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Capital One Credit Limit Reduction

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high-flyer
Established Member

Capital One Credit Limit Reduction

I have had a Cap One Platinum card since 2002 that initially had a $1500 credit limit that was increased a year later to $6250 where it has remained. In late February 2013, I made a $6000 payment on the card to reduce my debt for refinancing my house. Two weeks later, I discovered that Cap One had unilaterally reduced my credit limit to $1100. I called customer service to inquire but did not get a satisfactory answer, so I asked to speak to a supervisor and was told that one could call me back the next day. So I get a call the next day and speak with a account analyst (?). She explained that they did an manual audit of my account and decided to reduce my limit. My opinion is that because I made a major payment it triggered an automatic audit with associated credit limit reduction - no human intervention at all.

 

About a month ago I ran across this forum and read about the Capital One exective office CLI info and sent a factual email to the CEO explaining my 10+ years as a Capital One customer with excellent payment history, etc. and ask to restore my credit limit to $6250 or higher. Shortly afterward, I received an email from the Exectutive Office indicating that my request is being investigated. I called to speak with him and asked if he needed any other information - employment history, income, etc. He politely said that he didn't need any more information and that I would be hearing back from him within a week.

 

He called back a week later to inform me that the underwriters could not increase my credit limit and there was nothing that he could do for me.

 

So where do I go from here? How long do I wait before requesting a CLI and do I go through the automated route, customer service or back door route?

 

Thanks in advance.

 

Message 1 of 9
8 REPLIES 8
Mike360
Frequent Contributor

Re: Capital One Credit Limit Reduction

Do you have high balances on all your other cards? I know for a fact most places will reduce your credit if you're carrying high balances across most your cards..they did it with me. What happened was they probably manually reviewed your account couple weeks ago and flagged it internally to start balance chasing you.

 

It's normal business practices for these companies.

Message 2 of 9
NonSufficientFunds
Frequent Contributor

Re: Capital One Credit Limit Reduction

Since you already have 10+ years of credit history, and there are no other factors which would have caused a change to your debt-to-income ratio (besides refinancing your house), you might try applying for a card from another company, before the changes are reported to the credit bureaus.

 

Refinancing a house might send up an alert to your creditors, that you are in need of cash, and are willing to pawn your house to get it.  This might trigger special attention from the FICO Bankruptcy Risk Score calculator - which can cause creditors to reduce your limits or close your accounts.

Message 3 of 9
Creditaddict
Legendary Contributor

Re: Capital One Credit Limit Reduction

What other cards/limits/ and balances do you currently have?

What are your current scores?

any baddies?

Message 4 of 9
high-flyer
Established Member

Re: Capital One Credit Limit Reduction


@Creditaddict wrote:

What other cards/limits/ and balances do you currently have?

What are your current scores?

any baddies?



I have a few other cards: Amex Delta Skymiles, 1st Nat'l of Omaha Visa, Home Depot, a couple of GE accounts and a couple of Wells Fargo retailer accounts. I'm carrying a balance on them and paying them down, but none of them are maxed out.

 

All my scores are in the low 700s and rising. No dings on my credit reports since 2008.

 

It's been about a month since the CapOne exec called me. I would like to try for a CLI but don't know if it's too early - or if I'm flagged for life!

Message 5 of 9
Creditaddict
Legendary Contributor

Re: Capital One Credit Limit Reduction

well the term maxed might be mis understood... believe Fico scores an account maxed after 74%. and if you are over 50% on ALL accounts you probably should wait a while on the Capital One.

Message 6 of 9
NewtoCredit80
Frequent Contributor

Re: Capital One Credit Limit Reduction

If you are carrying balance on all your cards then many lenders might balance chase you.
Amex is famous for its dreaded FR.
CapOne system might have flagged you a potential default due to high balance and when you paid the balance down, your limit was decreased.
If CapOne EO cannot help then there is very low chance you would get any cli from CapOne.


PNC Secured 2000 (Dec12), Chase Amazon 2000 (Apr13), CapOne Newcomer 2500 (May13), Citi dividend 3000 (May13), Discover IT 1000 (Jul13), Amex BCP 6000 (Jul13), Chase Southwest 10000 (Jul13), Chase Marriott 12000 (Oct 13), BofA Travel Rewards 5000 (Dec13)

- In garden till Dec 2014
Message 7 of 9
high-flyer
Established Member

Re: Capital One Credit Limit Reduction


@NewtoCredit80 wrote:

Amex is famous for its dreaded FR.


What's that?

 

Because getting a CLI on my Amex is the next challenge!

Message 8 of 9
mcf
Contributor

Re: Capital One Credit Limit Reduction

Financial Review. They suspend account until review is over, then either say ok good to go or, you have a new limit or who knows..

 

 

sorry im sure that consists of giving them tax info, supporting documents of finances. Most never have one though just a few. Plus long as your income is proven mehhh who cares lol..

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Message 9 of 9
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