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$20k CLD from Capital One

Community Leader
Valued Contributor

Re: $20k CLD from Capital One


BrutalBodyShots wrote:

bodeh6 wrote:

My CO QS was decreased from 16K to 10K last week. 800-820 scores. only put 100-200 through it per month.

Mainly use Amex BCP. 


It wouldn't surprise me over time if we start to see more of this happening, not just with CO, but many if not all lenders.  If someone is only using a very small portion of their limit, there's really no incentive or benefit for a creditor to leave a significantly larger limit available to that person. 


My thoughts exactly (now).  In the past I chased CLI's like crazy.  Didn't need them but certainly wanted them and would be bothered (and sometimes downright mad) when I didn't get them.  How dare Discover not give me a CLI when I've charged $210 over the past 6 months against that $7k limit they've given me.  Same to you CapOne...I give you preferential treatment with my annual charges totalling $971 dollars against that $44.5k limit (surprised that hasn't been slashed yet...I'm sure I'm next).  Of course I'm being silly but in all honestly, that was my mentality and those numbers and limits are really the limits I have and charges I made against them.  

 

When I took a minute to think about it from a business perspective, they'd be foolish if not outright stupid to continue to give me a higher limits when I've clearly shown I don't need them by not even remotely coming close to using what I already have.  It was at that point that I stopped asking for increases on all cards completely.  If one shows up randomly, great, if not, no problem at all.  Even if I let all my balances report it wouldn't put my utilization over 2% so additional padding isn't needed or necessary.  Once I changed my way of thinking it all made sense.  Sorry to those who have received CLD's and are actually using their given limits.  To the others like myself we all knew once it started that it would only be a matter of time.  I won't create a seperate thead if and when my time comes but I will chime back in.

Community Leader
Super Contributor

Re: $20k CLD from Capital One


BrutalBodyShots wrote:

bodeh6 wrote:

My CO QS was decreased from 16K to 10K last week. 800-820 scores. only put 100-200 through it per month.

Mainly use Amex BCP. 


It wouldn't surprise me over time if we start to see more of this happening, not just with CO, but many if not all lenders.  If someone is only using a very small portion of their limit, there's really no incentive or benefit for a creditor to leave a significantly larger limit available to that person. 


This is kind of a situation where you're "dammed if you do, dammed if you dont" kinda thing.  You PIF and not show balances reporting, then lenders think that youre not using your CL, and possibly CLD you.  Then again, you let your balances report, and then the lenders think "youre in trouble", and possibly CLD you making your overall util skyrocket, and scores tumble. Its a vicious cycle.....

(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Senior Contributor

Re: $20k CLD from Capital One

Loquat,

 

I agree with your post above and am starting to see credit limits from your new perspective, but I'm probably caught some where in between your old view and new view.  I still tend to get mad when I don't get a CLI or get a smaller than expected one.  I'm still in the phase of building up my limits though, a process that's almost complete for me.  Of my 7 cards I regularly use, only one up until last week didn't have a 5-figure limit.  I requested a CLI on that lowest limit card, which is actually the one I use most as my daily driver which sees ~30 swipes a month and a $4000-$4500 spend on average per month.  While I received a HP CLI on the card which brought me into 5-figures, it wasn't nearly the CLI I was expecting and it pissed me off.  Yeah they gave me a bit, but since it didn't meet my expectations I got mad.  I look forward to the day that I don't care any longer like you!

 

pizza1, keep in mind that "using your limit" refers to your monthly spend, not what balance reports.  Someone can have a $10,000 credit limit and if they're spending $4000-$5000 per cycle but always paying it off and reporting a $0 balance they aren't at any greater risk for a CLD over reporting a balance, because they're constantly using half their limit. 

 

 

Community Leader
Super Contributor

Re: $20k CLD from Capital One


Loquat wrote:

BrutalBodyShots wrote:

bodeh6 wrote:

My CO QS was decreased from 16K to 10K last week. 800-820 scores. only put 100-200 through it per month.

Mainly use Amex BCP. 


It wouldn't surprise me over time if we start to see more of this happening, not just with CO, but many if not all lenders.  If someone is only using a very small portion of their limit, there's really no incentive or benefit for a creditor to leave a significantly larger limit available to that person. 


My thoughts exactly (now).  In the past I chased CLI's like crazy.  Didn't need them but certainly wanted them and would be bothered (and sometimes downright mad) when I didn't get them.  How dare Discover not give me a CLI when I've charged $210 over the past 6 months against that $7k limit they've given me.  Same to you CapOne...I give you preferential treatment with my annual charges totalling $971 dollars against that $44.5k limit (surprised that hasn't been slashed yet...I'm sure I'm next).  Of course I'm being silly but in all honestly, that was my mentality and those numbers and limits are really the limits I have and charges I made against them.  

 

When I took a minute to think about it from a business perspective, they'd be foolish if not outright stupid to continue to give me a higher limits when I've clearly shown I don't need them by not even remotely coming close to using what I already have.  It was at that point that I stopped asking for increases on all cards completely.  If one shows up randomly, great, if not, no problem at all.  Even if I let all my balances report it wouldn't put my utilization over 2% so additional padding isn't needed or necessary.  Once I changed my way of thinking it all made sense.  Sorry to those who have received CLD's and are actually using their given limits.  To the others like myself we all knew once it started that it would only be a matter of time.  I won't create a seperate thead if and when my time comes but I will chime back in.


Total agree here @Loquat.  My CO Venture limit is $48k thanks to a combination a few years back of 5 cards, and a few CLI's along the way as well. Cap1 is my main card though with roughly over $2k a month spend on it (most ever was $10.9k) . Granted not near the CL being used, and in all honestly Im very surprsied I havent been hit either (knock on wood). But it gets used monthly if not daily for something, and several swipes monthly in all. If I do get hit, I wont be surprised by it, and certainly wont be upset...(its a business decision), and Ill still keep my card! Smiley Happy

 

Like you, I chased CLI's on everyone, why? Because we can...lol..The world is not enough!!! Smiley Wink  I am though starting to somewhat calm down on that though...(except for Discover...I need one more CLI "available" on my Miles card so I can combine my 2 cards, LOL) 

 

Sorry for the folks who have received the CLD's on their cards. Im not immune either from it,  just hasnt happened to me....yet (knock on wood). 

(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Valued Contributor

Re: $20k CLD from Capital One

I can see this happening to me in the near future.  I carried a balance of about $35k on my $45k CL Venture for two months then paid to $0 back in August while in Spain.  I then charged $16k in October and paid to $0.  I then got a CLI to $46.5k and the card now has $0 balance. 

 

I'm using other cards now, so i'm just waiting for them to CLD me to around $10k one day lol.  It doesn't matter to me because i don't carry a balance.    You can have $500 in total credit lines and still be at $0 debt or less than 1% UTL.  

 

If was fun seeing all those members getting approved for high CLs when the merging card feauture came out...


Community Leader
Super Contributor

Re: $20k CLD from Capital One


BrutalBodyShots wrote:

bodeh6 wrote:

My CO QS was decreased from 16K to 10K last week. 800-820 scores. only put 100-200 through it per month.

Mainly use Amex BCP. 


It wouldn't surprise me over time if we start to see more of this happening, not just with CO, but many if not all lenders.  If someone is only using a very small portion of their limit, there's really no incentive or benefit for a creditor to leave a significantly larger limit available to that person.  I see much outrage on the forum if this ever happens.  Discover has been losing their arse lately along with Cap1, just makes sense.


Discover cough cough..  This is the next prime one I see it happening to people with big limits that barely use them along with more of a sub-prime base and a smaller bank using other funding sources than just themselves.  Also have had higher than anticpated CO ratios in the last several quarters most likely due to market they cater to.  So it wouldn't surpise me at all if Discover followed Cap1 lead.  Time will tell if other lenders will follow.  This is why if you want a big CL stay and want it to remain faily "safe" then a CU is the way to go

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | Barclay's| US Bank | Fifth Third Bank | FNBO
Senior Contributor

Re: $20k CLD from Capital One


pizza1 wrote:

BrutalBodyShots wrote:

bodeh6 wrote:

My CO QS was decreased from 16K to 10K last week. 800-820 scores. only put 100-200 through it per month.

Mainly use Amex BCP. 


It wouldn't surprise me over time if we start to see more of this happening, not just with CO, but many if not all lenders.  If someone is only using a very small portion of their limit, there's really no incentive or benefit for a creditor to leave a significantly larger limit available to that person. 


This is kind of a situation where you're "dammed if you do, dammed if you dont" kinda thing.  You PIF and not show balances reporting, then lenders think that youre not using your CL, and possibly CLD you.  Then again, you let your balances report, and then the lenders think "youre in trouble", and possibly CLD you making your overall util skyrocket, and scores tumble. Its a vicious cycle.....


+1.... You got this right. You can't win...

AMEX BCP $9000- DCU Platinum $10000- PenFed Power $11000- Chase FU $11700- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Discover IT Miles $20000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 11/16/17** EX- 762(13) TU- 760(12) EQ- 731(14) UTI 6%- Clean Files
Senior Contributor

Re: $20k CLD from Capital One


c00mtg wrote:

I can see this happening to me in the near future.  I carried a balance of about $35k on my $45k CL Venture for two months then paid to $0 back in August while in Spain.  I then charged $16k in October and paid to $0.  I then got a CLI to $46.5k and the card now has $0 balance. 

 

I'm using other cards now, so i'm just waiting for them to CLD me to around $10k one day lol.  It doesn't matter to me because i don't carry a balance.    You can have $500 in total credit lines and still be at $0 debt or less than 1% UTL.  

 

If was fun seeing all those members getting approved for high CLs when the merging card feauture came out...


I think your alright for now. They made some money on you. And you used a significant portion of your credit line. I think if you let it sit dormant for a year or charge a few hundred bucks a year, then a CLD could be imminent after a year.

AMEX BCP $9000- DCU Platinum $10000- PenFed Power $11000- Chase FU $11700- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Discover IT Miles $20000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 11/16/17** EX- 762(13) TU- 760(12) EQ- 731(14) UTI 6%- Clean Files
Contributor

Re: $20k CLD from Capital One

Do you think it's possible they did it because the OP PC'd to a QS card? Maybe Cap1 will give you a 30K limit because you are paying them a yearly fee. I have a 30K Venture card and I'm hoping to preserve my CL by not combining it with other cards and by not PCing it. Not sure that's the answer but it's worth a shot.
Valued Contributor

Re: $20k CLD from Capital One


CreditCuriousity wrote:

BrutalBodyShots wrote:

bodeh6 wrote:

My CO QS was decreased from 16K to 10K last week. 800-820 scores. only put 100-200 through it per month.

Mainly use Amex BCP. 


It wouldn't surprise me over time if we start to see more of this happening, not just with CO, but many if not all lenders.  If someone is only using a very small portion of their limit, there's really no incentive or benefit for a creditor to leave a significantly larger limit available to that person.  I see much outrage on the forum if this ever happens.  Discover has been losing their arse lately along with Cap1, just makes sense.


Discover cough cough..  This is the next prime one I see it happening to people with big limits that barely use them along with more of a sub-prime base and a smaller bank using other funding sources than just themselves.  Also have had higher than anticpated CO ratios in the last several quarters most likely due to market they cater to.  So it wouldn't surpise me at all if Discover followed Cap1 lead.  Time will tell if other lenders will follow.  This is why if you want a big CL stay and want it to remain faily "safe" then a CU is the way to go


That's funny to me because Discover is the one lender that has never given me much luv.  They started me at an $800 limit and CLIs have always been around $300 at a time.  My current limit with them is $2600 - it's going to make me giggle if they try to slash that.  I do agree that a lot of people got huge limits with them that seem a bit out of line.

 

I think NFCU might be a candidate and it seems that they may have at least slowed down in the limits they're giving out (haven't seen any reports of CLD though).