topic Re: Capital One E-Mail in Community Chat

Capital One E-Mail

Icegoddess — Fri, 14 Aug 2020 04:20:29 GMT

I got an E-mail from Capital One today telling me that they have lowered my credit limit based on my buyng habits. I don't know whether to be offended or grateful. I pay my entire balance every month and I don't use it every month. I do skip the reminders to update my income since I'm retired and I feel like it's really none of their business if I'm paying my full balance every time.

I wonder if that affects my credit score in a negative way.

Re: Capital One E-Mail

Linmo — Fri, 14 Aug 2020 04:27:20 GMT

@Icegoddess wrote:
I got an E-mail from Capital One today telling me that they have lowered my credit limit based on my buyng habits. I don't know whether to be offended or grateful. I pay my entire balance every month and I don't use it every month. I do skip the reminders to update my income since I'm retired and I feel like it's really none of their business if I'm paying my full balance every time.

I wonder if that affects my credit score in a negative way.

@Icegoddess You should check your account to make sure it's a valid email and not a hoax to get your personal info. We use our Capital One account very mimimally if at all every month and haven't received a notice.

Re: Capital One E-Mail

Icegoddess — Fri, 14 Aug 2020 04:33:26 GMT

@Linmo wrote:
@Icegoddess wrote:
I got an E-mail from Capital One today telling me that they have lowered my credit limit based on my buyng habits. I don't know whether to be offended or grateful. I pay my entire balance every month and I don't use it every month. I do skip the reminders to update my income since I'm retired and I feel like it's really none of their business if I'm paying my full balance every time.

I wonder if that affects my credit score in a negative way.
@Icegoddess You should check your account to make sure it's a valid email and not a hoax to get your personal info. We use our Capital One account very mimimally if at all every month and haven't received a notice.

@Linmo the address appears to be a valid Capital One address, but I would never sign into my accout using a link in an E-mail. It also had the last four digits of my card number in the E-mail.

Re: Capital One E-Mail

homedecor1 — Fri, 14 Aug 2020 04:38:13 GMT

@Icegoddess

I was annoyed when I got the email from CitiBank telling me they lowered my credit limit (substantially) due to "not enough activity in past 6 months". Reality, I haven't used this card in over a year.

I opened it for the reward program but then realized the "rewards" weren't that great🤷‍♀️ and only used periodically some small purchase on it to keep active.

I was going to request it closed but remember reading closing cards hurts your credit score.

Re: Capital One E-Mail

tucsongal — Fri, 14 Aug 2020 04:53:30 GMT

It hurts your credit score if you carry a balance, so you should be fine.

Re: Capital One E-Mail

sunshine45 — Fri, 14 Aug 2020 05:08:01 GMT

it will lower your credit score a bit.

anytime you have a drop in your available credit it will cause your score to drop.....whether it is closing a credit card or decreasing its limit.

my credit cards do send me emails sometimes to update my income and i fill it out.

Re: Capital One E-Mail

Nuttmeg — Fri, 14 Aug 2020 07:10:43 GMT

@Icegoddess

Capital One is not making a transaction or interest fee each month on your credit card.

The company has a online credit score tool Creditwize. It will help make suggestions to improve your financial health.

I do not provide any income updates unless absolutely necessary.

Re: Capital One E-Mail

elated — Fri, 14 Aug 2020 07:16:43 GMT

Your credit score is lowered if your using too much credit versus what is available. Carrying a balance on your credit card does not lower your score. If you make your payments on time, that is a major factor. If you open too many credit cards in a short period of time, that hurts your score.

You can talk with an agent on line and find out their reason. It might help you understand why.

Re: Capital One E-Mail

Pook — Fri, 14 Aug 2020 08:02:03 GMT

@Icegoddess It's because you are not using it and pay off each month so they are not making money on your account.

Re: Capital One E-Mail

geezerette — Fri, 14 Aug 2020 12:40:08 GMT

@Pook wrote:
@Icegoddess It's because you are not using it and pay off each month so they are not making money on your account.

@Icegoddess

In essence, this is correct.

Your total available credit is carried as a liability by the issuing bank. During times of hardship for financial institutions (like now), they like to/have to reduce their liability exposure as much as possible.

Because you don't use your credit card much they aren't making much money from you using your card compared to the liability you're causing them. Thus, they reduce your total credit limit so they can reduce their liabilities and it shouldn't bother you since you don't use their card to close to its limit. If you do need that extra credit limit for some reason, contact the bank.

I've had a couple of my credit cards do the same thing in the last few years since the Great Recession when the banks were under so much pressure to reduce their liability exposure.

Re: Capital One E-Mail

Sooner — Fri, 14 Aug 2020 12:34:49 GMT

I got that message somewhere. I have not used my Capital one card in a long long time. Then I got a letter apologizing and saying they had raised my credit limit.

I don't know but I didn't even look at what was going on for either message. I don't use Cap One.

Re: Capital One E-Mail

IMW — Fri, 14 Aug 2020 13:35:39 GMT

I would call and check the legitimacy of

email.

Re: Capital One E-Mail

Scooby Doo — Fri, 14 Aug 2020 14:01:16 GMT

I heard on our local news that is happening across the board. Credit card companies are either lowering limits or cancelling cards during this pandemic. People out of work are using credit cards to survive and then there's the potential of filing bankrupcy. I was talking to someone just the other day who said 2 of her cards were cancelled and her amazon limit was lowered. It's also going to be more difficult for some people to get loans, even with good credit ratings.

Re: Capital One E-Mail

Shelbelle — Fri, 14 Aug 2020 14:57:01 GMT

Ours was also lowered from Capital One, should not affect your credit score. We always pay in full, even with a large monthly bill.

Re: Capital One E-Mail

LIndaMJ — Fri, 14 Aug 2020 14:16:10 GMT

In the past month, our Capital One as well as Chase Visa lowered our available credit. We never carry a balance and figured they're not making any money from us.

Re: Capital One E-Mail

PINKdogWOOD — Fri, 14 Aug 2020 15:26:31 GMT

@Icegoddess Unfortunately no debt, not charging your life away, not spending much money on stuff does affect your credit score. I know this because my having zero debt and paying off my cc every month has lowered mine.

We've owned our home since 2000, neither me nor my husband have any debt. We also have owned our vehicles for years. He/we don't know what his score is, he's never ever looked at his credit report. Years ago I looked at mine, cleaned it up because there was a lot of stuff on it that was either my some of my parents' combined or just my mother because our names are exactly the same. So my report is great but my score has dropped through the years.

Seems we're da*ned if we do and da*ned if we don't. Just cannot seem to win in this nutso world we reside in.

Re: Capital One E-Mail

lovescats — Fri, 14 Aug 2020 23:46:59 GMT

I would just call them and ask why they lowered it. Did you open a new credit card and have more credit with someone else? may that is why they lowered it?

Re: Capital One E-Mail

patbz — Fri, 14 Aug 2020 23:59:12 GMT

I got a letter yesterday from USAA that they lowered my limit because I have almost never used the card. Btw, my score is really good but since we just paid off our house and only have one small car loan, I'm sure it'll go down some.

Re: Capital One E-Mail

SeaMaiden — Sat, 15 Aug 2020 00:01:47 GMT

This month I had my Paypal MasterCard limit RAISED $4000. I did not ask for it....do not really need it. I pay off the card each month...and do use it a lot. But I never charge even close to what the old limit was...so do not reallyknow why they raised it?

my FICO score is 850 on average. It varies by a point or two month to month. Probably raising my card limit will adversely affect my FICO for a few months..