topic Re: Capital one AA in Credit Cards

Capital one AA

CreditCuriosity — Sat, 08 Apr 2017 20:13:31 GMT

Logged on to QS card today saw my CL was 10k... Was at 34,5k.. No balance use for about 100 dollars a month or so. On phone with them right now. Only carrying about 800 balance with NFCU currently. Probably going to close card depending what they say. Others might want to check their account as well.. Nothing new on credit report other than new acounts or inquiries, but nothing new derog. More to come. To many other 1.5% to 2% card out there than dealing with this crap. Especially someone that is suppose to be rock solid like Cap1

Edit:

Another DP this was 3 account combinations a Venture 20k approval, QS 1VS 10k Approval and a QS platinum at 4.5k.. This account combination happened approx a year ago.

Re: Capital one AA

Anonymous — Sat, 08 Apr 2017 14:39:19 GMT

@CreditCuriousity wrote:
Logged on to QS card today saw my CL was 10k... Was at 34,5k.. No balance use for about 100 dollars a month or so. On phone with them right now. Only carrying about 800 balance with NFCU currently. Probably going to close card depending what they say. Others might want to check their account as well.. Nothing new on credit report other than new acounts or inquiries, but nothing new derog. More to come. To many other 1.5% to 2% card out there than dealing with this crap. Especially someone that is suppose to be rock solid like Cap1

Wow, very unusual for them and especially given your profile. Will be interesting to see what they have to say.

Re: Capital one AA

CreditCuriosity — Sat, 08 Apr 2017 14:55:24 GMT

Closed the account.. Letter of reason was sent in mail yesterday to me awaiting it will let all know when received.. Others might want to check as well?

Re: Capital one AA

CreditCuriosity — Sat, 08 Apr 2017 14:41:41 GMT

@Anonymous wrote:
@CreditCuriousity wrote:
Logged on to QS card today saw my CL was 10k... Was at 34,5k.. No balance use for about 100 dollars a month or so. On phone with them right now. Only carrying about 800 balance with NFCU currently. Probably going to close card depending what they say. Others might want to check their account as well.. Nothing new on credit report other than new acounts or inquiries, but nothing new derog. More to come. To many other 1.5% to 2% card out there than dealing with this crap. Especially someone that is suppose to be rock solid like Cap1
Wow, very unusual for them and especially given your profile. Will be interesting to see what they have to say.

Yes will be interseting to read letter when it come.. just checked my reports yesterday and nothing new on them being negative.

Re: Capital one AA

pizza1 — Sat, 08 Apr 2017 14:45:19 GMT

WTH??.. oh my! Im so sorry CC...this is highly unusual!! I wonder if this a start of things to come. Another credit crunch coming soon??

I wonder if they are also going back and looking at the folks who did all the acct combos and have higher CL's and not using the high lines??

Whatever the reason(s)......Im sorry

Re: Capital one AA

Anonymous — Sat, 08 Apr 2017 14:47:50 GMT

CC, you closed the account, or they did?

Very sorry to hear of this, my friend. Capital One seems to have gotten on the crazy train of overreactive lenders lately.

Their algorithms must be a mess if they are taking AA on you with your solid profile.

Re: Capital one AA

CreditCuriosity — Sat, 08 Apr 2017 14:52:51 GMT

@Anonymous wrote:
CC, you closed the account, or they did?

Very sorry to hear of this, my friend. Capital One seems to have gotten on the crazy train of overreactive lenders lately.

Their algorithms must be a mess if they are taking AA on you with your solid profile.

I choose to close the account after I saw the AA or CLD.. They took AA on me and in return I took AA on them. If you can't depend on a card especially rock solid Cap1 then I have no need for them.

Honestly I don't blame them in some ways as I only used it for around 100 a month, but that was my highest CL. I do understand they can be lending out money to other people. Just more interested to see the reasons. I will probably be opening up a Penfed 2% card today as my main fallback high CL cc.. Currently I have a promise with them with 30k and most likely will apply for the new card being 2% card they offer and role my promise limit over to it and close the promise. Honestly I also needed to shed some credit and this was one way certainly to do it! I thought of closing cap1 in the past but figured they would be their through thick and thin with me and obviously this sin't the case so was time to close. I understand the reasons so far. I assume letter will say use of existing credit line sufficient or something, but whatever it is I will share with everyone.

Re: Capital one AA

CreditCuriosity — Sat, 08 Apr 2017 14:53:42 GMT

@pizza1 wrote:
WTH??.. oh my! Im so sorry CC...this is highly unusual!! I wonder if this a start of things to come. Another credit crunch coming soon??

I wonder if they are also going back and looking at the folks who did all the acct combos and have higher CL's and not using the high lines??

Whatever the reason(s)......Im sorry

Thanks Pizza.. It is what it is and as stated in other posts not really upset, just caught off guard.. Just a reminder to us all it can happen to anyone everyone with lenders like Cap1.

Re: Capital one AA

kdm31091 — Sat, 08 Apr 2017 15:02:52 GMT

Sorry OP. The situation sucks but serves as a reminder that Capital One isn't exempt from taking AA

Re: Capital one AA

grillandwinemaster — Sat, 08 Apr 2017 15:03:27 GMT

Sorry to hear this happened to you, CC. It's great that you're taking it all in stride.

A lot of "stuff" going on, first Barclay, now Cap 1? Maybe we are approaching a "credit crunch."

We should all get our credit ducks in a row, we just don't know what's going to happen in the near future.

Sorry again CC. Kudos to you for maintaining your coolness!

Keep us posted!

Re: Capital one AA

CreditCuriosity — Sat, 08 Apr 2017 15:21:23 GMT

For what it is worth just checked EQ credit report the one the mainly use and last SP was on 2/28/17 being AR from them.. Going to check TU now as well... So guessing this has to do with useage, just speculation. Been over a month though since last AR which I find strange.

Edit: TU does show an account review 3/26/2017 so this could possibly be it, although doubtful, but possible.

Re: Capital one AA

Anonymous — Sat, 08 Apr 2017 15:24:45 GMT

Sorry to hear it, CC. During the Great Recession, Citibank reduced my limit on Dividend from $10,800 to $8,200. The letter indicated that "we have noticed that you are not using your full credit line, therefore, effective Februry 10, 2010 your new credit will be $8,200." Nevermind that I never used my Citibank Visa or then ATT&T Universal cards-they weren't touched, only the Dividend which I used regularly. Point being, these banks can be psycho seemingly for no reason.

I am still waiting to see if Discover starts to claw back these ridiculous credit lines that they have been handing out lately.

Re: Capital one AA

CreditCuriosity — Sat, 08 Apr 2017 15:28:13 GMT

@Anonymous wrote:
Sorry to hear it, CC. During the Great Recession, Citibank reduced my limit on Dividend from $10,800 to $8,200. The letter indicated that "we have noticed that you are not using your full credit line, therefore, effective Februry 10, 2010 your new credit will be $8,200." Nevermind that I never used my Citibank Visa or then ATT&T Universal cards-they weren't touched, only the Dividend which I used regularly. Point being, these banks can be psycho seemingly for no reason.

I am still waiting to see if Discover starts to claw back these ridiculous credit lines that they have been handing out lately.

I agree... Wondering if I am the first on the tip of the iceberg for Cap1 as others have higher limits than me probably with similar usage and other high limit CC's as well or if I am an isolated incident. I speculate it was due to useage and other high CL's which many of us do have. I won't know until the letter arrives though. They could of completlty closed the card, but just did a CLD to a round 10k which tend to make me believe I had an excessive CL with them in their eyes and thus they scaled it back.

Re: Capital one AA

Anonymous — Sat, 08 Apr 2017 15:42:58 GMT

My Quicksilver has stayed stagnant at 3.6k i hardly use it except for places where 1.5 beats the rest of my cards that offer higher cash back for purchases

Re: Capital one AA

Creditplz — Sat, 08 Apr 2017 15:43:03 GMT

Capital One?! Of all lenders this would've been my last guess... they do seem to be getting tighter with their lending criteria..

The 2% door is open for you at Penfed OP!

Re: Capital one AA

CreditCuriosity — Sat, 08 Apr 2017 16:08:41 GMT

@Creditplz wrote:
Capital One?! Of all lenders this would've been my last guess... they do seem to be getting tighter with their lending criteria..

The 2% door is open for you at Penfed OP!

Yes I am considering this as an option today.. Have the promise at 30k currently.. Open up the 2% card with them since they are my primary bank then roll over my Promise limit to this card making it my new highest limit card... Penfed promise is currently now my newest highest CL card followed by Amex ED at 28k... Just making sure I think things over before reacting to make sure I make the right choice.. I want a decent APR as well, not just 2% as I have 2% cards being Blispay and Fidelity. I just want to have a lender that is more reliable and "CU's" typically fit this bill.

Re: Capital one AA

Anonymous — Sat, 08 Apr 2017 15:56:13 GMT

It's possible that this may be part of an overall sea change with Capital One, as a number of myfico members have reported stalled CLI's lately.

It still would make better financial sense for lenders to not take such action when your profile and utilization are solid.

Re: Capital one AA

Anonymous — Sat, 08 Apr 2017 15:59:03 GMT

CreditCuriousity wrote:

.. Just making sure I think things over before reacting to make sure I make the right choice..

+1 CC

Re: Capital one AA

UncleB — Sat, 08 Apr 2017 16:20:20 GMT

Wow... I didn't see this coming.

Thanks for sharing with us here (I know it's not nearly as fun to share the lousy stuff as it is the good stuff).

Luckily you already have far superior options, so in the end the joke is on them. (FWIW it still sucks, though...)

Re: Capital one AA

CreditCuriosity — Sat, 08 Apr 2017 16:24:21 GMT

@UncleB wrote:
Wow... I didn't see this coming.

Thanks for sharing with us here (I know it's not nearly as fun to share the lousy stuff as it is the good stuff).

Luckily you already have far superior options, so in the end the joke is on them. (FWIW it still sucks, though...)

Thanks UncleB.. Ya no fun, but it is what it is and hopefully no more future AA from this... I don't see that happening though as it was just what I think was a CLD to a very reasonable CL of 10k, but of course I took a bit of offense to that and chose my option of closing the card out and one less lender to deal with and quite honestly I was only keeping that card around for a possible BT back and forth card, but that kinda became useless with the slashed limit..

The new Penfed card is a very viable candiate right now.