Master Capital One CLD Thread

[kdm31091]

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@Wavester64 wrote:

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@Shooting-For-800 wrote:

Out of the blue my Savor CL was dropped from $28,500 to $10,000.

Quite the gut punch.

I have a $0 balance and charge about $500 per month on it between 5-10 charges.

I usually pay it off before the statement hits.

0% offers dried up a while ago, now this.

My scores did not drop (around 720 fico8), I have not applied for credit recently, and my last Savor CLI request was over a year ago.

I have not been late on any cards and usually make at least 2 payments per month.

Same job, same income, same debt, same scores, same inquiries.

So far, my QS stands at $23,750 and my Venture stands at $30,000.

Fingers crossed.

Not happy but I get it.

Hope the data points help.

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To me this is wrong on so many levels. Yeah I understand that they are the lender, they can do what they want. But you earned their business, you earned this extended credit, you did nothing wrong, yet now it's taken away and it *could* hurt your credit standing.

My story is different - I don't have the credit you have, but I worked hard to get it where it is now (like you) and to drop my CC from $6000 to $1500 without doing anything negative just doesn't seem right. This will surely affect my score somehow. I know this sounds crazy, but in cases like mine, yours and so many others on MF and beyond, who have done nothing to deserve this drop, the lenders should at least not report the drop to the CBs, or at least have a provision that such a drop was a business decision on their part and thus wont affect the credit rating/score of the customer.

I don't know, I guess I am just rambling on. But I read all these stories of people getting this done to them and it just has me worked up. 

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It's just business. It can be hard to try and not get upset about it but honestly it's just a credit limit at the end of the day and there are many other banks out there. Most who have had this happen have many other cards they prefer to use anyway (hence the lack of use/CLD on the Capital One account).

[red259]

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@kdm31091 wrote:

I don't think anyone should be (or is) really surprised given most have limits far beyond their actual usage on the card. Capital One is just reducing their own risk at this point.

I think especially right now, the times of having high unused limits just to buffer utilization are ending. We may have our reasons for wanting to do so but ultimately it's just potential risk for the bank with no reward as the accounts are basically unused. 

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Agreed. When I got my cap 1 card they didn't give out absurd credit lines. I think I started around 5k but it was my only card at the time and I ended up doing some CLIs. Then years later they started giving out approvals to people with these massive credit lines that was soo out of whack with what other lenders would give those same people. Not really suprising that they would make adjustments. 

[Guyatthebeach]

The same thing happened to me today.  I went from $24k to $10k. I typically charge $500 or more a month. At least once a year I charge $14k for catering for work. Well luckily I have other cards to use.  I personally think this sucks, but typically I use less than 3% of the TL. I always PIF monthly and only carry the card for the 4% cash back.  

The loss of $14k of available credit is only going reduce my total credit by less than 5%, so I may have a minor dip in my Fico score. It will bounce back in a few months. 

I may call in this, but I doubt they will do anything due to the lack of utilization.  

From my point of view, CapitalOne is starting to get conservative with their credit card business like they did with their mortgage business.  They wound up selling most of it off. Just my two cents. 

Guyatthebeach

[GmbH]

I would like to express my condolences to our members coping with the loss of portion of their beloved credit lines. 💔

Fond memories of them reducing our total utilization will always be in our thoughts and prayers. 🙏 

[Anonymous]

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@GmbH wrote:

I would like to express my condolences to our members coping with the loss of portion of their beloved credit lines. 💔

Fond memories of them reducing our total utilization will always be in our thoughts and prayers. 🙏 

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We're getting through it. It's getting easier and easier to cope each day. 

It's just when I open my wallet and see my Savor card, I just break down in tears. 

[Anonymous]

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@Guyatthebeach wrote:

The same thing happened to me today.  I went from $24k to $10k. I typically charge $500 or more a month. At least once a year I charge $14k for catering for work. Well luckily I have other cards to use.  I personally think this sucks, but typically I use less than 3% of the TL. I always PIF monthly and only carry the card for the 4% cash back.  

The loss of $14k of available credit is only going reduce my total credit by less than 5%, so I may have a minor dip in my Fico score. It will bounce back in a few months. 

I may call in this, but I doubt they will do anything due to the lack of utilization.  

From my point of view, CapitalOne is starting to get conservative with their credit card business like they did with their mortgage business.  They wound up selling most of it off. Just my two cents. 

Guyatthebeach

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I'm surprised they cut yours. If you have 14K bulk spend once a year, you would think they would keep it at 24K or maybe reduce it to 20K to continue to accomodate you.

[torebuild2014]

Went looking for this information after logging in today to check spending and balances. Add me to the list of CLD from $12,250 to $5,000 on Quicksilver WMC. I have another Visa Quicksilver($9,000) and Savor WMC ($30,000) that so far are still in tact. All cards paid to zero at statement with a "minimum" of a recurring monthly charge. Just use the Visa for IRS payment and use Savor mostly for dining purchases. Scores all 800+ so I believe in my specific instance it's lack of swipes/usage. I did not call in nor do I intend to try to have it reinstated and hope this trend does not extend to my other cards with them. I don't know when they cut the limit and haven't received notification of the CLD anywhere yet.

[Guyatthebeach]

CardNut,

I found out my boss had her Savor cut to $10k as well. 

When I called today on it, the CSR said I would get something in the mail. He went on further to say, the credit reduction will not be reserved and I am not eligible at this time for a CLI.  Like I said earlier I think CapitalOne is worried about charge offs instead of getting card swipes. That's their business. They get to call the shots, but I get to decide which card I want to use. 

I genuinely hope they don't cut someone's credit limit that truly needs it.  Luckily I don't. 

Guyatthebeach

[K-in-Boston]

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@Guyatthebeach wrote:

...

From my point of view, CapitalOne is starting to get conservative with their credit card business like they did with their mortgage business.  They wound up selling most of it off. Just my two cents. 

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I don't know if they're getting more conservative.  Approvals subforum still shows a healthy number of recent approvals in the subprime market (even for those that had previously burned them) and not seeing many posts regarding declined apps for CapOne.  Just bizarre that since they are clearly using a 2 year look-back period according to other posts here that they aren't taking into account a very normal use for credit cards: use them sparingly for a large purchase such as a vacation or emergency (which used the be the dogma decades ago for responsible credit use), or in your case the catering.

[CreditCuriosity]

Strange know a few ppl with 40k+ cl's and yet to be hit a few k a month spend on at least one of these people and a venture.. I still think they are doing them daily from posts here.