topic Re: CapOne closed my sock drawer account.....🤬 in Credit Cards

CapOne closed my sock drawer account.....🤬

jwright343 — Thu, 09 Jun 2022 14:14:09 GMT

I've been a 20+ year customer with CapOne including 2 Quicksilver cards for 14 years and 2 auto loans paid in full. In the past year, the available credit on one was halved for low use. And yesterday, the card with a $9,000 limit was closed. Just got off the phone with them and it's not eligible to be reopened nor file an appeal. I currently have an 835 score that I've worked VERY hard to get since my BK in 05. Obviously, I have all the premium cards now which is why the CapOne cards got minimal use. Do I have any recourse with CapOne and how bad exactly will this affect my score. I'm losing a 14 year card and also 9K in available credit. I really want to close the remaining card as well but I'm smarter than that. Super pissed. 😏🤬🤮

Re: CapOne closed my sock drawer account.....🤬

Jnbmom — Thu, 09 Jun 2022 15:47:17 GMT

You will not loose the history it will stay on your reports up to 10 years. When was the last time you used the card ? Cap one is known for closing dormant accounts and you really can't blame them if you don't use the card .

Re: CapOne closed my sock drawer account.....🤬

SouthJamaica — Thu, 09 Jun 2022 15:59:50 GMT

@jwright343 wrote:
I've been a 20+ year customer with CapOne including 2 Quicksilver cards for 14 years and 2 auto loans paid in full. In the past year, the available credit on one was halved for low use. And yesterday, the card with a $9,000 limit was closed. Just got off the phone with them and it's not eligible to be reopened nor file an appeal. I currently have an 835 score that I've worked VERY hard to get since my BK in 05. Obviously, I have all the premium cards now which is why the CapOne cards got minimal use. Do I have any recourse with CapOne and how bad exactly will this affect my score. I'm losing a 14 year card and also 9K in available credit. I really want to close the remaining card as well but I'm smarter than that. Super pissed. 😏🤬🤮

The closed card will continue to be factored into your scores for as long as it continues to appear in your reports, which is typically, but not always, in the neighborhood of 10 years after closure.

Re: CapOne closed my sock drawer account.....🤬

simplynoir — Thu, 09 Jun 2022 16:24:37 GMT

From my experience with dormant Capital One cards they did a courtesy check last year and informed me via snail mail that if my cards weren't used by this date that they would close the accounts due to inactivity. And these are cards I wanted to keep even if I didn't spend on them because one was a card opened when I was 18 yrs old so it's one of two oldest cards on my reports. I simply put a charge on each of my QS cards and that was that. Did you happen to receive any mail/notifications regarding that? Thinking maybe I'm an outlier if that's not the case

Re: CapOne closed my sock drawer account.....🤬

SouthJamaica — Thu, 09 Jun 2022 20:48:19 GMT

@simplynoir wrote:
From my experience with dormant Capital One cards they did a courtesy check last year and informed me via snail mail that if my cards weren't used by this date that they would close the accounts due to inactivity. And these are cards I wanted to keep even if I didn't spend on them because one was a card opened when I was 18 yrs old so it's one of two oldest cards on my reports. I simply put a charge on each of my QS cards and that was that. Did you happen to receive any mail/notifications regarding that? Thinking maybe I'm an outlier if that's not the case

You're not an outlier, because I have read here of other folks getting a reminder like that from Capital One. I doubt that it's uniform, though; maybe they just do that for folks they like

Re: CapOne closed my sock drawer account.....🤬

Veronik2019 — Thu, 09 Jun 2022 21:19:39 GMT

@jwright343 wrote:
I've been a 20+ year customer with CapOne including 2 Quicksilver cards for 14 years and 2 auto loans paid in full. In the past year, the available credit on one was halved for low use. And yesterday, the card with a $9,000 limit was closed. Just got off the phone with them and it's not eligible to be reopened nor file an appeal. I currently have an 835 score that I've worked VERY hard to get since my BK in 05. Obviously, I have all the premium cards now which is why the CapOne cards got minimal use. Do I have any recourse with CapOne and how bad exactly will this affect my score. I'm losing a 14 year card and also 9K in available credit. I really want to close the remaining card as well but I'm smarter than that. Super pissed. 😏🤬🤮

You can't be mad for the company taking away the credit that you don't even use. As far as the closing of the card, you must have not used it at all. You didn't put a monthly subscription on it to keep it alive? I'm sorry that happened to you. This is very common with sock drawer cards.

Re: CapOne closed my sock drawer account.....🤬

jwright343 — Thu, 09 Jun 2022 23:51:00 GMT

So it will show the 14 year history for another 10 years, but the time clock won't continue from this day forward?!?! Not so much worried about losing the 9K available credit as my utilization is NEVER more than 3-5%.

Re: CapOne closed my sock drawer account.....🤬

jwright343 — Thu, 09 Jun 2022 23:52:42 GMT

If I did, probably just ignored it. Like I said, I have all premium cards now, no need for a CapOne card. Hard lesson learned. 🤷‍♂️

Re: CapOne closed my sock drawer account.....🤬

SouthJamaica — Fri, 10 Jun 2022 02:39:30 GMT

@jwright343 wrote:
So it will show the 14 year history for another 10 years, but the time clock won't continue from this day forward?!?! Not so much worried about losing the 9K available credit as my utilization is NEVER more than 3-5%.

It will continue to be included in Average Age of Accounts as long as it continues to be in your reports.

I can't speak to how much 'history' appears in the report, but I doubt that is a scoring factor.

Re: CapOne closed my sock drawer account.....🤬

AzCreditGuy — Fri, 10 Jun 2022 16:10:48 GMT

@jwright343 wrote:
I've been a 20+ year customer with CapOne including 2 Quicksilver cards for 14 years and 2 auto loans paid in full. In the past year, the available credit on one was halved for low use. And yesterday, the card with a $9,000 limit was closed. Just got off the phone with them and it's not eligible to be reopened nor file an appeal. I currently have an 835 score that I've worked VERY hard to get since my BK in 05. Obviously, I have all the premium cards now which is why the CapOne cards got minimal use. Do I have any recourse with CapOne and how bad exactly will this affect my score. I'm losing a 14 year card and also 9K in available credit. I really want to close the remaining card as well but I'm smarter than that. Super pissed. 😏🤬🤮

Hmmmmm $9k? I have A $7K CL and its 7+ yrs. I have been trying to get it over $10k just so I can say No Cap1, there is a high usage on the card and I deserve a bigger CL that I will never use because the 23.15% interest was from 7+ yrs ago and I would not subject myself to such dumb terms as I pay my balances off every month.....

Once my other accounts start aging more, I'll stop using this card and not care if they close it or not. Like others have said it will be on your history for 10 years

There's a reason why I name this card "Keep you poor"

Re: CapOne closed my sock drawer account.....🤬

2b2rich — Fri, 10 Jun 2022 17:12:45 GMT

I just posted about Target cutting my CL in half due to inactivity (one year she said). Maybe it's less work on them to maintain accounts that aren't being used, idk. Sorry this happen to you. My target card was only $900 and had it just over a year.

Re: CapOne closed my sock drawer account.....🤬

gingerflower — Tue, 14 Jun 2022 04:44:19 GMT

@simplynoir

I to got a reminder to use my Cc or it would be closed in May of this year. So I made a charge on it and so far so good.

Re: CapOne closed my sock drawer account.....🤬

OmarGB9 — Tue, 14 Jun 2022 05:16:43 GMT

Sorry but you can't really be mad at them for closing an unused account and mitigating risk/reassigning the credit to someone who WILL use it and make them money. Most likely they did send that courtesy notification last year prior to closure as mentioned above. Sorry it happened, but you really shouldn't be surprised. If you want to keep a card around, make sure to use it *at least* once every 6 months or so.

In any case, your AAoA will continue to benefit from it for up to 10 years (and yes it will continue to age as if it was still open. It just won't have a limit contributing to your overall available credit). If your utilization is usually always low, then you should have no worries on that front either.

Re: CapOne closed my sock drawer account.....🤬

MCM1 — Thu, 16 Jun 2022 23:54:04 GMT

You should send an email to the CEO as his email is published. He, or someone, does read them because this same thing happened to my son and we sent an email to the CEO and in a few days he got a call......and his account was restored.

Re: CapOne closed my sock drawer account.....🤬

CYBERSAM — Fri, 17 Jun 2022 04:43:02 GMT

The fact is Cap1 dosen't see customers, they only see numbers and data! Loyalty has ZERO factor in their computer generated algorithm!

Recently they have closed or CLD many old accounts that showed little usage. That is their current policy.

Therefore even if you get a card reopen, if you are not going to put enough usage then expect the same faith!

This is the reason you want to diversify and not to have all your eggs in one basket!

Re: CapOne closed my sock drawer account.....🤬

HHH71 — Fri, 17 Jun 2022 04:51:01 GMT

That sucks. I now have 12 Credit Cards and it is getting more difficult to use them all. So, I try to at least put one charge a month on all of them. I made my kids AU on a couple so they put some spend each month on the ones I rarely use. I heavily use about 4-5 each month, and then a couple transactions with the rest each month. I want to always be the one who cancels a credit card. I don't want to give them the satisfaction

Re: CapOne closed my sock drawer account.....🤬

Remedios — Fri, 17 Jun 2022 04:57:03 GMT

@CYBERSAM wrote:
The fact is Cap1 dosen't see customers, they only see numbers and data! Loyalty has ZERO factor in their computer generated algorithm!
Recently they have closed or CLD many old accounts that showed little usage. That is their current policy.
Therefore even if you get a card reopen, if you are not going to put enough usage then expect the same faith!

This is the reason you want to diversify and not to have all your eggs in one basket!

What do you mean by "loyalty"

Card wasn't used, so is lender supposed to be "loyal" to consumer but consumer can SD the card and move on to other lenders?

I don't see a logical progression there at all.

Also, no one sees consumers, everyone sees numbers.

Re: CapOne closed my sock drawer account.....🤬

CYBERSAM — Fri, 17 Jun 2022 05:14:57 GMT

@Remedios wrote:
@CYBERSAM wrote:
The fact is Cap1 dosen't see customers, they only see numbers and data! Loyalty has ZERO factor in their computer generated algorithm!
Recently they have closed or CLD many old accounts that showed little usage. That is their current policy.
Therefore even if you get a card reopen, if you are not going to put enough usage then expect the same faith!

This is the reason you want to diversify and not to have all your eggs in one basket!

What do you mean by "loyalty"
Card wasn't used, so is lender supposed to be "loyal" to consumer but consumer can SD the card and move on to other lenders?
I don't see a logical progression there at all.
Also, no one sees consumers, everyone sees numbers.

OP been with Cap1 for over 20 years! Even if one of the cards wasn't used, they could have reopened it as a courtesy for being a loyal customer in past 20 years! That is the definition of "loyalty". Having a rep or supervisor that can override the computer like other banks can, such as FNBO, Etc...

OP was not asking for much, just a little professional courtesy for doing business with them from a human and not a bot.

Logic is don't pissoff your customers! Look at the big picture, especially when they have multiple accounts with you... Is not that hard.

Re: CapOne closed my sock drawer account.....🤬

GatorGuy — Fri, 17 Jun 2022 05:52:37 GMT

@CYBERSAM wrote:
@Remedios wrote:
@CYBERSAM wrote:
The fact is Cap1 dosen't see customers, they only see numbers and data! Loyalty has ZERO factor in their computer generated algorithm!
Recently they have closed or CLD many old accounts that showed little usage. That is their current policy.
Therefore even if you get a card reopen, if you are not going to put enough usage then expect the same faith!

This is the reason you want to diversify and not to have all your eggs in one basket!

What do you mean by "loyalty"
Card wasn't used, so is lender supposed to be "loyal" to consumer but consumer can SD the card and move on to other lenders?
I don't see a logical progression there at all.
Also, no one sees consumers, everyone sees numbers.
OP been with Cap1 for over 20 years! Even if one of the cards wasn't used, they could have reopened it as a courtesy for being a loyal customer in past 20 years! That is the definition of "loyalty". Having a rep or supervisor that can override the computer like other banks can, such as FNBO, Etc...
OP was not asking for much, just a little professional courtesy for doing business with them from a human and not a bot.
Logic is don't pissoff your customers! Look at the big picture, especially when they have multiple accounts with you... Is not that hard.

You act like Capital One doesn't send out notices. The OP even mentions their other account having a CLD. They usually send out notices prior to cutting limit's for lack of use as well as before account closure. Customers aren't entitled to access to credit without limit but not using it.

Re: CapOne closed my sock drawer account.....🤬

FinStar — Fri, 17 Jun 2022 09:48:18 GMT

@CYBERSAM wrote:
@Remedios wrote:
@CYBERSAM wrote:
The fact is Cap1 dosen't see customers, they only see numbers and data! Loyalty has ZERO factor in their computer generated algorithm!
Recently they have closed or CLD many old accounts that showed little usage. That is their current policy.
Therefore even if you get a card reopen, if you are not going to put enough usage then expect the same faith!

This is the reason you want to diversify and not to have all your eggs in one basket!

What do you mean by "loyalty"
Card wasn't used, so is lender supposed to be "loyal" to consumer but consumer can SD the card and move on to other lenders?
I don't see a logical progression there at all.
Also, no one sees consumers, everyone sees numbers.
OP been with Cap1 for over 20 years! Even if one of the cards wasn't used, they could have reopened it as a courtesy for being a loyal customer in past 20 years! That is the definition of "loyalty". Having a rep or supervisor that can override the computer like other banks can, such as FNBO, Etc...
OP was not asking for much, just a little professional courtesy for doing business with them from a human and not a bot.
Logic is don't pissoff your customers! Look at the big picture, especially when they have multiple accounts with you... Is not that hard.

Except that logic doesn't apply here @CYBERSAM. Capital One doesn't have the same policies as other financial institutions.

Capital One typically notifies customers of any potential long term inactivity, account review and/or account closure. That, in it of itself, is the "professional courtesy". Just like customers have the choice to close accounts voluntarily if the card no longer serves a purpose (i.e. OP clearly stated "sock drawer account" in the subject title), lenders also reserve the right to close accounts and/or terminate a relationship, regardless of tenure. Admittedly, the OP stated they had not used the account for quite a while so there is no incentive for a lender to keep it open -- this is purely a business decision. If the OP ignored or overlooked the notice, that's on them, not Capital One. Unfortunately, when it comes to account closures, very few lenders provide the option to reopen an account.