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@fuzzlewrote:they are also disappointed that balances on your non-Capital One accounts are too low
Probably they think those balances are too low and Cap1 feels that you won't be doing a balance tranfer from those accounts to their card.
I have several auto charges setup on mine, netflix and such.
I understand their reasoning as I would never use the whole credit line on a card that has this crappy of APR.
Might be a good reason to start cutting a few cards again out of the pack.
I got the same email this morning, with the same reasons.
@fuzzlewrote:they are also disappointed that balances on your non-Capital One accounts are too low
That caught my eye as well.
It's amost like if they see you with a balance (or balances) with another lender they think there's at least a chance they might eventually get a piece of the action, but if there's no balances anywhere they think there's no reason you need the limit.
Sorry to hear the news, @bourgogne... it always sucks when this happens.
@sjtwrote:Cap1 has been known for reducing CL for "not using" the cards enough. From what I have read, they seem to be targeting accounts with credit lines of $30K plus.
While most "victims" have had credit lines of $30k+, if I recall correctly the last time they did this there was at least one person with a CL in the low $20k's that got reduced to $10k as well.
Edited to add: It looks like @JamP had a credit line of just under $20k and was impacted as well.
http://ficoforums.myfico.com/t5/Credit-Cards/PC-to-Savor-CAP1-CLD/m-p/5187634
I guess from all the CO posts they were doing a lot of house cleaning today.
@fuzzlewrote:they are also disappointed that balances on your non-Capital One accounts are too low
Yeah I literally 'd when I saw that. It's almost as if Capone is saying "we don't think we'll ever make any interest off of you, so we're gonna slash your limits".
@UncleBwrote:
@sjtwrote:Cap1 has been known for reducing CL for "not using" the cards enough. From what I have read, they seem to be targeting accounts with credit lines of $30K plus.
While most "victims" have had credit lines of $30k+, if I recall correctly the last time they did this there was at least one person with a CL in the low $20k's that got reduced to $10k as well.
Edited to add: It looks like @JamP had a credit line of just under $20k and was impacted as well.
http://ficoforums.myfico.com/t5/Credit-Cards/PC-to-Savor-CAP1-CLD/m-p/5187634
Wow. I guess Im lucky I havent received a CLD. #KnockOnWood
A good argument for paying each of your credit card once a month after its statement cuts is that the statements will document your use of those cards. Lenders will see your overall usage when they pull your data from the credit bureaus. While AZEO may be a good technique for improving one's credit score, it doesn't necessarily help you with maintaining high credit limits. I recommend using AZEO for a period of time, and then stop using it once the credit score has risen.