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!!! Capital One Just Closed All 4 of My Cards !!!

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bldmt
Regular Contributor

Re: !!! Capital One Just Closed All 4 of My Cards !!!

I was speaking to the the linked post that they brought it up, it was towards the end of the thread and they brought it up. Cap 1 noted a legal action and if they were a particpant that would be the"legal action aspect of it. OP was looking at coming from a different direction.

Message 81 of 219
Imperfectfuture
Super Contributor

Re: !!! Capital One Just Closed All 4 of My Cards !!!


@bldmt wrote:

I was speaking to the the linked post that they brought it up, it was towards the end of the thread and they brought it up. Cap 1 noted a legal action and if they were a particpant that would be the"legal action aspect of it. OP was looking at coming from a different direction.


Do you not need to opt in to those?  That is why I do not pursue against folks giving me a break (great pricing from att, comcast, etc).  But I THINK he would realize if opted into class action.

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Message 82 of 219
LadyJEsq
Established Contributor

Re: !!! Capital One Just Closed All 4 of My Cards !!!

There are class actions out there, and it would make sense if they felt they didn't want a cardholder who receiced a settlement from them. See below, could this possibly be applicabel given Gregg mentioned issues from a few years ago.

 

https://www.capitalonetcpaclasssettlement.com/

 

If you received a non-emergency telephone call on your cellular telephone from Capital One from January 18, 2008 through June 30, 2014, or from Capital Management Systems, LP, Leading Edge Recovery Solutions, LLC, or AllianceOne Receivables Management, Inc., on behalf of Capital One, from February 28, 2009 through June 30, 2014, through the use of an automatic telephone dialing system or an artificial or prerecorded voice in connection with an attempt to collect on a credit card debt, you will receive a payment from this class action settlement if you submitted a valid claim form by November 26, 2014.
**FICO 8 Scores EQ EX TU **


Message 83 of 219
Imperfectfuture
Super Contributor

Re: !!! Capital One Just Closed All 4 of My Cards !!!


@LadyJEsq wrote:

There are class actions out there, and it would make sense if they felt they didn't want a cardholder who receiced a settlement from them. See below, could this possibly be applicabel given Gregg mentioned issues from a few years ago.

 

https://www.capitalonetcpaclasssettlement.com/

 

If you received a non-emergency telephone call on your cellular telephone from Capital One from January 18, 2008 through June 30, 2014, or from Capital Management Systems, LP, Leading Edge Recovery Solutions, LLC, or AllianceOne Receivables Management, Inc., on behalf of Capital One, from February 28, 2009 through June 30, 2014, through the use of an automatic telephone dialing system or an artificial or prerecorded voice in connection with an attempt to collect on a credit card debt, you will receive a payment from this class action settlement if you submitted a valid claim form by November 26, 2014.

Yep, opt in.  I failed the opt in, and now do not want in.  Though lowering apr is a **bleep**, they are otherwise quite reliable.  I would have been eligible, but for some reason, they quit contacting me.  At that time, more interested in cleaning up credit reports, than trying to clean up with collectors (took an account closure and erasing from PRA as settlement, instead of money for damages re fdcpa).  I HOPE OP did not opt in and then apply, because the closures would be reasonable, unless something was settled with the CFPB (acronyms are us).  Smiley Tongue

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Message 84 of 219
Anonymous
Not applicable

Re: !!! Capital One Just Closed All 4 of My Cards !!!


@LadyJEsq wrote:

@wacdenney wrote:

@LadyJEsq wrote:

  

I don't understand the complaint regarding the discussions of the other CRA. Most of us are here to get data points from other members and some of those points come from the supposed "OT" portion of the thread. Not to mention, the points could actually be helpful to the OP. Since he's already checked the known sources and still doesn't know why C1 took this action, maybe he should check these other CRA. And as evidence by this thread, it appears they're not known for accuate information.

 

Seems to me, these are good places for Gregg to start, not going to Credit 101 (or whatever was suggested) or Google. That's the opposite of helpful if you ask me. 


 

The urge to over sort is particularly strong on this board.  More so than any other forum I have personally ever participated in.

 

 

 

You would be amazed how much good useful information goes unseen and suffers the dreaded death by smorg around here.


 

I thought it was just me! 

 

 

 

 

 

 

 

Not really, the force is stronggggg on this board! Smiley LOL   

 

 

 

 

 humuhumunukunukuapua'a wrote:  

 

+1. Most definitely agreed.

 

 

 

 

 

 

 

Message 85 of 219
Anonymous
Not applicable

Re: !!! Capital One Just Closed All 4 of My Cards !!!

Not all class action suits are opt in. Some are opt out. My Wife was involved in one regarding a large employer. The letter she was sent said she did not need to do anything to be included in the CA, but there was a stub to check and mail back in if she wanted to be excluded, or "opt out.The case was won and she was automatically sent a check.

Message 86 of 219
Anonymous
Not applicable

Re: !!! Capital One Just Closed All 4 of My Cards !!!

Hello All....

 

I just got home after sitting in my car.....exhausted from today....tears in my eyes from what has happened. I first want to thank ALL OF YOU....from the bottom of my heart...for all your assistance. As many of you may know I try to always bring a light hearted feel to my posts, and always attempt to be as edifying as possible. I have fought back from such a low point in my life and, as such, have decided to do everything I can, as per this medium...to help those who are going through the same. I have come so far..which..as I have noted...is why I am utterly devastated by what has transpired today.

 

To recap...went online this morning to check my accounts and saw that all 4 had been restricted (big red lettering). When I contacted Cap One they transferrred me to an "Executive Escalation Rep" who pretty much told me that all 4 accounts had been closed because of past, present and/or pending legal action.  I informed this rep that I had absolutely nothing pending or current...that yes, after my divorce I had judgements and a tax lien  (all released/paid and past statute)...but that my credit was stellar..no baddies..no nothing. The rep said wait for the letter...nothing else she could do.....

 

Thanks to LadyM (THANK YOU) I received a pin and contacted the EO earlier today. In first speaking with an EO rep I explained to her that I was totally blown away by this closure...that I had perfect credit, not only with the bank, but with all my cards. Always pay all cards in full before statement cuts, only allowing 1 card to report. Never late..no judgements..liens...NOTHING. She said hold on to take a look...comes back a minute later and says "wow...I have no idea what happened...you have a perfect pay history...let me gt my supervisor.....

 

A few minutes later I am transfered to an EO supervisor named Lola who says she will take a look at the account and get back to me. About 5 minutes later she gets back on the phone and tells me that yes...my payment history is perfect...credit is great...but the accounts have been closed and will remain closed, not because of any legal action...but because of how the accounts were handled (closed by the security dept).......let me explain....

 

I have a younger brother who is recently divorced and down on his luck...he is behind on his bills, in collections...almost lost his car, all while trying to support 2 young girls.  Although I do very well and am fairly liquid and solvent i dont keep that much cash available in my accouts (I get paid once a month, at the end of the month) and am heavily invested. My brother needed some cash in order to take care of things...so I used my venture and took out a few cash advances over the past few months....one for 5k one month...another for 4500.....all for about 4 months and about 18K.....but paid all my statements in full....never late...no balance. Used the cap one cards b/c I knew how cool they were. Witin those 4 months cap one raised my limit and, just recently, sent me three envelopes full of transfer checks. Never saw a problem.

 

The rep said that all the cash activity raised an eyebrow, putting my accounts into revew wherein, the decision was made that said accounts were to be closed. (all 4, not just venture). When I asked the rep why this would happen she said that the bank did not like all the cash advance activity. But do you know that every time I did a cash advance and was charged a fee I received a fee credit from the bank...making it a wash. So....the rep said I am free to apply for another card, and with my creit I should have no problem getting a high line. ???????? I said how can you close my 4 accounts...all in good stamding...never late...paid in full....because you say I am handling the accounts poorly...yet tell me to apply for another card b/c I should get a high CL???  She said that is a good question. Why not just reopen my accounts...if you dont want me to use the card for cash advances...fine..no problem...hey...give me  cld...but dont close them.....she said...already closed....cant be reopened...ever.

 

So I said there must be an appeal process....someone else to speak with..a VP...someone. She said no. So....here I am...$34,500 light...and devastated. I had three of the 4 accounts already pif, and will pay the fourth off tomorrow, so my utilization will be the same (was 5%...now will be 8...so i will take a score hit)....dont know how much the damage will be...regardless.....just so hurt....bad memories creeping back....feeling helpless and just plain down. i was going to apply for something tonight...maybe nfcu or penfed...just to get some money back...but decided to just garden the cards I have left....and work them.....so

 

I dont know if there is any other recourse available to me. If there is anyone else at cap one Eo I could talk to....cfpb...Just dont know. In retrospect, yes I can see how all the cash advances could raise a flag.....but, as I brought to the rep's attention (with her in agreement)...never late...always paid in full...credit line increases...balance checks...high scores...no debt.

 

Again....my love and heartfelt thanks to all of you...really. So so much.

 

Gregg

Message 87 of 219
-Cal-
Valued Contributor

Re: !!! Capital One Just Closed All 4 of My Cards !!!

Thanks for sharing the update on the outcome. It seems like banks in general do not like cash advances, possibly due to potential MS or ML activities. Sorry that this happened to you, hoping you'll recoup the loss with a new tradeline with a high SL when you feel up to apping again. 

Message 88 of 219
Anonymous
Not applicable

Re: !!! Capital One Just Closed All 4 of My Cards !!!

Gregg, please don't beat yourself up over the end result of your good deeds, helping family. It's just not worth it, and in the end, it's just a money / financial problem.That's not a real problem. Things could be way worse. Something good will come around the corner, I know it will! God Bless!

Message 89 of 219
Anonymous
Not applicable

Re: !!! Capital One Just Closed All 4 of My Cards !!!

Thanks Cal

Message 90 of 219
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