Cap One just cancelled my card!!

angelflower_2 · 17 July 2008 at 5:29PM

Despite not being over my allowance (of only £200 I may add) and never having missed a payment to them, Capital One just cancelled my credit card!! V shocked. I spoke to them and they asked if I was using a third party debt managment agency to which I said no (True) and if I was in extreme financial difficulty to which I said no (not altogether true) and so they said it was a mistake their end and they are issuing me with a new card.

However, I am still a little surprised. Dont get me wrong, I understand it, finance companies must tell each other and they must do regular credit report reviews but I have never come across this before.

When I couldnt get into my account online yesterday I worried that I had overspent or something so paid them £200 thinking I had but I hadnt used it and now I will be in credit with them.

I really want to keep this card...not so much because I use it or fall back on it, I just know that its my one way of building my rating up again at some point in the future but I reckon this could just happen again and again. :mad:

Anyone else had this?

linniestorm · 17 July 2008 at 6:33PM

possibly it's that age old reason of you being too good a customer where they are concerned?! If you're not missing payments, have a low credit limit and keep paying it off, then you're not making them much money and therefore you're first in line for an account cull, I think some of the other banks have been doing this recently. At least they are giving you a card back I suppose and haven't shut the account completely!

Deep_In_Debt · 17 July 2008 at 7:24PM

As linniestorm has said - you are probably too good a customer. My mum had her credit card cancelled last year. She's never in her life been in debt (apart from mortgage) and rarely uses credit and when she does, pays it off in full as soon as the bill arrives. They told her that as she had not used her card for 7 months, they were cancelling it! She got it re-instated and felt that she had to use it just to keep it going so spent £5.00 on it.

rayday2 · 17 July 2008 at 7:42PM

The fact you have a card with only allowing a balance of £200 and are desperate to to get your credit rating up would ring alarm bells with me! I wouldn't be suprised if they genuinely are worried about whether you could pay it all back if you ran the card up to its limit.