Capital One Account Review - Anyone Else?

[gorgon]

Received an email from Cap1 saying I had an upcoming account review and to check my online document center. The letter said my credit limit was higher than my spend and they were going to lower it. But not to less than my highest balance. The last sentence of the letter said to opt out of the account review I needed to call a number and follow the prompts. The call took 25 seconds. It just said if I intended to spend more on the card and wanted to opt out of the account review to press 1. 

Seemed a little too easy to opt out. Does anyone know how often Cap1 does these? I have never had one in over 25 years of dealing with them.

[GZG]

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@gorgon wrote:

Received an email from Cap1 saying I had an upcoming account review and to check my online document center. The letter said my credit limit was higher than my spend and they were going to lower it. But not to less than my highest balance. The last sentence of the letter said to opt out of the account review I needed to call a number and follow the prompts. The call took 25 seconds. It just said if I intended to spend more on the card and wanted to opt out of the account review to press 1. 

Seemed a little too easy to opt out. Does anyone know how often Cap1 does these? I have never had one in over 25 years of dealing with them.

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yup, really is that easy, just call and hit the button and they won't mess with your account (at least any time soon anyway) 

I don't think it's a regular scheudle when they send those out, every so often they just look for accounts who have limits they can lower because they aren't being used and anybody who can call a phone number and bother to read the letter will keep their limits no problem 

[Anonymous]

The MyFico track record on these seems good.   But there are times where Cap One has lowered CLs without the opportunity to opt out

[DXness]

I just received one and opted out.  As far as I've read here, they won't cut your limit when you do that, but you could get another one as soon as the next year.  I've only been spending $200-350 on my Savor, it just isn't a competitive card for me anymore.

[NoMoreE46]

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@gorgon wrote:

Received an email from Cap1 saying I had an upcoming account review and to check my online document center. The letter said my credit limit was higher than my spend and they were going to lower it. But not to less than my highest balance. The last sentence of the letter said to opt out of the account review I needed to call a number and follow the prompts. The call took 25 seconds. It just said if I intended to spend more on the card and wanted to opt out of the account review to press 1. 

Seemed a little too easy to opt out. Does anyone know how often Cap1 does these? I have never had one in over 25 years of dealing with them.

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I have been thru two or three of these AR in the past few years.   I react accordingly by putting some spend on my Savor.  

My CL  of $46000 has yet to be reduced but the spend is probably less than 5% per annum.   Preparing for the next AR to not be in my favor.

What is your CL?

[UncleB]

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@Anonymous wrote:

The MyFico track record on these seems good.   But there are times where Cap One has lowered CLs without the opportunity to opt out

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Yeah, the two CLDs I've had from Capital One didn't give me the option to call... just a notice that my credit lines were being reduced.

These are both 'bucket' cards, though, which may (???) have made a difference.  ¯\_(ツ)_/¯

[Pppoolboy]

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@gorgon wrote:

Received an email from Cap1 saying I had an upcoming account review and to check my online document center. The letter said my credit limit was higher than my spend and they were going to lower it. But not to less than my highest balance. The last sentence of the letter said to opt out of the account review I needed to call a number and follow the prompts. The call took 25 seconds. It just said if I intended to spend more on the card and wanted to opt out of the account review to press 1. 

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What's your avg spend and what's your limit?