topic Re: Cap One closure warning in Credit Cards

Cap One closure warning

Anonymous — Tue, 07 Feb 2023 18:14:15 GMT

It looks like you haven’t used your account ending in 1765 in over 1 year, so it’s scheduled to close on May 7, 2023, due to inactivity. If you want to keep your account open, just use your card before May 7, 2023, and it’ll stay active.

So for Cap One QS and me, a year seems to be the acceptable no-activity time....

Re: Cap One closure warning

Rogue46 — Tue, 07 Feb 2023 18:32:40 GMT

Well at least they notified you unlike some others

Re: Cap One closure warning

Remedios — Tue, 07 Feb 2023 18:58:48 GMT

So, you gonna use it or let nature take its course?

Re: Cap One closure warning

OmarGB9 — Tue, 07 Feb 2023 19:07:38 GMT

@Remedios wrote:
So, you gonna use it or let nature take its course?

This. Inquiring minds want to know.

Re: Cap One closure warning

Kforce — Tue, 07 Feb 2023 19:47:33 GMT

@OmarGB9 wrote:
@Remedios wrote:
So, you gonna use it or let nature take its course?
This. Inquiring minds want to know.

I don't care

Re: Cap One closure warning

ptatohed — Tue, 07 Feb 2023 20:09:12 GMT

I think his last sentence is indicating he's ready to let 'er go.

Re: Cap One closure warning

wasCB14 — Tue, 07 Feb 2023 20:18:34 GMT

Just ran a $1 Amazon reload through a Chase Freedom. First purchase on the card since Jan 2021.

Re: Cap One closure warning

FireMedic1 — Tue, 07 Feb 2023 21:53:39 GMT

Countdown to Cap1 lovely comments in 5, 4, 3, 2, 1.................................

Re: Cap One closure warning

Aim_High — Tue, 07 Feb 2023 22:40:52 GMT

@FireMedic1 wrote:
Countdown to Cap1 lovely comments in 5, 4, 3, 2, 1.................................

"Oh, YEAH? Well, let me tell you about Capital One!!"

... at least that's what I hear on the forums quite a bit. They have their quirks and procedures like all lenders do to some extent. I'll disclose that I never had a bucketed card with them and that seems to be much of the grief along with that process making some falsely believe that they are a "subprime lender." (I keep saying it, but LENDERS aren't Subprime; it's the CONSUMER PROFILE that is subprime. Some lenders just lend more to prime/subprime than others.) Overall, there is a lot that I like about Capital One as I've posted a few times including >HERE<.

Thanks for the data point and the heads-up, @Anonymous. I waffle sometimes with keeping these lower-earning cards open, but I like keeping the relationship open with Capital One. Maybe one day they will allow more liberal use of product changes or credit line consolidation, or maybe they will finally get around to enhancing the rewards structure on Quicksilver. (It was the first widely-available 1.5% card, if I recall correctly, and help drive the overall industry to higher cash-back. They've just become stagnant.) I just put a few hundred dollars of spend on my QS to keep it active, including ~HORRORS~ some spend that would have gotten much higher than a 2% or 3% card cash back card! Oh, the heresy.

From my experience, most of the major national banks (excluding a couple that are well known) are likely to allow major bankcards like a Quicksilver to stay open about 12-24 months without shutdown, and they'll often give you a heads-up unlike store credit cards. I went 12 months without using my Chase Freedom and they gave me a 60-day heads-up to use it or allow it to close. (I closed and consolidated.)

Re: Cap One closure warning

Anonymous — Tue, 07 Feb 2023 23:04:52 GMT

@Kforce wrote:
@OmarGB9 wrote:
@Remedios wrote:
So, you gonna use it or let nature take its course?
This. Inquiring minds want to know.
I don't care

Then why did you private message me about it 5 times asking why I was going to do? Well, OK, you didn't, but that's not the point.

Re: Cap One closure warning

Anonymous — Tue, 07 Feb 2023 23:07:18 GMT

@ptatohed wrote:
I think his last sentence is indicating he's ready to let 'er go.

Nah, it's a little too old, so I did an Amazon reload. I should have added, in case it's important, the mail also referenced unredeemed rewards.

So despite my statements here about redeeming rewards ASAP (except in very specific cases), I had left $0.02 with Capital One, and if the card had closed without prior warning...... well.

So as usual, do as I say and not as I do, and do it very quickly!

Re: Cap One closure warning

redpat — Tue, 07 Feb 2023 23:15:36 GMT

Why would any lender reserve for credit limits that are not being used. They had a bad quarter and must be window dressing for next quarter's earnings report.....

Re: Cap One closure warning

FireMedic1 — Tue, 07 Feb 2023 23:42:55 GMT

@Aim_HighBeen there done that. From the RIP below and moved on up. Even when times were bad. Got a auto loan couple yrs before BK. Just joking around. One thread on anything even remotely close to negative about Cap1 (which this one really isnt) pops up once a month and here they come! ^^^^^ I'll bet some wont even admit they had a Cap1 card.

@AnonymousLeast they were kind enough to send a reminder that hey we still exist in your wallet. We know who loves to slam the door in your face with no explanation and/or reasons. Thanks for posting. Need to pull the Savor out. I'm really close to the reminder note also.

Re: Cap One closure warning

FireMedic1 — Tue, 07 Feb 2023 23:47:20 GMT

@Kforce wrote:
@OmarGB9 wrote:
@Remedios wrote:
So, you gonna use it or let nature take its course?
This. Inquiring minds want to know.
I don't care

@Kforcethis didnt conrtibute in any way to what @Anonymous posted about. FSR please. Tx.

Re: Cap One closure warning

Aim_High — Tue, 07 Feb 2023 23:51:06 GMT

@redpat wrote:
Why would any lender reserve for credit limits that are not being used.

That's a valid point, but a whole other discussion. Why do lenders set limits much higher than consumers will use them or allow them to stay open? How many times have we been given $5K, $10K, 25K starting limits that don't drop after not using more than a few hundred or thousand on the cards? It is curious that it's allowed but most lenders seem to allow limits to stay in-place without CLD as long as the consumer profile (or the lender!) isn't in distress. I've only had limits decreased on cards a long time ago when I was carrying some higher balances and got balance-chased. Now I've got even higher limits with low utilization and they leave me alone; go figure. Lenders like to give you credit when you don't need it.

On the other hand, I don't feel the least bit guilty about keeping unused limits since I understand how FICO utilization penalties work.

Re: Cap One closure warning

Anonymous — Tue, 07 Feb 2023 23:55:03 GMT

@Aim_High wrote:
@redpat wrote:
Why would any lender reserve for credit limits that are not being used.

On the other hand, I don't feel the least bit guilty about keeping unused limits since I understand how FICO utilization penalties work.

Oh I agree there is no need to feel guilty, banks and CUs can certainly take care of themselves (with a few notable exceptions over the years) but then don't be surprised if there is a CLD when the lender feels the pinch

Re: Cap One closure warning

Anonymous — Tue, 07 Feb 2023 23:56:02 GMT

@FireMedic1 wrote:
@Kforce wrote:
@OmarGB9 wrote:
@Remedios wrote:
So, you gonna use it or let nature take its course?
This. Inquiring minds want to know.
I don't care
@Kforcethis didnt conrtibute in any way to what @Anonymous posted about. FSR please. Tx.

@Kforce made a (good) joke! Nothing non FSR IMO

Re: Cap One closure warning

Remedios — Wed, 08 Feb 2023 00:04:19 GMT

@Anonymous wrote:
@FireMedic1 wrote:
@Kforce wrote:
@OmarGB9 wrote:
@Remedios wrote:
So, you gonna use it or let nature take its course?
This. Inquiring minds want to know.
I don't care
@Kforcethis didnt conrtibute in any way to what @Anonymous posted about. FSR please. Tx.
@Kforce made a (good) joke! Nothing non FSR IMO

Well, that's too bad because I was looking forward to a cage match.

Anyway, my QS has been inactive for over two years, limit until December was $6000.00, so maybe Cap One is more likely to send these notices to those with higher limits.

Now it's $9000.00 so maybe 6 more months before they want their fake money back.

Re: Cap One closure warning

redpat — Wed, 08 Feb 2023 00:07:35 GMT

@Aim_High wrote:
@redpat wrote:
Why would any lender reserve for credit limits that are not being used.
Lenders like to give you credit when you don't need it.

On the other hand, I don't feel the least bit guilty about keeping unused limits since I understand how FICO utilization penalties work.

Lol, yes you can always get all the credit you want when you don't need it, that's the nature and the beast of credit.....Welcome to the jungle...

Has for CO, when I had their cards I never had a problem with them. I do think they get a bad rep here at times.

Re: Cap One closure warning

hackersmovie — Wed, 08 Feb 2023 00:48:24 GMT

@Remedios wrote:
@Anonymous wrote:
@FireMedic1 wrote:
@Kforce wrote:
@OmarGB9 wrote:
@Remedios wrote:
So, you gonna use it or let nature take its course?
This. Inquiring minds want to know.
I don't care
@Kforcethis didnt conrtibute in any way to what @Anonymous posted about. FSR please. Tx.
@Kforce made a (good) joke! Nothing non FSR IMO
Well, that's too bad because I was looking forward to a cage match.

Anyway, my QS has been inactive for over two years, limit until December was $6000.00, so maybe Cap One is more likely to send these notices to those with higher limits.
Now it's $9000.00 so maybe 6 more months before they want their fake money back.

I literally LOL'd.

Good to know that sometimes C1 will notify you of inactive accounts. I plan on sock drawering my QS next month.