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They just sent me a letter saying they closed one of my cards. I had two, so maybe that played into the decision. They said it was due to inactivity. I have no idea when I last used the card in question but I'm pretty sure it was in the last year and maybe even 6 months. I know I had just updated passwords and checked balances a week prior. Sure enough, I tried to log on and it said "Sorry, you cannot log on. Call us at..."
The card was originally an American Dreamcard. The card that is still open was an HSBC Platinum. The closed on changed from Am. Dreamcard to a plain silver "Direct Rewards" card when they discontinued the Dreamcard about a year ago (with no rewards anymore - ha! And the rewards were awful and tiny.) Capital One took these over but did not send new cards and did not change the website for logging in to pay bills (accountcentralonline)
My husband has the same card (well, his own account) that was also an American Dreamcard turned into Direct Rewards. He used his last month, and they did not shut him down.
I know capital one only lets you have two cards, and I have heard of people applying for HSBC cards when they have 1 cap1 and 1 HSBC already and getting denied. They probably closed it because you had too many cards, and gave the reason of inactivity so it seemed like it was your fault and not theirs.
@ChesterPDexter wrote:They just sent me a letter saying they closed one of my cards. I had two, so maybe that played into the decision. They said it was due to inactivity. I have no idea when I last used the card in question but I'm pretty sure it was in the last year and maybe even 6 months. I know I had just updated passwords and checked balances a week prior. Sure enough, I tried to log on and it said "Sorry, you cannot log on. Call us at..."
The card was originally an American Dreamcard. The card that is still open was an HSBC Platinum. The closed on changed from Am. Dreamcard to a plain silver "Direct Rewards" card when they discontinued the Dreamcard about a year ago (with no rewards anymore - ha! And the rewards were awful and tiny.) Capital One took these over but did not send new cards and did not change the website for logging in to pay bills (accountcentralonline)
My husband has the same card (well, his own account) that was also an American Dreamcard turned into Direct Rewards. He used his last month, and they did not shut him down.
If they are saying inactivity that is pretty straight forward, that's not like you were declined for having to much credit and not having experience wtih enough credit! those are pretty much system generated excuses... if they just say inactivity it's not a credit issue.
These rebuilder cards won't let you just sit them and never use them... they will take that $300 and give it to the next!!
I have way more than 2 Cap1 cards now with all the store ones going also... 2 is not going to get you cut off at Capital one.
It was probably the card I cared about least. A $1,900 credit line (I think I have a $1,500 one and that's my smallest - Ironically that's an actual Capital One card.) Interest of about 19 or 21%. THey would never reduce the interest and never increase the credit limit ever since I got that stupid American Dreamcard.
Actually the Dreamcard was a darned cool concept. People would earn contest entries through spending and every month they'd give out a jackpot (anywhere from like $10,000 to $20,000, maybe more) based on what the whole group of cardholders spent. They'd feature the winner and print their picture and a narrative of what they were going to do with the money. Too bad that's history now! Check it out - they're such dunces they still have the "Apply Now!" page up. But click on "Winners" to see the big prizes they gave people. http://www.americandreamcard.com/
They would of never closed the two HSBC cards I had for inactivity, unless I didn't actively pay the $69 AF's each year.... But oh well I closed mine for them.
Now that you mention it, I think there was an annual fee on that. I got them to waive it, or waive half of it (can't remember which.) But I would have shut it down the next time the fee rolled around, so they did me a favor!
@Anonymous wrote:
Wow..learn new stuff every day. My husband has two, so before trying for a cash rewards, do we need to close one?
You can always ask them to PC one, they will most likely say no, but it's worth a shot, they did it for me. If you apply and you have two cards they will most likely (from what i've read, however, YMMV) not do a HP, they will just tell you you have too many cards with them. Also from what I've read if you close one card to open a new one, you have to wait 45 days after closing to reapply. As always, I would call capital one and ask them any questions you have first, since they are in fact the company you're trying to do business with, and things always change, and they would be the first to know.
@Anonymous wrote:
Wow..learn new stuff every day. My husband has two, so before trying for a cash rewards, do we need to close one?
Which 2 cards does he have?? If they are of the prime category with Cap1 I would agree with the previous poster and try for a PC.