topic Re: Devastated over Capital One :-( in Credit Cards

Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 15:05:41 GMT

I have been working hard to rebuild my credit. I was first approved for QS1 about 10 months ago with a $300 limit, followed by Platinum ($500) and Spark ($500). I paid in full every time making multiple payments a month. My Platinum was upgraded to Quicksilver with a $2K limit in July and I also got a $1K for my Spark. QS1 got a little increase to $500. I never carried a balance and all these accounts reported as 0.

Last Sat, I was distracted and entered a pay off balance for my Spark acct ($1400) and put in the 10th instead of the 15th. I discovered my mistake 2 hours later when I went in to also pay off my Q ($1800) and my Q1 ($250). I immediately called the business line to ask if they can change the date or the payment source since my mobile app won't let me (already processing). I was panicked because I knew that account had less than $500. He assured me that it will be ok. When the payment is returned I can the correct my mistake. I waited until it showed up on Thurs and I paid it in full immediately at 6 am.

At around 4 pm, I logged on to look at something and they closed my account. The CSR people didn't know why so I had to call a separate Dept the next day. The reason given to me is because I bounced a payment. Never mind that this is the very first time and I have paid religiously since I've been rebuilding. He told me that my other accounts were fine.

By Friday pm, all 3 accounts were closed leaving me devastated. I left on a business trip hoping to use my card (good thing I had $ set aside) and a son who is traveling for hockey (the Q1 was solely for his use). Again, I'm glad he had his debit card and some cash.

Sorry for for the long post. I have been feeling down since this happened on Thursday. I don't know what impact this will have on my credit. I'm still on the low end (625-640) so once again, I'm stuck with Credit One and Verve which I got when my credit was in the 500's. I still have a BuyPower card but Cap One will probably closed that too. He worse part is that CSR told me (she was sympathetic) that I will NOT be allowed to open another Cap One account again in the future.

Any my suggestions on how I can rebuild? I'm thinking of getting a $2500 secure card from B of A. Will I be able to get an authorized user on it?

Thank you all so much. I've been following everyone's advice here for almost a year now and it's really helped me out.

***Ignore the typos as I'm on my cell phone.

Re: Devastated over Capital One :-(

Gmood1 — Sun, 18 Sep 2016 15:26:07 GMT

Sorry to read of your troubles. How's your TU CR and score? Navy Fed could be a good option for a non secured card.

Also for future reference, it's a good idea to have your main accounts setup with echeck-deposits.

That way you can quickly write and deposit a check in the account that's about to be overdrawn.

This has saved my skin once. It's good to have when stuff like this happens.

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 15:32:40 GMT

Thanks for your reply. My TU is 635 but I do have a couple ke of baddies that I'm paying off. Both are medical bills from the ER.

The worse part of what happened is that I did have the $ to pay for it. Chase prohibits me from depositing $ that is not business related. I could have easily paid off the Spark acct and I even told CSR to change the payment source of the date couldn't be changed but he told me just to wait and that it wasn't a big deal. Apparently, it was. Cap One basically treated me like a deadbeat and didn't bother to look at my history with them. I've never missed a payment. Also, that payment that bounced wasn't even due until the 20th. I was just trying to set up and earlier payment via the app. :-(

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 15:46:03 GMT

In this case I would see if the Cap One EO can do anything (a much better example than asking for a CLI!). Especially as the payment was not late at the time it bounced.

But be aware the having a payment returned is always a red flag for all issuers, regardless of history (all defaults/charge offs start off with the first one) so it may not be possible to override. But worth a chance.

Re: Devastated over Capital One :-(

Gmood1 — Sun, 18 Sep 2016 15:58:18 GMT

Dang! You need a financial institution that allows YOU to deposit money from your phone. Folks think I'm crazy for having 10 plus banking relationships..this is one of the reason's why.

How old are the medical bills? Medical bills don't hold much weight with certain lenders. Navy Federal in my experience is one such lender that looks pass that.

I'd try for a non secured card with them first. And then and only then would I go the secure route. If you've been clean the last year or so. I'd say you have a good shot.

Re: Devastated over Capital One :-(

Dalmus — Sun, 18 Sep 2016 16:04:39 GMT

It sucks that the CSR's have you bad information. I, too, would contact the EO about this.

For future reference, or for those reading who manage their finances exclusively via mobile app, the Cap1 account website allows you to edit and cancel upcoming payments. I'm talking about the real (desktop) website, not the mobile-friendly site.

Hopefully the EO will help you out!

Re: Devastated over Capital One :-(

delaney1 — Sun, 18 Sep 2016 16:19:23 GMT

@Dalmus wrote:
It sucks that the CSR's have you bad information. I, too, would contact the EO about this.

For future reference, or for those reading who manage their finances exclusively via mobile app, the Cap1 account website allows you to edit and cancel upcoming payments. I'm talking about the real (desktop) website, not the mobile-friendly site.

Hopefully the EO will help you out!

Only if it hasn't started processing. If I set up a Cap One payment today, Effective today, and two hours later try to change it, it will already be processing. That is what happened with the OP. What you describe only works for payments that are not for the same day, or if you make changes immediately after setting up payment for "same day" payments.

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 16:19:37 GMT

Thanks for the advice. Can I apply for Navy Fed membership even if I don't have any affiliation?

re: depositing $. I could have easily done it from a personal account. Spark is business and is tied to my Chase which is business only. I don't deposit $ into the Chase account unless it's business related since I would then need to justify it when filing taxes. I have several personal accounts but just 1 business. 😕

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 16:19:44 GMT

Sorry this happened to you OP.
This is part of the reason so many on here stress the importance of diversifying lenders. Stuff happens, it's always good to have accts to fall back on.

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 16:20:47 GMT

Thanks for that info. I wish I had known that. Live and learn I guess.

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 16:22:00 GMT

Delaney, that is exactly what happened to me. Once it processed, there was no changing it.

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 16:24:50 GMT

@Anonymous wrote:
Sorry this happened to you OP.
This is part of the reason so many on here stress the importance of diversifying lenders. Stuff happens, it's always good to have accts to fall back on.

Thank you OpenG. I'm just feeling so down but I will start over again. Hopefully with a secured card just so I can have a higher limit. .

Re: Devastated over Capital One :-(

delaney1 — Sun, 18 Sep 2016 16:27:45 GMT

Are you going to call the EO? Im so sorry this happened to you OP.

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 16:27:51 GMT

@Anonymous wrote:
In this case I would see if the Cap One EO can do anything (a much better example than asking for a CLI!). Especially as the payment was not late at the time it bounced.

But be aware the having a payment returned is always a red flag for all issuers, regardless of history (all defaults/charge offs start off with the first one) so it may not be possible to override. But worth a chance.

Thank you. The CSR who went through all my 3 accounts felt so bad and suggested the same thing. Hopefully they won't flag it as all my accounts have 0 balance now since I paid them in full. When the check bounce and the balance showed on my acct, I paid it on the same day.

Re: Devastated over Capital One :-(

Gmood1 — Sun, 18 Sep 2016 16:29:16 GMT

@Anonymous wrote:
Thanks for the advice. Can I apply for Navy Fed membership even if I don't have any affiliation?

re: depositing $. I could have easily done it from a personal account. Spark is business and is tied to my Chase which is business only. I don't deposit $ into the Chase account unless it's business related since I would then need to justify it when filing taxes. I have several personal accounts but just 1 business. 😕

http://ficoforums.myfico.com/t5/Personal-Finance/bd-p/Retirement?cm_sp=mobile-_-menu-_-community

Go to the finance section. There are several threads about joining Navy fed through a donation.

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 16:29:42 GMT

My medical bills are from 2012 and I've been paying it down but it looks like the collection agency reported it again so now the date showing is 2016.

@Gmood1 wrote:
Dang! You need a financial institution that allows YOU to deposit money from your phone. Folks think I'm crazy for having 10 plus banking relationships..this is one of the reason's why.
How old are the medical bills? Medical bills don't hold much weight with certain lenders. Navy Federal in my experience is one such lender that looks pass that.
I'd try for a non secured card with them first. And then and only then would I go the secure route. If you've been clean the last year or so. I'd say you have a good shot.

Re: Devastated over Capital One :-(

delaney1 — Sun, 18 Sep 2016 16:35:29 GMT

@Anonymous wrote:
Thanks for that info. I wish I had known that. Live and learn I guess.

It's a lot harder to diversify when you have blemishes on your report though. Right now I only have Capital one(qs and venture) and chase freedom. Tried to get a citi Costco and was denied for derogatory info. I would be pretty upset if my Cap One cards were shut down, because my Freedom limit is small. So, now I just wait for the derogs to drop off, so I can "diversify". 2018 can't come quickly enough! I completely understand why you pretty much had all your eggs in one basket. Take care, OP.

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 16:40:17 GMT

I also think reaching out to the EO would be worthwhile here (front line CSRs are absolutely useless and so are their "supervisors" for anything beyond the simple). I know bounced payments are the touch of death with any issuer, but given the circumstances, this was clearly an honest mistake: paying much more than the min, paying well before the due date, and calling CS within hours of realizing the error. Good luck.

Re: Devastated over Capital One :-(

Gmood1 — Sun, 18 Sep 2016 16:48:15 GMT

Don't let that hold you back. My GF has quite a few medical bill charge off's. No lie ..at least ten!

Navy Fed approved her for her first non secured card less than 2 months ago. Her TU score was a 604. SL was $17,300 with a 9.9% APR. I wouldn't have believed it if I didn't see it for myself. Lol

Re: Devastated over Capital One :-(

Anonymous — Sun, 18 Sep 2016 16:50:38 GMT

@Anonymous wrote:
I also think reaching out to the EO would be worthwhile here (front line CSRs are absolutely useless and so are their "supervisors" for anything beyond the simple). I know bounced payments are the touch of death with any issuer, but given the circumstances, this was clearly an honest mistake: paying much more than the min, paying well before the due date, and calling CS within hours of realizing the error. Good luck.

I'm going to give it a shot. I understand them cancelling my cards if I were a serial "bouncer" who only paid minimum but I put through $5000+ through all those accounts every month and always paid it in full (numerous times a month).

CSR gave me an address. Is there a number I can call? I'm even willing to take less CL if they re-open my account.