Massive CLD from Cap One

[Anonymous]

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@Credit-hoarder wrote:

So does it seem they're only going after people who app-ed for 2-3-or 4 CO cards just to get the high limits when they were being given out (like Venture) and then combined them to have one huge CL on their reports to use as a stepping stone to higher limits on future apps with other lenders but their CO card has seen little to no spend? I haven't seen where anyone who was given a high SL on ONE individual CO card right out of the gate received AA on that card as of yet--unless it's posted on another thread..

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Don't know where you are getting that from (well, I can guess but this is a family forum!)   I only ever applied for two Cap One cards, one in 1999 with a SL of $15K, and one in 2004 with an SL of $30K.   A few years ago they were both raised by $5K.   Never combined.  And it was the 2004 card that was CLDs this year (a mere 13 years later).   So that doesn't quite fit your model!   

[Kidcat]

They took me from $35k to $24k last week.  Such an odd number.  Had a balance of $166.  Go figure.  BTW the limit was due to combined cards.

[Credit-hoarder]

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@Anonymous wrote:

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@Credit-hoarder wrote:

So does it seem they're only going after people who app-ed for 2-3-or 4 CO cards just to get the high limits when they were being given out (like Venture) and then combined them to have one huge CL on their reports to use as a stepping stone to higher limits on future apps with other lenders but their CO card has seen little to no spend? I haven't seen where anyone who was given a high SL on ONE individual CO card right out of the gate received AA on that card as of yet--unless it's posted on another thread..

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Don't know where you are getting that from (well, I can guess but this is a family forum!)   I only ever applied for two Cap One cards, one in 1999 with a SL of $15K, and one in 2004 with an SL of $30K.   A few years ago they were both raised by $5K.   Never combined.  And it was the 2004 card that was CLDs this year (a mere 13 years later).   So that doesn't quite fit your model!   

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Just a theory based off what I've read on this particular thread from the beginning---it seemed those were the cardholders being targeted---but you're situation does topple that theory. However you could have been an exception for some reason.

[morgacj2004]

I think Credit Hoarder is probably correct in his prognosis. My account was not CLD . For some reason I was never able to combine accounts. My wife combined 4 CO cards to get that limit at my advice LOL. She used an average of 2-3 k max on the card never more. She paid in full once the grace period was up. They made 2-3% on BT fee but nothing more. I advised her to close the card. She is AU on my Venture and has another 100k in available credit on other cards. I think that the floodgates are opening and we will see more of this in the near future.

[Total80sKid]

Just because someone isn't using the full limit they earned and were granted, doesn't mean it won't be used in the future.

It's issues like this that make me glad I don't get high CL's.

[delaney1]

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@morgacj2004 wrote:
I think Credit Hoarder is probably correct in his prognosis. My account was not CLD . For some reason I was never able to combine accounts. My wife combined 4 CO cards to get that limit at my advice LOL. She used an average of 2-3 k max on the card never more. She paid in full once the grace period was up. They made 2-3% on BT fee but nothing more. I advised her to close the card. She is AU on my Venture and has another 100k in available credit on other cards. I think that the floodgates are opening and we will see more of this in the near future.

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+1

Yeah, it kind of seems like CLDs have been given to those at 30k or above(whether it was a SL or combined limit) who don't really use the card, but your wife's situation is the first one I've read about here where more then a couple of hundred dollars was placed on the card..  Sorry to hear about your wife's CLD.

[driftless]

I never expected to be in a position that when I check my accounts in the moring that I consciously double check my Cap One CL.  

[Anonymous]

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@Total80sKid wrote:
Just because someone isn't using the full limit they earned and were granted, doesn't mean it won't be used in the future.

It's issues like this that make me glad I don't get high CL's.

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Speaking for myself, this is a data point that's going to weigh when I consider in future how large a CL I actually need from any one issuer, as well as considering how often I should use my cards.

[Credit-hoarder]

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@Anonymous wrote:

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@Total80sKid wrote:
Just because someone isn't using the full limit they earned and were granted, doesn't mean it won't be used in the future.

It's issues like this that make me glad I don't get high CL's.

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Speaking for myself, this is a data point that's going to weigh when I consider in future how large a CL I actually need from any one issuer, as well as considering how often I should use my cards.

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+1. With my spending patterns it woud be hard for me to justify a CL of  $20K on a card let alone one $40K or more (and I should note I do currently have a few at $20K or greater).

[driftless]

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@Credit-hoarder wrote:

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@Anonymous wrote:

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@Total80sKid wrote:
Just because someone isn't using the full limit they earned and were granted, doesn't mean it won't be used in the future.

It's issues like this that make me glad I don't get high CL's.

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Speaking for myself, this is a data point that's going to weigh when I consider in future how large a CL I actually need from any one issuer, as well as considering how often I should use my cards.

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+1. With my spending patterns it woud be hard for me to justify a CL of  $20K on a card let alone one $40K or more (and I should note I do currently have a few at $20K or greater).

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$20 - 25K is probably the sweet spot for me although I have only one card under $35K. There are lessons to be learned here.