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Update by user Aug 28, 2020

no help just excuses from them

Original review posted by user Aug 28, 2020

I had 5500 dollars of credit with the company. i use the card monthly for 5 years and pay off monthly.

On 8/25/20 i get mail from the Capital One Corporate saying they have decided to decrease my limit to 1500.00 I never requested a decrease from the company.

I call company they confirm i use my card, i pay my card, and am an active and responsible user with my card. my utilization stays low on card every month, and they even deem me a responsible user.

But they cant explain why my card limit was decreased.

They company actions hurt my ability to uses credit, it increases my utilization which lowers my credit score and hurts my opportunities to get loans with banks.

This action is horrible by this company, and they seek no action to rectify, take responsibility or help a responsible customer. I want my credit limit back I never asked for this from this company.Don't use capital one

User's recommendation: avoid capital one hers why.

Product or Service Mentioned: Capital One Credit Card.

Monetary Loss: $4000.

Preferred solution: increses credit llimit to 60,000 and intereste rate of 4%.

Capital One Pros: Ease of use on web site.

Capital One Cons: Bad service and rates are extremely high, Denial of new card, Credit limit decreases at company discretion.

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"increases my utilization which lowers my credit score " Here's what you do, pull the terms you agreed to, show them the part where they're responsible for your credit score beyond fair reporting, and/or are in the credit building business and you'll be fine. If you don't have that, time to pay down that card and move on with your life.

Once it's paid down, your ability to keep going into debt will return. Here's the thing, it's happening to a lot of folks who deal with banks these days. It's not personal...Stop whining...It's business.

Stop expecting the person who answers the phone to have the ability to reverse a decision that they had nothing to do with. Stop expecting the person who answers the phone to explain something (beyond the stock explanation) that was decided in a board room in their absence(sarcasm).

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