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@Remedios wrote:
asking for a lump sum may lead consumer to abandon the idea of paying in a first place.
Oh, that makes sense.
My understanding is that they are treating you as a hazardous customer. With Capital One the word Restricted means that the charge privileges are removed. The only thing you can do is pay the account. Now Capital One has experience with people such as yourself so it looks like they are being nice on the fact the account stays open for now but be aware that you are most likely not considered welcome in the system. Now you can break it up and pay over three months as per the payment arrangement but be aware that interest is still being charged for your outstanding due. You also can pay in full which will stop interest accruing. What Capital One does with your charging privileges after you become current is up to them. They can reactivate them or close the account. They can already see your 520 score and whatever questionably bad behaviour you did. You are at their mercy so do not expect good things to happen but be happy when they do. You are also unlikely to be able to get a normal credit card account for a while if this one does not work out. I recommend you look into OpenSky as you will need a secured card for credit for some time if Capital One closes.
@Remedios wrote:
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.
Paying it off lump sum is what he's asking about so I said if he can't afford to lose that money, don't pay it off
@Brian_Earl_Spilner wrote:
@Remedios wrote:
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.Paying it off lump sum is what he's asking about so I said if he can't afford to lose that money, don't pay it off
Hopefully, you are suggesting that if the OP can not afford to pay off the account in one lump sum to not do so, however, to continue to pay what the OP owes Capital One until the account is paid off.
As previously mentioned up-thread, you have committed grievous credit sins and are fortunate that Capital One didn't close your account. I believe that Captial One didn't close the account to entice you to pay what you owe. You know you are in Capital One's dog house if Captial One begins to balance chase your credit limit as you pay down your card.
@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.
I would pay it all off now no matter what. Over a three-month period you are going to acrue around $100 in interest.
It is possible they close your account after you pay it off. Only time will tell.
@abelbarraza3 wrote:if so then I don't mind paying the entire balance if i could use it sooner.
There should be no "if". Pay it whether or not you can use it, otherwise, you're future self will probably have bigger problems.
Hey guys! Sorry for the late post update. After a lot of arguing back and forth with Capital One I finally got my answer. I asked the manager if she's ever heard of individuals paying off the entire balance and having the restriction removed the next day by calling in. Manager said yes she's heard of that I decided that was good enough for me. I ended up paying the entire balance of the card and called in next day. Restriction were removed immediatly and I was to use my card like normal!
Congrats OP on the restriction removal!!!!!!!
I'm sure you learned a valuable lesson. So no more lates--okey, doke? 😁
Congrats! Lucky indeed. Stick around the forums, you can learn a lot here and help rebound the score and get some friends better than capital one.