topic Re: Capital One Restricted in Credit Cards

Capital One Restricted

Anonymous — Sat, 27 May 2017 14:33:23 GMT

Hi there,

My Capital One Venture card was recently placed on "restricted" status due to I'm assuming multiple returned payments. Once that has occured though, I've made appropriate payment amounts to ensure that I meet my monthly payment. I still have a leftover balance that I am still paying off but once that is done, do you think Cap One will lift the restriction if I called the customer service line to see if the card can be usable again? Will this hurt my chances if I reapplied for the same card? I only have 3 cards and 1 account of student loans which is still in grace period but I have been making payments monthly. Have not opened a new card in 2 years.

Any suggestions on once I do pay the balance in full... Should I close the account as a whole? Leave as it is? There is also an annual fee that is attached to the card, if it is no longer usable for it's purposes.. will i still be charged?

Your time and insight is much appreciated!

Thank you!

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 14:42:16 GMT

@Anonymous wrote:
Hi there,

My Capital One Venture card was recently placed on "restricted" status due to I'm assuming multiple returned payments. Once that has occured though, I've made appropriate payment amounts to ensure that I meet my monthly payment. I still have a leftover balance that I am still paying off but once that is done, do you think Cap One will lift the restriction if I called the customer service line to see if the card can be usable again? Will this hurt my chances if I reapplied for the same card? I only have 3 cards and 1 account of student loans which is still in grace period but I have been making payments monthly. Have not opened a new card in 2 years.

Any suggestions on once I do pay the balance in full... Should I close the account as a whole? Leave as it is? There is also an annual fee that is attached to the card, if it is no longer usable for it's purposes.. will i still be charged?

Your time and insight is much appreciated!

Thank you!

Cap One can be very forgiving, but with the the bad checks it dosen't look to good for you...when my daughter went through a job loss and missed payments (and caught up after 3 mos) they let her back in with no CLD, but after she bounced a check to them...they balance chased her until card was down to $50 and then they closed her. She has tried many times to get back in (1 yr now) but so far "no joy"

Re: Capital One Restricted

Shooting-For-800 — Sat, 27 May 2017 14:42:36 GMT

I would call them and ask them. I would not close the card regardless of status.

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 14:46:38 GMT

@Shooting-For-800 wrote:
I would call them and ask them. I would not close the card regardless of status.

You would not close it even if they continue to charge the annual fee for not even being able to use the card?

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 14:49:52 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi there,

My Capital One Venture card was recently placed on "restricted" status due to I'm assuming multiple returned payments. Once that has occured though, I've made appropriate payment amounts to ensure that I meet my monthly payment. I still have a leftover balance that I am still paying off but once that is done, do you think Cap One will lift the restriction if I called the customer service line to see if the card can be usable again? Will this hurt my chances if I reapplied for the same card? I only have 3 cards and 1 account of student loans which is still in grace period but I have been making payments monthly. Have not opened a new card in 2 years.

Any suggestions on once I do pay the balance in full... Should I close the account as a whole? Leave as it is? There is also an annual fee that is attached to the card, if it is no longer usable for it's purposes.. will i still be charged?

Your time and insight is much appreciated!

Thank you!

Cap One can be very forgiving, but with the the bad checks it dosen't look to good for you...when my daughter went through a job loss and missed payments (and caught up after 3 mos) they let her back in with no CLD, but after she bounced a check to them...they balance chased her until card was down to $50 and then they closed her. She has tried many times to get back in (1 yr now) but so far "no joy"

Thank you for sharing your experience with me. I'll for sure give them a try once my balance is paid in full and everything is in order financially. It'd be a shame to lose all those miles/points I racked up. Hoping for the best but I understand that it is not very likely.

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 15:04:19 GMT

Why did you have multiple returned payments? I've heard of them closing accounts due to one returned payment.

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 15:18:37 GMT

@Anonymous wrote:
Why did you have multiple returned payments? I've heard of them closing accounts due to one returned payment.

When I scheduled the payments in advance, there would be times where I lacked sufficient funds. Hence why I had to resubmit payment to make my monthly.

Re: Capital One Restricted

rmduhon — Sat, 27 May 2017 16:40:31 GMT

That's why it can be a bad idea to schedule payments in advance.

Re: Capital One Restricted

fltireguy — Sat, 27 May 2017 16:54:53 GMT

You would be MUCH better off just paying late (but BEFORE 30 days late) than you would having returned payments...

Re: Capital One Restricted

AverageJoesCredit — Sat, 27 May 2017 19:33:41 GMT

Alot of people use autopay so as not to miss payments and such but this inplies you have the funds always sitting in the account. Unfortunately, i cant afford to do that i make sure to note when the payments are due in a side notebook and then when its time to pay creditor make sure my check from work has cleared then make the payment. I dont care if it took them 2 years to take payment , you just leave the amount owed in your account til they take it .this way you no you have sufficient funds to cover payment.

Some people make a payment, its not takien right away and continue to use their account forgetting they have money earmarked for a bill. Then when creditor takes it it may not be complete and causes more problems than its worth. I agree here that bounced checks or insufficient funds is a really bad habit to form so please continue to try and not let happen again if possible. Best of luck with your journey

Re: Capital One Restricted

medicgrrl — Sat, 27 May 2017 19:36:08 GMT

This is why CLOC is a great tool

Re: Capital One Restricted

rmduhon — Sat, 27 May 2017 19:45:47 GMT

That's one if the reasons why I have a separate account for our cards, loan, and truck note. Once the money goes I. There it's gone regardless of when the money come out.

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 20:04:41 GMT

Great Post ! ! !

rmduhon wrote:
That's one if the reasons why I have a separate account for our cards, loan, and truck note. Once the money goes I. There it's gone regardless of when the money come out.

This process easily allows one to PAY bills, and live an Error Free life without any excuses.

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 20:55:58 GMT

Thank you so much for your input! I appreciate it. Once I do pay it off though.. the balance and such.. What exactly are my best options to do with the account??

Re: Capital One Restricted

Shooting-For-800 — Sat, 27 May 2017 21:09:02 GMT

Why not just call them and ask them your options?

Re: Capital One Restricted

CreditCuriosity — Sat, 27 May 2017 21:50:08 GMT

Cap1 is forgiving although since you have had multiple bounced payments my guess is it is going to be shut down. Best of luck once you do pay it off getting it re-instated.

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 22:08:37 GMT

Unfortunately, you are at the point of no return.

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 22:20:07 GMT

You have to take a good minute to find out what your doing wrong to have insufficient funds. We can rationalize reasons but it would benefit you to figure it out and take action. As far as cap1 not sure since I have never been in that situation, but the basic principles of balancing your "checkbook" and being able to pay at the minimum the minimum due is crucial. Goodluck!

Re: Capital One Restricted

galahad15 — Sat, 27 May 2017 22:54:13 GMT

Question for the original poster: do you have overdraft protection for your bank account that you are paying the credit card from? It could potentially be of some use, in the event that you don't have sufficient funds due to an accounting or similar mathematical error. I've ended up having to make use of it only a few times, and it was indispensable in helping with the situation IME, even taking into account the resulting overdraft fee.

Re: Capital One Restricted

Anonymous — Sat, 27 May 2017 23:39:29 GMT

@medicgrrl wrote:
This is why CLOC is a great tool

Please explain yourself.