Wish me LUCK! Massive paydown just happened....

[MrDisco99]

Congrats! I bet that feels amazing. Fingers crossed Cap1 stays generous.

[lgtwriter]

Congrats on paying off so much of your debt! I have had two CapOne cards for years, they were my first cards I got after my bankruptcy 12 years ago. When they were my only cards, I would often max them out and have high utilization for several months before I paid them off. (I used them for business travel, tuition, etc.) When I got reimbursed, I would pay the card off in a lump sum.

CapOne never once raised my interest or balance chased me. 

When I paid them down, since I had a history of paying large debts with them, I was able to get a decent yearly cli at least on one of the two cards (the other one seems to be bucketed at around 5k or so cl)

CapOne's tolerance for my high limits during that period of my life (first 3-4 years after bk) keeps me loyal to them to this day.

I think you will be fine with CapOne  In my experience, they reward balance payoffs.

Again, Congratulations on lowering your debt like that!

[SouthJamaica]

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@pi-r-squared wrote:

Got a hold of $40K from a settlement and used most of it to pay down 2 Capital One credit cards that had HIGH UTIL...

Venture was $32K of $33K limit.  I paid $31.5K on it.  The other was QS having $8.5K of $10K limit and I paid $4.2K.

Crossing my fingers very tightly hoping for absolutely no AA, no balance chasing, no CLD......  

Wish me LUCK!!!

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Good luck.  I think you'll be ok. They like being paid.

[pi-r-squared]

I'm the one who paid down two CapOne cards.  One from 33K to almost $0 and another from 10K to 4.5K.  Last post, I wondered if balance chasing or AA would occur.  So my question is this?  If it's gonna happen, how soon will I find out?  With such a massive pay down, should it have happened already?

[gdale6]

AA happens when a lender perceives their risk to outweigh the credit they have granted to you. The fact that you paid these down mitigates overall risk. If you have other cards besides these 2 that are nearly maxed out its always possible you will see Cap-1 reduce the limits.

[NRB525]

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@pi-r-squared wrote:

I'm the one who paid down two CapOne cards.  One from 33K to almost $0 and another from 10K to 4.5K.  Last post, I wondered if balance chasing or AA would occur.  So my question is this?  If it's gonna happen, how soon will I find out?  With such a massive pay down, should it have happened already?

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Having gone through several years of balance chasing by three banks on seven or so cards, I can report that the fun aspect of AA is, you never know when or if it will start, and once it starts, you won't know exactly when the next step on that card may occur, and you probably won't know when it ends until some other interaction with the bank convinces you it ended. Here's hoping you don't get the start. Cheers!

[Brian_Earl_Spilner]

Cap1 isn't one for AA. They have no problem with you carrying a balance for years. The only thing is the fact that your limit is over 10k. Normally they would lower it if it's not being used, but you were using it so 🤷

[pi-r-squared]

Capital One should be reporting soon to the bureaus.....  I just paid down two of their cards that totaled $40K to around $5K.  I also was able to get removed as an authorized user on my wife's card that she had 30-day lates.  Contacted TU and they deleted immediately!  Can't wait for the results....

[Sub16610]

Please keep us updated  Goodluck!

[pi-r-squared]

Here are 3 cards that I would like to split $1400 a month to cut my debt.

Barclay $3,185 / $3,800 = 83.8% Util @ 18.99% APR

QS $4,239 / $10,000 = 42.4% Util @ 12.99% APR

Discover $17,068 / $17,200 = 99.2% Util @ 13.49% APR

I'm basically split between sending mins to Discover and QS and the max to Barclay to rid myself of Barclay in about 4 cycles.  Then do the same with QS.  But since Barclay and QS are under 88.9% Util, some would argue that paying Discover the max and Barclay/QS their mins would make better sense.  Any suggestions?