After 15 Years of Banking With Capital One, I Paid Off My Card & They Lowered My Available Credit Line
Customer Service - Complaint
RICHMOND, VIRGINIA -- I've had a Capital One credit card since at least the mid-90s with at least $5500 credit limit (raised over time to about $7000.) I've run it up & paid it off several times. Capital One has also been my primary bank, where I have 2 checking accounts, for the last couple of years. I recently borrowed some money & paid the card off because the interest rate was much higher than my other cards. No sooner than I had done so than my credit limit was reduced to $500, even though I'm making much more & owe less unsecured debt than when I first got the card. Calls resulted in no satisfaction, just the reading of trite vague "codes" & "gobbledygook" with little meaning. I'd like to give Capital One a chance to reconsider or "level with me."
Absent that, I plan to exit the Capital One system for life in favor of my credit union & encourage anyone else who's had a similar experience with Capital One cards to join me.