Capital One is known to do annual account reviews where they will consider decreasing your credit limit on a largely unused revolving line. They notify you of this via email with the subject line "Your credit limit might change" and/or a snail mail letter, which will look like this:
Last year I didn't receive the snail mail letter pictured above, just the email which will look like this:
I'd imagine most people just delete, overlook or otherwise ignore these communications and as a result probably see a CLD in ~2 months. Responding to the letter/email and preventing the potential CLD is quick and simple. It's done through their automated system, so you won't even have to speak to a human being:
1 - Call the number provided in the letter/email
2 - Enter the last 4 digits of your card number
3 - Press 1 to opt out of the account review
You're done. Call duration 00:32
This is the fourth year in a row that I've responded accordingly and taken the short amount of time to preserve my credit limit. I definitely think everyone should be aware of how incredibly simple it is to prevent a CLD, and it's actually nice that Capital One provides us with such an option. Keep an eye out for this letter/email though, as missing it could mean a credit limit decrease.
Good tips, but for some, just receiving the notice of an involuntary CLD is unnerving. And it probably is wiser they just avoid CAP1 altogether. Or maintain a proper CL in accordance to ones spend.
Citi:
US Bank:
Chase:
Aven:
RH:
@ElvisCaprice wrote:And it probably is wiser they just avoid CAP1 altogether.
I disagree. Capital One is great. They are great to start out with, great for online banking, and have some really great keeper cards. Quirks? Yes, but they are much better than a lot of other banks out there.
What's funny is that a lot of people feel about BoA and Citi the way to do about Capital One. But since you are deep in with them, you don't seem to notice their shortcomings. There is more to life than single category 5% cards.
@Varsity_Lu wrote:
@ElvisCaprice wrote:There is more to life than single category 5% cards.
Blasphemy!! 
@Patient957 wrote:
@ElvisCaprice wrote:Good tips, but for some, just receiving the notice of an involuntary CLD is unnerving. And it probably is wiser they just avoid CAP1 altogether. Or maintain a proper CL in accordance to ones spend.
Lot's of people get excellent value from Cap 1 products, myself included. A blanket statement that it's wise to avoid Cap 1 makes no sense. I'm sure you have your own personal reasons, but those don't apply to most people.
I've seen plenty of folks swear off Cap1 for good.
Personally, I have nothing against Cap1. At one time they were a leader in reward CC's. The fact is, they just don't offer any products that stand out long term, above other offers, from other issuers, for my spend. When the time comes, as in the past, I'll churn the heck out of them. Can't beat SUB's for return.
