I have been trying to close a low-limit Capital One Visa since September.
It is now March and every month leading up to this point, Capital One has managed to assess some type of fee preventing the account from being at a $0 balance for thirty (30) days thus not allowing closure.
It is plainly evident that the ONLY activity on the card (I shredded the card in September) has originated from Capital One in the form of late payment charges that are not valid.
I have spoken with a representative on each occassion and was assured that the problem has been resolved, all of the charges have been removed and that the account has been placed back in the thirty (30) day closing queue.
On March 2, I received an email notification from my credit monitoring service that negative information had been placed on my Experian credit report.
Upon investigating the negative information I found that Capital One had reported me as a late-payer on two (2) late payment charges that they had fraudulently assessed on a $0 balance. They acknowledged that they had indeed spoken with me and had promised that these charges were removed from the account but could only state that they were still working on it; hence the charges.
Capital One single-handedly caused a sixty-nine (69) point drop in my FICO credit score/rating.
I've requested something in writing from Capital One stating that once and for all they have resolved this issue and that I won't deal with this again. The only answer I've gotten this month and on every prior month since attempting to close is that the account has to be at a $0 balance for thirty (30) days before they can close it officially.
I have lodged a complaint with the BBB, Federal Trade Commission, ConsumerAffairs.com, all three (3) credit bureaus (be careful - Equifax and Capital One have some type of agreement), my3cents.com, capitalonesucks.com, and as of today usacomplaints.com.
I will continue to lodge complaints and inform as many people as I can of Capital One's bad business practice as it appears that they attempt to use trickery to make money.
Derek
Tampa, Florida
U.S.A.
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