Complaint Review: Capital One

I have worked in the credit industry for 10 years.

One late pay will not make your score go down 100 points. Quit exaggerating.

"This is on top of them charging "annual fees" on accounts I closed, failure to report the accounts "closed" to the credit reporting agencies until they are "paid to zero," charging over-limit fees on "closed" accounts that became "over-limit" because of late fees,notifying me that they will continue to accept charges against "closed" accounts, etc."

Again, it is not "closed" until paid to zero. You still accrue fees as normal. You got charged an over-the-limit fee because you obviously went over the limit-pretty self explanatory. You can keep thinking in your mind that it is closed but it is not. What are these alleged mystery charges being accepted on your perceived "closed" account anyway? Normal finance charges? Late fees? Card membership fees? All charges realtes to just having the account? They will all be there until the account is paid to zero. Just like everyone else has explained.

"I suggest you study the area of credit scoring so you will understand the impact of one creditor reporting you late in error."

I suggest you study the area of credit reception so you will understand the impact of borrowing money from a creditor, not paying-or not paying in a timely manner, and the ramifications the impact of one creditor reporting not in error.

Mark, I can understand your concern, and frustration if you have been unable to get CO to correct an erronous statement to Equifax; however, this can be resolved. Write the credit reporting agency and dispute the claim made by Capital One. The credit agency must by law investigate and if factual, reverse it off your report. If on the other hand Capital One shows where you have been late in making a payment it stays. It sounds like you were late in paying on an account that maybe in your thinking was a closed account when in actuality it wasn't, or maybe you thought its closed I'll skip a payment, gambling it wouldn't come back to bite you. Best advice, pay the account off and seek notification from CO that is now closed, nothing more owed, etc.

Mark, I can understand your concern, and frustration if you have been unable to get CO to correct an erronous statement to Equifax; however, this can be resolved. Write the credit reporting agency and dispute the claim made by Capital One. The credit agency must by law investigate and if factual, reverse it off your report. If on the other hand Capital One shows where you have been late in making a payment it stays. It sounds like you were late in paying on an account that maybe in your thinking was a closed account when in actuality it wasn't, or maybe you thought its closed I'll skip a payment, gambling it wouldn't come back to bite you. Best advice, pay the account off and seek notification from CO that is now closed, nothing more owed, etc.

Mark, I can understand your concern, and frustration if you have been unable to get CO to correct an erronous statement to Equifax; however, this can be resolved. Write the credit reporting agency and dispute the claim made by Capital One. The credit agency must by law investigate and if factual, reverse it off your report. If on the other hand Capital One shows where you have been late in making a payment it stays. It sounds like you were late in paying on an account that maybe in your thinking was a closed account when in actuality it wasn't, or maybe you thought its closed I'll skip a payment, gambling it wouldn't come back to bite you. Best advice, pay the account off and seek notification from CO that is now closed, nothing more owed, etc.

Mark, I can understand your concern, and frustration if you have been unable to get CO to correct an erronous statement to Equifax; however, this can be resolved. Write the credit reporting agency and dispute the claim made by Capital One. The credit agency must by law investigate and if factual, reverse it off your report. If on the other hand Capital One shows where you have been late in making a payment it stays. It sounds like you were late in paying on an account that maybe in your thinking was a closed account when in actuality it wasn't, or maybe you thought its closed I'll skip a payment, gambling it wouldn't come back to bite you. Best advice, pay the account off and seek notification from CO that is now closed, nothing more owed, etc.

You obviously do not understand credit scoring.

Let one of YOUR accounts be reported 31 days late & see what impact it has on YOUR score.

It took mine down 100 points in one day.

THAT is significant.

I suggest you study the area of credit scoring so you will understand the impact of one creditor reporting you late in error.

One 30 day late pay does not "ruin your credit". If you have clean credit besides that 30 day it should not make a big dent in your credit.

"Capital One arbitrarily decides to keep account status 'open' with the CRA's until you've paid every last cent."

The solution is obvious then, isn't it? Just pay off your balance in full and then your account will close and be reported to the credit bureaus as closed. You know their policy now, and whether you agree with that policy or not, the ball is in your court. This seems like it would be much more preferable than giving money to lawyers just so you can be told to pay Capital One in full anyway. Pay your account off, be done with it and get on with your life.

I am getting the impression that you have stopped making charges against your Capital One card, but that you have an outstanding balance, be it 50 cents, 50 dollars, or 500 dollars. Until you pay that ballance to zero you have an active account, not a closed one, and Capital One can charge you annual fees to manage said account. Only way to close it is to pay off the balance, and pay in a timely fashion. As others have said, this company is slow in processing payments, so don't wait until the due date to send a payment, this incurs a late fee.

Any other credit company reports your account as "closed" if you close it. I know, I just closed two other accounts.

Capital One arbitrarily decides to keep account status "open" with the CRA's until you've paid every last cent.

Capital One are the guys who don't report credit limits on your cards remember?

All of these games are just part of life until they start reporting payments late 31 days that were not late 31 days.

Now the games are over & it's time for litigation.

Capital One needs to be held accountable for their business practices.

The only way you could be charged late fees or over the limit fees is if you have a balance made up of charges besides your annual membership fee. And if you have balance, your account remains open until it is paid off in full.

The only way you could be charged late fees or over the limit fees is if you have a balance made up of charges besides your annual membership fee. And if you have balance, your account remains open until it is paid off in full.

Many years ago, I use to have a Capitol One credit card where I transferred a large balance over with a very low interest. Less than a year later, they said I made three late payments and ended up changing my interest rate to I believe 29%. It took me several months, but I managed to get a loan from my bank and pay them off.

But during those last few months, I did a few tests. I would send them the payment the same time as another credit card I had. I noticed that Capital One would take from 10 to 15 days longer to cash the check. This happened 4 times in a roll. Perhaps that was bad timing, but I think it happens a lot and they get people like us sucked into the higher interest with their slow processing time.