montster Posted March 31, 2009 Share Posted March 31, 2009 A few months ago I received a notice from Capital One that it was "suspending" one of my accounts because I hadn't used it in awhile (~18 months). No warning. I called them and they confirmed that "suspending" meant that they were closing my account. I explained that I didn't want to close it, due to a likely adverse effect on my FICO score, and that I would therefore use it regularly to keep the account open. They explained that this was not an option and suggested that I could reapply for another card. So I decide to e-mail them: I understand that banks need to reduce their exposure and all, but I don't get why one would cut off a low risk guy with a pretty substantial history with them. i had this happen to me too. in my case, my card was due to be shut down in the next 30 days. we are house-hunting, and since the card is 10 years old, i knew my FICO score would go down if the account was closed. when i called to ask about that, the customer service rep basically said if i charged something on the card (apparently i was still able to make charges on it), they wouldn't be able to close it because of the outstanding balance. so maybe you could try to charge something on the card, forcing them to keep it open. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 31, 2009 Share Posted March 31, 2009 I've got two CCs I don't think I've used for three to five years yet neither has ever been threatened with closure. Quote Link to comment Share on other sites More sharing options...
BeeR Posted March 31, 2009 Share Posted March 31, 2009 (edited) I get a notice in the mail that my interest rate is going up from 9.9% to 17.9%. I call to cancel the card and ask the reason for this dramatic increase. I'm told that it is due to the "challenging" economic times. Well duh! Figuring out how to spend the $3B they got from the gubmint IS challenging. Lord knows they aint about to piss it away on their employees or contractors who keep the machinery running. Add Capital One to the list of evil empires. And again, duh. Anyone that works for a credit card company is going to Hell. oh like another reason matters. PS I didn't know a card being closed due to inactivity would lower your score. Yeah financial responsibility sure should do that. POSs. Edited March 31, 2009 by BeeR Quote Link to comment Share on other sites More sharing options...
montster Posted March 31, 2009 Share Posted March 31, 2009 PS I didn't know a card being closed due to inactivity would lower your score. Yeah financial responsibility sure should do that. POSs. part of your FICO score is based on the length of your credit history and your debt ceiling (in this case, your credit limit of all your cards added together). basically, the amount of time you've had each credit card is added up and then divided by the number of cards you have, giving you an average of how long you've had each card. if you've had a card a long time (and, presumably, its credit limit is pretty high), then, if that card were to get cancelled, the average would go down, as well as your debt ceiling, causing your FICO score to go down. Quote Link to comment Share on other sites More sharing options...
BeeR Posted March 31, 2009 Share Posted March 31, 2009 (edited) Interesting thx. So I currently have no credit cards - would dividing by zero f- up their system And it sounds like if I get one now, it would screw w/my numbers too. Edited March 31, 2009 by BeeR Quote Link to comment Share on other sites More sharing options...
H8tank Posted April 1, 2009 Share Posted April 1, 2009 Don't be silly. Everyone likes me. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted April 1, 2009 Share Posted April 1, 2009 Guess they make most of thier money from the late fees anyhow?? They just lowered mine... Quote Link to comment Share on other sites More sharing options...
jaxfactor Posted April 1, 2009 Share Posted April 1, 2009 Mr. Capital One Operator just chuckles and asks if there is anything else he can help me with. This disturbed me. Help me unta. Quote Link to comment Share on other sites More sharing options...
jaxfactor Posted April 1, 2009 Share Posted April 1, 2009 What's in your wallet? Not a damn thing right now, thank you very much. Quote Link to comment Share on other sites More sharing options...
untateve Posted April 1, 2009 Author Share Posted April 1, 2009 This disturbed me. Help me unta. The first rule of Fight Club... Quote Link to comment Share on other sites More sharing options...
TimC Posted April 1, 2009 Share Posted April 1, 2009 Come here, unta. I'll hold you. Quote Link to comment Share on other sites More sharing options...
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