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.