Restricted Capital One card

[Getmycreditback]

I have a Capital One Quick Silver card with 4% APR that I would love to keep since I doubt I'll get that again if I apply for a new card. It's currently restricted so I'm not sure if that's Capital Ones version of being closed or not. I don't see anything on my account that says closed nor do I see a red bar or any messages on my front page. So I'm guessing that it's just restricted?

I currently have $1944/$4000 on my card. I'm hoping to have that paid off in 2 to 3 months. 

I keep hearing that Capital One is pretty tough and can be hard to work with sometimes because they rely on computer algorithms and stuff vs humans to make the decision.

How likely is Capital One to unstrict my account?

[JoeRockhead]

Seems to be some missing information. Have they told you why it was restricted? Did you have a payment to them that was no good, or returned? Other things going on with your credit like recently maxed out card(s)?

[Getmycreditback]

I haven't gotten a chance to call yet. I'm planning to call today on lunch, i just wanted to know what to expect so I dont get my hopes up. No payment issues. It was maxed out before when they restricted it, but I've since got it back down to below $2000 and still working on it. 

When I lost my job at the beginning of the lock downs I maxed out the card to survive until I found another job. So it has been restricted for about 2 or 3 years. 

[pizzadude]

Did you apply for or request some kind of payment plan or relief for this account during the pandemic ?   That's the only reason I can think that would explain a 4% interest rate and some kind of account "restriction".  

I'm guessing that once you've paid it off the account will revert to the regular interest rate, or worst case they'll drop the CL or close the account. 

[Getmycreditback]

Well I called. They won't remove the restriction. 

However they sent me a new card for whatever reason. Which is pointless if I can't use it. 

I had 4% APR because I was in the military. I got out right before the lockdown started which was extremely bad timing. 

[coldworld]

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@Getmycreditback wrote:

Well I called. They won't remove the restriction. 

However they sent me a new card for whatever reason. Which is pointless if I can't use it. 

I had 4% APR because I was in the military. I got out right before the lockdown started which was extremely bad timing. 

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What is the reason Captial One gave for restricting your account? We all would like to help, but it feels like we are missing part of the story here.

[OmarGB9]

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@coldworld wrote:

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@Getmycreditback wrote:

Well I called. They won't remove the restriction. 

However they sent me a new card for whatever reason. Which is pointless if I can't use it. 

I had 4% APR because I was in the military. I got out right before the lockdown started which was extremely bad timing. 

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What is the reason Captial One gave for restricting your account? We all would like to help, but it feels like we are missing part of the story here.

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Honestly whatever the reason, once Cap One restricts an account, it's extremely difficult to get it unrestricted. It's likely stuck in limbo like that forever. 

[Getmycreditback]

Sorry for the late reply. 

I had to get my credit reports to look over things and found the issues. It looks like while I was in the period of unemployment I missed too many payments. They is pretty much what they told me over the phone too. 

The agent said they can't/won't unrestrict the account because they didn't have the power to do so. 

It's not the end of the world for me., I'll just keep paying it down until they do close it. 

I've been better with my Discover card and managed to keep they one going and open during the same period. 

[pizzadude]

Yeah if that's the case there's no chance that Cap1 will unrestrict this account.   Probably best to move on to another lender / creditor at this point as you mentioned. 

[Creditswooner]

Hello! I know this is a late reply, but I just went through this with Capital One and this is how they operate. My card was restricted, and they unrestricted it 7-10 days after I payed my past due card balance in full.

After unrestricting my card, my current card was no longer able to be used (for some internal reason unique to Capital One) so they sent me a new one instead!

In the meantime, they transferred me over to the virtual card department so that they could give me a new virtual card to use (the one in the app) while my new physical card was on the way. 

Eventually, the new one they sent arrived and that is the one I use now. You should really contact Capital One, because that new card they sent you is may be the card that they're gonna let you use after your account restriction is removed and they just may not have explained it well! 

*Edited for clarity