Banks are cutting credit lines on credit cards

**porgy1000** · February 5th, 2008, 05:12 PM

here is a link to what is happening to the credit cards you may carry. There is also a link on that site about Capital one. If you have a capital one card you should read it

http://online.wsj.com/article/SB1202..._editors_picks

**porgy1000** · February 5th, 2008, 05:34 PM

Here is another link from another web site

http://consumerist.com/consumer/subp...its-302675.php

**hjm331** · February 5th, 2008, 09:39 PM

wow this is serious. We owe all this to the great folks who decided to put all their charges on their cards. If I was going through a financial crisis, the last thing I would do is put all my charges on credit cards knowing that it would take me a while to get a credit once I start rebuilding my credit.

**Meya** · February 6th, 2008, 04:20 AM

**Ash** · February 6th, 2008, 07:08 AM

OMG! interesting read porgy...
Diddo

**porgy1000** · February 6th, 2008, 07:35 AM

From what I understand after reading this about capital one and from what I saw on Fox News last night, it is not very good.

Capital one says that if you have more then TWO inquiries in a 6 month period for new credit cards they will review your account to REDUCE your credit limit. I mean, really, that applies to everyone. I guess they are just using something broad like that so they can lowere credit lines

**hjm331** · February 6th, 2008, 03:04 PM

Now that's something I don't believe.

**porgy1000** · February 6th, 2008, 04:31 PM

Here is ANOTHER link that Capital One will be lowering credit lines to people who are looking for more credit IE inquiries

http://calculatedrisk.blogspot.com/2...dit-cards.html

**hjm331** · February 6th, 2008, 04:42 PM

I think that this is completely ridiculous because it's not fair to those customers who always pay on time and pay their balances off in full every month. I think that this comment is general and I'm pretty sure they would check my account and my payment history before doing something like that. If they do lower my CL, I wouldn't spend a single PENNY on that card until they have convinced me with a good, fixer offer. If not, then it will go into my sock drawer.

**porgy1000** · February 6th, 2008, 05:20 PM

Dont take it personally, it is NOT directed at any one or any group of people. It is a business they are running and based on what they think (right or wrong) it is a business decision based on the current credit market, the economy, and how people are paying them in general.

I still think that capital one's primary customers are ones that are rebuilding or at least have taken a stand to improve their credit.

It will all depend on a new set of standards they have in place. Some will fall into the new credit line reduction, and I am sure many wont. Wherever you fit in, you will survive. Dont let any bank bully you around

If you go look in the reviews on here you will see how many people went bankrupt and stuck Capital One, then only to re apply after the bankruptcy and get a new card from them. That amounts to BILLIONS of dollars in losses for Capital One. Personally I feel they are IDIOTS for giving cards to the same people they just charged off a year or two prior. OK, I am ready for the negative comments now LOL heheheh

**Meya** · February 6th, 2008, 07:11 PM

I think it target those who has been late with them in the past or is out searching for too much credit. They probably need to red flag us re builders since they are in trouble themselves. But I don't think we have anything to worry about hjm, we have not defaulted with them before, and you already know that applying for too much credit will halt any creditor. So let's keep our head up and fingers crossed.

**porgy1000** · February 7th, 2008, 04:53 PM

I still think that too many new inquiries can cause a credit line decrease based on all the links that I put up on here

**Meya** · February 7th, 2008, 11:57 PM

It probably will, but you also stated that amex does that. So far, I have not heard of subprimed cards doing that until you put up cap1. I seen for myself that cap1 is in the mist of decreasing limits to some card members, but I just keep my self the way I am by not applying for nothing at all. If they do decide to cut me, and I know I am a loyal paying cusotmer, like I said before, I am going to cease my charging with the card and give it back to them. That is going to mess with my scores regardless to how much good I have done with them.