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Regular Contributor
Posts: 209
Registered: ‎01-31-2012
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From $2100 to $305

I just got a letter from CapOne that my CL has been reduce to $305 from $2100, I have owned this card since 2005, I am really upset and beyound pissed. Should I go ahead and close this card? I have another CapOne with $750 CL that I got last year, should I close both? Both cards have zero balance and I dont plan on using either anytime soon, I have a NFCU Visa with $10,000 CL. thoughts please.


Starting Score: EQ: 532, EX: 569, TU: 621 (All lender pull 10/15/11)
Current Score: EQ: 660,lender pull 4/13, EX: 671 lender pull 4/13, TU: 691 lender pull (4/13)
Goal Score: 700


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Valued Contributor
Posts: 1,699
Registered: ‎08-18-2007
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Re: From $2100 to $305

If there is no annual fee, keep it open and continue to earn AAoA.

 

No need to close an account that doesnt cost you anything.

 

 

Valued Contributor
Posts: 1,990
Registered: ‎09-16-2011
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Re: From $2100 to $305

Close the accounts, you don't want other creditors taking note of the change and wonder, sure fico doesn't track but you can bet some of your other creditors check for changes to your existing accounts. That is why they SP your accounts so often, they look at payments and why wouldn't they check existing CL and watch for changes. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 12/15/2014
Regular Contributor
Posts: 209
Registered: ‎01-31-2012
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Re: From $2100 to $305

Oracles,

There is no AF on this card and I don't plan on using it as the interest rate has always been high 23%.


Starting Score: EQ: 532, EX: 569, TU: 621 (All lender pull 10/15/11)
Current Score: EQ: 660,lender pull 4/13, EX: 671 lender pull 4/13, TU: 691 lender pull (4/13)
Goal Score: 700


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Epic Contributor
Posts: 23,723
Registered: ‎10-23-2007
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Re: From $2100 to $305


K_J wrote:

I just got a letter from CapOne that my CL has been reduce to $305 from $2100, I have owned this card since 2005, I am really upset and beyound pissed. Should I go ahead and close this card? I have another CapOne with $750 CL that I got last year, should I close both? Both cards have zero balance and I dont plan on using either anytime soon, I have a NFCU Visa with $10,000 CL. thoughts please.


I would call the backdoor and ask and see... if you get overseas rep that goes into some script as "based on many factors of credit reports" blah blah... That just makes me want to scream when a CSR can't even pronounce the words associated with credit reports and happenings.

If you don't get a non script answer and you don't get a resolution of giving the CL back I would close both... Don't make yourself mad over a bank that ... "fill in with choice word" and move over to focus on Navy and how much they like you!!

and I state the screaming irritation because I do it ALL the time with companies... Just last night I called about replacement iPhone w verizon because 1 of my buttons doesn't work... CSR needed to call me on a phone not my cell and get me over to tech.  (Why would I need tech!) and further more I what if I don't have another line (My father always said "Don't cut of your nose to spite your face"  I try to remember that because I don't always do it!  I almost said I don't have another line, now what! but I didn't but then when Tech says we will ship USPS REGULAR Mail I almost went through the roof.... I have ALWAYS had overnight for free!

Anyway, sorry... off topic but point is if you don't want to see why I AM a good customer that you want, I will leave you!

Fico Scores: EQ- 662., TU 684 Barclay, EX 700 (3/21/15)

You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Senior Contributor
Posts: 3,065
Registered: ‎11-02-2009
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Re: From $2100 to $305


K_J wrote:

Oracles,

There is no AF on this card and I don't plan on using it as the interest rate has always been high 23%.


Have you been using the card?  If you're not using it, and you got another card with a much higher CL, perhaps Cap One thinks you have enough credit.  I wouldn't get upset over this, especially if it is a credit line you're not using anyway.  Leave it open for the age and forget about it.  If you do use it, call them and see if they will reconsider reinstating your limit.

I would probably set up an account alert to let you know if the balance ever goes above $1 or something like that.  That way you get an e-mail in case you have some payment that is set to automatically hit this account that you've forgotten about.  For example, I had my AAA membership hit an account that I was no longer using, and the account alert helped me avoid having a late payment.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
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Re: From $2100 to $305

what was the reason given in the letter?
Regular Contributor
Posts: 164
Registered: ‎08-21-2010
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Re: From $2100 to $305

I had the same thing happen but only on a Household Bank card (late last year) took me from 2,000 to 305 - called them they stated that I hadn't used my card in the past few months and thought that I just didn't need the credit limit.  They said to use the card for a few months then when periodically reviewed (supposedly at 6 mos which should have been June 2012) they would see about an increase.  Well, it is now August and still no increase...there is no annual fee on this one so for now I am just letting it sit.  I did do as they suggested though up until last month - would use then PIF...still sitting at the 305 limit.

 

Oh well

 

K

 


Starting Score: 650 Current Score: EQ:716 (SW Alert 5-7-14) - TU: 698 (5/27/13 SW)Chapter 7 filed 8/2009 - Discharged 12/2009 Goal Score: 750
Joined the garden again 12/5/13
In the garden till at least 5/1/14
Regular Contributor
Posts: 209
Registered: ‎01-31-2012
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Re: From $2100 to $305

John, the reason was that after carefully looking at my credit score from EQ, they were reducing my limit. They quoted my score at 605 from EQ which is not right because as of last month my EQ from here was 639. I am thinking of asking them to send me a copy of the report they used.


Starting Score: EQ: 532, EX: 569, TU: 621 (All lender pull 10/15/11)
Current Score: EQ: 660,lender pull 4/13, EX: 671 lender pull 4/13, TU: 691 lender pull (4/13)
Goal Score: 700


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Regular Contributor
Posts: 248
Registered: ‎09-02-2011
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Re: From $2100 to $305

I'd call first see what they tell you and if you can get them to recon. I don't think any lender cares about cap 1 and their low limits on cards. Everyone is quite used to them. 

Trans Union Fico (Walmart) ,690 Experian Fico (Amex) 686(Opened 3 new accounts this month. In the Garden)


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