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Capital One Suspended My Account Without Warning

Posted Mon January 5, 2009 12:00 pm, by Jacob S. written to Capital One Financial

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I just received a letter stating that my account had been suspended due to inactivity and would be closed in 60 days. I immediately called customer service and was informed that it is NOT possible for anyone at Capital One to reinstate my account and was told I would need to apply for another card.

Being fairly responsible with my credit, I kept this card locked away for emergencies. Had I known it was about to be suspended due to inactivity, I would have used it.

I asked why I wasn't warned or otherwise informed of this change in Capital One's policy. I was told that a decision was made NOT to inform customers. I was also told that the information relating to terminating accounts due to inactivity may not even appear in the current terms and conditions for the card (other than the standard 'we can close your account at any time for any reason').

I was left with the option of closing my account myself or waiting 60 days for Capital One to close it. I felt it would look better on my credit history to have closed the account myself rather than have it closed by Capital One.

Thanks to Capital One, my FICO score will probably drop due to the change in my debt to credit ratio. If I wanted to keep my business with Capital One, I would need to open another account which would further affect my FICO score.

I will be taking my business elsewhere.

I would like Capital One to remove the restriction that prevents these suspensions from being lifted.

I would like Capital One to inform customers that their account is about to be suspended due to inactivity prior to enacting this unremovable suspension and account termination.


Reply



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by Jennifer S Posted Tue January 6, 2009 @ 3:26 PM

Capitol One makes very little effort to communicate with customers
unless their bill is past due! My account was canceled after Capitol
One identified fraud. 12 days after the fraudulent charge was
identified, my card was declined when I tried to pay an emergency vet
bill. Called Capitol One and was told they had tried to get a hold of
us to no avail.(They never called us!!!!!) 2 days later, we get a
letter from Capitol One telling us they identified possible fraud on
the account, that they had been unable to reach us (again they never
tried) and that our account was closed. I'm glad they were able to
identify the fraud and closed the account immediately but it should
not have taken 14 days for them to notify us!
The card will be paid off completely in about a month. I seriously
hope they don't cancel the card on us. Its the only credit card we
have and we only use it for emergencies. This card saved us when we
got hit with almost $10,000 worth of medical expenses over a 2 month
period and the hospital set up a ridiculously high payment plan. We
may have to pay interest but in the long run, its cheaper than having
a collection account on our credit report!

Reply


Sorry about your accident... by dulynoted (aka duttycalls) Tue January 6, 2009 @ 5:22 PM

We have insurance but..... by Jennifer S Tue January 6, 2009 @ 8:12 PM

by RedheadwGlasses Posted Tue January 6, 2009 @ 9:16 AM

But they did warn you. They sent you a letter. "Without warning" or
not being "Otherwise informed" would be true if you went to use the
card and it had been suspended, leaving you in an awkward situation
with a service provider, sales clerk, etc.

Reply


That's what I thought.. by Ms. Harleycat Tue January 6, 2009 @ 10:07 AM


I think the OP has a different meaning of the word "warning" by Not myself today Tue January 6, 2009 @ 10:58 AM

Warning Letter by jschmier Tue January 6, 2009 @ 11:07 AM


That would be fair by RedheadwGlasses Tue January 6, 2009 @ 12:17 PM

Exactly by jschmier Tue January 6, 2009 @ 7:24 PM

by RowdyRetailer Posted Tue January 6, 2009 @ 9:00 AM

You need to ask yourself if you seriously want to go into debt in the
middle of an emergency!!!

Then ask yourself how much money you need in savings to make yourself
comfortable in the event of an emergency. Then get that amount of
money in the "emergency" account and then cut up the credit card.

I am glad to see that the credit card companies are doing you a favor
and cancelling your card, just get some savings in place and be done
with them!!!!!!!!!!!


Good Day

Reply


Where does it say the OP has no savings? by Not myself today Tue January 6, 2009 @ 11:07 AM

Are you kidding? by fishbjc Wed January 7, 2009 @ 11:03 PM


by Nate. Posted Tue January 6, 2009 @ 8:46 AM

If you have no debt on the card and everything was paid, and the
account was closed solely due to inactivity, I doubt it would
negatively affect your credit.

I would simply re-apply for another credit card, or not open another
card at all. Since it seems like you have not had any problems, and
don't really need the credit, you could save up some of your earnings
as a safety net and earn interest in the process. When there is an
emergency, there will be no interest to pay and no finance charges or
debt.

Reply

Utilization Rate by mikedthornton Tue January 6, 2009 @ 8:55 AM

FICO Score by jschmier Tue January 6, 2009 @ 11:13 AM

by dulynoted (aka duttycalls) Posted Tue January 6, 2009 @ 8:14 AM

Just a while back credit card companies were inudating our homes with
credit card applications. Now they are pretty choosy as to who they
want as, or to keep as customers. Its in their ballpark now, not the
consumers.

The previously written explanation was correct. And although I applaud
your ability to NOT use your card, albeit an emergency, the card
company is actually loosing money having a card not being used.

As for your FICO score, I would check first to see just how this
affected your credit rating. It could be that they made this a
no-fault cancellation since there was no activity on the card.

Reply

by Not myself today Posted Mon January 5, 2009 @ 11:59 PM

the reason they don't tell people is that they want to close those
cards down because they aren't profitable. If they told people, most
would probably run out and charge a pack of gum, just to put a recent
transaction on their card. Then they would put it back in the
drawer.

It is a big game, you see. Once you understand the rules, you can
play it better. Unfortunately, you lost this round. What credit
experts recommend is periodically (preventatively) charging something,
so as to make the account look active.

The credit card bank isn't going to call the customer up and warn
them. That would be the courteous thing to do, but you have to
understand this is the business of *money*, and the clause "we can
close the account at any time" is a very important one from the bank's
perspective.


Reply

Agreed... by jschmier Tue January 6, 2009 @ 11:28 AM

Thanks Capital One by jdmm72 Wed January 14, 2009 @ 3:48 PM




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