Cap 1 one closed my account

[carlburgin]

So unexpectedly Cap 1 has decided to close my accounts and wont give me any information as to why they did so. All they can tell me is its concerning past, present, or future legal actions. Ive called all my local offices. I have no such actions. I had a tax lien 3 years ago for for 50 dollars that was released and this was prior to me getting the Capital one card so this shouldn't be a factor. Anyone have any advice on how I can find out the specific reasoning behind this closure?

[TheVig]

When was the last time you ordered paper credit reports and looked at them?

[JstBrwsin]

I actually got all 4 of my accounts closed today as well. something is going on over there

[Kat58]

Interesting.

[joeyzoom416]

WOW!!! You never see AA from Capital One let alone 2 in one day ...

 

JstBrwsin, did you call ??? I highly suggest contacting the EO on this guys - email Richard.Fairbank@capitalone.com.

 

That seems reallllly odd, and sure hope this is not a sign of impending doom with now Capital One!!!

Edited December 15, 2016 by joeyzoom416

[Big Bear]

So nothing new on any of your reports? No recent new account sprees or other possible triggers?

[cv91915]

Do you have a criminal record? Even an old one?

[Aahz]

Seems to be a new CapOne trend...

 

May 2016 - https://creditboards.com/forums/index.php?showtopic=567949

Sept 2016 - https://creditboards.com/forums/index.php?showtopic=576772

 

No real closure or explanation in with either of those.

 

Dec 2015 - http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Just-Closed-All-4-of-My-Cards/td-p/4362242

 

They seem to think it may have something to do with Cash Advances looking like money laundering. http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Just-Closed-All-4-of-My-Cards/m-p/4363321#M1249344

Edited December 15, 2016 by Aahz

[chrishillson]

Seems to be a new CapOne trend...

 

May 2016 - https://creditboards.com/forums/index.php?showtopic=567949

 

No real closure or explanation in with either of those.

 

 

They refused to open an unsecured card, but my secured card is still open. I knew there was an open lawsuit, I just wanted Cap1 to admit where they got the info from. The pending lawsuit has been dismissed but I have no desire to get anything else from Cap1 at this time.

[JstBrwsin]

yes, i did call in and they transfered me over to the executive office. All they did was say that my accounts were closed due to inconsistent purchases with a small business. I had two personal and two spark cards. I run over 20k a month through one of the cards, and it was pretty much my go to card for inventory purchases. they said theres nothing they can do and the decision is not reversible. They said i could reapply at any time.

[mendelssohn]

Crap1 closed my card once I started using it. They didn't care when I used it to BT $250K and PIF through WBP to support my MS activities, but after stopping that for quite some time and trying to USE the card, they shut me down.

[Jill12345]

Crap1 closed my card once I started using it. They didn't care when I used it to BT $250K and PIF through WBP to support my MS activities, but after stopping that for quite some time and trying to USE the card, they shut me down.

Did they say you used it too much? I pay mine a few times a month, so I was curious to maybe stop using it.

[Kat58]

 

Crap1 closed my card once I started using it. They didn't care when I used it to BT $250K and PIF through WBP to support my MS activities, but after stopping that for quite some time and trying to USE the card, they shut me down.

Did they say you used it too much? I pay mine a few times a month, so I was curious to maybe stop using it.

 

https://creditboards.com/forums/index.php?showtopic=572152&page=1

[donuteric]

 

I pay mine a few times a month, so I was curious to maybe stop using it.

 

 

I pay mine at least 15 times a month for the past year. They don't seem to care, but who knows.

[Savannah1]

 

 

I pay mine a few times a month, so I was curious to maybe stop using it.

 

 

I pay mine at least 15 times a month for the past year. They don't seem to care, but who knows.

 

 

And I pay mine almost every other day (mostly because I'm terrified of carrying debt now) and I'm still stuck at $500

I can't let it go though because it's my oldest card. I hope they don't close it on me (for whatever reason-of-the-day)

[steelers1]

 

 

 

I pay mine a few times a month, so I was curious to maybe stop using it.

 

 

I pay mine at least 15 times a month for the past year. They don't seem to care, but who knows.

 

 

And I pay mine almost every other day (mostly because I'm terrified of carrying debt now) and I'm still stuck at $500

I can't let it go though because it's my oldest card. I hope they don't close it on me (for whatever reason-of-the-day)

 

 

i really don't think they care about how many times you pay them in a month.

 

I also do the same and I have for the past few years. I'm self employed and I pay according to my cash flow.

[carlburgin]

Only thing that I have recently done is transferred all of my cards to one card through my credit union to get that lower interest rate. My cap 1 cards I use for my business expenditures. So I am constantly making purchases and then paying them off right away. They will not give me a true answer. Spoke to the executive branch numerous times. Same answer ever time. It was a business decision. Heck with reapplying. Ill take my bisiness elswhere. It just sucks not having any real answer or closure.

[carlburgin]

When was the last time you ordered paper credit reports and looked at them?

[donuteric]

Well, when Barclay and Schwab told me to go pound sand, they all gave me the same "business decision" BS.

[carlburgin]

I use credit karma religiously. Going to sign up with my fico to check.

[carlburgin]

Well, when Barclay and Schwab told me to go pound sand, they all gave me the same "business decision" BS.

[carlburgin]

First time its happened to me. Its got me heated. Im ready to file a complaint through the Attorney Generals office until they can give me a specific reason for their decision.

[joeyzoom416]

carl, the thing is Cap1 RARELY takes AA on accounts (CLD, closures) so something "serious" must have triggered their closure. Do you MS? Bitcoin ? Looking at your post i think the business purchases may have done it -- I've read numerous posts where Chase, Citi, and other big lenders have done the same thing for business purchases - instant closure. Personally I dont get why they care if you use the card for business buys -- as long as they're getting paid. But who cares, the credit game honestly is such a joke. I feel for you bud, I've gone through it once or twice since my credit journey repair in 2014.

 

Whats your FICOs? This usually doesn't matter with Cap1, again - as my FICO once dipped to like 580 and they didn't touch my $13k line lol (due to extremelyy high UTIL - paid off a lot the next month). On the flip side, my good friend just had his line at BofA slashed from $35,000 to ... $3,000 due to a FICO drop of 25 its from 710 to 685!! Another co-worker had CHASE close his account for "excessive inquiries and new accounts" with a line of $15,000. So you never know.

 

Anyway I would file away, dont take no for an answer WITHOUT a true explanation. As a forewarning though, if they closed you out for perceived fraud of any kind, the only response you'll get is that "Business decision" BS even with CFPB complaints. Usually, when I or others I know have been AA'd by a lender they give the direct reason (too many inquiries, score drop combined with new derogs, high UTIL etc). The fact that they will not disclose it leads me to believe this was a Security Team closure -- and thats tough to get around. But more power to you and good luck -- hate to see these kinds of posts."

[Gypsee]

Ive never understood the mutliple payments a month. I understand it for keeping utl low but numerous payments is ridiculous. IMHO that just draws attention to the account. And someone even said they pay after each purchade "because of being scared of debt". Use a debit card then!

[monger]

Ive never understood the mutliple payments a month. I understand it for keeping utl low but numerous payments is ridiculous. IMHO that just draws attention to the account. And someone even said they pay after each purchade "because of being scared of debt". Use a debit card then!

It's just that some people have OCD more than others. I'm guilty of that from time to time. I'll make my next payment as soon as the statement cuts on accts that are carrying balances...that way, it gives me about 2 months before my next payment is due. My way of staying ahead, although I really may not be.