Master Capital One CLD Thread

[CreditCuriosity]

The way i see it honestly is a flaw in the FICO scoring algorithm as it penalizes you for different tiers of utilization just like if you carry no debt such as paying off a house you are also penalized or have no installment loans, etc.  One wouldn't need such high CL's if FICO didnt penalize someone say for using 50+% of their CL.  Just my honest opinion.  I guess i am lucky and have some very high limit cards, but have indeed had a hair cut for cap1 when they first started to give them years ago.  That card still has a great apr at 8.x percent it appears to be a PC.

[Physh1]

I just got a Cap1 haircut this morning as well on my Quicksilver. $31,750 to $10,000...

It's been my backup card...a hundred here & there. Sucks but eh...I understand the times.

[Anonymous]

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@Anonymous wrote:

Wow. If they gave you a haircut with that much spend, I imagine we are about to see a lot of people getting haircuts they didn't want.

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The reason they gave me is, based on the amount of monthly spend for the CL that I had, the CL wasn't being used enough, which is what I expected from them. 

So they are more comfortable with 5% utilization instead of 2%, which make sense. It's mostly a dining and entertainment card and I PIF anyway.

I'm going to shoot for a $25K gas card that I can fill my tank up with every week and PIF every month. JK.

[Remedios]

Scoring is deeply flawed when it comes to utilization, because it's not accurate without trended data. 

With that said, that's a separate issue from non use, which is behind a lot of CLDs.

I have put some large charges on cards that normally don't get used ( only on ones I'd like to keep), pay them off, repeat a few times per year.

But, if I was totally honest, I cannot justify limits on half of my cards, and I don't expect all of them to survive intact. 

[Anonymous]

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@CreditCuriosity wrote:

The way i see it honestly is a flaw in the FICO scoring algorithm as it penalizes you for different tiers of utilization just like if you carry no debt such as paying off a house you are also penalized or have no installment loans, etc.  One wouldn't need such high CL's if FICO didnt penalize someone say for using 50+% of their CL.  Just my honest opinion.  I guess i am lucky and have some very high limit cards, but have indeed had a hair cut for cap1 when they first started to give them years ago.  That card still has a great apr at 8.x percent it appears to be a PC.

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Yes, it is flawed. The utilization argument was the only weak defense I had in asking for a restore of the CL, but I knew they weren't going to do it anyway. I said if I spend $700 on the card in a month, its going to show 7% utilization on my CRs. His response was he was no expert on CRs and couldn't comment on it. 700/10000 = 7% lol (no comment). Now it could cost me a point on my scores lol. 

[Anonymous]

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@Physh1 wrote:

I just got a Cap1 haircut this morning as well on my Quicksilver. $31,750 to $10,000...

It's been my backup card...a hundred here & there. Sucks but eh...I understand the times.

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You too, huh? Probably the same reason I did. That's more like a crewcut.

Speaking of haircuts, do you mean that Cap 1 is giving away free haircuts, given the times? lol. I had a post a few months ago referring to CLDs as haircuts, and some at first thought that the card was offering 50% off a haircut. 

[HeavenOhio]

I have three cards with Capital One: a QS Mastercard, a QS Visa, and a Savor Mastercard. Because of the way previous rounds of CLDs had gone, I stopped increasing the the two backup cards (the Visa and the Savor) when they hit 10k.

The QS Mastercard with its 16k limit is the card that gets the most use. I generally bring that card to zero come statement time and use the QS Visa for a couple of weeks around that time. Needless to say, the Savor doesn't get a lot of use right now, but if you go back 12 months, it's seen quite a bit of activity.

@Anonymousand @Physh1, do you have any other Capital One cards?

[Anonymous]

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@HeavenOhio wrote:

I have three cards with Capital One: a QS Mastercard, a QS Visa, and a Savor Mastercard. Because of the way previous rounds of CLDs had gone, I stopped increasing the the two backup cards (the Visa and the Savor) when they hit 10k.

The QS Mastercard with its 16k limit is the card that gets the most use. I generally bring that card to zero come statement time and use the QS Visa for a couple of weeks around that time. Needless to say, the Savor doesn't get a lot of use right now, but if you go back 12 months, it's seen quite a bit of activity.

@Anonymousand @Physh1, do you have any other Capital One cards?

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No other Cap One cards. I had that CL since 2009 or 2010. Rate has been in the 6-8% range since then too.

[SBR249]

Adding another DP. 

Ole Cap just cut my QS from $10K to $5K. Been putting a $6 charge on it every 4 weeks so I'm not surprised. Cited my lack of use, even managed a little dig in there about how they are keeping my limit well above the highest balance for the past 2 years so I shouldn't have any problems. And as always, "thanks for being a Capital One customer". 

Oh well, I probably have a lot more bloat in my CC portfolio than I should. 

[FieryDance]

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@Anonymous wrote:

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@HeavenOhio wrote:

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@Anonymous wrote:

I got my first CLD ever. Savor went from $27,500 to $10,000.

Not a big deal if it doesn't happen, but has anyone ever been able to call and restore a CL after a CLD with Cap One?

Now I know how the rest of you who had CLDs feel.

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@Anonymous, could you describe the amount and nature of usage on that card? Previous CLDs of this type were generally triggered by an average of $100 per month or less in spending over a period of about a year.

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Total spend the last 12 months is $6,053.46, pretty evened out. Most of it is dining and entertainment. About $500-$600 of that is 1% reward spend.

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That's a very healthy level of spend; can't believe Cap One would take issue with that.  Sorry about your CLD. 

Cap One seems to have very polarized expectations of its customers, at one end granting high limits and expecting high spend and the other giving out bucketed toy limits.  

Anyway checked my SD'ed QS with $30k. Still intact, but for how long?