@MikeyMagic wrote:
@BuckyB wrote:
Sign of the times. The algorithms are tightening up more and more. Any time I do anything out of the ordinary with even my bank accounts I get locked down and have to call in and explain myself. There's no way OP could have predicted exactly what would happen here. He couldn't see into the Cap One computer system and whatever "AI" it uses to pull the plug on accounts.
Used to be they gave you a credit line and only cared if you went over it or didn't pay. Now it's like they monitor every aspect of your spending and if it's not boring to the computers then it gets flagged and possibly shut down. Conformity!
Pretty annoying. Ain't going to get better any time soon either.
This is the 1 of the best posts I've read on here because you are 100% on the money. I haven't had credit cards in over 20 years and the last thing I remember is getting a MBNA Mastercard without even applying for it sent in the mail to me with a $7500 CL. Just had graduated college. I could and did take out as many cash advances as possible, max the card out, do anything with the card without having to worry about fraud detection and the card being restricted. And yes what I did was over the top and I paid for my younger years of ruining my credit.
But Bucky you are so right. This "new normal" is ridiculous and imo completely getting out of hand. The algorithms are ruining the enjoyment for some people earning the right to have credit cards. These companies bother us customers for any little thing that doesn't fit the programmed narrative of what is "normal". I keep going back to my brief awful experience just 1 month with my little piddly Cap1 unsecured card with a $300 CL. I made 3 payments to my balance in 2 days(OH NO HOW DARE I) and my account and card were restricted and I had to spend over an hour on the phone to finally "verify" me. The fraud lady told me it was restricted because of too many payments to my bill in a short period of time lol. I mean, is this really where we are now? Paying the darn bill too much gets us restricted or even closed?
It's awful and absurd.
Since you basically reposted I guess I will reiterate my points, perhaps with a little more clarity:
Just had graduated college. I could and did take out as many cash advances as possible, max the card out, do anything with the card without having to worry about fraud detection and the card being restricted. And yes what I did was over the top and I paid for my younger years of ruining my credit.
I am NOT (repeat NOT) blaming you in the following, not sure why you didn't get that.
What you are describing was a "free and easy" environment, which was certainly better for credit card users but led to greater losses for the issuers (and thus changed when the tech was available). The example of you (again, no judgement of your youthful behavior) is one that led to a loss. Perhaps better algorithms could have reduced the risk, or the extent, of loss to the issuer. And an even better experience would have been a card where you could charge what you like and never have to pay (no silly algorithms there) but issuers might see a problem with that.
Also, the risk to the issuers have massively grown. We have seen the rise of hackers, an internet enabled distribution/sale of stolen credit card numbers from around the globe. The threat landscape for issuers is nothing like in the past you recall.
The algorithms are ruining the enjoyment for some people earning the right to have credit cards. These companies bother us customers for any little thing that doesn't fit the programmed narrative of what is "normal"
Yes, maybe for "some" but the vast majority of people actually don't run into those problems. Basically, issuers want the cards to be used (while restricting losses) so putting stupid roadblocks in the way would be foolish.
And yes, your example of multiple payments being bad doesn't appear very logical (perhaps Cap One has found multiple payments in a certain fact pattern to be risky) and is obviously annoying for you, but a) don't necessarily assume it is an almost universal issue and b) hanker back to the good old days where the enviroment was very different.
