Hi have 2 credit cards with Capital one. I have had these cards for at least 10 years now. I’ve always kept them in good standing but recently, I maxed out one of my cards. I paid more than the monthly payment only to discover that the payment didn’t go through. After almost 2 weeks, I paid a good portion and figured I’d pay the rest on the actual due date.
The other card was still in good standing. Until I discovered that my limit was lowered by $4200.
What can I do about this to immediately get my limit back up before it affects my credit?
Credit card balance reduced by $4200.
byu/ConflictOwn1621 inCreditCards
Posted by ConflictOwn1621
5 Comments
Your limit won’t go back to the normal. They deemed you high risk, you’ll have to pay them off normally and then ask in 6 months for an increase potentially
>paid more than the monthly payment only to discover that the payment didn’t go through.
So it was a bounced/returned payment? If so, you are very lucky they didn’t close that account down. Issuers (especially C1) hate this.
>What can I do about this to immediately get my limit back up before it affects my credit?
Total credit limit is not a FICO scoring factor. If you are still in revolving CC debt, then I would focus on that more than your score. Finance over FICO.
It’s common practice for credit card companies, especially Cap 1. I worked for their competitor for 18 years.
The goal is to limit the exposure if you go past due and charge off. That credit limit decrease WILL impact your credit score. Which will cause them to lower your limit again as soon as you pay it down. Luckily there are laws that keep them from lowering your limit below the balance, but they don’t always follow the laws.
Just for clarity, it was your credit card *limit* that was reduced, not your balance as stated in the thread title.
I agree with the other replies in this thread regarding the AA you received.
> *What can I do about this to immediately get my limit back up before it affects my credit?*
Short of having a Time Machine, nothing. C1 has decided they trust you less/don’t trust you due to carrying a balance and missing payments. I would tentatively expect further credit limit reductions as you continue to pay off the card.