Reply
Epic Contributor
Posts: 23,730
Registered: ‎10-23-2007
0

Re: CapitalOne account restricted - what happens when I close?

In that case I would call and ask for manual review of the GE, what card is it? Ask them to increase to $3k.... It's very quick over phone and they pull SP and will give or counter your request...
Fico Scores: EQ- 662., TU 684 Barclay, EX 700 (3/21/15)

You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
72 Cards and Counting :smileytongue:
Established Member
Posts: 21
Registered: ‎02-28-2013
0

Re: CapitalOne account restricted - what happens when I close?


Wyeth wrote:

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 :smileyhappy:

 


Starting Score: 584 on 02/28/13
Current Score: 639 on 04/15/13
Goal Score: 700


Take the myFICO Fitness Challenge
New Member
Posts: 1
Registered: ‎02-22-2013
0

Re: CapitalOne account restricted - what happens when I close?

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.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.