Question For You Please- Sony Card By Cap One Closed My Account of 7 years due to returned payment.

[Anonymous]

I was wondering if there is anything thing that can be done to combat a credit card company that closes an account due to a returned payment. This was completely an error as it was a 2nd payment in the same month due to over diligence. I have had the card for 7 years. Apparently, it was my 5th returned payment in 7 years.  They said that is their limit. So, I said really  out of 84 payments somehow 5 of them were returned due to banking errors or whatever happened over the years. I always made good on the payment. As soon as I found out something was wrong I fixed the problem. In fact I pay my card off in full every month. This particular month I contacted to find out if it had been six months since my last credit line increase as I thought it had been about six months. I was told one more month.  Around the same time I was switching all my bills over to bill pay thru my bank instead of paying from their website. I noticed my limit was nearly reached and went in and paid the bill thinking I over looked it the bill and to be on the safe side as I had not added it to my bill pay yet.  Then I added the account and all my accounts were listed and set up. Anyway, to make a long story short, I was transitioning over to the bill pay system and was confused and thought I paid the bill thru the system and it would have been covers. It turns it was not covered. I did not find out until I logged into the bill pay system and went into see what my bill was for Sony and it was double what it normally is. I called them and they told me my account was closed. I called several time and was transferred around several times. I was prepared to pay the complete balance and begged them to reopen my account. I was told not to do that as they might not open it and I would be out the complete balance when instead I could make payments. I am completely disgusted.

Does anyone have any ideas? I researched and it looks like I am at their mercy. I get it, my mistake and they gave me 5 in 7 years I guess

Thank you,

[FinStar]

Unfortunately, when it's been a pattern for several years, their risk review team eventually will shut down the account.

It is doubtful that they'll be able to reopen it. However, the argument of making X number of payments versus Y returned payments in a period of Z years doesn't support the fact that all payments should be made without being returned, it's part of the credit card agreement that was accepted when submitted during the time you applied. And it's a two-way street, meaning lenders can use such an exit strategy based on such adverse actions as much as an individual terminating their relationship with said company.

That being said, it's understandable that mistakes can happen on either side which is why they didn't fully shut down the account on the 1st, or let alone 2nd occurrence.

At some point, all lenders evaluate risk and they likely felt based on whatever internal risk assessment or guidelines that the adverse action was imminent.