Cap One CLD

[Anonymous]

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@Anonymous wrote:

Now I am getting worried about our Spark cards.  Our employee Spark card has $2K limit and about $200 use per month and other Spark card $13K limit and about $2 to 3K per month use.  Spark is going when we get past the Chase 5/24 but I am worried in the meantime.  

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You don't have tp worry.  They are targeting personal use cards with high (as in $30K+} limits and llittle to no use of the cards.

[Man-Of-Steel]

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@wasCB14 wrote:

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@CreditMagic7 wrote:

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@Anonymous wrote:

Just got a message from Cap One that they are reducing ml CL from $35K to $10K

Reasons:

- Credit limit(s) are too high -

Current account(s) not used enough -

Balance(s) on non-Capital One revolving trade(s) are too low

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Someone care to try to explain whatever in the world this one is hinting at?

Just as indicated per that reason?

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I'm not sure what it means, but it is the third reason listed, and the two before it are clear enough.

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LTL hinted to this in his original post.  It appears they are saying that he isn't using his other cards enough.  So in summary, they are saying that he isn't using his Capital One card enough or his other cards either. 

[baller4life]

@Sharingan I agree. Cap One and any lender will and can AA. Cap One has just been the one lender that did it less frequently than others. But, this definitely should serve as a wake up call that NO lender is safe from AA. Therefore, one should never put all their eggs in one basket. Diversity is an absolute must!

[pizza1]

If I got hit by this, personally myself, I won't close the card. I only have the kind of limit I have now because of the account combination they allowed last year.

If they never allowed it, my limits would have been $10k-$20k respectfully. I will still keep my Venture if I do get hit. Its still a great card regardless.

[CreditMagic7]

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@Man-Of-Steel wrote:

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@wasCB14 wrote:

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@CreditMagic7 wrote:

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@Anonymous wrote:

Just got a message from Cap One that they are reducing ml CL from $35K to $10K

Reasons:

- Credit limit(s) are too high -

Current account(s) not used enough -

Balance(s) on non-Capital One revolving trade(s) are too low

---

Someone care to try to explain whatever in the world this one is hinting at?

Just as indicated per that reason?

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I'm not sure what it means, but it is the third reason listed, and the two before it are clear enough.

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LTL hinted to this in his original post.  It appears they are saying that he isn't using his other cards enough.  So in summary, they are saying that he isn't using his Capital One card enough or his other cards either. 

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Yeah one can't help but think that the first two are likely chief reasons but they also include a fallback point to throw in the mix.

Looks like that Cap One combo feature which at one time everyone was making haste over might just turned into a bust.

[Anonymous]

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@CreditMagic7 wrote:

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@Man-Of-Steel wrote:

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@wasCB14 wrote:

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@CreditMagic7 wrote:

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@Anonymous wrote:

Just got a message from Cap One that they are reducing ml CL from $35K to $10K

Reasons:

- Credit limit(s) are too high -

Current account(s) not used enough -

Balance(s) on non-Capital One revolving trade(s) are too low

---

Someone care to try to explain whatever in the world this one is hinting at?

Just as indicated per that reason?

---

I'm not sure what it means, but it is the third reason listed, and the two before it are clear enough.

---

LTL hinted to this in his original post.  It appears they are saying that he isn't using his other cards enough.  So in summary, they are saying that he isn't using his Capital One card enough or his other cards either. 

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Yeah one can't help but think that the first two are likely chief reasons but they also include a fallback point to throw in the mix.

Looks like that Cap One combo feature which at one time everyone was making haste over might just turned into a bust.

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I haven't been letting my heavy usage cards report a balance, so it may certainly look to Cap One that other cards aren't being used.   But I can't imagine it really makes a difference:

"LTL only put $200 on this card last year so I think we should reduce his $35K CL"  

"Oh wait, he has a $20K balance  showing on Chase and Citi."  

"Oh, OK, that's good, let's leave it then!"

Nah, don't see that happening!

Re closing it: No, don't see the point.  It's a reasonable thing for them to do.

[wasCB14]

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@Anonymous wrote:

I haven't been letting my heavy usage cards report a balance, so it may certainly look to Cap One that other cards aren't being used.   But I can't imagine it really makes a difference:

"LTL only put $200 on this card last year so I think we should reduce his $35K CL"  

"Oh wait, he has a $20K balance  showing on Chase and Citi."  

"Oh, OK, that's good, let's leave it then!"

Nah, don't see that happening!

Re closing it: No, don't see the point.  It's a reasonable thing for them to do.

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 So no rant about how they'll go bankrupt without the $1 of gross margin (that is, merchant fees earned less rewards paid) you give them?

(Meant as a joke over your very rational and cool reaction which not everyone would have in your shoes.)

[Gmood1]

I always let my balances report. Let's see if I get AA from them with the same reasons.
Mine is still intacted for now, just checked.

[Anonymous]

Its probably because they have denied my CLI's for the last 1.5 years and are taking yours to give to me on my next request 

J/K that sucks, I quit using mine, just paid off my wifes 0% ended and we have other cards currently with 0 promo offers so hers will probably get slashed too I'm assuming. 

[kdm31091]

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@Sharingan wrote:

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@Anonymous wrote:

Just got a message from Cap One that they are reducing ml CL from $35K to $10K

Reasons:

- Credit limit(s) are too high -

Current account(s) not used enough -

Balance(s) on non-Capital One revolving trade(s) are too low

The first isn't really a reason as much as a restatement of their decision, but I will give them the other two!

Still, amused that this might not have happened if I used cards from other banks more!

So Cap One isn't exactly maimtenance free

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Sorry to hear, LTL. Do you plan on closing your card from them? 

I have a single card with them (Venture) with a 45k limit that I have been checking throughout the day. I wouldn't hesitate for a second to close it if they slash the limit. Fortunately. there is nothing that Capital One offers that creditworthy customers can't obtain elsewhere, including high credit limits. Lastly, I've never subscribed to that absurd and myopic belief frequently repeated on here that Capital One "stands by you," or that their accounts are immune to AA. Hopefully, these reports put that nonsense to rest. 

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Have to agree here. Capital One gave out many bloated credit lines with the Venture (and other) products in prior years and apparently they are now adjusting their risk. It sucks for those impacted but anyone with a good score/history will have no trouble replacing what Capital One takes away.

I never understood why people felt Capital One "stood by them" more than any other lender. Ultimately all of the lenders are basically the same and from time to time these things happen. All you can do is keep a few lenders in your wallet to minimize the inconvenience.