Capitol One Sudden closing of my account for no good reason Richmond, Virginia
I received notification Capitol One stating that my credit card account was closed. The reasons given were as follows. We have observed activity on your account that is not consistent with our expectations of useage for personal, family or household purposes.
My account has been in good standing, with a 30% balance, no late payments, always overpayments and I have excellent credit. I called the company and they would not give me any more information other than what the letter stated. I pushed for an explanation, but the gentleman said they have the right to close an account if the wish and basically said I should accept the decision
I just think this is very strange because I have been a customer for a long time, paid all my bills on time and there is nothing unusual on any of my past statements. I tried to get information from the representative, but he was being very guarded. Now I am not sure if someone tried to use my credit card for something unusual or what is the real story.
I just want to know the real story as to what they percieve as a valid reason to close my account. I also would like to be able to refute their reasons, as I feel I have kept my end of the agreement all through the years. I am also afraid this closing will have a negative effect on my excellent credit rating.
2 Updates & Rebuttals
mr rik
miami,Florida,
USA
CAPITOL ONE-165 REPORTS FOUND TODAY!
#3Consumer Comment
Wed, April 27, 2011
Spelling it the other way- CAPTIAL ONE- gives ya 1094!
d**n!
Robert
Irvine,California,
U.S.A.
No RipOff
#3Consumer Comment
Wed, April 27, 2011
Amazing how no one complains when they get approved or have their credit limit increased. There is no law that requires a Credit Card company to continue to extend you any credit privilege. They can basically close out your account, or change your credit limit for any reason and at any time. All creditors are re-evaluating their credit guidelines and based on these new guidelines they no longer want to extend you credit.
There is NOTHING you can do that would force them to keep your account open. Yes, even IF their reason is wrong and you give them corrected information they are not required to re-open the account if they don't want to.
As for your credit history, it's just that...HISTORY. If your payments were on-time they will still show that they were on-time. If you truly have "excellent" credit, the closing of one account will have a very minor effect overall. Now, if this was your only card then you may have a good credit score but that is not "excellent" credit because of the lack of credit. In this case it will effect you quite a bit more.