Master Capital One CLD Thread

[simplynoir]

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@UncleB wrote:

Yep, they got me as well... my five year old QS Visa went from $17k to $5k.

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Thanks for the data point, @UncleB. I have two QS cards with $17k limits on each that haven't seen use for the last few years. At this point it's inevitable I'll get CLDs for these cards it was just a matter of how much it was going to be. I can live with $5k on each if it'll keep the accoun history intact with no closures

[longtimelurker]

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@CreditCrusader wrote:

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@Remedios wrote:

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. 

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At some point, FICO scoring will catch up with this...and sooner rather than later, I think.

Here is how I see the future of UTIL per my rarely-accurate crystal ball:

UTIL in the future will be two separate categories: regular use and nominal use.

Regular use UTIL will have a deeper impact on scoring, as it reflects the use that has significant payback obligations each month.

Nominal use will have negligible impact on scoring, as it reflects barely or unused lines, and thus insignificant payback obligations.

Accordingly, some FICO scores will drop at least temporarily because folks' who carry balances will be dinged for it.

Of course, I could be wrong.

But at some point, FICO scoring will stop rewarding piling up large unused lines to mask TRUE CC usage...that or the unused lines will be torpedoed by lenders sooner than in the past, which will have the same scoring impact.

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For scoring to change, there has to be a general belief among issuers that the existing algorithm doesn't represent risk accurately enough.   My suspicion is that the MyFico approach (CLI request as often as possible, the bigger the CL the better) is still an outlier and that "most" consumers don't have outsize unused credit lines  (probably a sizeable chunk are near maxed out).

So, until and unless people here suddenly start defaulting in large numbers (while keeping UTIL low!) issuers might not have a problem with the current algorithm.    So, it's up to us!

[Anonymous]

I'm sorry to read all these CLD.  Because of COVID-19 I haven't use the card as much. Probably 50-100 spend a month. This year is the first year since 2017 when I got the card that I haven't done a balance transfer for 30% of my credit limit. I'm hoping that fact will save me from the chop.

[Gmood1]

Sorry to see the CLDs guys. Guess I'll wait my turn.😆😆

As of now nothing  has changed.

$16k Walmart and $49.5k QS is intacted. The Wally world card gets about $9k of use on average yearly.

The QS $36. 😂

[Hex]

I'm worried - I have a $30K Venture and a $15K grandfathered Savor Card. Didn't get the treatment today at least. I use the venture for about $1200 a month let it report and pay in full. The Savor is lucky to see $100 a month but not during Disco restarunt quarter but even then it gets at least $2.75 a month. I'm hoping I might be saved because Venture AF is in October ($59) and because I joined Cap1's survey group. I was thinking maybe they would leave me alone if they thought they could make more money from me. I did the AutoNavigator today and was preapporoved for $60K. I am not in the market for a car loan but they don't know that and maybe they won't want to offended me while I thinking about getting a car loan. I'd say it can't hurt but maybe it can (because it's credit seeking) but I guess I'll find out. Don't want to lose my limits but it wouldn't be the end of the world. Might close Venture but I'd keep grandfathered Savor with a small limit. 

[CreditCuriosity]

Some people survived the last rounds of AA a few years ago and a few got hit such as myself and @longtimelurker if i recall and some others.  Last time it was mainly people > 20k limits that got hit this time appears fairly simliar although at least one hit less than 20k.  Sure more DPs will be coming in and last time came in a few batches over a month or two period of time then died off, probably will be the same this time.  Never fun, but it is just business you got to keep in mind although i did lose my cool when it happened and then closed out the 10k card that remained which i do regret at this point.

[Hex]

By the way Cap1 randomly asked me to update my income last week which I did. Could be 'cause I hadn't ask for a CLI in over a year. Just thinking people should check their SPAM and make sure they did miss a request. 

[AverageJoesCredit]

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@Hex wrote:

I'm worried - I have a $30K Venture and a $15K grandfathered Savor Card. Didn't get the treatment today at least. I use the venture for about $1200 a month let it report and pay in full. The Savor is lucky to see $100 a month but not during Disco restarunt quarter but even then it gets at least $2.75 a month. I'm hoping I might be saved because Venture AF is in October ($59) and because I joined Cap1's survey group. I was thinking maybe they would leave me alone if they thought they could make more money from me. I did the AutoNavigator today and was preapporoved for $60K. I am not in the market for a car loan but they don't know that and maybe they won't want to offended me while I thinking about getting a car loan. I'd say it can't hurt but maybe it can (because it's credit seeking) but I guess I'll find out. Don't want to lose my limits but it wouldn't be the end of the world. Might close Venture but I'd keep grandfathered Savor with a small limit. 

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Honestly i dont think it matters what group one joins or  what have you. We like to think we can make them think they'll  make money off us but for one if your history up to this point hasnt shown "them" they are making money its probably too little too late and two, most likely all their decisions are computer based anyhow. Im sure all the people who had high limits thought to themselves i could really spend heavy with their limit but just didnt when they had the chance. 

[NRB525]

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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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Sorry to hear about the CLD. Never fun, yeah.

It looks like your Savor was grandfathered? 6.9% APR? No AF? I wonder if that factors in to the CLD. 

I have a QS with $10k and 10.9% APR. Did not convert that to a Savor, as did not foresee the grandfathering. I use it regularly for $500 BT's and three-month paydown patterns.

I did apply for a Savor in 2019. Got the $500 SUB, $30k limit, nosebleed interest rate, and paid the $95 AF a few months ago as Year 2 begins. Light usage overall. I don't want to jinx myself, but with an AF version of Savor, I wonder if that will make a difference in the decisions.

A legacy CapOne card with 7% APR, $30k limit and no BT Fees is an enticing place to put some debt. CapOne may want to avoid that potential exposure. In my case, the nosebleed APR and AF makes it unlikely I will park a significant amount there. Plus I'm paying for the CL, in a sense with the AF. Pure speculation on my part, but with the mix of Savor cards out there, I think it may be worth surfacing this info to see what patterns may arise. A similar sort of distinction with the AMEX CLD on no-AF cards last year. The AF versions of those cards, I never heard of CLD until very recently.

[Credit-hoarder]

Got an email today saying one of my 2 Venture card's limit is being cut from $15k to $5k. Reason--Highest balance on the card in the last 2 years has been nowhere close to the actual limit. Was on the fence about PC'ing this card to a QS before the AF hits in about a week or so--this helped make my final decision...QS it is. Not going to pay an AF for a card which has the ability to have it's CL cut.  Also almost 2 mos. ago they CLD'd my Union Plus Mastercard from $5k to $500 for little to no usage the last 2 years. This one's fine by me b/c truthfully I have no real use for the card and was thinking of closing it anyway. All I can say is Cap One must be feeling a real crunch these last couple of years with the small starting credit lines and the rash of CLDs--and this was before the pandemic. MODS: Posted this in approvals by mistake. Please relocate to proper forum topic if necessary.