topic Re: Capital One Account Review Notice in Credit Cards

Capital One Account Review Notice

chuckwood — Sat, 18 Feb 2023 01:37:28 GMT

I recieved another account review notice in the mail today from Cap One that I have had for over 16 years with a 20k limit. The last time I got one I opted out and it was good for about a year and today I recieved another one. My overal utilization says between 0-3% and I have others with the same or simular limits but it is one of my oldest open accounts. I do put some spend on it monthly but I don't let balances report but ever 3 months or so. I didn't know if I should I just close it?

Re: Capital One Account Review Notice

ptatohed — Sat, 18 Feb 2023 01:59:35 GMT

@chuckwood wrote:
I recieved another account review notice in the mail today from Cap One that I have had for over 16 years with a 20k limit. The last time I got one I opted out and it was good for about a year and today I recieved another one. My overal utilization says between 0-3% and I have others with the same or simular limits but it is one of my oldest open accounts. I do put some spend on it monthly but I don't let balances report but ever 3 months or so. I didn't know if I should I just close it?

What is an account review notice?

Re: Capital One Account Review Notice

Remedios — Sat, 18 Feb 2023 02:15:45 GMT

@chuckwood wrote:
I recieved another account review notice in the mail today from Cap One that I have had for over 16 years with a 20k limit. The last time I got one I opted out and it was good for about a year and today I recieved another one. My overal utilization says between 0-3% and I have others with the same or simular limits but it is one of my oldest open accounts. I do put some spend on it monthly but I don't let balances report but ever 3 months or so. I didn't know if I should I just close it?

Which notice did you receive, one about decreasing your limit unless you're planning on using your card more or "we'll close it if you don't use it"

In any case, I wouldn't close my oldest account but you can let them CLD it to something more reasonable then you won't have to worry about Cap One closing/CLD'ing it on their own and without notice in the future.

Re: Capital One Account Review Notice

OmarGB9 — Sat, 18 Feb 2023 02:34:56 GMT

@Remedios wrote:
@chuckwood wrote:
I recieved another account review notice in the mail today from Cap One that I have had for over 16 years with a 20k limit. The last time I got one I opted out and it was good for about a year and today I recieved another one. My overal utilization says between 0-3% and I have others with the same or simular limits but it is one of my oldest open accounts. I do put some spend on it monthly but I don't let balances report but ever 3 months or so. I didn't know if I should I just close it?
Which notice did you receive, one about decreasing your limit unless you're planning on using your card more or "we'll close it if you don't use it"

In any case, I wouldn't close my oldest account but you can let them CLD it to something more reasonable then you won't have to worry about Cap One closing/CLD'ing it on their own and without notice in the future.

Re: Capital One Account Review Notice

chuckwood — Sun, 19 Feb 2023 04:33:56 GMT

It was the account review notice for the CLD because of low usage. It is accually my 2nd oldest card. I guess I will let them CLD it and if its not acceptable to me then I may close it.

Re: Capital One Account Review Notice

Shooting-For-800 — Sun, 19 Feb 2023 04:49:47 GMT

I lost like $33k between my QS and Savor but they still have $10k CLs on each which is plenty.

GL OP!

Re: Capital One Account Review Notice

chuckwood — Tue, 21 Feb 2023 01:14:29 GMT

@Shooting-For-800 wrote:
I lost like $33k between my QS and Savor but they still have $10k CLs on each which is plenty.
GL OP!

That gives me hope. If they lowered it to $10K I would be fine with that. I was more afraid of them lowering it to something like 1-2k.

Re: Capital One Account Review Notice

Gmood1 — Tue, 21 Feb 2023 01:34:52 GMT

@chuckwood

Just call the automated number in the email.

Select 1 and that's it.

You'll be opted out of the review.

You'll receive a confirmation email telling you the limit stays as is. If I get one next year. I'll opted out again.

Re: Capital One Account Review Notice

SweetCreditObsession — Tue, 21 Feb 2023 16:55:02 GMT

@Gmood1 wrote:
@chuckwood
Just call the automated number in the email.
Select 1 and that's it.
You'll be opted out of the review.
You'll receive a confirmation email telling you the limit stays as is. If I get one next year. I'll opted out again.

@chuckwood, let us know what you decide to do and how things turn out.

Best wishes!

Re: Capital One Account Review Notice

chuckwood — Tue, 21 Feb 2023 20:00:43 GMT

@SweetCreditObsession wrote:
@Gmood1 wrote:
@chuckwood
Just call the automated number in the email.
Select 1 and that's it.
You'll be opted out of the review.
You'll receive a confirmation email telling you the limit stays as is. If I get one next year. I'll opted out again.

@chuckwood, let us know what you decide to do and how things turn out.

Best wishes!

I opted out last time and it lasted about a year before I got another letter. I am not a big spender but have been making sure to use it and my other cards monthy but only let a balance report every 3-4 months. I have other cards with better rewards and always try to keep a 0% card incase I needed to carry a balance so I think I am going to go ahead and let them CLD it because I know eventually they are just going to chop it and not tell me. If it happens to be too much that I have to babysit it I will just close it. I have too many cards anyways. I will let everyone know what they CLD it too when it happens.

Re: Capital One Account Review Notice

NoMoreE46 — Sun, 26 Feb 2023 01:48:45 GMT

@chuckwood,

I will share my story. I got the same AR letter in July 2022. i was on the fence about having my Quick Silver CL reduced. I was okay if it did. The letter did work to get me to use my QS.

Oddly, only two months later with only $450 of spend, I was granted a $5000 CLI to $35000. Recently, I got another (requested) CLI to $42000 for $6500 of spend over the past 5 months.

Re: Capital One Account Review Notice

OmarGB9 — Sun, 26 Feb 2023 02:58:09 GMT

@NoMoreE46 wrote:
@chuckwood,

I will share my story. I got the same AR letter in July 2022. i was on the fence about having my Quick Silver CL reduced. I was okay if it did. The letter did work to get me to use my QS.
Oddly, only two months later with only $450 of spend, I was granted a $5000 CLI to $35000. Recently, I got another (requested) CLI to $42000 for $6500 of spend over the past 5 months.

$6500 cumulative spend, or monthly for 5 months?

Re: Capital One Account Review Notice

Anonymous — Sun, 26 Feb 2023 05:49:38 GMT

@chuckwood wrote:
r. I am not a big spender but have been making sure to use it and my other cards monthy but only let a balance report every 3-4 months.

Balance reporting doesn't matter in this type of case. Capital One knows what you spend on your card, whether you pay before statement cut or not. Other issuers won't know what Cap One gets, but they are not the ones who control the CL on the card!

Re: Capital One Account Review Notice

NoMoreE46 — Sun, 26 Feb 2023 15:40:19 GMT

Sorry about the ambiguity- $6500 is the cumulative spend in those 5 months. Thanks @OmarGB9.

@OmarGB9 wrote:
@NoMoreE46 wrote:
@chuckwood,

I will share my story. I got the same AR letter in July 2022. i was on the fence about having my Quick Silver CL reduced. I was okay if it did. The letter did work to get me to use my QS.
Oddly, only two months later with only $450 of spend, I was granted a $5000 CLI to $35000. Recently, I got another (requested) CLI to $42000 for $6500 of spend over the past 5 months.

$6500 cumulative spend, or monthly for 5 months?

Re: Capital One Account Review Notice

SweetCreditObsession — Sun, 26 Feb 2023 15:46:00 GMT

@chuckwood - thanks for the update. I hope that they simply leave it alone or CLD you to no less than 10K.

Best wishes.