I've been a customer with Capital One for years and years. Have two cards with them, both with hefty credit limits. Or used to, anyway. Have used them a bit over here, but not heavily. Always paid them off. Thankfully I already paid our airfares on one, but when I went online waaay late last night to make sure that they both had a zero balance in advance our our upcoming spending spree, I was horrified to find that the other cards' limit had been dropped by 4/5ths with no notice whatsoever.
I'd looked at it last week, no probs. Planned accordingly to pay the movers this week, pay for hotel, pay for rental car. And now, zowie!
Thankfully I do have other cards and this is an inconvenience more than a disaster. But if I'd really been depending on that card I'd be hurting. Plus this will change my credit score, since my available credit limits are going to be reduced by that much. Right when I need to be leasing an apartment! I did phone them in a panic and was told that it was due to not enough use to justify that credit line, and that it was absolutely not open to appeal. I explained our situation and asked if they couldn't at least increase it by half of the old line. Nope. They swore up and down they'd sent me a notice via email. They couldn't say when. I haven't seen it - it's not here. The first guy I spoke with had said "the computers had done something" and he was getting a lot of calls.
Did some research online and apparently a lot of the big credit card companies are doing the same, to cut their losses. Some algorithm was run on the the CapOne computer and it summarily is chopping people's credit. Ohmy.
