My husband and I started trying to buy a house in Jan. On Jan 2nd, we checked our credit reports as always, no issues almost all 700's and 800's. We've had this card together for five years and him alone for twelve.
Our lender on Jan 29th checks our credit still no problems.in March, try to get rate comparison from another lender, only one score out of six showing. This score was below 700. Nothing was changed between Jan and March, no late pays, no new accounts, no closing of accounts, no loss of job, no change in income, and spending on card less than 1%. We use card every month, pay off balance every month. The one score we can get, report says no use of revolving credit.
We call Capital One to ask what the problem is, they say it isn't them, card is reporting correctlly. This is our only open active card for the last 5 years, they say it is impossible they are the problem. We call credit agencies, put in disputes, they all say Capital One is causing the problem, they can't help.
We continue to repeatedly call Capital One, no help, meanwhile our mortgage deal is going to be cancelled, causing us to loss all the money spent on inspections, appraisals, ect... We send complaints to the FCRA site, BBB, State Attorney General, and even a few financial sites like Bankrate.com to get help.
Capital One has since responded by deleteing this credit card usage from our reports, until finally the BBB complaint caused them to reinstate my husbands report. Now at least he has scores. However, they refuse to reinstate mine saying I am an authorized user, so it won't affect my reports. We send proof, Jan it was reporting I had scores, March, not reporting, I have no scores. This whole process is being dragged out on purpose to retaliate for our complaints. Their policy, they say is to remove card acct. From credit reports upon complaint. Nice to know after the fact. However. Still no clue as to why it stopped in the first place and each call ruder and ruder.
Meanwhile, we can't go to any other lenders or finailize a once in a lifetime house we will never get a chance at again. We've been saving 20 years and for the last five being very careful to keep our credit clean, never complianed, even when they've raised our rates and then lowered, then raised again.
There was no reason to ruin our credit like this, and there seems to be no sanction for this behavior. No one can make them fix this, no laws force them to report correct usage. However, I bet if we stopped paying it would show up toot sweet.
This may not seem like a big ripoff to most people, considering how bad Capital One is in these other posts. However when you see a 20 year dream being ripped away from you for no reason, trust me it's a big deal. They just keep repeating over and over, it's reporting correctly, it can't affect your score. I just want to climb on a plane to India and make someone eat the reports showing it does affect our scores. Thanks to all these inquiries trying to check for scores, even the reports we can get are lower.
If we had know this could happen we would have set up another credit line of some other kind, but once you start the loan process this will make it worse. Don't have Capital One as your only source of credit. Better yet don't use them at all, we intend to never use them again, if we can ever get an actual mortgage to go through despite them.
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