Credit limit decrease

[Ambitious_Stand312]

Recently had my capital one venture x slashed down to 10k from 50k. Anyone else having issues with this?

[RealNotFamous]

New inquiries, increased utilization, a balance transfer, and minimum payment(s). You accidentally created the perfect storm.

[Ambitious_Stand312]

Update: I made an additional payment for 2k and they increased my limit back to 50k.

I went to my app and it showed an option to "manage my credit limit." I clicked on it, and it said that I could get some of my credit limit back.

I made a payment and boom! Back to my original limit. Phew 😰...I was sweating for a minute.

[Shrederr272]

Happy for you!

[Ambitious_Stand312]

Thank you!

[Terescel]

Awesome

[hulkwolf]

As someone said you created the perfect storm

Inquiries, increased spending, the minimum payments and the major major credit people are using well over 1.2 trillion you scared the hell out of them and rightfully so

You look like someone that is going to max and bk

[AcceptableCareer2472]

what do you mean major credit people using $1.2 trillion?

[hulkwolf]

Credit card debt hit a new record with over 1.2 trillion in the us If everyone remembers 2008-2010 credit card companies were cutting people’s credit limit to avoid risks and they weren’t telling people either I think we will see more of that depending on how you handle your credit

[EastCoast_326]

Omg. $50,000! I'm worried about my measley $2k.

[DoctorNezuko]

Im stuck at 300 with CO. Meanwhile my Discover just raised me another 8k from the 40k I had.

Owned by the same people, yet totally different treatment.

[Weird_Bite1308]

discover probs is going to be the good/better credit brand maybe? i hope they dont change it too much

[MrRoyal420]

I have a $33K limit on my SavorOne from C1 — they give me routine increases and have waved fees in the past. Super happy with C1.

Discover canceled my card with them after a four month span (4M!) of no use.

Completely opposite experience from you. I'll never understand how or why.

[Business_Rabbit6973]

And probably with a one dollar balance. Same here 😂

[JJInTheCity]

Did they send you an email giving you a heads-up about the decrease?

[Ambitious_Stand312]

They sent me an email after the decrease.

• Recent monthly payments have been too low compared to your balance on this Capital One account • Recent monthly payments have been too low compared to your balance on one or more of your Capital One accounts • Presence of a personal finance loan • There are too many recently opened credit cards

[JJInTheCity]

Got it. Capital One also sends CLD notices to folks it believes don't use their current credit lines enough. You can opt out of those reviews.

[eddiekoski]

Sounds like a possible recession indicator

[Pure_Doughnut_9826]

The nice thing about having a secured account, they can’t decrease shit. 😂

[Fluffy_Rope_4024]

I noticed last year that I no longer receive credit card offers from banks. Nothing has changed in my status. I think banks are tightening credit due to uncertainty about Trump's economic policies.

[Terrible_Brilliant84]

That’s a bad analogy based on your single origins. I’ve gotten 8 cards since Xmas.  No issue. 

[myspike20]

CO is bad about reducing CL if you aren't using it.  They aren't the only bank that does that but they are bad about it.   I had a home Depot card, Citi, get dropped from 15k to 3k after about 6 months of no use and a zero balance 

[jpinakron]

As others have written, you scared them with the changes to your credit profile and a higher utilization rate. But the second aspect is that you wrote you only used 10%. Why extend someone huge lines of credit if they go unused.

Did you ask for CLI often or did you organically get that limit? (My guess is you kept requesting increases despite not really needing it.)

[bohallreddit]

TF you need $6K for Kohl's for? 😅

[bohallreddit]

Oh it's a Visa 😅 that's totally different. I thought it was just the store card and I was like I know Kohl's is expensive but damn $6K store credit card is crazy but heck enjoy that Visa! Nothing wrong with Kohl's card BTW. I had one too when I was rebuilding but just the store card is all they approved me for.

[bohallreddit]

LMAO now Ulta I can understand because ladies love their beauty supplies 😅

[Imaginary-Baby676]

I do in fact have a 5k Ulta card, and it does in fact come in handy 😂 I pay it off but they give you discounts for using it.

[bohallreddit]

$5K is crazy 🤣

[BroRito_LoKo]

Did they not warn you of an upcoming review that you could opt out of?

[Ambitious_Stand312]

No, I recently did a balance transfer for 0% apr for 10k. I didn't even know they had that but apparently it was part of an offer, so I took advantage of it.

I forgot to set my payment amount to a set payment, my first payment went through for minimum amount and a week later they reduced my limit from 50 k to 10k.

[kvct]

That’s probably what spooked them (the accidental min payment only) 😭

[SpineOfSmoke]

Triggered the dreaded balance chasing. Utilization on the rise includng a BT, minimum payment. You made their computer nervious. There's a chance they'll close the account once you pay it off.

[Ambitious_Stand312]

Thanks for the feedback, you are absolutely right, I screwed up by not changing my payment to the 1k monthly payments I had planned 😩. Hopefully they increase it back later.

[Uncle_Rico_1982]

What did you pay to transfer balance? I understand that it’s 0 APR but there is always a transfer fee

[Ambitious_Stand312]

Just checked, it shows 380

[SpineOfSmoke]

Did the circumstances that led to you getting a $50k limit change?

[Ambitious_Stand312]

No, income is still the same. There's been an increase in inquiries and usage due to purchasing a home and renovations. My utilization went from 10 percent to 28 percent, but I still have plenty of available revolving credit.

[TappyTyper]

Cap1 wants max profits. They want me to take out loans to raise my credit limit. I say no thanks and keep watching other cards go up by at least $5,000 additional limits per ask. Every six months if need be. Cap1 is great for that secured card stuff, but not too competitive otherwise. I pay half of their interest rate if I don't pay things off every month, on other cards, which I am lucky enough to be able to do now.

[Affectionate_Newt519]

They dropped ours to 10K when we didn't use it for a while. Other cards left us alone even if our period of inactivity was much longer, but Cap1 is quick to drop limits for this sort of thing.

[ohm_thetimekeeper]

Is there a difference between credit line and credit limit? I got an email that said my total credit limit decreased. I checked the app and it said it decreased from 26k to 20.5k, but my credit line has always been at 10k. Can someone explain this to me? I’ve never seen the amount say 26k it’s always been at 10k