Barclays Approval

[cory1848]

2y6m out of BK7. I just received a solicitation in the mail from Barclays offering their 0% 6 months rate so I decided to apply. On the notice it says the rate will be 22.99%. After applying I get an approval notice for a CL of $4500. All good I thought until I am trying to verify the APR. No where online does it state what the APR is. So I called and spoke with a rep that told me that my APR is 24.99%. All she can do is make a note on my account about it. Not too happy. Wondering if I should keep the account or refuse it. What would you do? I am not too optimistic that they will drop the APR. The rep also didn't know why my APR was not showing online. Cash APR is showing but not purchase APR.

Anyone else experience issues like this? Not too promising. The only good this is the high credit line but with an APR this high, I will never use it. I have a Cap1 with a $3k limit that is at 24.99% as well so really not point in having 2 high APR cards.

Thoughts? Should I keep it?

[soccerguy]

2y6m out of BK7. I just received a solicitation in the mail from Barclays offering their 0% 6 months rate so I decided to apply. On the notice it says the rate will be 22.99%. After applying I get an approval notice for a CL of $4500. All good I thought until I am trying to verify the APR. No where online does it state what the APR is. So I called and spoke with a rep that told me that my APR is 24.99%. All she can do is make a note on my account about it. Not too happy. Wondering if I should keep the account or refuse it. What would you do? I am not too optimistic that they will drop the APR. The rep also didn't know why my APR was not showing online. Cash APR is showing but not purchase APR.

Anyone else experience issues like this? Not too promising. The only good this is the high credit line but with an APR this high, I will never use it. I have a Cap1 with a $3k limit that is at 24.99% as well so really not point in having 2 high APR cards.

Thoughts? Should I keep it?

keep
use it and then PIF

[LadyInTheRed]

I agree. Keep it. Use it and the other card for small purchases each month and pay them both in full. If you don't carry a balance, the interest rate is irrelevant.

[msm859]

2y6m out of BK7. I just received a solicitation in the mail from Barclays offering their 0% 6 months rate so I decided to apply. On the notice it says the rate will be 22.99%. After applying I get an approval notice for a CL of $4500. All good I thought until I am trying to verify the APR. No where online does it state what the APR is. So I called and spoke with a rep that told me that my APR is 24.99%. All she can do is make a note on my account about it. Not too happy. Wondering if I should keep the account or refuse it. What would you do? I am not too optimistic that they will drop the APR. The rep also didn't know why my APR was not showing online. Cash APR is showing but not purchase APR.

Anyone else experience issues like this? Not too promising. The only good this is the high credit line but with an APR this high, I will never use it. I have a Cap1 with a $3k limit that is at 24.99% as well so really not point in having 2 high APR cards.

Thoughts? Should I keep it?

As stated by others, the APR should not be that important. I just got approved for the Barclays Reward card (same limit). I intend to use it and collect the rewards. I also do not intend to ever carry a balance - on it or any other card. The high limit will also help you with your FICO score since it will lower your utilization.

[cory1848]

Thanks everyone. I guess it was more of just a principle thing. They tell you one thing and then after you sign up, it is another thing. Ticked me off a little. This will be my 4th credit card. I have one from Macys that made it through BK since I didnt have a balance on it. I never use that but keep it open for the time factor. I have a Cap1 at 16.9% with a $1250 limit with zero balance and another cap1 card at 24.99% with a $3000 limit which has a few hundred left on it.

It is wise to have 4 open revolving credit lines? I was thinking of applying for a small installment loan to get another tradeline but not sure if that is a good idea either. Trying to build up my credit the right way this time around.

[Flamingo]

What occurred here is that the offer was for 22.99% after a 0% 6 month initial period, if you meet certain credit requirements; remember, you haven't applied for the offer at that time. In the fine print somewhere if you read it all you will find information that states that rate can be adjusted if the applicant does not meet certain credit requirements - your BK upped it to 24.99%. You have to watch these offers as to things like that because what you may be offerred from a mailing is not always what you will get after they review your credit reports - always read all that fine print....note that your BK will be on your credit reports for 10 years from the date of its filing so during that time realize it can and will hurt you at times; not all the time but usually when you least expect it.

I also agree that you keep the card and as your credit gets better and better, close it or move any balance to a new, lower rate card...but do not carry a balance with that 24.99% as that is only asking for trouble.

[msm859]

....... I have a Cap1 at 16.9% with a $1250 limit with zero balance and another cap1 card at 24.99% with a $3000 limit which has a few hundred left on it.

It is wise to have 4 open revolving credit lines? I was thinking of applying for a small installment loan to get another tradeline but not sure if that is a good idea either. Trying to build up my credit the right way this time around.

If you are in fact "carrying" a balance of @ $2700 on a credit card that charges 25% interest, DO NOT get this new card. 25% is an outrageous interest rate to be "paying". After BK everyone should have learned you do not carry balances on credit cards or pay outrageous interest rates. Getting credit cards to build credit so that down the road you can buy a house or a car with a good interest rate is fine. If you are carrying a balance that means everything you are buying with it is actually costing you 25% more - don't do it.

[LadyInTheRed]

I agree with msm859. If you are already carrying a balance, stop applying for cards and stop using them. Get that balance paid off as soon as possible. Don't get yourself back into trouble. If you don't have cash to pay for something at the time you make the charge or don't have the discipline to keep the cash until the bill comes, you should not use a card to make the purchase.

[cory1848]

If you are in fact "carrying" a balance of @ $2700 on a credit card that charges 25% interest, DO NOT get this new card. 25% is an outrageous interest rate to be "paying". After BK everyone should have learned you do not carry balances on credit cards or pay outrageous interest rates. Getting credit cards to build credit so that down the road you can buy a house or a car with a good interest rate is fine. If you are carrying a balance that means everything you are buying with it is actually costing you 25% more - don't do it.

No no, sorry if that was confusing. I should have wrote that better. I have a hundred left to pay off on it. I charged some plane tickets on it which totaled around $1000. Have just over $300 to go. It will be paid off end of this month. Only had to pay interest for 2 months. Price I was will to pay for the security of the card over using my debit card.

[cory1848]

Ok this is ironic... After getting approval for this card yesterday, today I get an email from cap1 inviting me to convert my card to a no annual fee miles or no annual fee 1% cash back card.

Interest rate is still the same but which one is better? I am happy to get rid of the $39 annual fee as well. Thoughts?

[Bell30656]

I've got several cards since my bankruptcy some even from companies that I filed bankruptcy on. I take the cards but don't carry a balance. I use the cards for the convenience of easy expense tracking. One card I use for all my vehicles fuel. Another I use for hotels or car rentals when I'm traveling. But I already have the money in my checking account to pay it off. I try and carry a balance between $11 - $19 each month. Know your statement dates so you can make sure you've paid it off before that date.

Rooms to Go is my favorite card. I wanted to buy a dining room table set. Not a grand expensive set but a simple bar height, four chair set. They approved me for $3500. The very attractive saleslady immediately tried to get me to look at other table sets when she saw how much I was approved for. She followed that with living room sets. I left the store with the $485 dining room set that I came in to purchase. The only reason that I haven't paid that one off in full is that their payment system is a mess. I still haven't figured out if you can pay online or not, by phone if you aren't picking one of their optional amounts you have to wait for a representative but it was a 0% interest sale so it doesn't matter.

The $3500 really knocked my usage percentage down. I think it is 2% now.

[Flamingo]

Ok this is ironic... After getting approval for this card yesterday, today I get an email from cap1 inviting me to convert my card to a no annual fee miles or no annual fee 1% cash back card.

Interest rate is still the same but which one is better? I am happy to get rid of the $39 annual fee as well. Thoughts?

Remember, just because they sent it does not mean you are going to get approved. You saw what happened as to the 2% rate increase when you applied for the other card. You have to read all the fine print for these cards and figure out personally what would work best for you and remember you are accumulating hard inquiries on your credit report which will stay on for two years.

[cory1848]

Just called Cap one and took the 1% cash back card. They did not pull a credit report so no inquiry. I confirmed that twice with them. It was an upgrade so no reapplying. So that took care of my annual fee (now its no fee) and I get 1% cash back. Not complaining. Now if I could just get the APR lowered I would be all set.

[Floridagail]

Cory, I also got the Barclay offer in mail yesterday. I am afraid to accept, My score is 699 Tu, I hate to get inquiry if they deny me. I have no inquiries and trying to get my score to 720. They did say in the letter this is opportunity to rebuild your credit. So I am still deciding. I do not want to use any ccs, just build credit to buy a house in my name.

[cory1848]

Cory, I also got the Barclay offer in mail yesterday. I am afraid to accept, My score is 699 Tu, I hate to get inquiry if they deny me. I have no inquiries and trying to get my score to 720. They did say in the letter this is opportunity to rebuild your credit. So I am still deciding. I do not want to use any ccs, just build credit to buy a house in my name.

My score is a lot lower than that. That is the main reason I am looking for another card so I can get more trade lines to hopefully boost my score a bit. I think inquiries ding your score 2 points for 12 months if I remember right. The question is, would another trade line with a high credit line negate that?

I like the offer but hate the APR so I am still not sure how much I will use this card. The zero percent for 6 months is tempting but not even sure if I will use that since I wont be carrying a balance.