What should I do now that they have shut my account and emailed me instructions to cut up my card. I called them and was told to contact there Salt Lake City, UT department.
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3 Answers
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Best Answer
If they paid it off, cancel the cards and apply for a new one. Your Credit score will have gone up from paying off the cards. The credit card companies want you to make minimum payments idealy. There are hundreds of different cards and banks that offer them so apply for new cards that are from a different bank or institution. Just make minimum payments or really you should get 3 new cards close or similar available credit and use one card when that bill comes pay it off with another card and rotate them. Credit goes way up and you spend nothing. Just dont overspend where as you cannot pay one off otherwise it will come out of pocket. worst case you'll have to use coupon but know they will cancel that card if you do. P.S. whatever you do do not make a payment on the cards alraedy paid if they attempt to invoice you again saying you still owe. That will create a new contract and you'll be liable for the rest of the balance.
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Best Answer
Good news - Capital One reopened my accounts and credited them. One card was even upgraded to the "Elite Mastercard".
Bad news - All my accounts are restricted from use
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Comments
Andrew
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what did you do to have the accounts reopened?
And how restricted?
Hoap
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I called them and asked them to honor the federal codes. They did credit the accounts but have left my cards blocked from further use. I'm open to suggestions as to how to get the restrictions removed.
Andrew
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@Hoap when you say federal codes, you are talking about the recommended UCC codes
John Doe
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When you say "reopened my accounts and credited them" - what do you mean by that? I'm confused because you also say they are "restricted from use"
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Best Answer
There are a few remedies available:
- You can send them a condition acceptance (see course here)
- Evaluate which consumer protection laws they violated and go after them for that
- Evaluate with Trust In Lending Act (TILA) laws they violated and go after them for that
Should you need help with the consumer protection laws and TILA, we have one-on-one private consultation available. Feel free to get in touch here.
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Hoap
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@ANDREW MACTAGGART
Yes, I used the recommended UCC codes, I endorsed the back as instructed and added postage for the dollar amounts.
Updates - I called Capital One and they removed the restriction on two of my cards. I can use the cards but can not use any of the features like digital cards. There continues to be no payment due and I can't make payments to keep it open. I also did a 1099-A which was excepted however, that has not been credited to any of my accounts.
*On another note: CreditOne closed my accounts and their corporate office is now asking me for proof of payment. I have to respond by tomorrow, so any help as to what to say when I send the proof and indorsed back would be helpful. Thanks
Updates: After many calls asking them to honor the UCC federal codes written on the face of the coupon/money order, Capital One finally lifted the restrictions on two of my cards. However, not on the Sparks card, though they have credited the account.
When I send mine, I put a fee schedule with it and in one of the lines, it states if they close my account without my approval, they will owe me a $1M. So if they close it I will do that with a conditional acceptance. These people will get the message!!!!