Author Topic: Capital One - Closed Account  (Read 786 times)

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 Joel2

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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."

Online 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.
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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 Joel2

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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.

Online davidrotts63

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Re: Capital One - Closed Account
« Reply #20 on: April 30, 2019, 06:54:04 PM »


I know someone that was shut a not yet apparent reason.
FTFY
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