or would I be better to assign the consolidation elsewhere?

MorningcoffeeIV

If you want to improve how lenders see you, get the debt cleared. The pretend credit rating you see on the CRAs doesn't reflect the high risk you present to lenders. 

simax

I was in a similar position to the OP. Once the balance was paid off, the account was immediately unsuspended - however I had to re-order a replacement card. So you should be good to go. HOWEVER - expect them to reduce your credit limit shortly after though.

PJSAN

simax said:

I was in a similar position to the OP. Once the balance was paid off, the account was immediately unsuspended - however I had to re-order a replacement card. So you should be good to go. HOWEVER - expect them to reduce your credit limit shortly after though.

Thanks Simax. How much was the credit facility reduced by? I currently have a limit of £13,500 but do expect it to be lowered.

simax

Limit was only £1250 as I didn’t want a big limit - however they reduced it to a measly £250…. I’ve left it open but don’t use it anymore as it’s pretty useless now…