Capital One credit card is in restricted status
I like using those 0% interest credit card transfers to the point that I often keep up to 8 cards which initially all get maxed out or very close to. I saw my credit scores plunged by 80 some points, only to recover fast once the balances are brought to the 35% of credit limits. Actually, your credit scores start moving up as soon as you pass 80% of a utilization ratio. Between both of us, I normally maintain 3 or 4 cards from Chase, couple from Discover and "what's in your wallet" Capital One of course. The latter gives you a very generous credit line, their website is nice and easy to use, customer service is OK, so I never complained. Until few days ago, when I had to deal with Capital One fraud department.
I got a nice preapproved offer from Capital One for zero percent interest on transfers till April 2010. Since my better half does not like me wasting time on paying 4 remaining cards, I decided to consolidate them with this one. I did it online in 10 minutes and card was sent to me with 3 out of 4 transfers completed within 10 days. The 4th one I simply could not input, since Capital One website has provisions only for 3 accounts you want to transfer. No big deal I decided, I can still do it, so I called and we did it over the phone. All the already transferred cards were with Chase by the way - 2 of my wife and 1 was mine. The remaining one was my business Visa from Chase as well.
After waiting 3 days, I decided to call to see what is up with the transfer. Sure, the rep said, let me see how it is going. Oh, everything is fine but our fraud department has few questions. No problem, I said, let them ask anything they want. Now understand, Capital One just took $15,000 from 3 JP Morgan Chase accounts while giving me $20,000 credit limit, so all I was trying to do is to max out the credit line as I had $5,000 still free.
The questions I was asked to verify my identity went back some 12 years ago, ranging from where I lived who financed my car more recently. I think I answered 1 out 4 questions incorrectly. I told them that the credit card I am transferring from has my name. I also did 2 payments on the new Capital One card which I described. To no avail. Fax us your current home bill to confirm your address, driver license or passport and Social Security card. Sure I said, anything else, like my birth or marriage certificate? Anyway, they can have it I said, I don't care. Needless to say, next day I went to test the card, trying to buy some weed control in local Home Depot, my credit got denied. I am a villain now, and in restricted status until I fax everything requested. I told Capital One, thanks but no, I just enjoy my zero percent while it lasts. Wow, now I feel better.
Tue May 12, 2009 11:05AM | Copyright: www.bad-credit-advisor.com | More in Credit Card Deals | Comments (0)
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