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Cap1 Closed all my accounts - question about scoring

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Jon85
Frequent Contributor

Re: Cap1 Closed all my accounts - question about scoring

Cap 1 or any bank can do anything they want to within their rights - which is why I didn't call them names, ask "how could they do this?" or feel victimized lol... it is not the end of the world and they are not the only lender like others mentioned. That's why I didn't complain about them because I have to be fair - for years they did treat me right and I had high CLs and spent through all the time with no issues so I'm not going to bad mouth them now because they took this AA; it is what it is I was just curious how it would effect my score. 

just for data points if anyone cares, my QS was $40K limit and Venture was $25K

Message 21 of 47
GZG
Senior Contributor

Re: Cap1 Closed all my accounts - question about scoring


@Jon85 wrote:

@Anonymous wrote:

@Rogue46 wrote:

Could be because they saw the 2 watch purchases and got spooked thinking you are on a breakout? That's the only thing I can think of why they shut you down. You will probably see a score dip but that should recover and as mentioned above the tradelines will stay on your report for up to 10 years


No, I would guess that the assumption (perhaps based on the merchant details) was that these were high priced jewelry type items intended for resale, so not household use.   The closure of the venture would have just been caught up in it.   But a lot depends on previous usage, were both these charges way out of normal range?


Hi all!

 

Thank you to each of you for all of your detailed responses and concerns. I appreciate it so much. It was very odd to me too because the purchases definitely are not something out of the ordinary for me- I've put through 100K + per year on my QS card for the last few years as an example. It was always for personal usage and luxury, shopping and vacations.

 

A member mentioned that I should reach out to someone in the executive office but honestly it's so insulting that they did this I would rather just charge through my other cards.

 

And the place I bought my watches is the same Rolex dealer I've shopped with for the last 5 years using the same card 😂😂😂

 

oh well! Amex get ready for some more usage....


only hope that you'd reach out to EO just to see if they would even respond to somebody who runs $100k through their cards, because they've surely stopped responding to everybody else Smiley Very Happy

agree with moving on though, can't imagine what Cap1 can offer that your others can't, they'll very gladly accept the spend

 

congrats on moving on

Starting FICO 8:
Current FICO 8:



4/6, 4/12, 8/24 new accounts
Message 22 of 47
MikeyMagic
Frequent Contributor

Re: Cap1 Closed all my accounts - question about scoring


@Anonymous wrote:

@MikeyMagic wrote:


You know I'm new at all this and I am definitely a long way off from ever having credit cards with $30,000 CL's, but it seems to me these companies really end up ruining the cool part about having those high end cards. 

So what if you bought a couple of expensive watches right? Why the hell does Cap1 even care? It infuriates me so much when I read these stories of people who make expensive purchases(which is their freaking right to do since they have the CL available to do it), yet these credit card companies a lot of the time RETALIATE and restrict the account, severely lower the CL and/or close the darn credit card accounts!!

 

 


Remember you only get to see the bad stories here, no-one posts "another $20K charge went through without issue" which happens all the time!   And no, it's not a "right" to charge up to the CL, the terms and conditions allow an issuer the right to approve or decline any individual charge  (We may decline to authorize a transaction for any reason. This may occur even if the transaction would not cause you to go over your credit limit oryour Account is not in default.  Capital One)  And in this case even when they have approved the charge, security algorithms can later decide it is suspicious and take AA (in this case fairly drastic).

 

Issuers want to make money, which they do by a) attempting to reduce losses and b) getting customers to use the card, with fees and interest as an added bonus.   From time to time, a) is going to be prioritized and losing good customers is the price of protecting against bad ones.


Good points for sure. But imo and yes it's just my opinion of course - I really feel like if Credit Card companies are going to give customers these big CL's, then let them use them!! Again, everything now is about algorithms and usage worries and stuff that really takes away from the benefits at times of having credit cards. i mean think about it, I got a starter card restricted because I made 3 payments in 2 days? Like WHO CARES IF I DID THAT!! These companies are going so overboard on this fraud stuff and what's worse is it's mostly all done now by computer programs and algorithms. 

 

I haven't had credit cards since the late late 90's and yes I was irresponsible and didn't pay off my charges. But back then I got a card right out of college with a $7500 CL(I thought it was $5500 but I remember now it was $7500), an MBNA Matercard in 1999. I must have taken $6000 off that card in cash advances to gamble. Used the rest for other purchases but you know what? The company let us use the **bleep** card how we wanted to use it!! I maxed out the card pretty quick, called MBNA and they gave me a $2000 CL increase and I took more cash advances to get that money off the card. I was out of control sure but I loved being able to use a card how I wanted to use it without worrying about fraud concerns and getting calls or emails about the card being restricted. Now it's beyond absurd.

 

Just me venting but it really makes me disappointed that the OP couldn't even use the card and the limit he was given to buy a couple of luxury watches without Cap1 shutting everything down. It's a shame.

Message 23 of 47
Anonymous
Not applicable

Re: Cap1 Closed all my accounts - question about scoring


@MikeyMagic wrote:

I haven't had credit cards since the late late 90's and yes I was irresponsible and didn't pay off my charges. But back then I got a card right out of college with a $7500 CL(I thought it was $5500 but I remember now it was $7500), an MBNA Matercard in 1999. I must have taken $6000 off that card in cash advances to gamble. Used the rest for other purchases but you know what? The company let us use the **bleep** card how we wanted to use it!! I maxed out the card pretty quick, called MBNA and they gave me a $2000 CL increase and I took more cash advances to get that money off the card. I was out of control sure but I loved being able to use a card how I wanted to use it without worrying about fraud concerns and getting calls or emails about the card being restricted. Now it's beyond absurd.

 

 

 


Was MBNA one of the cards you didn't pay off the charges?  If so, not sure if your post is meant to be ironic or not!

Message 24 of 47
MikeyMagic
Frequent Contributor

Re: Cap1 Closed all my accounts - question about scoring


@Anonymous wrote:

@MikeyMagic wrote:

I haven't had credit cards since the late late 90's and yes I was irresponsible and didn't pay off my charges. But back then I got a card right out of college with a $7500 CL(I thought it was $5500 but I remember now it was $7500), an MBNA Matercard in 1999. I must have taken $6000 off that card in cash advances to gamble. Used the rest for other purchases but you know what? The company let us use the **bleep** card how we wanted to use it!! I maxed out the card pretty quick, called MBNA and they gave me a $2000 CL increase and I took more cash advances to get that money off the card. I was out of control sure but I loved being able to use a card how I wanted to use it without worrying about fraud concerns and getting calls or emails about the card being restricted. Now it's beyond absurd.

 

 

 


Was MBNA one of the cards you didn't pay off the charges?  If so, not sure if your post is meant to be ironic or not!


I told you my thoughts have nothing to do with how I used credit cards in 1999. Yes it was 1 of the cards I didn't pay off, it was the only credit card I had too. But how I handled the card is irrelevent to what I feel about what these companies today are doing to cardholders in this "new era".

 

Most people even back then weren't careless, reckless and didn't pay the bills. My point remains that back in those days, I'm sure if the OP bought 2 luxury watches and spent on a big vacation, the credit card company he had the cards from wouldn't close all of them. Back then we were allowed to do cash advances up to the limit of the card, now most get 5 or 10% at most. Maybe up to 30% but no way they get 100% access.

 

I just feel like if these card companies are offering you big credit limits then they should allow you to use them how you want. They didn't bother us back 20 years ago. Now they bother you for making 2 payments in a day. It's just severely changed and imo not for the better at all.

 

 

Message 25 of 47
Jeffster1
Valued Contributor

Re: Cap1 Closed all my accounts - question about scoring

Cap One is a strange beast, indeed. 

Their standard answer to a CLI request is that you are not using enough of your credit line. Meanwhile, the OP uses his credit line and is shut down. 🤷🏽‍♂️

0% utilization
FICO 8 EX 829 EQ 839 TU 844
American Express Blue Cash Preferred 30K I American Express Blue Cash Everyday 25K I American Express Delta Skymiles 13.9K I American Express Schwab Investor Card 5K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | Wells Fargo BILT World Elite MC 30K I BMO Harris Cash Back MasterCard 12K | Capital One QS MC 12.5K I NFCU Flagship Rewards Visa 32K I NFCU Amex 28K | NFCU CashRewards Visa 20K I Citi Best Buy Visa 10K I Macy’s Amex 25K I Bread Financial American Express 15.5K I AAA Daily Advantage Visa Signature 8.5K I Saks Fifth Avenue World Elite MC 10.8K I Citi Dillard’s Visa 5K I JCPenney Mastercard 6K I UCLA Wescom CU Rewards Visa 7K I Pottery Barn Visa 5K I PayPal Cash Back Visa 9K I TD Bank Double Up Visa 5K I USBank Cash Visa 5K I
Message 26 of 47
MikeyMagic
Frequent Contributor

Re: Cap1 Closed all my accounts - question about scoring


@Jeffster1 wrote:

Cap One is a strange beast, indeed. 

Their standard answer to a CLI request is that you are not using enough of your credit line. Meanwhile, the OP uses his credit line and is shut down, 🤷🏽‍♂️


This is the post of the thread. 

Message 27 of 47
Jeffster1
Valued Contributor

Re: Cap1 Closed all my accounts - question about scoring


@MikeyMagic wrote:

@Anonymous wrote:

@MikeyMagic wrote:


You know I'm new at all this and I am definitely a long way off from ever having credit cards with $30,000 CL's, but it seems to me these companies really end up ruining the cool part about having those high end cards. 

So what if you bought a couple of expensive watches right? Why the hell does Cap1 even care? It infuriates me so much when I read these stories of people who make expensive purchases(which is their freaking right to do since they have the CL available to do it), yet these credit card companies a lot of the time RETALIATE and restrict the account, severely lower the CL and/or close the darn credit card accounts!!

 

 


Remember you only get to see the bad stories here, no-one posts "another $20K charge went through without issue" which happens all the time!   And no, it's not a "right" to charge up to the CL, the terms and conditions allow an issuer the right to approve or decline any individual charge  (We may decline to authorize a transaction for any reason. This may occur even if the transaction would not cause you to go over your credit limit oryour Account is not in default.  Capital One)  And in this case even when they have approved the charge, security algorithms can later decide it is suspicious and take AA (in this case fairly drastic).

 

Issuers want to make money, which they do by a) attempting to reduce losses and b) getting customers to use the card, with fees and interest as an added bonus.   From time to time, a) is going to be prioritized and losing good customers is the price of protecting against bad ones.


Good points for sure. But imo and yes it's just my opinion of course - I really feel like if Credit Card companies are going to give customers these big CL's, then let them use them!! Again, everything now is about algorithms and usage worries and stuff that really takes away from the benefits at times of having credit cards. i mean think about it, I got a starter card restricted because I made 3 payments in 2 days? Like WHO CARES IF I DID THAT!! These companies are going so overboard on this fraud stuff and what's worse is it's mostly all done now by computer programs and algorithms. 

 

I haven't had credit cards since the late late 90's and yes I was irresponsible and didn't pay off my charges. But back then I got a card right out of college with a $7500 CL(I thought it was $5500 but I remember now it was $7500), an MBNA Matercard in 1999. I must have taken $6000 off that card in cash advances to gamble. Used the rest for other purchases but you know what? The company let us use the **bleep** card how we wanted to use it!! I maxed out the card pretty quick, called MBNA and they gave me a $2000 CL increase and I took more cash advances to get that money off the card. I was out of control sure but I loved being able to use a card how I wanted to use it without worrying about fraud concerns and getting calls or emails about the card being restricted. Now it's beyond absurd.

 

Just me venting but it really makes me disappointed that the OP couldn't even use the card and the limit he was given to buy a couple of luxury watches without Cap1 shutting everything down. It's a shame.


I LOVED my MBNA card. I got it right out of college (pre-approval mailer, IIRC).  I kept a really good history on it through the 90s and up to the BofA acquisition. I can't remember why I closed it in 2007, but I really do believe my good history with it might have contributed to some internal scoring at BofA which allowed me to get a BofA Secured CCR within 2 months of my Chapter 13 DC in January 2021. 

0% utilization
FICO 8 EX 829 EQ 839 TU 844
American Express Blue Cash Preferred 30K I American Express Blue Cash Everyday 25K I American Express Delta Skymiles 13.9K I American Express Schwab Investor Card 5K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | Wells Fargo BILT World Elite MC 30K I BMO Harris Cash Back MasterCard 12K | Capital One QS MC 12.5K I NFCU Flagship Rewards Visa 32K I NFCU Amex 28K | NFCU CashRewards Visa 20K I Citi Best Buy Visa 10K I Macy’s Amex 25K I Bread Financial American Express 15.5K I AAA Daily Advantage Visa Signature 8.5K I Saks Fifth Avenue World Elite MC 10.8K I Citi Dillard’s Visa 5K I JCPenney Mastercard 6K I UCLA Wescom CU Rewards Visa 7K I Pottery Barn Visa 5K I PayPal Cash Back Visa 9K I TD Bank Double Up Visa 5K I USBank Cash Visa 5K I
Message 28 of 47
MikeyMagic
Frequent Contributor

Re: Cap1 Closed all my accounts - question about scoring


@Jeffster1 wrote:

@MikeyMagic wrote:

@Anonymous wrote:

@MikeyMagic wrote:


You know I'm new at all this and I am definitely a long way off from ever having credit cards with $30,000 CL's, but it seems to me these companies really end up ruining the cool part about having those high end cards. 

So what if you bought a couple of expensive watches right? Why the hell does Cap1 even care? It infuriates me so much when I read these stories of people who make expensive purchases(which is their freaking right to do since they have the CL available to do it), yet these credit card companies a lot of the time RETALIATE and restrict the account, severely lower the CL and/or close the darn credit card accounts!!

 

 


Remember you only get to see the bad stories here, no-one posts "another $20K charge went through without issue" which happens all the time!   And no, it's not a "right" to charge up to the CL, the terms and conditions allow an issuer the right to approve or decline any individual charge  (We may decline to authorize a transaction for any reason. This may occur even if the transaction would not cause you to go over your credit limit oryour Account is not in default.  Capital One)  And in this case even when they have approved the charge, security algorithms can later decide it is suspicious and take AA (in this case fairly drastic).

 

Issuers want to make money, which they do by a) attempting to reduce losses and b) getting customers to use the card, with fees and interest as an added bonus.   From time to time, a) is going to be prioritized and losing good customers is the price of protecting against bad ones.


Good points for sure. But imo and yes it's just my opinion of course - I really feel like if Credit Card companies are going to give customers these big CL's, then let them use them!! Again, everything now is about algorithms and usage worries and stuff that really takes away from the benefits at times of having credit cards. i mean think about it, I got a starter card restricted because I made 3 payments in 2 days? Like WHO CARES IF I DID THAT!! These companies are going so overboard on this fraud stuff and what's worse is it's mostly all done now by computer programs and algorithms. 

 

I haven't had credit cards since the late late 90's and yes I was irresponsible and didn't pay off my charges. But back then I got a card right out of college with a $7500 CL(I thought it was $5500 but I remember now it was $7500), an MBNA Matercard in 1999. I must have taken $6000 off that card in cash advances to gamble. Used the rest for other purchases but you know what? The company let us use the **bleep** card how we wanted to use it!! I maxed out the card pretty quick, called MBNA and they gave me a $2000 CL increase and I took more cash advances to get that money off the card. I was out of control sure but I loved being able to use a card how I wanted to use it without worrying about fraud concerns and getting calls or emails about the card being restricted. Now it's beyond absurd.

 

Just me venting but it really makes me disappointed that the OP couldn't even use the card and the limit he was given to buy a couple of luxury watches without Cap1 shutting everything down. It's a shame.


I LOVED my MBNA card. I got it right out of college (pre-approval mailer, IIRC).  I kept a really good history on it through the 90s and up to the BofA acquisition. I can't remember why I closed it in 2007, but I really do believe my good history with it might have contributed to some internal scoring at BofA which allowed me to get a BofA Secured CCR within 2 months of my Chapter 13 DC in January 2021. 


Yeah you said pre-approval mailer - that's how I think I got my card with them. I remember I graduated college and then I got a letter in the mail from them. I opened it and it was an MBNA Mastercard with a $7500 limit. I honestly don't even remember applying for it. Maybe I did or spoke with them over the phone but I really think they just sent me a Mastercard ready to use with a $7500 CL lol. Those were the days huh?

Message 29 of 47
Jeffster1
Valued Contributor

Re: Cap1 Closed all my accounts - question about scoring


@MikeyMagic wrote:

@Anonymous wrote:

@MikeyMagic wrote:

I haven't had credit cards since the late late 90's and yes I was irresponsible and didn't pay off my charges. But back then I got a card right out of college with a $7500 CL(I thought it was $5500 but I remember now it was $7500), an MBNA Matercard in 1999. I must have taken $6000 off that card in cash advances to gamble. Used the rest for other purchases but you know what? The company let us use the **bleep** card how we wanted to use it!! I maxed out the card pretty quick, called MBNA and they gave me a $2000 CL increase and I took more cash advances to get that money off the card. I was out of control sure but I loved being able to use a card how I wanted to use it without worrying about fraud concerns and getting calls or emails about the card being restricted. Now it's beyond absurd.

 

 

 


Was MBNA one of the cards you didn't pay off the charges?  If so, not sure if your post is meant to be ironic or not!


I told you my thoughts have nothing to do with how I used credit cards in 1999. Yes it was 1 of the cards I didn't pay off, it was the only credit card I had too. But how I handled the card is irrelevent to what I feel about what these companies today are doing to cardholders in this "new era".

 

Most people even back then weren't careless, reckless and didn't pay the bills. My point remains that back in those days, I'm sure if the OP bought 2 luxury watches and spent on a big vacation, the credit card company he had the cards from wouldn't close all of them. Back then we were allowed to do cash advances up to the limit of the card, now most get 5 or 10% at most. Maybe up to 30% but no way they get 100% access.

 

I just feel like if these card companies are offering you big credit limits then they should allow you to use them how you want. They didn't bother us back 20 years ago. Now they bother you for making 2 payments in a day. It's just severely changed and imo not for the better at all.

 

 


Absolutely @MikeyMagic . MBNA stood by me through my "poverty years." Even though I kept a good history with them, there were undoubtedly issues (such as carrying balances and high util) that today would get me shut down. 

0% utilization
FICO 8 EX 829 EQ 839 TU 844
American Express Blue Cash Preferred 30K I American Express Blue Cash Everyday 25K I American Express Delta Skymiles 13.9K I American Express Schwab Investor Card 5K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | Wells Fargo BILT World Elite MC 30K I BMO Harris Cash Back MasterCard 12K | Capital One QS MC 12.5K I NFCU Flagship Rewards Visa 32K I NFCU Amex 28K | NFCU CashRewards Visa 20K I Citi Best Buy Visa 10K I Macy’s Amex 25K I Bread Financial American Express 15.5K I AAA Daily Advantage Visa Signature 8.5K I Saks Fifth Avenue World Elite MC 10.8K I Citi Dillard’s Visa 5K I JCPenney Mastercard 6K I UCLA Wescom CU Rewards Visa 7K I Pottery Barn Visa 5K I PayPal Cash Back Visa 9K I TD Bank Double Up Visa 5K I USBank Cash Visa 5K I
Message 30 of 47
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