Cap1 payoff question

[Anonymous]

Hello,

I have a question about Cap1. I currently have 3 cards with them and all have had high usage for the last 6-8 months. With my tax refund and a bonus from my employer I'm going to be able to pay off most if not all of my balances with them within the next month. My question is will I run the risk of them lowering my credit limits if I pay them all off in one big chunk or should I slowly pay them off over the next 2-3 months? My scores have dipped a bit over the last year due to balances increasing but have had no missed payments or any negative items placed to my credit report. I'm not in a hurry to have my scores improve as I won't be seeking any new credit until Feb18 when my lease is up on my current vehicle. I know during the economic downturn credit card companies were slashing limits but wasn't sure if anyone has experienced this with Cap1 lately. Thanks for any input!

[AverageJoesCredit]

No experience with Cap One but if i had the money to pay my cc's down to 0, id do it. Debt free is always better than appeasing a cc company imho

[SouthJamaica]

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@Anonymous wrote:

Hello,

I have a question about Cap1. I currently have 3 cards with them and all have had high usage for the last 6-8 months. With my tax refund and a bonus from my employer I'm going to be able to pay off most if not all of my balances with them within the next month. My question is will I run the risk of them lowering my credit limits if I pay them all off in one big chunk or should I slowly pay them off over the next 2-3 months? My scores have dipped a bit over the last year due to balances increasing but have had no missed payments or any negative items placed to my credit report. I'm not in a hurry to have my scores improve as I won't be seeking any new credit until Feb18 when my lease is up on my current vehicle. I know during the economic downturn credit card companies were slashing limits but wasn't sure if anyone has experienced this with Cap1 lately. Thanks for any input!

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No they don't lower people's balances for reasons like that.

[DeeBee78]

You'll be just fine. Captial One does not typically CLD people, or balance chase them (Ahem, Barfclay's).

When my card had it's 0% intro period, I abused it and carried a balance on it, maxed out for several months. No adverse action at all. 

[heavyjay]

Cap1 seems to like big payments.

[Anonymous]

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@Anonymous wrote:

Hello,

I have a question about Cap1. I currently have 3 cards with them and all have had high usage for the last 6-8 months. With my tax refund and a bonus from my employer I'm going to be able to pay off most if not all of my balances with them within the next month. My question is will I run the risk of them lowering my credit limits if I pay them all off in one big chunk or should I slowly pay them off over the next 2-3 months? My scores have dipped a bit over the last year due to balances increasing but have had no missed payments or any negative items placed to my credit report. I'm not in a hurry to have my scores improve as I won't be seeking any new credit until Feb18 when my lease is up on my current vehicle. I know during the economic downturn credit card companies were slashing limits but wasn't sure if anyone has experienced this with Cap1 lately. Thanks for any input!

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Nah, no worries from them. The worse thing they will do is not post your payment reflecting your available credit for up to five days. (Another words your balance will go down to whatever you paid, but your available credit will be what it was before you made the payment)

Even if they did that, if you know for a fact the payment has been taken from your bank account, you can call them and they will call your bank with you on the phone and if your bank confirms payment Cap1 will adjust your available credit.

I've done it several times. Now I could charge my whole CL and pay it and there wouldn't be any hold.

[Anonymous]

Thanks for the advice. I just worked hard bringing the limits from 300,500 & 500 to 1,300 2,300 & 3,000 so didn't want to waste all that hard work. Hoping to combine the 2 largest credit lines once they report as 0 usage.

[Anonymous]

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@Anonymous wrote:

Thanks for the advice. I just worked hard bringing the limits from 300,500 & 500 to 1,300 2,300 & 3,000 so didn't want to waste all that hard work. Hoping to combine the 2 largest credit lines once they report as 0 usage.

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No worries. (no guarantees either however, extremely unlikely)