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Hello credit whizzes! I primarily lurked here a couple years ago, posted a couple of times and thanks to you all, got my credit from the low 500s to over 700 and bought my first house! Many thanks! My current issue is so bizarre I don't even know what to call it. As part of my rebuild, I opened two secured lines of credit. The one that is an issue was only for $300, through Orchard Bank. Quite a while back, they became part of Capital One, and I got the whole letter explaining nothing would change yada-yada-yada and forgot about it, other than changing the website I pay my bill at. Jump to last week, I get a latter saying they've increased my credit limit to $500 (ooh! big $$), and I thought to myself, "Self, if they can increase your credit limit unsolicited, they can un-secure the account, surely. If they won't, close it, it has served it's purpose." Just got off the phone with them, after having been told that A: It's an unsecured account, B: They don't know anything about my $300 deposit, not even to claim they refunded it, C: I should ask Orchard Bank about it (their phone number gets you Capital One for the record), and D: I should call back Monday, there is no manager available on weekends. In case my rambling is confusing, I never got this deposit back. It's just gone. I don't even know where to start, so was hoping for some advice before I talk to them again Monday morning. All I can think of now is to go through all my statements since the start of the account, and ask them to refer me to when I got the refund, but then, they don't claim to have issued one... Thankfully, I still have the paperwork from opening the Orchard Bank account in a file, but then, that doesn't prove it was still a secured account when Capital One bought it. I'm pretty bent about the whole thing, $300 is $300, I feel like I got mugged here. Any ideas would be appreciated, or even just someone to share my outrage, lol. Has anyone heard of this problem before? A google search turned up nothing, but I don't even know what good search terms would be for this mess.

Like a few others, I've always referred to Capital One as CrapOne. Not, mind you, because they've ever done anything terrible to me, but more because of what I have seen them do with others. Those with Cap One cards that have a ten year history at a $300 limit should understand. I've also not been too kind with HSBC USA or Orchard Bank. Many years ago on a day that I probably forgot to take my meds, I tried the OB pre-approval tool and ended up with an OB card. I guess I was lucky in that there was no AF and the APR was under 9%, but the CL was only $300 and on that is was stuck forever. And ever. A while ago I decided to close the card as not only was a $300 limit pretty much embarrassing as well as useless, but also I had no expectations of Cap One treating the account any better once they took over. I called, closed the account and felt pretty good about it. I sent an e-mail after that telling them that they might want to start looking at their cardholders individually instead of as a giant group of misfits if they ever wanted to gain the same respect that HSBC has outside of the US. I did not ask or otherwise indicate that I wanted my account back. About two days later I was surprised by a call from the Cap One Executive Resolutions Unit. The guy was extremely nice and said he understood my concerns and they were seriously looking at handling accounts on a case-by-case basis instead if lumping them into unmodifiable groups. Meanwhile, he asked, what would it take for me to accept an account reopening. I told him that I had too many accounts as it was so for the moment reopening the account was not something that appealed to me. He asked about rewards, but I mentioned that rewards didn't interest me and with a $300 limit the rewards would need to be at least 50% to make it meaningful. We both chuckled over that and it was suggested that they could raise the CL. I admired the guy's attitude, tenacity and desire to go the extra mile so I figured I'd end things on a positive note and let him reopen the account. When he stated they'd probably have to place an inquiry on my credit report, I started thinking lucidly again and started to object, but thought I'd try being kind and magnanimous for a change and said ok. A few days later I get a call that my account was reopened. Although I kept thinking of a $100 CLI costing me a hard inquiry, I struggled to remain gracious. Then about two days after that they call and said they got an approval on raising my limit to $10k. Holy sheet! I'll try never to refer to Cap One was anything other than Cap One again. Ever. I adore them! After I get my new Cap One card this summer I will PC to Venture or something.

Orchard Bank sold a charged-off account to a JDB in mid 2007. Sometime in 2012, HSBC sold their portfolio to Capital One. Now Capital One is reporting in place of the original creditor. I don't understand how Orchard sold the account twice, in my opinion. They did not re-acquire the debt before selling to Capital One.

Yesterday and the day before a few colleagues mentioned that CrapOne suddenly closed their Orchard Bank accounts due to a "business decision" not involving a review of their credit. Today I saw a thread on the CreditBoards wannabe forums where another person with supposedly good credit had their Orchard Bank credit card nuked by CrapOne citing a "business decision." I guess it was only a matter of time. For reasons that must have involved mental retardation, I also have a long-time obsolete and useless OB card and I suppose CrapOne will shut down soon also. So to beat them to the punch, I called to close it. And it feels really good. I know CrapOne also blacklists so I wonder if that could be a reason for the purge. Otherwise, why would they nuke profitable customers?

I know Capital One has taken over the credit for HSBC & Orchard bank but I'm a bit confused right now. I have some OLD accounts from HSBC & Orchard that charged off at one time. One of them was sold to Sherman Today I received a letter from Capital One regarding an important notice in change of terms along with a Platinum MasterCard® Guide to benefits. Anyone know why I would get this for a closed account?