topic Re: Pending Venture Card CLD. :( in Credit Cards

Pending Venture Card CLD. :(

Hex — Wed, 29 Sep 2021 23:27:28 GMT

So I got an interesting email from capital one today. I’ve kind of been expecting it. It’s my Venture card and it was approved in October of 2017 with $30K CL about 15 months after my BK7 was discharged. I was absolutely thrilled when I got approved for this card. Last year when Capital One did their mass CLD's my first large CL card (which was a $15K grandfathered Savor card) was decreased from $15K to $5K and now it looks like they’re coming for my Venture card too. At least this time they gave me a warning. I was so angry about the last CLD (my only CLD ever) that I stopped my direct deposit into my Capital One checking account. I’ve been expecting this and so I already have a Navy Flagship card with a $31.5K limit. I have about $280K in total credit limits but I don’t want a second CLD on my reports. Part of me wants to just cancel the card but I got it the last day that the annual fee was still $59 so I’ll never get those terms again. I only spend about $100 a month on the card because I don’t travel and they stopped letting you redeem the points for non-travel related purchases. I guess I’ll call them on my next day off (Friday). How much do you think they’ll want me to spend to keep my current credit limit? My annual fee will be charged in November. I’m glad they at least warmed me about this before they charged me for the fee. Has anyone else gotten a similar letter? Credit profile wise I don’t think I’ve ever been stronger. Added two accounts last October but none since and only one inquiry in the last year.

Re: Pending Venture Card CDL. :(

RSX — Wed, 29 Sep 2021 19:16:23 GMT

grrr

Re: Pending Venture Card CDL. :(

CreditPacMan — Wed, 29 Sep 2021 19:17:48 GMT

That is interesting. Never knew Capital One was much into CLDs, like Chase or AMEX. That being said, I was denied a few CLIs on my Venture card due to low usage (i.e. $2k out of $5k). Do they want an average of more than 50% usage? Could be. I will look for others to share their experiences, but that has been mine with Capital One.

Re: Pending Venture Card CDL. :(

Remedios — Wed, 29 Sep 2021 19:19:21 GMT

I guess they are sending emails this time around to avoid bad press from the last round.

Re: Pending Venture Card CDL. :(

NRB525 — Wed, 29 Sep 2021 19:27:23 GMT

OP I'm sure if you ran $30,000 of new charges through the card in the next 30 days they might keep the $30k CL.

My money is on a CLD, and that's one of the reasons I closed my $30k Savor after they cut my QS limit from $10k to $5k. The Savor AF was the other factor. So I got out of Capital One as a redundant bank for me. I still think CapOne is an excellent bank, I simply competed my SUB chasing and account aging goals with them.

Re: Pending Venture Card CDL. :(

RSX — Wed, 29 Sep 2021 19:29:42 GMT

now i am wondering if they are sending these to generate people spending on their card this month, instead of their other cards

good be a easy 'trick' to bump people to use their cards

Re: Pending Venture Card CDL. :(

ChargedUp — Wed, 29 Sep 2021 19:33:49 GMT

@RSX wrote:
now i am wondering if they are sending these to generate people spending on their card this month, instead of their other cards

good be a easy 'trick' to bump people to use their cards

I was thinking the same thing... Right before the holidays!

Re: Pending Venture Card CDL. :(

gdale6 — Wed, 29 Sep 2021 19:41:06 GMT

They are known to want usage so you will need to most likely use at least half of the CL to avoid the review. If you are keeping this card for padding its a prime reason why you should be spreading your exposure over many lenders so you dont get caught with the proverbial "pants down".

Re: Pending Venture Card CDL. :(

Hex — Wed, 29 Sep 2021 20:04:30 GMT

I might think it was a ploy except the warning letter they just sent uncannily echos the AA letter they sent when they explained the reasons for my Savor CLD last year.

The closure really won't hurt me:

Only $35.00 reporting on $280K in limits.

24 cards

11 lenders

I pay attention to you guys- my pants are staying on! 😬

Re: Pending Venture Card CDL. :(

simplynoir — Wed, 29 Sep 2021 20:06:52 GMT

For me Capital One just went ahead and CLD my two Quicksilver cards earlier this month. At least they were kind enough to send letters telling me if the cards were showing inactivity by December they'd close them so there's that. Gotta say they gave one of the cards a weird limit considering they both had $17k CLs

Re: Pending Venture Card CDL. :(

CreditCuriosity — Wed, 29 Sep 2021 20:08:57 GMT

Sounds like another round of Cap1 slashing the limit is happening. They did send emails last time if I recall correctly years ago, but I was still salty about it and cancelled I believe two cards.. Just leave my WS card you all acquired alone please .

Sorry this is happening again, just freeing up reserves it appears

Re: Pending Venture Card CDL. :(

Hex — Wed, 29 Sep 2021 20:17:34 GMT

I really wasn't using the card (or any of my cards for padding) my utilization is almost non-existent. I just like high limit cards! Who doesn't? Besides this was only my second high limit card. What was I supposed to do? Call them and ask them to CLD me because I'd gotten more cards since my Venture approval? If they

CLD this card my average credit limit across all my cards will decrease. I don't think I should request that!
Also you have to understand since my credit was so horrible before I feel the need to overcompensate.

Re: Pending Venture Card CDL. :(

Hex — Wed, 29 Sep 2021 20:23:11 GMT

@simplynoir

I'm sorry this happened to you! So they warned you to use them by December but CLD'd you in August? Not very nice.

Re: Pending Venture Card CDL. :(

simplynoir — Wed, 29 Sep 2021 20:26:29 GMT

@Hex wrote:
@simplynoir
I'm sorry this happened to you! So they warned you to use them by December but CLD'd you in August? Not very nice.

Thanks but I'm just happy they told me in advance about the pending closures, I haven't used the cards in years and was honestly expecting them to be CLD'd during the last great purge; guess better late than never for CapOne. The cards themselves I want to keep due to aging since one first card I opened when I was 18 yrs old so almost half my life and other is 8 yrs old I think. Want to keep that AAoA up!

Re: Pending Venture Card CLD. :(

kiea — Wed, 29 Sep 2021 20:45:15 GMT

I will say this at least they had the decency to warn you before the cld. Most creditors would not send a letter beforehand

Re: Pending Venture Card CDL. :(

Anonymous — Wed, 29 Sep 2021 21:34:22 GMT

@CreditCuriosity wrote:
Sounds like another round of Cap1 slashing the limit is happening. They did send emails last time if I recall correctly years ago, but I was still salty about it and cancelled I believe two cards.. Just leave my WS card you all acquired alone please .

Sorry this is happening again, just freeing up reserves it appears

The round I was caught in ($35K -> $10K, and then $20K -> 0 on another card): they sent email but just after the fact, it wasn't a warning where I could put spend on to avoid.

I am almost over it, well, getting there. Maybe.

Re: Pending Venture Card CDL. :(

FinStar — Wed, 29 Sep 2021 23:46:08 GMT

@Hex wrote:
I really wasn't using the card (or any of my cards for padding) my utilization is almost non-existent. I just like high limit cards! Who doesn't? Besides this was only my second high limit card. What was I supposed to do? Call them and ask them to CLD me because I'd gotten more cards since my Venture approval? If they CLD this card my average credit limit across all my cards will decrease. I don't think I should request that!
Also you have to understand since my credit was so horrible before I feel the need to overcompensate.

I mean, to the masses on these boards, that sounds like a personal quest or a great achievement given your past credit situation. To Capital One (or lenders who follow similar lending methodologies), it's an illogical discipline unless you are using the limits they approved on a consistent basis (not just $100 per month). Let's face it, $30K is nothing to sneeze at, but financial institutions are not providing high CLs to leverage scores, pad utilization, pump up average credit limit ratios, and so on. I have high limit cards because I use them (a variety of them close to their limit) for both personal and business expenses -- rotate/spread, rinse & repeat. Having the breathing room (for me at least) helps especially when using float.

Having said that, as mentioned by gdale upthread, if you want to avoid a 'haircut' on the card, then place some considerable usage on it -- like 30%-50% over a ~6 month timeframe -- at least to avoid a major CLD. On the upside, given what happened last year with the mass CLDs, they're at least tapping you on the shoulder before such action takes place. So, they are now giving you an option.

Re: Pending Venture Card CLD. :(

NoMoreE46 — Thu, 30 Sep 2021 02:14:58 GMT

@Hex

Thanks for the warning/post. My CapOne history is like identical!

($59 AF Venture at $30000 and Had like $17000 on my no AF Savor which was CLD to $5000.)

I have only put about $900 on the Venture this year so ......yah I might get an email.

Re: Pending Venture Card CDL. :(

CreditPacMan — Thu, 30 Sep 2021 05:25:54 GMT

@simplynoir wrote:
For me Capital One just went ahead and CLD my two Quicksilver cards earlier this month. At least they were kind enough to send letters telling me if the cards were showing inactivity by December they'd close them so there's that. Gotta say they gave one of the cards a weird limit considering they both had $17k CLs

This is very concerning. My overall profile with Cap1 is no more than $22k (across 3 cards). The highest is my QuickSilver at $12k which I have not used for a few months. I better put a few hundered dollars on it to avoid awakening the bear.

Re: Pending Venture Card CLD. :(

Hex — Thu, 30 Sep 2021 05:33:09 GMT

@NoMoreE46

The primary reason I posted about this was to warn other people who might be in the same boat. I think the timing on this might be related to my card's anniversary or my upcoming annual fee. If so maybe you have time to avert this.