Consumer complaint received 2020-08-25
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MI
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Difficulty submitting a dispute or getting information about a dispute over the phone

Complaint:
I received an email today XX/XX/2020 from Capital One today regarding my available credit being reduce in half. I called Capital One seeking explanation as to why my available credit was being reduce to half of what my available credit was just one day prior. My concern is that this negatively effects my credit to debt ratio, and has been reported to all major credit reporting bureaus. I have a XXXX   balance due on my Capital One credit card now and feel that because I do not use my credit card enough they are unfairly reducing my available credit which took me years to accumulate. I currently have a high credit score of XXXX and do not think it is a fair business practice for Capital One to slash my available credit in half for non use, especially in these economic times ( COVID-19 ) in which we are all trying to navigate through. I pay my bills on time every months and again it took me years to obtain the available credit available. And with one email my available credit just took major slash. I use my credit cards as assurances making major purchases such as pet surgeries, or vacation trips. for example, {$3000.00} unforeseen medical emergency for my dog when he required immediate XXXX to save his life. Or I use to purchase vacation packages like cruises which can cost up to {$5000.00} per couple. Now that my available credit has been reduce in half by one credit card I have lost piece of main and assurances that I have available credit in times of need. Again I have done nothing but be a good customer paying my bill every month on time and now that I have not used the credit card or have paid off balance because of concern of what is going on in the world with COVID-19 I have just lost years worth of accrued credit in one day. The available credit again which took me years to accumulate has just been reduce in half in one day with no recourse. The three major credit bureaus have all been updated with this information and now my credit score and available debt to credit ratio has been negatively effected. Now when I go to make a major purchase ( home, car, insurance ect .... ) I have been negatively been impacted by a business decision all in one day. Again I feel I am a responsible consumer. I make a major purchase on my credit card and pay it off almost immediately, especially with what is going on in the world. I do not want debt hanging over my head. But since the credit card company Capital One is not making accrued interest on my account I have been negatively been impacted in one day by there business decision to reduce my available credit in half. I explained to them how I use my credit which as a consumer is my own personal discretion, that with the worries over the economy and the country as a whole I am not using credit and paying down debt. I should not be punished for being fiscally responsible for the times in which we live in. I was told by the credit card company that this is nothing personal and I could look into have my credit reevaluated again in six months. BUT, how can I NOT take this personally ; I took me years to obtain and accrue my FICO score and available credit and in one day it is taken from me, this directly effects my ability to purchase and obtain. As a consumer I have NO recourse, I have XXXX dollar balance with this company, and I have no recourse to terminate my line of credit with this company with out severely impacting my credit score further. I understand that Capital One is in " as for profit '' corporation however with the state of the world and unforeseen economic impacts I feel deeply impacted by a one day metric decision that will effect me for an unforeseen future. Now that my available credit has been reduced and reported to the bureaus, I have NO piece of mind or assurances. Again look at my credit history with this company. I make major purchases with this credit card. {$3000.00} here, {$1500.00} there and now that my available credit has been reduced I have directly effected by a business decision that personally affects me directly. I was looking to purchase cruise tickets for next year and now that I have half of the available credit I did a day ago I am directly effected by unfair and in my mind shady business practices I no longer have consumer confidence to do so.

Company response to consumer: Closed with explanation