Back in December 06 I got a credit line for $3000.00 Paid all bills on time even paid more then the balance. 3 months later in March'07 Capitol one increased to 3,500.00 O.K. so I look on line to review my account and my credit line is $2381.00. I called and they said well it was never suppose to be 3,000 only like $1800.00 I aid you sent me a letter in march sataing that it's 3500.00 , the represnative said sorry, there's nothing I can do. A letter was sent in February explaining the error. I said but you sent me a letter in march explaining the increase. what is my recourse
2007-05-07 04:55:29 · 4 answers · asked by KinWin 5 in Business & Finance ➔ Credit
Sorry for the errors in spelling
2007-05-07 05:09:37 · update #1
The bank Representative has probably just fed you some pat answer just to get you of the phone. They would not have allowed you to go that far over your credit limit without calling you or sending you a letter... I would call and speak to a manager at the bank that usually works. If not threaten to close your account, and also threaten to call better business bureau. Keep copies of all correspondence and get the names of everyone you talk to.
2007-05-07 05:31:38 · answer #1 · answered by barbyd2 2 · 1⤊ 1⤋
Unfortunately when you signed up for the card you agreed to their terms and conditions. Capital One has the right to change any of your terms at any point, without consulting you in any way. Most of the time you are given 30 days to opt out of a change in terms, however to do so you must close the account. Don't pay more than the balance, as that flags your account. This is how people such as terrorists launder money ect. That could have contributed to your account change depending on the frequency of the overpayments. It also could be due to the fact that Capital One continuously monitors your credit, and if they feel that you are carrying too much debt on other accounts they may reduce your credit line as a result. So really your only recourse is to close the account, or deal with it. Sorry!
2007-05-07 22:27:51 · answer #2 · answered by creditknowitall 2 · 0⤊ 0⤋
Human error.
Sorry, but you really have no recourse. It's always up to the banks to set your credit line where ever they want to.
2007-05-07 12:18:56 · answer #3 · answered by ? 7 · 1⤊ 0⤋
Ask to speak to a supervisor. Don't deal with a rep. Make sure you have all the correspondence they sent you in front of you when you speak with the supervisor.
2007-05-07 13:53:07 · answer #4 · answered by Spirish_1 5 · 0⤊ 0⤋