"Sufficient line of credit already"

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lobbythis
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"Sufficient line of credit already"

Postby lobbythis » Sat Oct 25, 2014 2:57 pm

Just looking to get some thoughts on this. Searched the forum, but didn't see much.

I'm assuming this is because the creditor thinks I have too much available credit compared to income. I've never gotten it before as a reason for being turned down so I was surprised. It was with Barclay's in which I have 2 cards: Rewards and Apple Visa. I plan to cancel the Apple Visa, but I only have $2.2K available between those two cards.

Is it strictly related to available credit with Barclay's or do they consider overall CL? There was no hard pull with a CLI request so I assumed they are only looking at what I have available with them, which would be pretty lame.


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PlyrStar93
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Postby PlyrStar93 » Sat Oct 25, 2014 3:28 pm

What I found about Barclays declining has the following wording:
Sufficient credit is available on your account issued by Barclays Bank Delaware.

This describes someone who has too much available credit with them. Not sure if they look at other lenders, but if 2.2k with them is "sufficient" then I agree it's lame. What I assumed is your overall credit, if the denial reason does not have the above wording.

lobbythis wrote:There was no hard pull with a CLI request so I assumed they are only looking at what I have available with them

Banks use Account Review inquiries to review your account and credit status and estimate your risk. This kind of inquiries are soft pull indeed but they should get your complete credit profile as Discover/Barclays/FNBO/etc. use these soft pulls to calculate your FICO shown on statements.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
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CarefulBuilder14
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Postby CarefulBuilder14 » Sat Oct 25, 2014 3:42 pm

I got a response like that from Chase when I got a HP CLI on Freedom. At the time, I only had a $2k Discover and a NPSL PRG. I had asked for a $3k line on Freedom and they gave me $2k (up from $600). They said I had too many active accounts or too much available credit and that I already had the maximum amount of credit they could offer me.

I think it just means they want to see a higher income or longer history before they offer more.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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lobbythis
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Postby lobbythis » Sat Oct 25, 2014 3:59 pm

PlyrStar93 wrote:What I found about Barclays declining has the following wording:

"Sufficient credit is available on your account issued by Barclays Bank Delaware."

This describes someone who has too much available credit with them.


Unfortunately, it did not have the "on your account issued by Barclays Bank Delaware." part. I have 10 cards, planning to cancel 3 this year as I've gotten some nice CLI's in the past 6 months on my primary cards. Definitely cancelling the Apple Visa and will try another CLI request in a few months on the Rewards, maybe call in for an HP. I'm not sure how strict Barclay's is, but I've seen some information that says they can be and maybe the 10 cards scared them off if that is what they found. Oh well, I want to PC to Arrival+ in the future so I'll stick it out for a bit.

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lobbythis
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Postby lobbythis » Sat Oct 25, 2014 4:02 pm

CarefulBuilder14 wrote:I think it just means they want to see a higher income or longer history before they offer more.


The history could also be an issue. I've gotten some new cards this year and called in for recons on some of my denials. Amex and Chase both mentioned history as an issue. Good news is, I was just approved for a Freedom. Lowly limit, but finally in with a big lender I actually want.

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Postby takeshi » Mon Oct 27, 2014 9:00 am

lobbythis wrote:I'm assuming this is because the creditor thinks I have too much available credit compared to income.

Not just income but based on your credit as well.

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Postby popamode72 » Mon Oct 27, 2014 11:14 am

I got the same thing with Chase today after another attempt at the Amazon Chase Visa which I hadn't applied for since July really. Time to close that Walmart card I don't need anymore and possibly closing at least one other account along with laying low for a while. PayPal SC might be on the chopping block too but not quite sure yet. I'll close the Green earlier than I thought as well.

Two accounts in my sig are hidden trade lines so I'm not closing those for various reasons. They wouldn't even let me move part of my limit over. I do understand why they wanted to be cautious there though.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)



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