@Anonymous wrote:
@Anonymous wrote:
@bourgogne wrote:
@Anonymous wrote:Sorry to hear about this happening. Very difficult to understand some of these banks. Seems like that they occasionally pull a name out of a hat and poof your accounts are closed. I only have one CO product, a Venture and only use it for BTs as well.
if someone has ~10x the # of cards the average person has then I think its very easy to understand. couple this to nearly $500K in available credit then I think its easy to see how ones results may vary. sucks but not all that surprising imo
I certainly understand that the average poster here, including myself, is more at risk for AA due to the number of cards and credit limits. Why I made the comparison to pulling a rabbit out of the hat is that there seems to be no rhyme or reason why they take AA against certain people and not others. Closing credit cards because you want to cut your liability for is one thing but closing checking and savings accounts is entirely different to me.
Totally agree with Irish and UncleB on this one. Doesn't make any sense at all. I know any bank can close a credit card account without notice. But why close a checking and saving if they are in good standing. I would definately contact EO. That's what they are there for.
I did email the EO when the checking & savings accounts were closed.
And I did so again when the credit card accounts were 'restricted'.
So far the 3 folks I've spoken to at Cap One acted as robots and gave me no information.
Dang, that really sucks. I wish we could find out some reason why/who they are targeting, but I'm not expecting any good info even after you receive your letter.
I think I might come into their crosshairs sooner rather than later. I've got over $50k available with Capital One and rarely use them these days. From a business standpoint, I could totally understand why they would want to reduce my limits, becuase I really don't use them.
Good thing is, like SouthJamaica, I have fully diversified so if Capital One takes AA on me, it would have no impact. Like SJ, at one point early in my rebuild I was totally reliant on Capital One. When they approved a $30k Venture card, I think 90%+ of my available credit was with them. My total avaiable is over $300k now so Capital One is about 15% of my total. Were it not for the AAoA impact, I'd totally be willing to close some of my Capital One Cards so I could come back and get sign-on bonuses again.
Best advice is to diversify your accounts with multiple lenders. We have no idea who or why CO is targeting certain accounts, and maybe it's just because they are not in a good position financially themselves. Whatever the reason, it's comforting to know that whatever they (or any lender) want to do, you're covered by other cards & lenders.
I'm not sure I understand taking a $0 fee BT with 0% APR, then paying it off before the statement cuts. Would be easier on the cardholder to just pay it in place, on the card one made the original charge to.
Sorry to hear about the closures, but seems no great loss and a corner case in the Cap One AA set.
SouthJamaica, so sorry this happened to you but I am glad that you diversified. CapOne is also on my chopping block soon.
Just wanted to mention that overall revolving exposure is a very relative thing depending on the profile. I also have over $400k in revolving lines, but it's still slightly less than 2x my annual income. I am not sure what SouthJamaica's income is (or if it's really that important), but nobody here would bat an eye at someone with $45k in total revolving lines with a $23k income. The lenders are always free to decide that you have too much available credit.
Get the letter then figure out what to do.
I went through similar issues with BOFA and my hobby being the darned treasurer for a local soccer league, but shutting down checking / savings accounts is a drastic step for any bank. This isn't just CC AA which I'd suggest as others, plenty of tradelines, lots of new ones, and TCL being high as a justifiable reason.
If I were betting, I'd wager that it's something not even mentioned here yet TBH, and that's especially true if everyone is simply stating wait for the letter in my experience... i.e. there's legal repurcussions if they don't.
FWIW mine was almost assuredly triggered by depositing more than 10K cash in a month and then the bank came to find out in the course of the proceedings that it had neglected to get our articles of incorporation on file or even our status as a non-profit. Blah, and then they screwed it up, so tempted to move the accounts across the street to Chase since I had to go gather all the documentation I'd need to open a new account anyway.
@NRB525 wrote:I'm not sure I understand taking a $0 fee BT with 0% APR, then paying it off before the statement cuts. Would be easier on the cardholder to just pay it in place, on the card one made the original charge to.
Sorry to hear about the closures, but seems no great loss and a corner case in the Cap One AA set.
It's 0% interest only if you pay before the next statement cut.
@-Cal- wrote:
@SouthJamaica wrote:
@NRB525 wrote:I'm not sure I understand taking a $0 fee BT with 0% APR, then paying it off before the statement cuts. Would be easier on the cardholder to just pay it in place, on the card one made the original charge to.
Sorry to hear about the closures, but seems no great loss and a corner case in the Cap One AA set.
It's 0% interest only if you pay before the next statement cut.
I feel like I read somewhere that a pattern of doing exactly this is what lead to an account closure with Capital One.
Well I'll be quite surprised if they tell me that that was the reason they did it (even if it was the reason 
)
I wonder if Capital One will be giving the true reason for adverse action.
I gather it has a history of not doing so.
https://www.law360.com/articles/882371/capital-one-facing-class-action-over-credit-report-info
