Author Topic: Capital One - Closed Account  (Read 11914 times)

Offline rr1

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Capital One - Closed Account
« on: April 17, 2019, 02:39:01 PM »
My account was restricted, I called capital one they said I didn't use the card on personal level so they are closing the account.
I was getting 4% back on rewards for entertainment and I was using about 15k+ a month only on entertainment.
They said I will still get my $300 in rewards as a statement credit.
I asked if I can close the card now they said the closer is already in process so I can't close the account.
I opened the card in November.
My credit score is 805.

What should I do?
How will this effect my credit score?

Thank you

Offline CrediPig

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Re: Capital One - Closed Account
« Reply #1 on: April 17, 2019, 05:07:28 PM »
It will not affect your credit score.

Offline ludmila

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Re: Capital One - Closed Account
« Reply #2 on: April 17, 2019, 05:33:56 PM »
It will not affect your credit score.
I think it does if it shows closed by the bank.
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline Joel

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Re: Capital One - Closed Account
« Reply #3 on: April 17, 2019, 06:09:36 PM »
I think it does if it shows closed by the bank.
+1

Offline Joel

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Re: Capital One - Closed Account
« Reply #4 on: April 17, 2019, 06:11:28 PM »
My account was restricted, I called capital one they said I didn't use the card on personal level so they are closing the account.
I was getting 4% back on rewards for entertainment and I was using about 15k+ a month only on entertainment.
They said I will still get my $300 in rewards as a statement credit.
I asked if I can close the card now they said the closer is already in process so I can't close the account.
I opened the card in November.
My credit score is 805.

What should I do?
How will this effect my credit score?

Thank you
Did you do personal entertainment expenses? Wondering if it really triggered the closer. Or because you utilized it "only" for entertainment.

Offline ludmila

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Re: Capital One - Closed Account
« Reply #5 on: April 17, 2019, 06:15:29 PM »
Did you do personal entertainment expenses? Wondering if it really triggered the closer. Or because you utilized it "only" for entertainment.
$15k a month for entertainment was it possibly for buying Broadway tickets for the group?Is it under entertainment category?
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline rr1

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Re: Capital One - Closed Account
« Reply #6 on: April 17, 2019, 07:30:45 PM »
I didn't spend 15k on personal things
What can I do now? What is the affect of being closed by bank?

Offline ludmila

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Re: Capital One - Closed Account
« Reply #7 on: April 17, 2019, 07:35:31 PM »
I didn't spend 15k on personal things
What can I do now? What is the affect of being closed by bank?
It is no big deal, and will not affect your credit score much, and it will rebound again pretty fast, so do not worry about it.
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline rr1

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Re: Capital One - Closed Account
« Reply #8 on: April 17, 2019, 07:47:50 PM »
Thank you

Offline CrediPig

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Re: Capital One - Closed Account
« Reply #9 on: April 17, 2019, 09:39:50 PM »
I think it does if it shows closed by the bank.
You think wrong. I "know" it does not affect your credit. Been through it a few times

Offline ludmila

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Re: Capital One - Closed Account
« Reply #10 on: April 17, 2019, 09:47:42 PM »
You think wrong. I "know" it does not affect your credit. Been through it a few times
Sorry, but when a bank closes the card and it shows closed by issuer , it is a small negative, not like closed by you. Lenders do not like to see too many closed by issuer as they do not know the reasons behind it.
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline CrediPig

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Re: Capital One - Closed Account
« Reply #11 on: April 17, 2019, 09:50:58 PM »
Sorry, but when a bank closes the card and it shows closed by issuer , it is a small negative, not like closed by you. Lenders do not like to see too many closed by issuer as they do not know the reasons behind it.
Appology accepted. Just try not to answer a question based on what you think. As I said, I have experience with the issue

Offline ludmila

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Re: Capital One - Closed Account
« Reply #12 on: April 17, 2019, 10:16:08 PM »
Appology accepted. Just try not to answer a question based on what you think. As I said, I have experience with the issue
lol, the sorry was not an apology, it was -sorry, that you are wrong- and please let us stop this argument right here, you are entitled to your opinion and I am fine with this.
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline gingyguy

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Re: Capital One - Closed Account
« Reply #13 on: April 17, 2019, 10:22:06 PM »
lol, the sorry was not an apology, it was -sorry, that you are wrong- and please let us stop this argument right here, you are entitled to your opinion and I am fine with this.
LOL not sure who i shuould trust ;Ds
May you slide down the banister of happiness & get many splinters of success up your career.

Offline mmgfarb

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Re: Capital One - Closed Account
« Reply #14 on: April 17, 2019, 11:48:15 PM »
Sorry, but when a bank closes the card and it shows closed by issuer , it is a small negative, not like closed by you. Lenders do not like to see too many closed by issuer as they do not know the reasons behind it.
You are wrong, it does not affect your credit score any differently than if you were to close  the card yourself. You will see a small effect on your credit as a result of the card being closed but that will occur regardless of who closed the card. The only time having a "closed by issuer" on your CR becomes a problem is when you have a person manually reviewing your CR in which case you can explain what happened and that it has no bearing on your creditworthiness as a whole.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Hershelsdeals

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Re: Capital One - Closed Account
« Reply #15 on: April 18, 2019, 12:45:23 AM »
You are wrong, it does not affect your credit score any differently than if you were to close  the card yourself. You will see a small effect on your credit as a result of the card being closed but that will occur regardless of who closed the card. The only time having a "closed by issuer" on your CR becomes a problem is when you have a person manually reviewing your CR in which case you can explain what happened and that it has no bearing on your creditworthiness as a whole.
+1

Offline Joel

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Re: Capital One - Closed Account
« Reply #16 on: April 18, 2019, 12:59:14 AM »
When you get shut down by amex it sounds like its better to close yourself.
Doesn't this apply to other card issuers as well?

You are wrong, it does not affect your credit score any differently than if you were to close  the card yourself. You will see a small effect on your credit as a result of the card being closed but that will occur regardless of who closed the card. The only time having a "closed by issuer" on your CR becomes a problem is when you have a person manually reviewing your CR in which case you can explain what happened and that it has no bearing on your creditworthiness as a whole.

@Yehuda25 and @mmgfarb seem to have knowledge in these matters.  Would be nice if someone knowledgeable can update the wiki!

"If you cannot provide the required information, shut down your account right away"

"In cases of a Financial Review after opening a Business Card, you will need proof of Business income.

If you cannot provide the required information, shut down your account right away"

"Once American Express closes your accounts, the only way to get back on is if you have the required information needed to pass a Financial Review. They will require you to request a 4506 form from the IRS (which will cost you $57) before they even approve any of your future applications."

Offline mmgfarb

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Re: Capital One - Closed Account
« Reply #17 on: April 18, 2019, 01:53:38 AM »
When you get shut down by amex it sounds like its better to close yourself.
Doesn't this apply to other card issuers as well?
The same thing applies to all banks, see my post above. The obsession with closing cards yourself so as not to have it closed by issuer on your CR is coming from misguided people and should not be promulgated anymore.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Hershelsdeals

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Re: Capital One - Closed Account
« Reply #18 on: April 30, 2019, 06:40:12 PM »
I know someone that was shut for no apparent reason.

Offline Joel

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Re: Capital One - Closed Account
« Reply #19 on: April 30, 2019, 06:48:58 PM »
I know someone that was shut for no apparent reason.
I had a CO bank account shut down no real reason.
When I asked why I was shut down answer was we no longer want your business. So I took my business to chase.
What I think is was a bounced check that I tried depositing.

I was actually approved for a CO credit card after the shut down which means that bank and credit probably are separate not like chase.