If you’re interested in credit cards and want to learn more about Barclays, you’ve come to the right place. In this article, we’ll talk about the Barclays Old Navy credit card and discuss some of the reasons why Barclays might decline your application. So, let’s dive in!
Introduction
Barclays is a popular credit card brand that offers a wide range of options for different needs. If you have followed my previous videos you will know that I recently applied for a Barclays credit card and was approved. However, before we get into it, I would like to take a moment to thank you all for your support and for being a part of this incredible community.
Why did Barclays turn me down (or did they?)
After receiving my approval email and thinking everything was settled, I was surprised to find a rejection letter from Barclays in my mailbox. This was a shock, considering I had already been approved. But hey, it gave me some additional content to share with you all and shed some light on why Barclays might reject your application.
The reasons for Barclays’ refusal
According to the rejection letter, four reasons were listed as to why they could not approve my application. Let’s take a look:
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Recent credit requests: Barclays is known to be sensitive to the number of inquiries on your credit report. If you’ve received too many credit applications recently, it could affect your chances of approval.
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Too many new accounts: Barclays also takes into account the number of new accounts you have opened. If you have opened several accounts in a short period of time, this may cause concern for them.
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Too many recent applications: Similar to the previous point, if you have applied for multiple credit cards recently, this could indicate a higher risk for Barclays.
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Excessive credit requests: This reason is closely related to the others. If you have a habit of applying for credit frequently, this could have a negative impact on your application.
Understanding the Barclays criteria
Barclays generally pulls your credit information from TransUnion, so if you have a lot of inquiries on your TransUnion report, that could be a red flag for them. Additionally, while Barclays doesn’t have a strict rule like Chase’s 5/24 rule, the representative I spoke with mentioned that about six to eight credit cards in the last 24 months might start to make them more cautious in approving your request.
Approval or refusal: the saga continues
Fortunately, despite the rejection letter, I contacted Barclays and found out that my application had indeed been approved. However, it is important to note that the rejection letter and the approval letter arrived separately, which creates some confusion. So if you’re waiting for a Barclays credit card, make sure you don’t get your hopes up if you receive an envelope clearly saying ‘denied’.
Conclusion
That being said, I hope this article has given you a better understanding of the Barclays Old Navy credit card and the potential reasons for an application being declined. Don’t forget that Barclays is known for its travel cards, such as the AARP Travel Rewards Mastercard, which offers great benefits for frequent travelers.
If you have any comments or experiences with Barclays credit cards, please feel free to share them in the comments section below. And as always, thank you for being part of our community and growing your money!
