Jump to content

Cap 1 one closed my account


carlburgin
 Share

The last post in this topic was posted 2728 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

And someone even said they pay after each purchade "because of being scared of debt". Use a debit card then!

 

I believe that was me because it sounds similar to what I said. (post #15) Just to clarify - Until a month ago, I had been using a debit card - and only a debit card - for 3-4 years.

 

I am trying to repair my credit, re-establish myself, and use the card now. It's hard to do with a $500 limit and a "pay it off immediately so you don't mess it up" mentality. (I guess I will just have to get over that.) I was hoping if Cap1 saw that I was running more through the card and paying it off right away, that I might be able to get a CLI later. After reading this thread, I see that's probably not going to be the case.

Edited by Savannah1
Link to comment
Share on other sites


  • Replies 60
  • Created
  • Last Reply

Top Posters In This Topic

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!

Some of us often recycle CL and some of us pay multiple times to maximize rewards.

 

Sent from my A0001 using Tapatalk

Link to comment
Share on other sites

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!

 

Money management - That's just how some people manage money.

Link to comment
Share on other sites

I don't think using debit cards these days is very safe anymore. I'd rather not deal with the hassle of a stolen debit card number and getting the money refunded into my account. Much less worry with a credit card. But I do prefer to pay it off often.

Link to comment
Share on other sites

 

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!

 

Money management - That's just how some people manage money.

 

While I agree with using whatever is easier for you, I've always thought of this method as being very short-sighted in terms of budget planning. That's also making a lot of assumptions based on how I personally go about a single payment every month per account. In the end, it doesn't seem like this method triggers any more account reviews, AA, etc, so do whatever makes you feel comfortable and to allow you to PIF.

Link to comment
Share on other sites

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."

I do not MS. It's got me boggled. I mainly just started really using the cards within the last few months. I had a Venture with a 1350 limit and a Quicksilver card with 750 limit. The venture was about a year old Qs was about 8 months old. I mainly used my Qs to purchase all of my gas, food and hotel while out of town on business and my venture card for bigger hotel purchases. Yeah I was constantly making payments to my cards because I would reach the limits and then pay them down. I barely even used my points. I probably had less then 100$ accumulated over the time period my cards were open. I'm still waiting on the letter they said was in the mail last monday.

Link to comment
Share on other sites

 

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."

I do not MS. It's got me boggled. I mainly just started really using the cards within the last few months. I had a Venture with a 1350 limit and a Quicksilver card with 750 limit. The venture was about a year old Qs was about 8 months old. I mainly used my Qs to purchase all of my gas, food and hotel while out of town on business and my venture card for bigger hotel purchases. Yeah I was constantly making payments to my cards because I would reach the limits and then pay them down. I barely even used my points. I probably had less then 100$ accumulated over the time period my cards were open. I'm still waiting on the letter they said was in the mail last monday.

 

 

Sorry Carl I'm calling B_U_L_L_S_H_I_T on this one.

 

According to Cap One's Venture One's application the minimum CL is $2,000

 

How Do You Determine My Credit Line?
We will determine your credit line after a review of your application and your ability to pay. If your application is approved, the minimum credit line you will receive is $2,000.
The Venture has the same wording except its $5,000.
What's the deal with you and Cap One? Did she cheat on you?
Link to comment
Share on other sites

something isn't adding up here. I agree - but lets give OP a chance to explain first shall we ? carl, if I were you i would call TODAY EO and demand the MANAGER - you have every right ti know why they did this. Do not NOT NOT settle for a frontline CSR explanation ro even frontline EO, they are simply higher paid CSR!! You can also request escalation to a true executive to review your case.

Link to comment
Share on other sites

OP's Venture may have been a PC.

 

That's possible but why???

 

To go from 1.5% cash back to 1.25% travel redemption only doesn't make sense especially to not get the $200 for bonus spend.

 

Even if OP PC'd to a regular Venture at 2% travel redemption and a $59 annual fee he still left $400 on the table.

 

None of it makes sense at all.

Link to comment
Share on other sites

 

OP's Venture may have been a PC.

 

That's possible but why???

 

To go from 1.5% cash back to 1.25% travel redemption only doesn't make sense especially to not get the $200 for bonus spend.

 

Even if OP PC'd to a regular Venture at 2% travel redemption and a $59 annual fee he still left $400 on the table.

 

None of it makes sense at all.

 

I didn't say it made sense :grin:

Link to comment
Share on other sites

  • 1 month later...

 

 

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."

I do not MS. It's got me boggled. I mainly just started really using the cards within the last few months. I had a Venture with a 1350 limit and a Quicksilver card with 750 limit. The venture was about a year old Qs was about 8 months old. I mainly used my Qs to purchase all of my gas, food and hotel while out of town on business and my venture card for bigger hotel purchases. Yeah I was constantly making payments to my cards because I would reach the limits and then pay them down. I barely even used my points. I probably had less then 100$ accumulated over the time period my cards were open. I'm still waiting on the letter they said was in the mail last monday.

Sorry Carl I'm calling B_U_L_L_S_H_I_T on this one.

 

According to Cap One's Venture One's application the minimum CL is $2,000

 

 

How Do You Determine My Credit Line?

 

We will determine your credit line after a review of your application and your ability to pay. If your application is approved, the minimum credit line you will receive is $2,000.

 

The Venture has the same wording except its $5,000.

 

What's the deal with you and Cap One? Did she cheat on you?

Link to comment
Share on other sites

And to top it all off now they have decided to close my Kohls account also And remove me from being an authorized user on my daughters card. ??? Really mind blowing and Ive tried to reach all the top execs. I was told by a manager that they were the highest it gets. It was told to me that it was a business decision. No explanations whatsoever.

Link to comment
Share on other sites

I actually hate Capital One, and I would actually think the OP probably does feel like Cap1 broke up with them!

 

My only guess, if you check your FICOs religiously and very little has changed, is they may want you to use a business card for business credit. If it's a personal card being used for business expenses, they may feel consumer protection laws that might apply (unless they proved the card was business vs personal) to consumer credit may be too much hassle.

 

If you were putting a significant amount of business expenses on the card, you could call and see if their adverse action could be resolved by converting the closed cards to business cards. It would help you build business credit, too.

 

Hey, worth a shot, right?

Link to comment
Share on other sites

Btw, you might also want to inform them that AA to this level for no reason will damage your credit, if they continue to be jackholes, and apply for a card or two from other companies to see if their AA prevents you from getting credit from another company, proving actual damages.

 

If any of your other creditors rate-jack you simply for the "closed at credit grantor's request" commentary, or a drop in your FICOs for the utilization effects, you should keep records for everything as well. fCRA claims are most effective when you can prove actual damages.

Link to comment
Share on other sites

I actually hate Capital One, and I would actually think the OP probably does feel like Cap1 broke up with them!

 

My only guess, if you check your FICOs religiously and very little has changed, is they may want you to use a business card for business credit. If it's a personal card being used for business expenses, they may feel consumer protection laws that might apply (unless they proved the card was business vs personal) to consumer credit may be too much hassle.

 

If you were putting a significant amount of business expenses on the card, you could call and see if their adverse action could be resolved by converting the closed cards to business cards. It would help you build business credit, too.

 

Hey, worth a shot, right?

I don't! Between churning them and Barclays they paid for a trip to Greece for me and my DW. However they won't approve either of us for another card but I expect it is because we have maxed out credit limits with them.

 

I agree with the fraud in the previous post. good luck

Link to comment
Share on other sites

 

I actually hate Capital One, and I would actually think the OP probably does feel like Cap1 broke up with them!

 

My only guess, if you check your FICOs religiously and very little has changed, is they may want you to use a business card for business credit. If it's a personal card being used for business expenses, they may feel consumer protection laws that might apply (unless they proved the card was business vs personal) to consumer credit may be too much hassle.

 

If you were putting a significant amount of business expenses on the card, you could call and see if their adverse action could be resolved by converting the closed cards to business cards. It would help you build business credit, too.

 

Hey, worth a shot, right?

I don't! Between churning them and Barclays they paid for a trip to Greece for me and my DW. However they won't approve either of us for another card but I expect it is because we have maxed out credit limits with them.

 

I agree with the fraud in the previous post. good luck

 

You actually thought Cap1 and Barclays would approve you for more cards when you currently have maxed out cards with them??? :stop:

Link to comment
Share on other sites

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.

It's not Crap1, its Cap1. Stop saying Crap1.

Link to comment
Share on other sites

Cap 1 like genuine, organic, regular spending. It also doesn't like carrying too much balance month after month and paying too slow. They like their cards in your wallet not sock drawer. In my case I have two cap1. A Venture One which started as QS at 300 in Nov 2014 and now at $10,300 and a Venture which started at $10,000 in Aug 2015 and as of this month at $13,000. Once I was denied CL increase for Venture because of paying balances two slow but after taking advantage of Navy Fed balance transfer and bringing the balance to 0 I asked for CL increase and it was increased to $ 13000. We must never forget that Cap1 pull 3 reports. It sees/ knows everything about the applicant's activities.

Link to comment
Share on other sites

 

****** 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.

It's not Crap1, its Cap1. Stop saying Crap1.

Wow, rules have apparently changed since I first started lurking. That used to be a very common name for Cap1 when people were dealing with the aspects of their business where the shoe seemed to fit.

 

Are we at least allowed to use insulting abbreviations for JDBs? Like "Madland" vs Midland? Serious question.

Link to comment
Share on other sites

 

I actually hate Capital One

 

I don't! Between churning them and Barclays they paid for a trip to Greece for me and my DW. However they won't approve either of us for another card but I expect it is because we have maxed out credit limits with them.

From each their own opinion, to each no judgement for said opinions. ;)

Link to comment
Share on other sites

The last post in this topic was posted 2728 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share





  • Member Statistics

    • Total Members
      188592
    • Most Online
      2046

    Newest Member
    lowery143
    Joined
×
×
  • Create New...

Important Information

Guidelines