I maintained a credit card with Capitol One for 7 years. One month before the CardAct of 2009 went into effect they increased my credit limit without me making any requests by $5000.00!
In the Card Act there is a stipulation that a card issuer my not open or INCREASE the credit limit without taking into consideration the account holder ability to pay under the terms.
I am wonder if anyone anyone else has had this happen to them. I am now in litigation with a lawyer claiming to represent Capitol One and I believe this act by them was devious and with malice.
Product or Service Mentioned: Capital One Account.
Monetary Loss: $7000.