Capital One - Bad Service

Posted by Alain on 2013-02-12:

You may want to go to this website to see if they can assist you in resolving this problem: http://www.federalreserve.gov/creditcard/complaints.html

Posted by leet60 on 2013-02-12:

Credit accounts being closed for excessive inquiries is not an uncommon practice for lenders, so this does not suprise me.

In retrospect, you are always better off when purchasing a car NOT to try to finance through the dealership. A bank or credit union can preapprove you for a loan amount for a car and you can negotiate your purchase for that amount. Dealerships will fire as many inquiries as possible to try and finance you (in the hopes it will be at a high rate) as they get a kickback from the lender in most cases. Never buy a car based on "how much do you want to pay a month" negotiating.

Posted by trmn8r on 2013-02-12:

"what is Capital One going to do close everyone's account just because they don't like how many inquiries are on it."

I believe this could happen at most all CC banks, not just Cap One. leet60's advice above is excellent, and voted as such.

Posted by JR in Orlando on 2013-02-12:

Look at it from a credit card company's point of view. A cardholder who is having lots of inquiries about his credit by lenders, probably means that the person is having financial problems and is seeking to get additional credit to live on. This would indicate that the chance of the person defaulting on the loan has increased.

It is unfortunate that the OP had the car lot make so many inquiries. The credit card company's computer probably kicks out the number of inquiries automatically without regard to whether it is one or multiple persons making them.

Posted by Churro on 2013-02-12:

They did you a favor. The best buy credit card isn't worth having and capital one sucks. You're far better off ending the relationship now than later when the ugliness sets in.