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Capital One Lowered my credit limit 75% for non usage...

Modem
New Member

Capital One Lowered my credit limit 75% for non usage...

Hello Everyone,

 

I got a Spark Business Capital One Visa card back in 8/2018 I transfered a $4,000+ balance from another credit card they gave me a $12,000 credit limit. I paid off the $4,000 on July 2019. On August 8, 2020 I received a letter saying that due to non usage my credit limit has been lowered to $3,000. I called them up and they said yes its to adjust my CL to current usage and that they can NOT do any modifications until 6 months have past after a CL adjustment.

This move on Capital One pushed my overall Credit Card use to 11%  afecting my Credit score.

In everything I have read is that if they lower the CL based on something negative on my credit report they have to tell you, but if its because they feel like it they dont need to notify and there is no appeal. Is this correct?

 

I have always received great info from these forums so hopefully this info will help someone else.

 

Thanks!

 

 

Message 1 of 7
6 REPLIES 6
Rogue46
Frequent Contributor

Re: Capital One Lowered my credit limit 75% for non usage...

Sorry to hear of your CLD. To answer your question they can and will lower your credit line or in some cases close it if they feel like it. Unfortunately there's not much you can do about it. I know that sucks to hear but it's in the card member agreement. 





Message 2 of 7
Physh1
Frequent Contributor

Re: Capital One Lowered my credit limit 75% for non usage...

Cap1 has hit many cardholders including myself with significant credit line decreases within the last week. Given the times this is understanding...Cap1 is covering themselves & aligning credit limits to spending habits. This can hurt those carrying balances...not much we can do. I went from $31,750 to $10,000.

Message 3 of 7
ddm2k1
Frequent Contributor

Re: Capital One Lowered my credit limit 75% for non usage...

I was going to ask a question (but it was already answered) if Capital One gave "serious" credit lines but it appears so! I only have one non-CapOne business product (an Amex ABP) but I don't think I'd be hurt too much if they cut my $1500 credit line. 

Message 4 of 7
Overmedicated
Community Leader
Valued Contributor

Re: Capital One Lowered my credit limit 75% for non usage...


@Modem wrote:

Hello Everyone,

 

I got a Spark Business Capital One Visa card back in 8/2018 I transfered a $4,000+ balance from another credit card they gave me a $12,000 credit limit. I paid off the $4,000 on July 2019. On August 8, 2020 I received a letter saying that due to non usage my credit limit has been lowered to $3,000. I called them up and they said yes its to adjust my CL to current usage and that they can NOT do any modifications until 6 months have past after a CL adjustment.

This move on Capital One pushed my overall Credit Card use to 11%  afecting my Credit score.

In everything I have read is that if they lower the CL based on something negative on my credit report they have to tell you, but if its because they feel like it they dont need to notify and there is no appeal. Is this correct?

 

I have always received great info from these forums so hopefully this info will help someone else.

 

Thanks!

 

 


Are you saying that you haven't used the card in over a year?

FICO 8
Message 5 of 7
Modem
New Member

Re: Capital One Lowered my credit limit 75% for non usage...

Yes that is correct I have not used the card in a year.


Are you saying that you haven't used the card in over a year?


 

Message 6 of 7
Jnbmom
Community Leader
Super Contributor

Re: Capital One Lowered my credit limit 75% for non usage...


@Modem wrote:

Yes that is correct I have not used the card in a year.


Are you saying that you haven't used the card in over a year?


 


Then that is the reason .

EXP 758 TU 783 EQ 729
Message 7 of 7
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