topic Re: Massive CLD from Cap One in Credit Cards

Massive CLD from Cap One

morgacj2004 — Wed, 02 Aug 2017 18:52:25 GMT

So my wife recently logged into her Cap One Venture One account which currently has a zero balance. The CL has been 46.5k for more than one year since she combined and closed her other CO cards. The CL suddenly went to 10k with no explanation. We took advantage of several zero APR BT transfers with a 2% BT fee but just paid the balance off last month prior to the grace period expiring. No late fees ever. She is the authorized user on my Venture card. My CL remains at 23k with no CLD. Anyone else have this issue with Cap One. Honestly it is not a huge deal and the only reason we kept the card open was for the BT deals that we freq were offered. But still wondering why they took this step ?

Re: Massive CLD from Cap One

Anonymous — Wed, 02 Aug 2017 19:12:00 GMT

Mine went from 35k to 10k. They explained it was because of low usage. (which made sense, why waste a large credit limit for a very small return)

Re: Massive CLD from Cap One

Anonymous — Wed, 02 Aug 2017 19:15:54 GMT

Both LTL and CreditCuriousity had same thing happen but of course they both deserved it. j/k

Sorry that this happened to your wife.

Re: Massive CLD from Cap One

BungalowMo — Wed, 02 Aug 2017 19:23:08 GMT

Some cards are like that. I know some folks have great luck with Cap 1...like you, and others can't win...like your wife, and myself.

I apped with them last week (3rd time in about 8 years)...denied again! Had 790 FICO's....go figure.

They hate me & I hate them back.

Re: Massive CLD from Cap One

Credit-hoarder — Wed, 02 Aug 2017 19:33:30 GMT

@Anonymous wrote:
Mine went from 35k to 10k. They explained it was because of low usage. (which made sense, why waste a large credit limit for a very small return)

WOW--In the 4 years I've been on this forum I've never known CO to take AA on someone other than for not paying their bill! I was planning to try and combine my 2 $15K Ventures into one eventually--but the heck with that now! In the meantime I think I'd better make sure I throw a few swipes on them every now and then for good measure.

Re: Massive CLD from Cap One

driftless — Wed, 02 Aug 2017 19:38:04 GMT

I have been reading these threads, and now this one, about Cap One's CLD's with some concern. Cap One has always been a "rock" for me, they really helped me through my rebuild. This is starting to shake that confidence. Plus Cap One is my only card(s) that routinely decline purchases when I am traveling. It is easy enough correct by responding to their text but still.

I actually have two Cap One cards, a $35.9 Venture Visa that is in my signature and a $25.9 Venture MC which is SD and it was my rebuild card. I have always been afraid to combine them. My spend on Cap One cards has dropped over the last year a lot.

Re: Massive CLD from Cap One

CreditCuriosity — Wed, 02 Aug 2017 19:40:16 GMT

Sorry this has happened to you.. Several months ago as mentioned it happened to LTL and myself among other people on other forums.. It appers they are doing some pruning of excessive CL's again that aren't being used. They took me from 34.5k to 10k.. I choose to just close the card at that point as IMO they were no different than any other lender at that point as I use to think they never took AA, but they did indeed. With that said I used only 100ish or whatever a month on it and didn't need the big limit. There are many others that still have big limits on their CAP1 cards on the forum that this could be happening to in the future. I thought it has stopped, but apparently another round might be swinging around. I only had about 500-1k balance at the time on one card and < 1% utilization. Please let us know what your letter says when you get it.

Re: Massive CLD from Cap One

Anonymous — Wed, 02 Aug 2017 20:59:24 GMT

WoW,OP sorry to here that!! now I know different lender??? But has this thing happen with AMEX to anyone??? Was thinking of combining my 2 AMEX CC s...I'm now spooked😖

Re: Massive CLD from Cap One

SouthJamaica — Wed, 02 Aug 2017 21:05:42 GMT

@morgacj2004 wrote:
So my wife recently logged into her Cap One Venture One account which currently has a zero balance. The CL has been 46.5k for more than one year since she combined and closed her other CO cards. The CL suddenly went to 10k with no explanation. We took advantage of several zero APR BT transfers with a 2% BT fee but just paid the balance off last month prior to the grace period expiring. No late fees ever. She is the authorized user on my Venture card. My CL remains at 23k with no CLD. Anyone else have this issue with Cap One. Honestly it is not a huge deal and the only reason we kept the card open was for the BT deals that we freq were offered. But still wondering why they took this step ?

My accounts (30k & 27.5k) were shut down completely. Still no rational explanation. Capital One is out of control.

Re: Massive CLD from Cap One

noobody — Wed, 02 Aug 2017 21:17:39 GMT

Yes, they were out control when they gave out 15K CL to everyone and their brothers with 620 fico, and suffer from it.

Re: Massive CLD from Cap One

AverageJoesCredit — Wed, 02 Aug 2017 21:31:08 GMT

Looks like credit one snuck in and pulled a switch

Sorry morgacj.

Re: Massive CLD from Cap One

Gmood1 — Wed, 02 Aug 2017 21:50:46 GMT

Did anyone that received a CLD with CO, not micromanage what reports to the CBs?

I'm curious as to what Cap one is looking for. I'm not going to sweat it. They'll do as they please regardless.

Sorry for your troubles OP.

Re: Massive CLD from Cap One

CreditCuriosity — Wed, 02 Aug 2017 22:12:42 GMT

@noobody wrote:
Yes, they were out control when they gave out 15K CL to everyone and their brothers with 620 fico, and suffer from it.

Is this comment really needed? Pretty sure I didn't have a 620 score nor did the OP. Although I do agree they shouldn't of handed out the big CL's and in-turn allow account combinations; then in-turn realized their mistakes (although thy are still passing out 20-30k CLi's with less that desirable scores). Don't assume everyone with bad scores got big CL's, people with good profiles also have been hit by this. Yes Cap1 and Discover have had a rough quarter or two in Charge off's, but what do you expect from two lenders that lean more towards sub-prime borrowers although certainly not all their profile/account holders fit the sub-prime mode you suggest, but in-turn some are very prime borrowers. They are taking a wide brush on whom they have hit so far people with so-so profiles to excellent. With all this said did I need a 35k CL, certainly not with my use. Do I have other CL's around or at that limit yes with alot more strict lenders.

Re: Massive CLD from Cap One

Gregory1776 — Wed, 02 Aug 2017 22:15:17 GMT

@noobody wrote:
Yes, they were out control when they gave out 15K CL to everyone and their brothers with 620 fico, and suffer from it.

Oh, boy.

Re: Massive CLD from Cap One

Anonymous — Wed, 02 Aug 2017 22:23:42 GMT

Geez... didn't know they did CLD's or that CC and LTL got one as well. I was gonna app for another Cap One card in the future to bump it up, but I'll leave it where it's at if they're taking AA like that. I put a 4k charge on it back in March... hopefully that makes them leave me alone for a little while... <_<

Sorry that happened to you morgacj!

Re: Massive CLD from Cap One

wasCB14 — Wed, 02 Aug 2017 22:23:55 GMT

@Gmood1 wrote:
Did anyone that received a CLD with CO, not micromanage what reports to the CBs?
I'm curious as to what Cap one is looking for. I'm not going to sweat it. They'll do as they please regardless.
Sorry for your troubles OP.

Spend that's vaguely indicative of the need for a $30k+ CL?

Re: Massive CLD from Cap One

driftless — Wed, 02 Aug 2017 22:25:46 GMT

@wasCB14 wrote:
@Gmood1 wrote:
Did anyone that received a CLD with CO, not micromanage what reports to the CBs?
I'm curious as to what Cap one is looking for. I'm not going to sweat it. They'll do as they please regardless.
Sorry for your troubles OP.
Spend that's vaguely indicative of the need for a $30k+ CL?

That is the only thing that I can discern based on what I have been reading here.

Re: Massive CLD from Cap One

CreditCuriosity — Wed, 02 Aug 2017 22:30:51 GMT

@driftless wrote:
@wasCB14 wrote:
@Gmood1 wrote:
Did anyone that received a CLD with CO, not micromanage what reports to the CBs?
I'm curious as to what Cap one is looking for. I'm not going to sweat it. They'll do as they please regardless.
Sorry for your troubles OP.
Spend that's vaguely indicative of the need for a $30k+ CL?
That is the only thing that I can discern based on what I have been reading here.

Although alot of other data points when this last happened months back that people have 40k cl's with Cap1 and put like 20 a month on their cards and have yet to be hit. whether they will be ever or not only Cap1 knows. As stated I certainly didn't use my 35k CL so I can't blame them, but why keep approving people for 30k CL's with average profiles? Hoping they go into debt and earn alot of interest? Only reason I can think. They simply made no money off me, I can't speak for LTL or the OP hence I got my limit slashed is my take on it and that is fine as I moved on as not using them as a lender.

Re: Massive CLD from Cap One

Anonymous — Wed, 02 Aug 2017 22:33:40 GMT

@CreditCuriousity wrote:
@noobody wrote:
Yes, they were out control when they gave out 15K CL to everyone and their brothers with 620 fico, and suffer from it.
Is this comment really needed? Pretty sure I didn't have a 620 score nor did the OP. Although I do agree they shouldn't of handed out the big CL's and in-turn allow account combinations; then in-turn realized their mistakes (although thy are still passing out 20-30k CLi's with less that desirable scores). Don't assume everyone with bad scores got big CL's, people with good profiles also have been hit by this. Yes Cap1 and Discover have had a rough quarter or two in Charge off's, but what do you expect from two lenders that lean more towards sub-prime borrowers although certainly not all their profile/account holders fit the sub-prime mode you suggest, but in-turn some are very prime borrowers. They are taking a wide brush on whom they have hit so far people with so-so profiles to excellent. With all this said did I need a 35k CL, certainly not with my use. Do I have other CL's around or at that limit yes with alot more strict lenders.

Not to argue you but I don't think his comment was intended at you, LTL or @morgacj2004's wife. I think he means that CapOne was overly agressive several years ago when they gave out very large limits to less than ideal credit scores and now are reporting large lossses. The result could be that even though your profiles don't fall into that arena, you are being 'punished' due to their losses. Sorta how the sub prime mortgage industry issues caused a real estate meltdown.

Re: Massive CLD from Cap One

Anonymous — Wed, 02 Aug 2017 22:46:24 GMT

This is an interesting thread. I combined two cards and have a 23k account I don't use a lot. I have a single charge on it every month and that's it. I also use it for balance transfers. Today I received an email that said they noticed I have not been around much. Hum.