04-06-2013 01:02 PM
Yesterday I went to a store and my card gets declined. I have another card on me thankfully, but I call them and the Customer Service told me: "Did you not receive the letter? Capital One aquired Orchard and made a BUSINESS DECISION to close your account!!!" I said, no, I didn't receive anything in the mail from them.
I had NO negatives and have never been late on my payment -- I have 3 credit cards overall and one of them completely paid off this month - and yet, they just decided to close me as part of a "BUSINESS DECISION"?
I am very upset - first of all this will probably reflect negatively on my credit - an account suddenly closed. And second there's nothing I can do about it
My question is, is this LEGAL for them to just go ahead and close it - not to honor their agreement?
Can I fight back somehow? PLEASE HELP. CAPITAL ONE PLEASE CONTACT ME -- YOU HAVE CLOSED MY ACCOUNT JUST BECAUSE IT BELONGED TO THE COMPANY YOU AQUIRED!!! WHAT KIND OF A "BUSINESS DECISION" IS THAT????
04-06-2013 01:04 PM
Yes, its legal for them to close your account at any time.
04-06-2013 01:09 PM - edited 04-06-2013 01:15 PM
I have (used to have before last week shredding spree) one and I used to receive these mails saying 'how my life will change' now that Capital one has acquired Orchand bank. I closed it last week. When the CSR asked me what could possibly be the reason, I replied back saying I don't understand what 'capital one' actually means. Is it because some bank had already taken the word Capital so they used a computer generated Capital1 for their bank name?
The CSR giggled!
But I think you should a send a letter to their executive office(mentioning the embarassment you have had at the store). I am sure they will open the card for you(maybe even give you a hefty credit line just to appease you a bit). Thats what I would do.
04-06-2013 01:13 PM - edited 04-06-2013 01:14 PM
Yes it is completely legal for any CC company to close your account at any time they wish. They granteth and they taketh away. Sorry and I know you're bummed about it but that was the business decision they made. You can try to write to them to see if you can get someone to help but I don't think they reopen accounts.....don't quote me on that.
Your last sentence at the bottom of your post, I hope you also know that CAP1 is not going to contact you from here right?
How long did you have the orchard card and did you have a balance on it when they closed it?
You also said that you have 3 cards and you just paid one of them off. Well could it be that when they did an AR that your utiliziation was sky high and your latest payment hasn't updated to the CRA's yet?
04-06-2013 01:30 PM
04-06-2013 01:34 PM - last edited on 04-07-2013 05:20 PM by LIGHTNIN
Thank you Solstice for your kind response.
Can you please explain to me how do I contact Capital One executives? Where will I find their information?
But now they just suddenly close my account for NO REASON just to say: we bought the company, and we will now destroy everything associated with it. It's just so SAD! SO PATHETIC! Some would say "Hostile" takeover, since the accounts are not honored and are being simply disposed of, and abruptly shut off without any regard to the loyal customers - that could become YOUR customers, but I guess Capital One doesn't count us, prior Orchard clients, as their "capital" (no pun intended)? We are now suddenly a "LIABILITY" to be simply disposed of, and be simply shut off and flushed down the capital drain!!! I Cannot Express how angry and upset I am - I have done NOTHING to wrong them, and yet I am now a victim of hostile "SHUT DOWN" of the Orchard company. And my credit is to suffer because of THEM? No fault of my own other than choosing a "LOSER" company to be dominated by more financially sound CAPITAL ONE magnate? What kind of world are we living in?
SO NOT FAIR! I am surprised, that Capital One would throw such a LOW PUNCH and be so ethically LOW as to completely lose a valued customer for a "BUSINESS DECISION" purposes.(That's the wording they used with me). "A Business is a Buseness - and Business must 'grow'. Yet there was no good business in shutting me down - if anything, it was a STUPID and un-sound business decision- only a POLITICAL decition = EJECTION of everything they didn't like, that they would have to god-forbid to bother re-writing their contracts and welcoming new clients to their big client baset! I guess they showed ME, who is boss and who does not belong to the big Capital. I had a choice years ago to choose a Capital One or Orchard, and I chosen a loser -- so now I get revenge.
Edit" how rediculous is that?????
04-06-2013 01:42 PM
I am honestly surprised that we have not seen any other reports like this. I have been waiting for a swarm of account closures from this transition. I am sorry it happen to you. What was your limit anyway and how long have you had this card? What other cards to you have? Any baddies?
04-06-2013 01:47 PM
04-06-2013 01:48 PM
DiamondStar, have you checked your credit lately? Could something have popped up recently to spook them? Do you have any baddies?
04-06-2013 01:55 PM
Thank you, Moving Forward, for your kind response!. I used the Orchard credit card at least once a month, usually for gas purchases - last time was last month, at the gas station. I was a loyal customer and my credit score is about 700 (don't quote me about that, last time I checked was in December). What other trade ins do I have? None, I'm afraid. I am not very credit-card educated - I had no idea they offered rewards or cash backs, but now that you told me about it, I will check it out. I only had this Orchard card as my ONLY credit card for 3 years or so. My other cards are Macys and Firestone - which I only use when in their stores. So now I will need to find and research a new company to have a credit card with. I would love a rewarding card, just like you mention, I wish I had seen that commercial - but I usually hit that Fast Forward button as soon as the commercials some on, and missed it.
Anyways, l am rambling here, but I really am concerned for my credit now, and god knows what will happen now that they actually "closed" my account, the whole notion of being just "closed" is like a punishment for the sins I have not committed. I was just an innocent victim of a Hostile Aquisition -- just giving out a fair warning for fellow citizens, to be Aware that this is HAPPENING RIGHT NOW, and be prepared for similar incidents/treaments. I have read a lot of folks were hoping for good treatment, for being included, for keeping their rates ect...No such luck! The rude awakening is here. Perhaps you should give them a call and find out what's in store for you with them before this happens to YOU.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.