Cap1 Gives Advance Notice of Pending CLD

[A Credit Ed]

Received this email a couple of days ago.  My limit is $12,000 but I've never spent more than $50-75 a month.

 

Should I call, tell them I will spend more, and move my $2,000 or so of monthly WF spend for a month or two?  (WF is 2% CB, C1 is 1%, so I'll only be out about $40..)

 

 

Edited June 11 by A Credit Ed

[nemo]

3 hours ago, A Credit Ed said:

Should I call, tell them I will spend more, and move my $2,000 or so of monthly WF spend for a month or two?  (WF is 2% CB, C1 is 1%, so I'll only be out about $40..)

 

I would.  They're giving you a chance to avoid the CLD, which is rare (I've only seen Chase do it before).

[shifter]

Sure, call them and opt out of the review. Can't hurt. Definitely no need to actually increase your spend on the card. Focus on the creditors who have cards that actually suit your needs, which it seems this C1 account doesn't.

[hdporter]

@A Credit Ed

You don't tell them crapola.  Seriously.  They don't ask ... you just call the number and tell the CSR that you opt out of the review.  Done. 

 

It appears that they just want to confirm that there's a warm body holding the card who's at least engaged enough with the account to call in response to the notice.

 

More than a little bizarre ...  (Yeah, I did this last year.)

 

 

Edited June 12 by hdporter

[StantheMan]

^
this, works every time

[hegemony]

or... you could kick the scumbags to the curb and focus on high quality rewards cards.

[A Credit Ed]

21 minutes ago, hegemony said:

or... you could kick the scumbags to the curb and focus on high quality rewards cards.

The $12K CL represents about 8% of my available credit.  It's the Savor card, so I do get 3% on restaurant purchases, and that's all I've ever used it for.

[A Credit Ed]

Update - I called the number, a robot answered and asked for the last 4 of my card number.  Said robot then told me I had an upcoming account review and if I would like to opt out, then please press or say One.  

 

I pressed the 1 button and the robot thanked me and hung up.  I'm still going to give the card a good $2K spend over the next month or so, then back to the back of my wallet it goes.

[hdporter]

4 hours ago, A Credit Ed said:

I'm still going to give the card a good $2K spend over the next month or so, then back to the back of my wallet it goes.

 

You can do as you wish ... but the $2k spend isn't going to get you anything that I'm not getting by running a $20-$50 charge once every 12 mo.

[Burgerwars]

I haven't got a notice like that from Capital One. At least not yet. $7,500 credit line for a card I hardly use. I'll post if I do get a notice. 

[MP80]

The people at CB, myself included, have all experienced this familiar tactic of Cap One forcing you to use their card more, but in fact, they're doing it to people with $12K lines right now, and it's a new thing hard to grasp.

 

It's like an extorting event that you have to comply with every other year, if not every year, to give Cap One some big purchase spends to make sure your line stays the same without a haircut.

 

I agree with Hege's approach of dissecting Cap One's ongoing problem, which can return if you're not using the lines, they want you to.

[MP80]

32 minutes ago, Burgerwars said:

I haven't got a notice like that from Capital One. At least not yet. $7,500 credit line for a card I hardly use. I'll post if I do get a notice. 

Your line is secure for now, and they're looking for that $10K and up, and they're sending these polite emails to people. 

[hdporter]

4 hours ago, MP80 said:

he people at CB, myself included, have all experienced this familiar tactic of Cap One forcing you to use their card more

 

My fingernails are intact, last I checked.

 

So, just how bad was the coercion you experienced? ...

[swimmingwithsharks]

I see a thread like this every so often, and it makes me feel about Cap1 the way I feel about Vegas - it looks so good in the advertising, I feel like I should drop in and participate, and then I read the reviews and go ugghhh, and decide it's not worth it for me. Cap1 is one of the few major issuers I've never apped/done anything with, and I sometimes wonder if I'm missing something - but these threads remind me, nah, I'm good.

 

And yes, I went to Vegas many times years ago, but now my interests have changed (and perhaps Vegas has changed, too). 

[MP80]

33 minutes ago, hdporter said:

 

My fingernails are intact, last I checked.

 

So, just how bad was the coercion you experienced? ...

Not at all. LOL!!!  

 

I can tell you I've spent $5K since opting out of their review at the time, I don't know how much you spent during potential CLD, but, I can tell you I'm not appreciated nor grateful at all, a matter of fact, I'm going with the flow from now on, and instead of worrying about it, as you can see, I'm about to close the account and turn the misery away.

 

I have so many cards to rotate each month and I'm tired of being distracted.

 

If it's closed, I'll save $59. And I know it's business, nothing personal. 

[MP80]

10 minutes ago, swimmingwithsharks said:

I see a thread like this every so often, and it makes me feel about Cap1 the way I feel about Vegas - it looks so good in the advertising, I feel like I should drop in and participate, and then I read the reviews and go ugghhh, and decide it's not worth it for me. Cap1 is one of the few major issuers I've never apped/done anything with, and I sometimes wonder if I'm missing something - but these threads remind me, nah, I'm good.

 

And yes, I went to Vegas many times years ago, but now my interests have changed (and perhaps Vegas has changed, too). 

@swimmingwithsharks, I couldn't have agreed with you more! 

[Flyingifr]

On 6/11/2023 at 12:11 PM, A Credit Ed said:

Received this email a couple of days ago.  My limit is $12,000 but I've never spent more than $50-75 a month.

 

Should I call, tell them I will spend more, and move my $2,000 or so of monthly WF spend for a month or two?  (WF is 2% CB, C1 is 1%, so I'll only be out about $40..)

 

 

Let the Balance Chasing begin. Welcome to 2008.

[hdporter]

7 hours ago, MP80 said:

Not at all. LOL!!!  

 

I can tell you I've spent $5K since opting out of their review at the time, I don't know how much you spent during potential CLD, but, I can tell you I'm not appreciated nor grateful at all, a matter of fact, I'm going with the flow from now on, and instead of worrying about it, as you can see, I'm about to close the account and turn the misery away.

 

I have so many cards to rotate each month and I'm tired of being distracted.

 

If it's closed, I'll save $59. And I know it's business, nothing personal. 

 

I'm retaining my C1 for the sake of longevity (issued in 2012).   I put one purchase annually on it at about the 12 mo mark.  (My highest statement activity during the last 3 years has been $34.)  I'm not modifying that activity as a consequence of the "credit limit review" letter.

 

I didn't realize you had the Venture card.  Yeah, I'd rid myself of that piece of annual fee dog meat card ... but I'd downgrade to the no-fee version (again, for the sake of account age).  However you choose to slice away that butcher-trimming, you can't go wrong.

[Burgerwars]

3 hours ago, hdporter said:

 

I'm retaining my C1 for the sake of longevity (issued in 2012).   I put one purchase annually on it at about the 12 mo mark.  (My highest statement activity during the last 3 years has been $34.)  I'm not modifying that activity as a consequence of the "credit limit review" letter.

 

I didn't realize you had the Venture card.  Yeah, I'd rid myself of that piece of annual fee dog meat card ... but I'd downgrade to the no-fee version (again, for the sake of account age).  However you choose to slice away that butcher-trimming, you can't go wrong.

 

To be on the safe side I recommend using your cards more often than that to avoid them being closed for inactivity. I play it very safe by using all my sock-drawered credit cards every three months, although I can get away with less than that. What I often do is add small amounts to my Amazon gift card balance. It's easier than going out to buy pencils. My Capital One card is the free Venture One card. I've had it for over a decade. I do make sure I bring my card with me if I plan to go to a Capital One Cafe. Half price drinks. I also have a Cap One checking account that I don't do much with other than pay my credit card with it.  😕 

[hdporter]

1 hour ago, Burgerwars said:

To be on the safe side I recommend using your cards more often than that to avoid them being closed for inactivity. I play it very safe by using all my sock-drawered credit cards every three months, although I can get away with less than that.

 

 

I appreciate the recommendation.  I have something like 38 open credit cards.  HItting the inactive ones with a charge every 12-18 mo is about as proactive as I care to be.  I understand the risk.

 

In the last 15+ years this has served me reasonably well; I've only suffered one closure (at exactly 12 mo of non-use).  I can live with that.

 

[swimmingwithsharks]

On 6/13/2023 at 8:40 AM, Burgerwars said:

 

To be on the safe side I recommend using your cards more often than that to avoid them being closed for inactivity. I play it very safe by using all my sock-drawered credit cards every three months, although I can get away with less than that. What I often do is add small amounts to my Amazon gift card balance. It's easier than going out to buy pencils. My Capital One card is the free Venture One card. I've had it for over a decade. I do make sure I bring my card with me if I plan to go to a Capital One Cafe. Half price drinks. I also have a Cap One checking account that I don't do much with other than pay my credit card with it.  😕 

I am doing the at-least-every 6 months usage on sockdrawer cards, but I am aware some issuers (Barclays?  I believe) can be/ are more sensitive to non-usage. So I might make sure Barclays is at every 4 months -- BUT I only currently have one Barclay card, and it hasn't stayed in the sockdrawer for 4 months (yet) because they routinely send me an interesting offer to get me to use it again. Other issuers, like Amex, seem to be less sensitive, at least in P2's experience, as he refuses to keep track of when he last used what, but when it's been a while (8 months or so) and he finally remembers to use Amex once, then Amex sends an email thanking him for using the card. 

 

I'd say it's most important to use your oldest cards (at least once every 3, 4 or 6 months, whichever fits your life), because it's the oldest cards that help the most with your AAoA, and it would be a shame if one of those were closed for inactivity. 

[hdporter]

51 minutes ago, swimmingwithsharks said:

I'd say it's most important to use your oldest cards (at least once every 3, 4 or 6 months, whichever fits your life), because it's the oldest cards that help the most with your AAoA, and it would be a shame if one of those were closed for inactivity. 

 

Based upon my 40+ years of credit experience with a multitude of issuers, I'm reasonably confident that no one is going to shut you down for having gone inactive for 6 months.

 

I've had a card go 12+ mo inactive with most every major issuer without being closed.  In fact, after reviewing my credit reports just now, of the 4 accounts that I've had closed with an "Inactive" status in the past 10 years, not one was closed prior to 2 years of inactivity.

 

This is all to suggest that while I applaud your message, it's not necessary to be quite so proactive in ensuring a card gets activity, even when it's your oldest reporting account.  (And, bear in mind, that a closed account continues to report for up to 10 years, factoring into average age until it drops.)

[swimmingwithsharks]

8 minutes ago, hdporter said:

 

Based upon my 40+ years of credit experience with a multitude of issuers, I'm reasonably confident that no one is going to shut you down for having gone inactive for 6 months.

 

I've had a card go 12+ mo inactive with most every major issuer without being closed.  In fact, after reviewing my credit reports just now, of the 4 accounts that I've had closed with an "Inactive" status in the past 10 years, not one was closed prior to 2 years of inactivity.

 

This is all to suggest that while I applaud your message, it's not necessary to be quite so proactive in ensuring a card gets activity, even when it's your oldest reporting account.  (And, bear in mind, that a closed account continues to report for up to 10 years, factoring into average age until it drops.)

Yes, 12 months is probably fine - and for cards that are less than my AAoA, no reason to use them more often than once every 12 months. But I am not so cavalier about cards opened from 1999 and 2000.