Capital One Reducing Credit Limits

We’ve seen many card issuers reduce credit limits due to the financial uncertainty of COVID-19 (including Chase). It seems that Capital One has done a massive round of reductions. Most cardholders are seeing their credit limits to either $5,000 or $1,500/$2,000 depending on the card and other factors. If you’re credit limit was reduced feel free to share your experiences in the comments below.

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Randy
Randy

As others have stated, my limit went from 9200 to 2000 because I wasn’t using it enough. We’ll be switching our banking to another company, as they have also systematically closed all branches within 45 minutes of our home. I won’t cancel the card, but it will never be used again.

TINA LOIS MOORE
TINA LOIS MOORE

Yes the Blank blank decreased mine from 7000 to 2000. All while i was in the hospital fighting for my life. I lose 21 points on my credit.

Lynn
Lynn

Well I see I am not alone. Capitol One just decreased my credit line from 17000 to 10000 due to low utilization….I use the card all the time. I charge at least 2000 a month and always pay off when due. I’ve had my card since 1998. Always on time. Credit score 825. I called right away. They said they could do nothing. I told them we were getting ready to refinance our house and I was afraid it would hurt my credit score and could they reconsider. They said let me check less than an minute came back, No nothing they could do.. Really? Loyal customer for 22 years. excellent credit and they could not do a thing! Few days late got am email from Chase saying my credit score had changed. It was 801.
I read why would your credit line be reduced, normally because you don’t pay on time….. I pay on time, all the time.
I’m mad!!! No recourse

TINA LOIS MOORE
TINA LOIS MOORE

Lynn they did the exact same to me. I was in the hospital fighting covid .

Carol Kirk
Carol Kirk

Have had Capital One for about 20 years. I never requested an increase in the limit, but they kept raising it until it got to $30,000. I was just notified they were lowering my limit to $10,000. I use the card for everything and pay the balance off monthly. I called to see why they did this and expressed my concern that my credit rating would go down. I was told it would probably affect my credit rating and the representative agreed it wasn’t a good way to treat their customers, but there wasn’t anything she could do. I was thinking about it and wondered if my contributing to President Trump’s campaign fund was the reason this happened. Now I’m wondering if other conservatives have experienced the same treatment.

James
James

I am deeply disappointed with abysmal customer service from Capital One. I have had a GM card for nearly 20 years, though admittedly have not used in recent years as I have an AMEX platinum card with better benefits. I was notified that my limit was dropped from $10K to $500 do to low utilization. I offered to use more if they returned to original limit. I have over 830 FICO and was told to pound sand. For investors, big sign a company is not doing well is to treat quality customers like rubbish. Thanks Capitol One. You’ve reinforced why I was smart to utilize other card companies.

R.J. Courtot
R.J. Courtot

I had made payments on my Capitalone cards but I guess that was not good enough for them; probably because of the pandemic but that does not help me now. I paid them monthly payments on time and then they decided to take $2000 more from my bank account which has now completely emptied my checking accounts. I do not know what to do because I do not get paid until next week and I have other bills to pay. This should not be legal for them to do this as it is a joint checking account so it is not just effecting me but my husband also who is very angry at me.

MJ
MJ

Today Capital One sent a document in my credit card account that overnight they decreased my credit line from $8,500 to $2,000 due to low utilization, even though I use the card for large purchases and have reoccurring as well. Not only did this ding my credit score but when I called Capital One to ask for the previous limit to be reinstated, I was rudely told by an agent that it there was no way to increase my limit and that my 100% paid on time status for the last 11 years with the account did not matter. Well, Capital One will no longer have my business when they treat loyal customers that way. Byeee.

Lisa
Lisa

My credit limit went from $10,500 to $5000. And I DO use my card. I fly internationally and buy plane tickets and pay for hotels on the card. NEVER 1 late payment and my credit score is 755. My question is, is there another card that starts you off at a high limit?

J
J

This is the second time in the last few years Capital One has done this to me. Like everyone else I have a great credit rating and always pay my bills on time. It baffles me that Capital One is punishing good, long standing customers. Just because I haven’t used my card a lot doesn’t mean I should be penalized for it. Instead of making good customers angry we should be offered incentives to use the card more. I am angry…..like everyone else who has been treated this way. I want so much to cancel the card, but that hurts your credit rating. I will think twice about using Capital One or one of my other cards the next time I make a purchase…..especially a large one. Making customers angry does NOT make them want to keep doing business with you, Capital One.

K
K

venture got reduced from 25k to 10k. My credit is 800+ and always paid off my balance. Same reason as everyone, stating utilization is too low and they need to adjust the CL.