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Capital One (Scum!) Lies!


Journeyjeans
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Okay, I have a big problem here and I humbly ask for your advice.

 

My Statement Close Date for my Capital One card has been on the 16th of the month for over 3 years since I've had this account.  I noticed that in November 2020 Capital One changed it to the 18th.  Then in December 2020 and January 2021 it was the 19th.  I called into Capital One because I was worried about what was going on and I spoke with the agent who told me that Capital One made some internal changes and that my new statement close date will be the 19th of every month going forward.

 

Fast forward to today, I get a notification that my statement close date was the 16th of this month... The reason this is an issue is because the eporting to the credit bureaus now looks like my balance is WAY HIGHER than it actually is!!!

 

This makes my utilization look SUPER HIGH when in fact I have the money to pay it right now, I just thought I had time because my statement cut date was a few days away.

 

The problem is that after learning this, I immediately I call in to Capital One customer service and ask for a supervisor.  I get someone named Oscar who supposedly was a senior account representative supervisor... Who long story short, did not help me... Did not care... And basically told me to go f myself.  He would not escalate the matter to his manager, he will not give me a mailing address to corporate, he wouldn't even give me his last initial.  In fact he threatened to hang up on me if he's suspected I was "recording the call".

 

I need to get to someone in management, upper management, the Consumer Financial Protection Bureau, the Better Business Bureau... Somebody, to fix this reporting mess...because THEIR OWN employee told me the wrong statement cut date and now it makes ME look bad!  All my scores are over 700 but I am expecting a big ding after this mess, and it's all Crapital One's fault!

 

Has anyone ever been through this?  How do you go about fixing this?  Thank you for any help!

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Capital One has the right to adjust internal policies and moving a closing date a day or two back or forwards appears to be legitimate to me, but I am not an expert in credit card finance regulation.

Call back and ask to speak to a manager, but do not expect them to alter their policies to benefit anyone other than themselves. If your usage looks high to creditors, you should pay off Cap-1 as soon as possible and find another credit card issuer. 

I am no fan Cap-1 and their arbitrary policies, but the only thing you can do as a consumer is to "fire them" by closing your account

Edited by insolent1
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3 hours ago, insolent1 said:

Capital One has the right to adjust internal policies and moving a closing date a day or two back or forwards appears to be legitimate to me, but I am not an expert in credit card finance regulation.

Call back and ask to speak to a manager, but do not expect them to alter their policies to benefit anyone other than themselves. If your usage looks high to creditors, you should pay off Cap-1 as soon as possible and find another credit card issuer. 

I am no fan Cap-1 and their arbitrary policies, but the only thing you can do as a consumer is to "fire them" by closing your account

And that I will, at my first chance!!!

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3 hours ago, cv91915 said:

Just adjust your habits and move on.  

 

Next cycle will be here in less than 30 days, the current balance that's reporting will be replaced with a new one, and in a few months you'll forget all about this.

 

Note that I'm not saying this isn't annoying.  But keep your perspective.  

Thank you.  I appreciate you.  I really really do.  This helped calm me down a little bit.  I am just so annoyed!  I don't like being lies to!  I guess this is what I get for chasing rewards at such a "young" credit age lol.  I need far more credit room than my Crap One allows, so I thought to get the biggest bang for my buck I would "play it close"....not doing that again, and I can't believe I forgot the cardinal rule....***never trust customer service*** 😂😂😂

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Go back and look at your November 2020 statement.  That is when Cap1 notified all card holders that they were changing how statements closed out going forward.  It used to be statements closed out exactly 3 days after the payment due date.  For what ever reasons they changed over to a 25 days from when your next payment is due closing date.  So to determine when your statement will close each month you have to count 25 days back from next month.  My payment is due on the 15th of each month.  19 days back from March 15th means my statement for February will drop the 19th this Friday.  

 

They didn't lie to you.  They changed their accounting procedures and now no longer use a fixed statement drop date and gave plenty of notice to adjust your payment plans.  

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4 hours ago, CreditSucksNot said:

Go back and look at your November 2020 statement.  That is when Cap1 notified all card holders that they were changing how statements closed out going forward.  It used to be statements closed out exactly 3 days after the payment due date.  For what ever reasons they changed over to a 25 days from when your next payment is due closing date.  So to determine when your statement will close each month you have to count 25 days back from next month.  My payment is due on the 15th of each month.  19 days back from March 15th means my statement for February will drop the 19th this Friday.  

 

They didn't lie to you.  They changed their accounting procedures and now no longer use a fixed statement drop date and gave plenty of notice to adjust your payment plans.  

Same here, big notice on my October statement explaining exactly how the closing date was changing and how to calculate the date each month.

 

Good reminder that electing paperless documents makes it easy to miss important notices and changes like this and necessitates diligence to avoid these kind of situations.

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4 hours ago, Anubis said:

Same here, big notice on my October statement explaining exactly how the closing date was changing and how to calculate the date each month.

 

Good reminder that electing paperless documents makes it easy to miss important notices and changes like this and necessitates diligence to avoid these kind of situations.

Correction:  it is the October Statement that notified of the change.  The change took effect in November.  You are right.  I just remember it was in the fall.  

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I was annoyed too when they changed the formula.  Both the due date and the closing date used to be fixed.  Now the due date is still fixed but the closing date bounces around.  However, as others have said, it does follow a formula that they announced.

 

About half my cards do things the way Capone used to, and the other half do something similar to Capone's new formula, so it isn't just this one card issuer that works this way.  It's important to keep track of which is which, especially when one of them changes.

 

Now that you know the situation and how to deal with it, your scores will return to normal the following month.  No harm done unless you were getting a mortgage this month.

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BTW, the CSR was probably just confused.  The kind of customer they normally talk to is only concerned with the due date, and knows nothing about the closing date.  It takes a little more advanced customer to care about the closing date.  Since the due date is still fixed, and that is what most people care about, the CSR probably just got their wires crossed.

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3 hours ago, cv91915 said:

fwiw, I don't recall seeing a notice on any of my statements.

I went back and looked - bottom of the very last page of the October 2020 statement on my Quicksilver. At the top in the CARD Act blah blah blah there's a "An important change in terms is on this statement" sentence on there. I'm trying to copy and paste it here but PDF isn't cooperating with me

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3 hours ago, IndyPoolPlayer said:

I went back and looked - bottom of the very last page of the October 2020 statement on my Quicksilver. At the top in the CARD Act blah blah blah there's a "An important change in terms is on this statement" sentence on there. I'm trying to copy and paste it here but PDF isn't cooperating with me

I went back and looked at the October statement also.  It has one Account Notification regarding a change to the late payment fee.

 

Nothing on the November statement.  September statement has an Account Notification regarding the addition of card benefits, including cell phone insurance.  

 

Also, my statements still close on the 2nd of every month.  Maybe they're phasing this in.

 

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fwiw, pulling my Oct statement online, it only shows the same fee blurb that @cv91915's does.  I didn't check the close date of my statements, but I suspect I also close on a consistent date month to month.

 

With respect to @Journeyjeans concerns, I'll suggest that while I understand his concern, it's important to note that any score impact from a reported high balance is temporary.  It sounds as if this balance is typically managed to avoid such reporting.  As soon as the next month's low balance reports, the impact will fully reverse.

 

For this reason I would chalk this up to a "live and learn" experience.  Presumably the statement notice was provided in October (a change that is within C1's rights).  So there's no foul on the part of C1.  Given the the opportunity to "correct" any score impact the next month, I suggest chilling out over this.

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Here is the October statement according to what is about to be a change coming up...

 

PS7L3dL.png

 

 

 

I think Capital One limits your cash advance limit to 50% of the entire credit limit. Just like my Discover It card cash advance limit, your limit is less than 1%, which is very strange. Haha... Stingy than JPM Chase 5%.

 

 

ZYCbecr.png

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8 hours ago, MP80 said:

Here is the October statement according to what is about to be a change coming up...

 

PS7L3dL.png

 

 

 

I think Capital One limits your cash advance limit to 50% of the entire credit limit. Just like my Discover It card cash advance limit, your limit is less than 1%, which is very strange. Haha... Stingy than JPM Chase 5%.

 

 

ZYCbecr.png

I see your CL is 30k. Is that the max with C1?

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21 hours ago, mindcrime2 said:

I see your CL is 30k. Is that the max with C1?

As for me to precisely how I can emphasize more on the Covid-19 affecting the aspect live of these financial institutions and the big banks to approve the surrounding lending of credit line increases to a specific digital number are paradoxical ambiguity.

 

Many years ago, Capital One recalibrated its model loan through the highly-rated and highly advertised Venture Rewards card. The initial approval of the initial credit limit was eye-opening, and it attracted and aroused millions of consumers, who eagerly accepted back-to-back approved applications, and each applicant received an average of $30K-$50K. Later, these separate credit card accounts may be approved by Capital One to merge into a single capped credit card account. However, in just a few months, it was rejected, and it is reverting to the previous strategy, which just rejected your combined request.

 

No one knows how high the credit limit of the Capital One credit card is, but Cappy says that his card is more than $100,000, as are other CB members (from $50K-$80K).

It was too late for me to participate in the party, trying to imitate the crazy atmosphere was approved for the first application, but immediately rejected the second application. 

 

Here is a long thread contribute by MrJuggs...

 

guide to Capital one & the 2fer deal is dead - Credit Forum - CreditBoards

 

Edited by MP80
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On 2/19/2021 at 2:38 PM, MP80 said:

As for me to precisely how I can emphasize more on the Covid-19 affecting the aspect live of these financial institutions and the big banks to approve the surrounding lending of credit line increases to a specific digital number are paradoxical ambiguity.

 

Many years ago, Capital One recalibrated its model loan through the highly-rated and highly advertised Venture Rewards card. The initial approval of the initial credit limit was eye-opening, and it attracted and aroused millions of consumers, who eagerly accepted back-to-back approved applications, and each applicant received an average of $30K-$50K. Later, these separate credit card accounts may be approved by Capital One to merge into a single capped credit card account. However, in just a few months, it was rejected, and it is reverting to the previous strategy, which just rejected your combined request.

 

No one knows how high the credit limit of the Capital One credit card is, but Cappy says that his card is more than $100,000, as are other CB members (from $50K-$80K).

It was too late for me to participate in the party, trying to imitate the crazy atmosphere was approved for the first application, but immediately rejected the second application. 

 

Here is a long thread contribute by MrJuggs...

 

guide to Capital one & the 2fer deal is dead - Credit Forum - CreditBoards

 

I had the Venture. Closed it. Opened a Savor and will probably close as well unless they waive the AMF, again. The Savor is 30k, and I think so was the Venture. I opened them for the bonuses. The CL is nice to add to my mix, but hearing that people could have a CL with C1 at nearly 100k has me thinking my open lines of around 225k total really aren't that much. 

 

I know I'm "new here", but I've been around for a while. Started on creditnet over 20 years ago. Information I learned was invaluable. Happy to be joining in the groups again.

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23 hours ago, mindcrime2 said:

I had the Venture. Closed it. Opened a Savor and will probably close as well unless they waive the AMF, again. The Savor is 30k, and I think so was the Venture. I opened them for the bonuses. The CL is nice to add to my mix, but hearing that people could have a CL with C1 at nearly 100k has me thinking my open lines of around 225k total really aren't that much. 

 

I know I'm "new here", but I've been around for a while. Started on creditnet over 20 years ago. Information I learned was invaluable. Happy to be joining in the groups again.

Haha... :D Twenty years ago, the forum was like a gold mine, with a large number of members and lurkers coming and going, so if you are seeking credit, rebuilding your credit, or are about to apply for Chapter 7 bankruptcy protection, or just recently went out of bankruptcy protection In bankruptcy, absolutely an excellent place to be. In addition, some veterans are credit connoisseurs who provide useful information to help members and lurkers understand whether the head-up is from creditors, lenders, or debt collections agencies.

 

We are the same person (haha... you and me) from there twenty years ago. Some people kept their aliases and avatars, while others evolved into different identities of basically the same person. I still remember some of the names and aliases clearly, if it really resembles yesterday, hehe... :lol:

 

Well, things changed. At that time, we were not surprised. Some people got four Citibank airline advantage cards in one night ($5K ea), while others were approved to obtained Amex trifecta (charge card, credit card, personal credit line) It was Ameriprise that provided the issuing personal line of credit.

 

I think the average credit limit combination for most people is about $50K-$150K. If the credit portfolio contains 20 or more credit cards, this will only make things more complicated and difficult to manage. There are debates and arguments about this, but I will not give up people’s self and interest in how much credit is the right answer.

 

By the way, Upthread I mentioned Cappy (Captivate) or another alias. He/she said that he/she has obtained over $100K of credit exposure with Capital One. Unfortunately, Cappy has no screenshots to prove it. So there you have it.  :)

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