Imagine this: I have been a loyal Capital One customer for approximately 10 years or more now. I have had multiple auto loans that have all been paid off with no delinquents. I have had and do have multiple credit cards that are not and have not in recent years been over the limit or delinquent. I've had personal, unsecured loans with this company that I have never defaulted on and paid off in full with no delinquencies.
Today I received a call that Capital One, in their infinite wisdom, is reducing the limit on my largest credit card down to what is approximately the balance owed. Now this may not sound like much but imagine this: Hundreds of thousands of people out of work and literally unable to pay their bills to this company, yet here I am completely current and not behind, dealing with all the rate increases while the federal rate drops like a rock, yet I continue to pay them.
Up until today this specific credit card was only at about 50% of the balance available. I've held on to this card as my fall back, just in case I needed help. Just in case I have to travel to another state to get work should my current job be eliminated like so many others. Just in case I have to do something drastic to keep my good standing and take care of my family, at least I had some funds available that I could draw from.
Capital One states they are reducing my credit lines because of annual reviews of credit reports. Well, I can tell you for a fact that I have 3 other small limit cards that are near the limits, but NOT over or behind in payments.in today's economy, just owning these cards with not much available is a huge knock to your credit report, even if you are 100% current. Then comes Capital one and basically sais, We are punishing you for being a good customer, paying us on time, not running up your credit line, paying off your old debt in great standing, and doing the right thing while so many others are not or are not able too. How dare you (Mr. Customer) honor your commitments!
Stay away from these guys. I was told that it is unfortunate what is happening in today's economy but there really is no reason for good people to stay good. Let it go to collections and eventually a write off.
Capital One will burn you next. No it doesn't matter what your standing is with them or your history with them. No, their reps that answer the phones don't give a crap and will pretty much tell you so if you ask them point blank.
What is really going on here? Why does Capital One find it in its best interest to punish those people who have not done them any harm? Should change the mane to CRAPital One
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