topic Re: Capital One Credit Card Restricted for 90 days after missing 6 payments. in Credit Cards

Capital One Credit Card Restricted for 90 days after missing 6 payments.

abelbarraza3 — Sat, 14 Sep 2019 20:53:41 GMT

Hello,

New to this form so forgive me if I placed this in the wrong area. I let my Capital One Quicksilver Credit Card go 5 months past due and attempted to make a $100 payment that was bounced. So I am 6 months past due. I set up a payment arrangment to make a couple payment over the next months. I decided later that week that I am actually able to bring the account to current and not past due. The card has a credit line limit of $2,000 and was over the limit at $2,380. I made a $650 payment and was informed after that I would not be able to use the card until 3 consecuive payments each over 3 months were made and the card was restricted. Has anyone found a way to get around this? I am willing to pay the entire card off if I am able to start charging the card imeditalty as i plan on using this card as my main card to get billing on for all my services. The rep said she cant gurantee theyll remove the 3 month restriction if the card is paid in full. Has anyone ever had luck gets the restriction removed earlier?

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

GApeachy — Sat, 14 Sep 2019 21:07:13 GMT

With all the negatives that's happened with your account, just be glad it's restricted. On that note, I don't think I'd push the issue and try to find a work-around. Three months is not that long vs. closed and cut-off permanently. Seriously, all the best in keeping your card.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

CreditInspired — Sat, 14 Sep 2019 21:23:55 GMT

@abelbarraza3 wrote:
Hello,

New to this form so forgive me if I placed this in the wrong area. I let my Capital One Quicksilver Credit Card go 5 months past due and attempted to make a $100 payment that was bounced. So I am 6 months past due. I set up a payment arrangment to make a couple payment over the next months. I decided later that week that I am actually able to bring the account to current and not past due. The card has a credit line limit of $2,000 and was over the limit at $2,380. I made a $650 payment and was informed after that I would not be able to use the card until 3 consecuive payments each over 3 months were made and the card was restricted. Has anyone found a way to get around this? I am willing to pay the entire card off if I am able to start charging the card imeditalty as i plan on using this card as my main card to get billing on for all my services. The rep said she cant gurantee theyll remove the 3 month restriction if the card is paid in full. Has anyone ever had luck gets the restriction removed earlier?

Hi and welcome to MyFICO

First, please realize that you are extremely fortunate that your card wasn’t shut down. Second, also be aware that AA can still happen even after paid off. So my suggestion is don’t poke the bear and play Cap1’s game until the restriction is lifted.

Finally, when/if the restriction is lifted, no more late payments and no more bounced checks because there won’t be a second chance.

GL2U

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

chhull00 — Sat, 14 Sep 2019 21:31:47 GMT

Dose not sound promising to me, sorry mate.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

NRB525 — Sat, 14 Sep 2019 21:33:27 GMT

What was the sequence of events leading to missing payments for 5 months? I suggest honestly discussing that as a first step.

And I agree, follow Capital Ones’ offer to make payments for three months to get the account unrestricted.

Your credit score is probably not doing so well right now. Have you checked that?

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

abelbarraza3 — Sat, 14 Sep 2019 21:46:50 GMT

honestly I was just being a moron. Current credit score is around 520s last time I checked this week. She said a SUP could potentialy remove the restrictions but can't promise it so I am wondering if somone else has had luck getiting the restriction removed earlier.....if so then I don't mind paying the entire balance if i could use it sooner.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

gjean78 — Sat, 14 Sep 2019 22:28:51 GMT

@abelbarraza3 wrote:
honestly I was just being a moron. Current credit score is around 520s last time I checked this week. She said a SUP could potentialy remove the restrictions but can't promise it so I am wondering if somone else has had luck getiting the restriction removed earlier.....if so then I don't mind paying the entire balance if i could use it sooner.

you messed up big time, be happy the account still open they didn't charge it off. what you mean you were being a moron? that sounds really irresponsible to me. missing payment is one thing you don't wanna do in the credit game, atleast u shoulda make the minimum payment every months. your credit score is at 520 which is pretty low if you let this account close u ain't gonna be able to get any other unsecured card with that score. I'd would advice u to get your everything situated then build your score from there.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

GApeachy — Sun, 15 Sep 2019 11:03:54 GMT

Hopefully the outcome will be positive.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

JR_TX — Sat, 14 Sep 2019 23:04:03 GMT

Just let it play through and keep making payments. DO NOT attract anymore unwanted attention by escalating your case to a Supervisor or EO that could potentially get your acct closed for good!
Best of Luck to you OP!

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

Anonymous — Sun, 15 Sep 2019 00:21:21 GMT

Most likely you just beat the cutoff to have this card shut down and go to collections.

There is no workaround. Capital One is generally a fully automated lender. Their systems run all decisions. There are no overrides or recon's. Sorry you got bad info. Wait the three months.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

Remedios — Sun, 15 Sep 2019 00:41:12 GMT

I understand Cap one CSR told you you need to make three consecutive payments, but more often than not, when they restrict use of a card, it can be a very long time until/if card is unrestricted again.
Make your payments like you're supposed to, but if restriction is not lifted after the last payment, dont be surprised
Longest restriction I read about was over 2 years and was still in effect when poster talked about it.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

Anonymous — Sun, 15 Sep 2019 11:58:21 GMT

To add, I’d make sure those three payments (or as many as it takes to lift the restriction) are well above what any minimum payment amount would conceivably be. I’d be paying at least $150-200 per payment, and if it doesn’t unlock after the third payment, keep paying at that level to show them you mean it in revitalizing your account and maybe they will unlock it. They might do so after three payments, maybe after 8, maybe when you zero the balance. They may let you pay it off and then close it - no way to know and the ball’s in their court.

I recall a thread like the one that @Remedios referenced - it was of the tone that CapOne locked the card account and threw away the key, and moved on to deal with other customers without a second thought.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

Anonymous — Sun, 15 Sep 2019 12:47:56 GMT

Since you mentioned that you have the funds, I would just pay it all off and be done with it.

Wait the 3 months and see if the restriction will be lifted like promised.

Good luck.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

Anonymous — Sun, 15 Sep 2019 13:00:15 GMT

Due to what OP was told, specifically to make payments for three months, I’d at least advise to follow that.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

Brian_Earl_Spilner — Sun, 15 Sep 2019 13:09:21 GMT

Bouncing a payment with cap1 is the worst thing you can do in their eyes. They can charge off 50k and give you a new card within a year, but bounce a payment, and they could blacklist you. It sounds like you can pay them off, but still need those funds. I would just pay enough to meet your payment agreement and see what happens in 3 months. It may unrestrict, it could stay restricted for a bit, or they could close the card once paid off. If you can't afford to have those funds tied up, possibly permanently, don't pay it off.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

Remedios — Sun, 15 Sep 2019 14:05:34 GMT

I'm not sure what Brian meant by "Dont pay it off", probably referring to making a large lump payment. I think that's just worded wrong, so continue paying it, or the next sequence is CO, internal collection, possible legal action

While Cap One is frequently referred to as "forgiving", them and Discover would be getting *Most likely to sue you at any time* award for sure.
Regardless, stick with payments and see what happens with it. I sincerely hope you have other cards, because this one will take a while.

By not taking the next natural step (CO) cap one has a better chance of recouping their money if it appears on surface all is not lost for the consumer.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

GApeachy — Sun, 15 Sep 2019 14:18:01 GMT

@Remedios wrote:
I'm not sure what Brian meant by "Dont pay it off", probably referring to making a large lump payment.

Yeah, I had to read that twice. I agree, do what they say, make the payments as they instructed (not trying to just pay the whole thing off in one lump sum unless CapOne said you could- which doesn't sound like they did.)

Edit to add OP's stmt: advised to do this......."3 consecuive payments each over 3 months were made"

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

AverageJoesCredit — Sun, 15 Sep 2019 14:17:43 GMT

All excellent advise so far. Mine would be this. Let this be Credit Lesson #1 and a new begining for you going forward. Dont bounce payments and dont be late. These 2 factors can have huge consequences for you going forward . Other lenders will close your account immediately for 1 bounced check and adding lates will never help. Until you can figure out how to use credit correctly, id suggest take a break and focus on cleaning up your profile first. Spend some time in the rebuild forum plenty of helpful people and advise there. As for your current situation, if Cap One wants to see 3 straight payments, i would do that. Payment 4, pay the rest off. Its always better to not owe something you were responsible for than not. Even if it doesnt get unrestricted right away. You have fulfilled your debt responsiblity. Good luck Op

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

Remedios — Sun, 15 Sep 2019 14:19:36 GMT

Capital one wants their money
They are probably saying to make payments because OP missed 5 of them, indicating financial distress.
If they could not meet the minimum payment requirement, asking for a lump sum may lead consumer to abandon the idea of paying in a first place.

Re: Capital One Credit Card Restricted for 90 days after missing 6 payments.

Anonymous — Sun, 15 Sep 2019 14:25:31 GMT

Kinda like the cops telling you if you confess to the murder you can go home and watch the Superbowl tonight. They are lying. They want their money. Even if they are lying you still owe them and your obligation is to pay them. I sure hope you don't pay in full, get your card shut down anyway and then tell everyone you are a victim.

It doesn't sound very promising if the only reason you are willing to pay is if they continue to allow you to charge on the card. You are now a risky customer.

Things will be better in 7 years.