When do lenders typically do a CLD?

[vbulljon]

Thanks for your insight. I plan to have limits like you in about 5 years maybe sooner!

I agree with you, I hate WF. I use to bank with them but have moved because they are evil. I was with Wachovia, ha I got a funny story to tell about WF. 

About 5 months after they became WF I sold a lot of gym equipment on Craigslist for about 5k. I guy contacted me and told me he was sending me a 5k check in the mail and to send him back like 800 for some odd reason, I said to myself ok..........pretty strange for you to trust me. But I took it to my bank which was now WF to ask them if this check was real. I repeat, I wanted them to look into this check BEFORE they did anything with it. The CSR told me that they will look into it and call me when they find out about it.

I go to swipe my debit card and my card is declined and I call my bank and they froze my accounts because I tried to cash a fake check.....long sotry short I got on the phone with the Branch manager and she told me "Wachovia might have been ok with this kind of stuff, but WF is now taking over your account and we dont take kindly on these matters" (again, I kindly asked them to verify if a check is real or not). I told the BM ok, give me everything in my checking and I will never handle anything through you again. 

I actually want to cancel the CC When I pay it off, but I wont until I have more CC's or better credit.

Back on topic now lol. 

Thanks for all your insight and I will stick to my payment plan. Any more advice I should take or is this about it?

[takeshi74]

---

@Creditaddict wrote:

While it sucks to have a CLD, especially when you are working to get debt free... any negative side of a CLD to your credit is only going to matter as long as you stay in debt... your utilization is a key part in your credit score... by a lender CLD you are not having negative information go to your credit, you are simply "possibly" increasing your util. like you didn't make a big payment... 

---

Balance chasing will have a negative impact as utilization will be maxed but I do agree that the OP needs to focus on reducing debt.  Once that's done the OP can then worry about CL's.

[CelticLady]

I will give you my experience with Capital One. Of course, this is just what happened with me so YMMV. A few years ago I had basically maxed 3 of the 4 Cap1 cards I had at the time and they were that way for a couple years. I Paid all 3 off in about 4 months, approx. $3.5k. They didn't balance chase me at all. So, they may not do anything at all, especially at your limit.

Good luck.

[longtimelurker]

---

@vbulljon wrote:

Hey, 

They are not yet chasing the balance, my question was what can I do NOW to avoid that.

I am going to be paying 50-60+ plus the min balance.

Would that lower me on the radar?

Thanks

---

Well, it sounds like they don't really have the opportunity (as you are maxed it).  If it happens, it happens when paydown starts.

[DiC916]

I had two Capital One cards maxed out for years. I think maybe 4 or 5 years, honestly. I was too dumb to pay more than the minimum, although I could have. No CLI that whole time either. Paid them both off in full in January. Not only did they not balance chase me, they offered me a CLI on one card (from $750 to $2250) and offered a PC to Quicksilver. I took the change/CLI, but cancelled the cards earlier this month when the AF was going to hit. So, Capital One might not balance chase.

[-NewGuy-]

---

@takeshi74 wrote:

---

@Creditaddict wrote:

While it sucks to have a CLD, especially when you are working to get debt free... any negative side of a CLD to your credit is only going to matter as long as you stay in debt... your utilization is a key part in your credit score... by a lender CLD you are not having negative information go to your credit, you are simply "possibly" increasing your util. like you didn't make a big payment... 

---

Balance chasing will have a negative impact as utilization will be maxed but I do agree that the OP needs to focus on reducing debt.  Once that's done the OP can then worry about CL's.

---

Which really doesn't matter at this point because, with all of his cards maxed out, the UTIL portion of his score is as bad as it's going to get.

[woodyman100]

I would try not to worry about it if I were you. Just do the right thing and pay them off. After that is done, keep them low and if your file is clean, you will rapidly be able to recover and gain higher limits. It will hurt in the short term, but it will be "the short" term. The point is, your doing the right thing. That is almost always the best way to work the system. Who knows, they may NOT cld you and all this is a moot point. Good luck

[vbulljon]

Again, thanks everyone for your insight and advice. I will follow it!

This forum is so helpful!

[ACG23]

---

@DiC916 wrote:
I had two Capital One cards maxed out for years. I think maybe 4 or 5 years, honestly. I was too dumb to pay more than the minimum, although I could have. No CLI that whole time either. Paid them both off in full in January. Not only did they not balance chase me, they offered me a CLI on one card (from $750 to $2250) and offered a PC to Quicksilver. I took the change/CLI, but cancelled the cards earlier this month when the AF was going to hit. So, Capital One might not balance chase.

---

Count me as a "third" on Capital One. I maxed my low-limit card during unemployment (then $1500), and paid down promptly once the new job stablized things. I wasn't ever balance chased, and now, a few years later, I just got a major CLI from them. 

[EW800]

Just sharing what happened to me with Capital One.  I had a $3,400 CL with them and had about a $3,100 balance or so - so basically max'd out.  I then began a very aggressive attack on my balance and began paying down very quickly.  Not only did they not do a CLD on me, but they did an auto CLI to $8,400.