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Cap1 is certainly an odd lender yet one of the most profitable card issuers. Six months out of chapter 7 handing over 15k limits and 6 months later another card for 30k. Those and other Cap1’s have been slashed by 2/3rds but in all honesty the limits never should have been so high to begin with.

 

That being said the limits opened many other doors with better lenders and I have no complaints being cut since they are seldom used. 

 

 

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I have kept my two cap one cards that I got right after bankruptcy 11 years ago. (I said 12 years in another thread but that was just me subconsciously wishing 2020 away and thinking it was 2021 right now lol 😄)

 

They grew to 12k and 5k limits and were upgradable to quicksilver or Venture cards. I chose to upgrade to quicksilver.

 

I asked for a credit limit increase once every TWO YEARS or so (not a typo 🙂). My 5k card seems to be stuck permanently at 5k at this point. My other card has grown slowly at 2-3k a year or so. 

 

Capital One likes heavy usage. I put tuition bills for my classes, airline tickets, dentist-accountant-lawyer-doctor fees on the card, (any bill that is large and in a strange category that won't get more points elsewhere) and pay it off over two cycles, letting them earn interest on it for a month.

 

I also have some monthly bills on the card such as streaming services, etc.

 

My advice may not be the best, since my ficos are 725 and not 800+, but Capital One has given me competitive rates and I want to keep the cards for age and because they took good care of me over the years.

 

I am just posting this to help show patterns that have not resulted in credit line decreases yet.

 

 

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I still have my $15,200 limit intact ... this is a super old account ...

I combined the limits on 2 accts a number of years ago and then they converted it over to a Quicksilver.

But I have been stuck at that. They have told me due to the nature of the accounts those were converted from  (?) I would have to apply for a different product to more of a credit limit.

 

I run at least $175/a month through it .. sometimes a lot more than that.   1.5% rewards - no charge for foreign transactions... but PIF.

Overall it's been a good card for me.

 

 

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51 minutes ago, shifter said:

absolutely no reason ever to do that for FICO or CLI reasons. never pay interest you don't have to. earn interest, never pay it.

I am going to just pay them in full each month.  I did that hoping to get CLI, but I agree it's not working lol :) 

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Ugh, Crap One.  Crap One is a subprime card issuer that got into the higher-end card market late.  So their exposure to defaults is probably a lot higher than the prime issuers like Chase et al.  I'm not surprised that they're cutting back credit lines overall.  

 

Personally, I don't like their cards, probably for somewhat irrational reasons tho... "Capital One" glaring out of my wallet just has that stink of subprime all over it, even if it's one of their Venture cards or whatever.   It just smells bad, like a prime card from First Progress would.  I guess it's because I've _been_ subprime before, and I never want to go back!  lol

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1 hour ago, muso said:

Ugh, Crap One.  Crap One is a subprime card issuer that got into the higher-end card market late.  So their exposure to defaults is probably a lot higher than the prime issuers like Chase et al.  I'm not surprised that they're cutting back credit lines overall.  

 

Personally, I don't like their cards, probably for somewhat irrational reasons tho... "Capital One" glaring out of my wallet just has that stink of subprime all over it, even if it's one of their Venture cards or whatever.   It just smells bad, like a prime card from First Progress would.  I guess it's because I've _been_ subprime before, and I never want to go back!  lol

 

I happen to love CapOne.

 

It's my highest limit on a single card and they've been very reliable for me.  Granted, 1.5% cash back isn't stellar, but better than many others.  

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I always had trouble getting the limit increased so I never spent to much on this card, I was at $9,750 for my limit and it got cut to $2,000 a few days ago! If it wasn't that I shouldn't close it, I would close it out of anger! I'm about to close on a refinance with my score right on the edge of 740 and now I have to figure out how I can keep it from falling below 740 and hurt my rate!

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A week later after demanding they close my credit card account, the account is still open and I received an e-mail requesting that I submit updated financials. The e-mail was promptly ignored.

It turns out that Capital One is slashing and burning a lot of credit card accounts nationwide. 

You've been fired, CapOne. Go away.

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On 8/25/2020 at 4:14 PM, lgt525 said:

I am going to just pay them in full each month.  I did that hoping to get CLI, but I agree it's not working lol :) 


You can do that, as did I. They cut my limit even with a flawless repayment history and great FICO scores.

 

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I like CapOne cafes where if you pay with the card you get half price Petes coffee.  I use that a few times a week pre covid.  also like the venture card would give you 10 times points on hotels.com (not sure if they still do as I haven;t traveled since January) Stuck at 4400 from a 1000 platinum during my rebuild and my intial credit limit of 15k on the Venture. No adverse action for me with scores around 750 on all 3.

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7 hours ago, hegemony said:

CRAP1 SLASHES BEN BALLER!!!

5KH4TxG.png


Ben Baller got balled.  
 

7 hours ago, hegemony said:

LIVES RUINED!!!

qBX2isv.png

 

Gotta love the whiny little beach shtick.  Stevie is so melodramatic.  
 

7 hours ago, hegemony said:

not related but still funny

T5UeOuX.png

 

Lacking relevant facts.  In any event, banks have been seeing record deposits so CapOne Bank probably doesn't give two hoots about his $200k.

 

7 hours ago, hegemony said:

I Stand With Crap1 On This One

eawGPVu.png

 

My favorite!  I'm betting Mr. Clown Face doesn't really have the pelotas to close his accounts.  

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On 8/26/2020 at 4:41 PM, usermi said:

I always had trouble getting the limit increased so I never spent to much on this card, I was at $9,750 for my limit and it got cut to $2,000 a few days ago! If it wasn't that I shouldn't close it, I would close it out of anger! I'm about to close on a refinance with my score right on the edge of 740 and now I have to figure out how I can keep it from falling below 740 and hurt my rate!

I'm still at 7.5k on my little used Cap1 card. I also have a Cap1 checking with something like 1.5k in it. I don't use that much other than for paying the Cap1 credit card. It they cut my limit I'll just accept it.

One of the few benefits I use is half off drinks at Cap1 cafes when I'm by one. None really near me where I live in the West San Fernando Valley. I wish there was. It's about 18 miles to the closest. :(

Edited by Burgerwars
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42k -> 10k with ~200/mo usage and PIF, and some usage every month.

 

I was trying to be as loyal to them as I could, since it's my oldest open card and was my highest limit.  The 1.5% doesn't measure up, though, and I've been annoyed at their security barriers that make it hard to get into my own account when I'm traveling.  I'll keep the card a little longer until my BK drops off my reports, and then probably kick them to the curb.

 

The limit was a result of combining cards, so it probably isn't achievable again.

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5 hours ago, nemo said:

42k -> 10k with ~200/mo usage and PIF, and some usage every month.

 

I was trying to be as loyal to them as I could, since it's my oldest open card and was my highest limit.  The 1.5% doesn't measure up, though, and I've been annoyed at their security barriers that make it hard to get into my own account when I'm traveling.  I'll keep the card a little longer until my BK drops off my reports, and then probably kick them to the curb.

 

The limit was a result of combining cards, so it probably isn't achievable again.

 

Unfortunately the good old days of card combos are gone with CapOne.  :(

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On 8/28/2020 at 7:15 PM, PotO said:


What reason did they give you?


They said that it was to "better match my credit limit to my spending". 

So, I gather that if one has a substantive credit limit [any amount above a toy card], buying a coffee, a pencil, or a blueberry chili frittata once a quarter isn't going to save your credit limit.



 

Edited by insolent1
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6 hours ago, insolent1 said:


They said that it was to "better match my credit limit to my spending". 

So, I gather that if one has a substantive credit limit [any amount above a toy card], buying a coffee, a pencil, or a blueberry chili frittata once a quarter isn't going to save your credit limit.



 


You are right.  Not with Stinkrony and now not with CapOne.  In today's economic environment, I would not be surprised if others follow suit.

 

By the way, CapOne has a history of this.  

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