03-01-2013 09:55 AM
03-14-2013 07:24 PM
I have a CapitalOne card that has been restricted for the past two years. It is closed for all intents and purposes - I can't charge anything to the card and they will never reactivate the account. They put my account into restricted mode for repeated missed payments.
Now, I have been paying the minumum because I want them to keep reporting the account. My credit reports show a $500 available credit line and no derogatory remarks. What happens when I bring the balance to zero? Will they close the account? If so, will they list the account as "closed by credit grantor"?
Has anyone tried calling and closing the account before bringing the card down to a zero balance to avoid derogatory remarks?
Thanks as always for your help.
Hey Wyeth, I have this exact same situation - I am also in rebuild credit mode and want to buy a house this year. Except, my Cap 1 "restricted" account has a $2500 limit and a current $1200 balance. If your situation is like mine, you are current on the account and can make payments but can never use the card again - it's dead. I called Cap 1 yesterday to ask this very same question, as $2500 bucks is a nice "available" credit line (not really, but it show that way on your your CR's) The lady at Cap 1 told me that they cannot close the account after paying it to zero without my permission, even though it is restricted. I plan on paying it down to zero, just to stop paying the hefty interest rate. Like you, I want to keep the account open so the CR's will read the "available" credit and show a low utilization. Hope this helps
03-06-2014 10:07 AM
For anyone who may still read this post, I have the same card in restriction and capone refuses to reactivate it, but after it reaches 0 it just sits there, doesn't effect your credit in a bad way, it just lurks in the shadows lol. So every time I log in to my other CapOne account its there saying I have a 0 balance and account is restricted, but on crdit report it says its open with full credit limit available. So if it wants to lurk, let it lurk as long as it says full balance available where it counts.
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