I had 3 Cap1 cards -- each with a limit of about 2000 bucks. One of them was an old HSBC Orchard card and have had it over a decade. The other one was also about 5-8 years old. I also have a Sony card from about 2015.
I screwed up with a bank change and several payments were returned on 2 out of the 3 cards.
I logged in today and found the 2 oldies were "restricted". Called and was told that the accounts were closed and they would not reconsider opening them. They said I had "violated the terms of the agreement" and in such cases, they would close ALL my tradelines. I was dumb enough to ask about the Sony card because that still showed as open and she said that they probably just hadn't gotten around to closing that yet.
Other than Cap1, the only other card in my arsenal is a secured Discover card which I just got a couple of months ago. I have a 1000.00 credit limit.
I also have 2 car loans (ironically, just opened one with Cap1 a couple months ago).
I understand that the ideal mix is 3 credit cards plus the loans. Assuming they do close the Sony, I'll only have the secured Discover card (and a piddly little Sams Club card with a whopping limit of 330 bucks).
I pre-qualed for a 400 unsecured Credit One card. But wondering what I should do...
Go for another secured card that will graduate with a more "mainstream" lender or go the "sub-prime unsecured route?"
I'm just sick! I asked about the EO and she said all decisions by (whatever department made the decision) were final. I asked if this would "blacklist me" with Cap1 and she said all I could is just re-apply. I do know that I'm permanently blacklisted from Cap1 365 because of an issue with an old ING direct card from the last century! I also did a search and it sounds like even though Cap1 is very forgiving when it comes to being burned through Bankruptcy and Charge-Offs, NSFs are apparently a bridge too far for them.
Suggestions would be very much appreciated. Has anyone every had their Cap1 card(s) close due to NSF and then get approved later on?
Thanks in advance!
@designated_knitter wrote:I had 3 Cap1 cards -- each with a limit of about 2000 bucks. One of them was an old HSBC Orchard card and have had it over a decade. The other one was also about 5-8 years old. I also have a Sony card from about 2015.
I screwed up with a bank change and several payments were returned on 2 out of the 3 cards.
I logged in today and found the 2 oldies were "restricted". Called and was told that the accounts were closed and they would not reconsider opening them. They said I had "violated the terms of the agreement" and in such cases, they would close ALL my tradelines. I was dumb enough to ask about the Sony card because that still showed as open and she said that they probably just hadn't gotten around to closing that yet.
Other than Cap1, the only other card in my arsenal is a secured Discover card which I just got a couple of months ago. I have a 1000.00 credit limit.
I also have 2 car loans (ironically, just opened one with Cap1 a couple months ago).
I understand that the ideal mix is 3 credit cards plus the loans. Assuming they do close the Sony, I'll only have the secured Discover card (and a piddly little Sams Club card with a whopping limit of 330 bucks).
I pre-qualed for a 400 unsecured Credit One card. But wondering what I should do...
Go for another secured card that will graduate with a more "mainstream" lender or go the "sub-prime unsecured route?"
I'm just sick! I asked about the EO and she said all decisions by (whatever department made the decision) were final. I asked if this would "blacklist me" with Cap1 and she said all I could is just re-apply. I do know that I'm permanently blacklisted from Cap1 365 because of an issue with an old ING direct card from the last century! I also did a search and it sounds like even though Cap1 is very forgiving when it comes to being burned through Bankruptcy and Charge-Offs, NSFs are apparently a bridge too far for them.
Suggestions would be very much appreciated. Has anyone every had their Cap1 card(s) close due to NSF and then get approved later on?
Thanks in advance!
Dont know how to put this really. The old bank would have notified you that there was a NSF on your account. By text or mail in a few days. When you say several. Thats takes days or weeks of being notified of NSF's. As soon as the new account was opened you should have changed it online the new banking info to pay your bills. So its not Cap1's fault. You had 3 Cap cards and got a secured card with Disco? So that says your scores are being hit by something that isnt good. Otherwise you could have gotten better cards before the Cap1 hiccup.
Cap1 is very forgiving to get cards. But once you get them. They dont like lates, NSF's, returned fees, ect. So for now let your Disco graduate. Grab Credit One unsecured to start all over again maybe. When Cap1 makes a decision its usually final. This situation could go either closed by credit grantor or they may lift the restrictions on the cards after they are all PIF. Best of luck. Hopefully they will lift the ban.
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What I find interesting is that if your bank account was compromised and you had pending payments, those would of came back like they did with you...and that gives them an excuse to just shut all 3 trade lines off?
Capital one is not a "nice" credit card company. They have slowly raised my interest rate since 2016.
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OP changed banks. Account wasnt compromised. Your interest rate may fluctuate with the market value. Its usually in the T&C fine print.
What I find interesting is that if your bank account was compromised and you had pending payments, those would of came back like they did with you...and that gives them an excuse to just shut all 3 trade lines off?
Capital one is not a "nice" credit card company. They have slowly raised my interest rate since 2016.
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OP changed banks. Account wasnt compromised. Your interest rate may fluctuate with the market value. Its usually in the T&C fine print.
You are right... my scores are not great. I also don’t blame Cap1 or anyone but myself.
as for the multiple NSFs, they occurred within a couple of days of each other. I was basically using my Cap1 cards as debit cards and put through a lot of spend on them and would pay multiple times a month. Rightly or wrongly, I discovered that if I made a single payment for , say, 775.00, it would be pulled from my bank within a day but Cap 1 wouldn’t make the funds available for 4 business days.... or 6 days if a weekend was included. However, if I made 3 payments in a day of 225, the funds were available the next business day.
i did this on the 2 cards (3 payments on one day) within a couple days of each other. I’m not saying I wasn’t at fault.
my main question was how best to move forward:
- option 1: sub prime cards with lots of fees and low CL.
- option 2: secured cards with “big boy banks” that can graduate and hopefully build a relationship. But ties up several thousand dollars interest free indefinitely, while secure.
Also, from a FICO scoring or manual review perspective, which approach would look “least bad’
thanks again. I freely acknowledge I’ve mad mistakes. Now I could use some help figuring out how to recover from the mistakes.
BTW, as of this morning, Sony is still open and usable so wondering if since that is a co-branded card, it could escape the “death penalty”. Was approved last night for Citi secured but heading out on vacation in a week and a half so wouldn’t be able to make the deposit and get the card in time to use it and hate to leave town without the liquid cash or credit.
I'd use what money you have and pay off all the Cap1 cards and see what the outcome will be. Closed vs. Restriction lifted. Then this will let you know where you stand. If lifted. You'd save some HP's and new accounts hitting your reports for the time being. As you say your scores are low. Work on the bleeding first before taking on new credit for now. Enjoy your vacation and come back and tackle eeverything thats affecting your scores.
Making multiple payments in 1 days throws the computer off at Cap1. I just made my Venture payment yesterday so it would post 0 balance today and I got a warning it would take so many days. It doesnt. It posted with 0 balance today. So maybe payments coming in and NSF's going out. The computer freaked out. Like I said. And I'm sure others will agree. Fix whats broken first. When you get back. Post your scores and baddies and all of us would be more than happy to help and you may be able to aviod the secured route. But it depends on what Cap1 decides. Let us know. Have a great vaca!