Capital One closed my credit card account

[Anonymous]

Remember that anything which looks irregular to a lender with a business, they can, will, and have shut down lines of credit as reported by myfico members here.

[Anonymous]

I can't think of anything irregular or different in my usage, Thank you everyone for trying to help but it looks like I have to chalk it up to they can do whatever they want and shut you down without cause or notice.  I know I wasn't doing anything wrong but evidently because of all the fraudulent people out there those of us who are legit have to suffer.  I am so tired of hearing it's for your own protection.  Because of fraud I am not allowed to spend more than $3500 per day on my debit card or $10k per day on bill pay.  That is the only reason I need a credit card because I have to buy inventory and need to spend more than that sometimes.  How is anyone supposed to run a business when they can't even spend their own money.  So frustrated uggh...

[Anonymous]

I dont know anything about business credit - maybe try posting over there for guidance?

[Anonymous]

After reading  some other posts on business cc closed by C1 it appears they simply don't want biz accounts that have large amounts of charges going through them. I think they like the smaller acccounts with perhaps $5K to $10K amount per month.  I would tend to agree Amex or Chase would be better.  C1 PROBABLY thought money laundering. or MS. We use the spark card for our biz for pass through charges charged directly back to the client mostly so they usually are under $300 per charge. Nothing large or special. We had them for several years and no issues.   We are planning to move to Chase soon.   

[noobody]

I also think OP should change bank.
10K a day for business in his size just doesn't fit

[Anonymous]

For the future, can't the 10k limit be bypassed doing a pull instead of a push? Then setup credit account to withdrawal full balance once per month.

[Anonymous]

I've put $20k on a business card in a day.  With a $10k limit per transaction, had to run multiple transactions.  I was one of about 120 people using company cards.

Company did over $300 million in revenue a year.  And that's small potatoes in the business world.

OP, I think the problem is, you've outgrown your banks.  If you're spending that miuch (and certainly means you are depositing even more), banks should be BEGGING you for business.  Major banks should be salavating over the idea of doing business with you.

Shop around, get rid of the deposit bank that is putting unrealistic constraints on spending your own money, and get a major business credit account. With that type of revenue, they should be working for you.

Good luck.

[UncleB]

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@Anonymous wrote:

I've put $20k on a business card in a day.  With a $10k limit per transaction, had to run multiple transactions.  I was one of about 120 people using company cards.

Company did over $300 million in revenue a year.  And that's small potatoes in the business world.

OP, I think the problem is, you've outgrown your banks.  If you're spending that miuch (and certainly means you are depositing even more), banks should be BEGGING you for business.  Major banks should be salavating over the idea of doing business with you.

Shop around, get rid of the deposit bank that is putting unrealistic constraints on spending your own money, and get a major business credit account. With that type of revenue, they should be working for you.

Good luck.

 

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+1

I would also advise your employee to reach out to the EO regarding getting their personal account restored.