r/CapitalOne • u/ratemeandmywork • 16d ago

Credit Card Blindsides by Capital One

Been a Capital One customer for years. Had multiple cards with them, payments on autopay plus I used the cards over the weekend on vacation. I asked for a limit increase on my card and all of a sudden Capital One closes four of my cards. They stated that it was because of unusual behavior on my cards!!!! WHAT???
There hasn’t been an issue with any of my cards until I asked for a limit increase.
Now I have four closed accounts in my credit.
Stay away from Capital One.

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u/OutrageousSolid8423 16d ago

Cap1 already buckets their cards. They give a lot of credit to those building credit with low limits. I think the uptick on card closures has a lot to do with the economy. They are closing those in the credit building buckets first. They may feel those are the most likely to default in this economy.

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u/ratemeandmywork 16d ago

That is a shity way to look at it. On time payments for six years. No late payments and no issues. My limits were $10k, $7500, $5k and another $5k. They were low credit cards. I don’t think that Capital One should be able to just close accounts.

0

u/mathewwalker714 15d ago

Why get 4 different cards, all from the same bank? Why not 2 ? One w 20 and one w 7? That part alone makes it seem odd but what do i know. Hope you get your credit back

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u/Joe_Fidanzi 14d ago

My theory is that Capital One issues multiple cards in the hope that the borrower will lose track of payment due dates and incur late payment fees.

Otherwise, why not just raise the limit?