topic Re: I'm in for a Capital One CLD very soon in Credit Cards

I'm in for a Capital One CLD very soon

12njoy — Tue, 12 Apr 2022 00:04:35 GMT

Received notice that my Capital One Venture will go under review in June and that my credit line may be reduced. Clearly a "signficant" reduction is coming. Decided to call an opt out. A temporary delay in the inevitable I'm sure. It was a good run with you Capital One. I'm a tiny bit over 100k with them. No way I can use as much as they want me to and maintain fiscal responsibility. I suppose as long as I can keep the Walmart Mastercard which I do use a bit. I can part ways with the rest. I appreciate the warning that Capital One gives beforehand.

Venture $50,150

Walmart Mastercard $20,000

Cabela's Visa $15,000

Re: I'm in for a Capital One CLD very soon

FinStar — Tue, 12 Apr 2022 00:15:23 GMT

Well, if they take it away, they take it away. But, at least they're pretty good about giving some early notice. I'd say that if you were using up to 20% of the CL on a reasonable or periodic basis, then it's likely it could avoid the axe. A pack of gum or snacks, not so much. I noticed you have 2 Cabela's CCs, are they different club tiers (i.e. classic vs silver) or the same but just used for padding?

Re: I'm in for a Capital One CLD very soon

12njoy — Tue, 12 Apr 2022 00:21:04 GMT

@FinStar 100% agree with your assessment. I've used it vary sparingly so I get the review. I'll never get to the 20% without help from Plastiq which Capital One doesn't permit. Both Cabela's are Classic and were used for padding during my rebuild, but since they have no AF, I kept them . I used to have 3 of them for a while and someone caught on and said you can only have two, so they closed the third. That was many many years ago.

Re: I'm in for a Capital One CLD very soon

FinStar — Tue, 12 Apr 2022 00:47:33 GMT

@12njoy wrote:
@FinStar 100% agree with your assessment. I've used it vary sparingly so I get the review. I'll never get to the 20% without help from Plastiq which Capital One doesn't permit. Both Cabela's are Classic and were used for padding during my rebuild, but since they have no AF, I kept them . I used to have 3 of them for a while and someone caught on and said you can only have two, so they closed the third. That was many many years ago.

Ah gotcha. I didn't even know you could try for 3 Cabela's CCs back in the day 😁 I only have 1.

I think early on Plastiq could be leveraged, especially for SUBs, but sadly things changed and there's only a handful of CCs that take it without coding as CAs or the higher Plastiq processing fee. Maybe your 2 Cabela's will survive since it sounds like, based on what you shared in your op, the Venture is the one poised for mid-year review.

Update this thread if you learn of anything else since I'm sure you're not the only one that may have received that notice and others might be curious on the outcome.

Re: I'm in for a Capital One CLD very soon

12njoy — Tue, 12 Apr 2022 00:52:37 GMT

@FinStar wrote:
@12njoy wrote:
@FinStar 100% agree with your assessment. I've used it vary sparingly so I get the review. I'll never get to the 20% without help from Plastiq which Capital One doesn't permit. Both Cabela's are Classic and were used for padding during my rebuild, but since they have no AF, I kept them . I used to have 3 of them for a while and someone caught on and said you can only have two, so they closed the third. That was many many years ago.
Ah gotcha. I didn't even know you could try for 3 Cabela's CCs back in the day 😁 I only have 1.

I think early on Plastiq could be leveraged, especially for SUBs, but sadly things changed and there's only a handful of CCs that take it without coding as CAs or the higher Plastiq processing fee. Maybe your 2 Cabela's will survive since it sounds like, based on what you shared in your op, the Venture is the one poised for mid-year review.

Update this thread if you learn of anything else since I'm sure you're not the only one that may have received that notice and others might be curious on the outcome.

Definitely will do.

Re: I'm in for a Capital One CLD very soon

HeavenOhio — Tue, 12 Apr 2022 01:43:14 GMT

Thanks for posting this interesting information.

It's nice to see that Capital One is giving notice in regard to potential CLDs (at least in your case). And it's cool to have a hint at the criteria they might be using when determining potential CLDs.

Re: I'm in for a Capital One CLD very soon

12njoy — Tue, 12 Apr 2022 01:50:32 GMT

@HeavenOhio I agree that having advanced notice is great. There's nothing like going to shop or reviewing your account information to see the first of this. I can appreciate the notice. I've only ever received such notices from FNBO and now Capital One.

Re: I'm in for a Capital One CLD very soon

Credit-hoarder — Tue, 12 Apr 2022 02:21:28 GMT

That does stink 12--but at least they let you see it coming. Not like 1 to 2 years ago when they were on a CLD rampage and gave a lot of people (myself included) unwanted "haircuts" (See the Master Capital One CLD thread). I know at least one member--@Gmood1 who had a $50k limit on one card and managed to stay below the radar at the time of the CLD rampage. Wonder if he got the same letter you just did...

Re: I'm in for a Capital One CLD very soon

12njoy — Tue, 12 Apr 2022 02:15:08 GMT

@Credit-hoarder I look at it that I can save an AF I'd rather close the card at 50k than wait for a CLD and then close it. I don't know how long this temporary reprieve will last, but I'll be monitoring things just in case I have to shut it down on my own.

Re: I'm in for a Capital One CLD very soon

FinStar — Tue, 12 Apr 2022 02:23:57 GMT

@Credit-hoarder wrote:
That does stink 12--but at least they let you see it coming. Not like 1 to 2 years ago when they were on a CLD rampage and gave a lot of people (myself included) unwanted "haircuts" (See the Master Capital One CLD thread). I know at least one member--@Gmood1 who had a $50k limit on one card and managed to stay below the radar at the time of the CLD rampage. Wonder if he got the same letter you just did...

Plenty of individuals got haircuts but others didn't. I wasn't around when that happened, but then I eventually ran across the infamous CLD thread. Mine stayed intact and still is, especially for a high limit.

Re: I'm in for a Capital One CLD very soon

FinStar — Tue, 12 Apr 2022 02:24:54 GMT

@12njoy wrote:
@Credit-hoarder I look at it that I can save an AF I'd rather close the card at 50k than wait for a CLD and then close it. I don't know how long this temporary reprieve will last, but I'll be monitoring things just in case I have to shut it down on my own.

I wonder if you can PC it to QS? If the system allows it of course.

Re: I'm in for a Capital One CLD very soon

Credit-hoarder — Tue, 12 Apr 2022 02:28:01 GMT

@12njoyYou probably have one of the old $59 AF cards like I do--so I'd wait and see what they decide to do. They might only take it down to $30 or $25k--which is still respectable for Cap One. Or they can take you down to the dreaded $5k--like they did to myself on one of my 2 Ventrures--and several others here on the forum. Or they could leave it alone all together.

Re: I'm in for a Capital One CLD very soon

Credit-hoarder — Tue, 12 Apr 2022 02:30:38 GMT

@FinStar--Yes you can pc Venture to QS--provided it's in their system to be able to do so. That's what I did with the Venture card they CLD'd. I had 2 Ventures originally.

Re: I'm in for a Capital One CLD very soon

FinStar — Tue, 12 Apr 2022 02:34:23 GMT

@Credit-hoarder wrote:
@FinStar--Yes you can pc Venture to QS--provided it's in their system to be able to do so. That's what I did with the Venture card they CLD'd. I had 2 Ventures originally.

Right. I know you can since I've done so with mine in the past. I'm just wondering if it would allow @12njoy to do so in the interim while his upcoming review is on the short horizon. Not sure if that resets anything internally or whether the PC is simply a crapshoot and they'll still target their review as scheduled.

Re: I'm in for a Capital One CLD very soon

12njoy — Tue, 12 Apr 2022 02:56:57 GMT

I was able to opt out of the review so I would say I'm safe for a period of time. I was expecting a series of questions when I called the number but it was fully automated. The way I look at it "opt out" means it won't happen in June 2022 based on the reading of the letter "If I expect spending activity to change". However, I suspect that would only buy me 6 months at most before another review milestone. I actually had thought of doing a PC last year to a no AF card, but thought that would definitely raise a flag so I didn't. The AF is only $59 so I wasn't really worried about it.

Re: I'm in for a Capital One CLD very soon

12njoy — Tue, 12 Apr 2022 03:00:01 GMT

I looked at my annual summaries for the last two years and I was below a dismal $400 both years. The way I see a CLD that would allow me a "signifcantly above my my highest balance from the last two years" at best 5k. That's a lot of CLD. I haven't seen that since BofA slashed me from 71k to 8k. I immediately closed that card.

Re: I'm in for a Capital One CLD very soon

woodyman100 — Tue, 12 Apr 2022 03:32:52 GMT

@12njoy wrote:
@FinStar 100% agree with your assessment. I've used it vary sparingly so I get the review. I'll never get to the 20% without help from Plastiq which Capital One doesn't permit. Both Cabela's are Classic and were used for padding during my rebuild, but since they have no AF, I kept them . I used to have 3 of them for a while and someone caught on and said you can only have two, so they closed the third. That was many many years ago.

Hi @12njoy . I remember for a little while one could have 5 Cabela's cards from WFB. Wonder if anyone did that 😂

Re: I'm in for a Capital One CLD very soon

Gmood1 — Wed, 13 Apr 2022 00:59:29 GMT

@Credit-hoarder

Not as yet. I still have my QS near $50k. If they reduce it, they reduce it. lol

Looks like Discover and another one of my CC lenders is on the hunt however. They gave me notice recently. I still haven't bothered using either CC. I'm letting them close whatever they want.

As one closes, another opens that I have more use for.😉

Even with two CCs closing, because I don't use them often.

I'm still at or above 1 million in TCLs.

Re: I'm in for a Capital One CLD very soon

GatorGuy — Tue, 12 Apr 2022 13:39:46 GMT

I've been using about 1% of my $57k CL on my Venture card over the past year and luckily have not gotten this notice.

Re: I'm in for a Capital One CLD very soon

12njoy — Tue, 12 Apr 2022 23:02:19 GMT

@GatorGuy wrote:
I've been using about 1% of my $57k CL on my Venture card over the past year and luckily have not gotten this notice.

Thanks that's gives me hope. I'll run about 3k through it and see if that works. If not, its goodnight Irene.