No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@Anonymous wrote:
Card currently has a 15k limit and I have the option to consolidate it with my Savor that has a 10.5k limit.
However, I’ve been reading data points regarding Cap 1 lowering CLs for individuals with large limits with little to no use. I currently only use my Savor as a backup to the Gold so it doesn’t get much use nowadays. That may change later in the year if I do decide to part ways with the Gold.
With that being said, would it be more logical to downgrade the Venture to the QS to preserve most of my limits? The QS would just be SD cards as I receive better rewards on my other cards. It would be useful traveling internationally but I don’t really do that often at the moment.
Obviously no one can tell you whether Capital One is going to reduce your limit or not, but if the risk of it happening bothers you, you could consolidate the cards. But then you'll just have a huge limit Savor with, as you say, pretty minimal usage. Even if you ditch Gold, I doubt you are spending thousands a month on dining. My point is the Savor is still going to be fairly unused relative to its huge limit, and you still could risk a CLD (again, if this worries you, which I'm not sure you need to really worry much since you have many other cards).
The QS downgrade seems like it serves you no purpose.
If it were me I'd just get rid of the account if it is giving no benefit as you don't sound like you need a larger limit on the Savor, and your goal is to reduce exposure. Consolidating doesn't really solve anything for you.
@Anonymous wrote:
Card currently has a 15k limit and I have the option to consolidate it with my Savor that has a 10.5k limit.
However, I’ve been reading data points regarding Cap 1 lowering CLs for individuals with large limits with little to no use. I currently only use my Savor as a backup to the Gold so it doesn’t get much use nowadays. That may change later in the year if I do decide to part ways with the Gold.
With that being said, would it be more logical to downgrade the Venture to the QS to preserve most of my limits? The QS would just be SD cards as I receive better rewards on my other cards. It would be useful traveling internationally but I don’t really do that often at the moment.
You currently have the option to consolidate?
For most of us this ability was removed several weeks back, with CSRs saying it will be returning in the coming weeks/months.
@UncleB wrote:
@Anonymous wrote:
Card currently has a 15k limit and I have the option to consolidate it with my Savor that has a 10.5k limit.
However, I’ve been reading data points regarding Cap 1 lowering CLs for individuals with large limits with little to no use. I currently only use my Savor as a backup to the Gold so it doesn’t get much use nowadays. That may change later in the year if I do decide to part ways with the Gold.
With that being said, would it be more logical to downgrade the Venture to the QS to preserve most of my limits? The QS would just be SD cards as I receive better rewards on my other cards. It would be useful traveling internationally but I don’t really do that often at the moment.You currently have the option to consolidate?
For most of us this ability was removed several weeks back, with CSRs saying it will be returning in the coming weeks/months.
Honestly I haven't even checked to see whether the option was still there. I kinda just assumed it was still available but If it isnt then I guess my only option is to downgrade the card.
The option to consolidate is no longer on my account. Also some time ago I set my QS rewards to auto redeem and now I cannot find the control panel to change it, or turn it off. Cap One is constantly tweeking their website and user portals. It is a real pain in the rear end and getting old.
99% of my 0% offers are on my QS card if that matters to you even though my Venture card has lowest APR.
I would not combine cards (if you can) if you know you are not going to use it much.
GL!
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
I don't think either is a solution to your problem.
Combining two cards you barely use into one card you barely use presents the same risk to the bank.
Also downgrading to another product still leaves you with a 'high" limit you are not using. It doesn't matter to the bank if that limit is branded QS, Savor, or Venture. If the algorithm says its a risk they will take action. Unless your spending becomes unusual I don't think you are in danger of that. I read some of the post and you can always pick out the risky action that spooked the bank to reduce limits or balance chase.
Some banks will leave you alone for years without a charge and never take any action. If you are worried that Cap1 will take action and you really want to keep the limit you need to ask yourself why it matters when you have better cards that you prefer to use.
(Unless you are downgrading to avoid the AF and just plan to sockdraw the card)
Your options are, figure out how to toss some occasional spend on those cards or just let Cap1 do what it wants. Personally I pump all my spend through the card that gives me the best rewards. I toss an occasional spend on my other cards because while it is a suboptimal short and medium term financial decision, it is a good long term one. In the event I "need" those limits they will be there. The real cost is small (less spend that generates the maximum rewards)
@Shooting-For-800 wrote:99% of my 0% offers are on my QS card if that matters to you even though my Venture card has lowest APR.
I would not combine cards (if you can) if you know you are not going to use it much.
GL!
Honestly I havent gotten a 0% offer since I PCed my QS last year to the Savor. Maybe thats the reason? If so, I can go ahead and PC my Venture card to the QS now if that would potentially bring those offers back. I do have till June before the fee hits on the Venture but I just dont see myself using the card anymore.
@Anonymous wrote:I don't think either is a solution to your problem.
Combining two cards you barely use into one card you barely use presents the same risk to the bank.
Also downgrading to another product still leaves you with a 'high" limit you are not using. It doesn't matter to the bank if that limit is branded QS, Savor, or Venture. If the algorithm says its a risk they will take action. Unless your spending becomes unusual I don't think you are in danger of that. I read some of the post and you can always pick out the risky action that spooked the bank to reduce limits or balance chase.
Some banks will leave you alone for years without a charge and never take any action. If you are worried that Cap1 will take action and you really want to keep the limit you need to ask yourself why it matters when you have better cards that you prefer to use.
(Unless you are downgrading to avoid the AF and just plan to sockdraw the card)
Your options are, figure out how to toss some occasional spend on those cards or just let Cap1 do what it wants. Personally I pump all my spend through the card that gives me the best rewards. I toss an occasional spend on my other cards because while it is a suboptimal short and medium term financial decision, it is a good long term one. In the event I "need" those limits they will be there. The real cost is small (less spend that generates the maximum rewards)
I'm downgrading to avoid AF as I feel it isnt worth it for my usage.
@Anonymous wrote:
@Shooting-For-800 wrote:99% of my 0% offers are on my QS card if that matters to you even though my Venture card has lowest APR.
I would not combine cards (if you can) if you know you are not going to use it much.
GL!
Honestly I havent gotten a 0% offer since I PCed my QS last year to the Savor. Maybe thats the reason? If so, I can go ahead and PC my Venture card to the QS now if that would potentially bring those offers back. I do have till June before the fee hits on the Venture but I just dont see myself using the card anymore.
I do think that the 0% offers have to do with the rewards offered by the card (in my case anyway.)
Just look at the sign ups...
0% for QuickSilver and VentureOne and Savor
but
No 0% for Venture or Savor
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!