Credit card or prepaid card -- Fees or interest -- Complaint #6382990
Complaint Overview
Complaint ID: 6382990
Company: Capital One Financial Corporation
Product: Credit card or prepaid card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Problem with fees
State: Illinois
ZIP Code: 60638
Date Received: 2022-12-31T12:00:00-05:00
Date Sent to Company: 2022-12-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Capital One extended credit to me through an offer that I utilized to be granted a {$750.00} credit limit on a credit card account number XXXX. However, by the end of 2016, I realized that I could not afford the card and called Capital one to cancel the card through customer service ( i.e., an option offered in the original terms ). They refused to cancel the card! So, I tried to pay off the balance with the intention of having it paid off, and not using it would force them to close it. I was overcome by the continuous increments in monthly fees. The balance on the card ended up being twice the credit limit!!! By law, after XXXX days of non-payment the card was supposed to be charged off ( i.e., written off as a bad debt by the company. That would become a deduction for the company from the IRS. The debt was later charged off with excessive fees and sold to different collection agencies. Over the years, it is now with XXXX XXXX XXXX, XXXX. Capital one made a profit by charging off the debt. Then sold the debt and made more money. Meanwhile, not reporting the correct dates when the debt was charged off and sent to collections. By changing collection agencies, Capital one has kept renewing the debt beyond age. How does a {$750.00} credit line become {$1400.00}? I couldn't use the card but my fees kept going up. That is almost twice the amount of credit extended. That is theft! It is inaccurate and unfair. Please help me.
Frequently Asked Questions
What is Complaint #6382990 about?
Complaint #6382990 was filed against Capital One Financial Corporation regarding Credit card or prepaid card specifically about Fees or interest. It was received by the CFPB on 2022-12-31T12:00:00-05:00.
How did Capital One Financial Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card or prepaid card) and describe your issue in detail.
Can I see other complaints against Capital One Financial Corporation?
Yes, visit the Capital One Financial Corporation company profile at readthecomplaint.com/company/capital-one-financial-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.