Consumer complaint received 2024-07-29 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Closing your account — Company closed your account
Company: CAPITAL ONE FINANCIAL CORPORATION
State: CA

Complaint narrative:
My experience with Capital One has been a horrifying one. I'm inclined to believe that Capital One is engaging in predatory lending, targeting low income or minority young adults. We all know that, from the information collected on your application they have your ethnicity, age, demographics and more. And I think they are using that you easily approve and then quickly trap poor young adults into a vicious cycle of poverty and debt. 

At XXXX, I was happy to get approved for a small XXXX card. My credit was over XXXX and i was thinking that with Capital One I could keep building my credit up. Well, thanks to Capital One, my credit is ruined and below XXXX And it was done in such a short period of time. 

Due to a reduction of hours and unplanned expenses, my card was maxed out and I missed a few payments. I contacted Capital One to see if they had a hardship program. They put me on a very shady plan, where my monthly payment was almost doubled and without lowering my interest rate. After some time, I called Capital One again to let them know the program doesn't seem to be a good fit for me, because my balance was not decreasing. The interest was basically eating up my payments. I was told it was okay and after 3 months I would be back to normal. That was a lie. I missed 1 payment and they dropped me out of the plan. 

I called Capital one again begging for an extension. They put me yet on another plan with a higher monthly payment. I accepted it, but they gave me only a few days to make the first payment, which I could not do. Days later, my card was cancelled and my account closed. A couple of weeks later I got letter from their lawyer. I responded that Capital One prematurely closed my account and did not take into account the payments I made while on the bogus first so called " assistance program '' they had put me on. XXXX XXXX XXXX XXXX the law firm could care less and just sent me a new Notice of Intent to file Suit and Incur cost. In other words Capital One is sending people to their greasy friends lawyers, so they can enrich themselves with attorney 's fees and garnished wages so they can live lavishly and play golf, while we try for years to put our shattered lives together. 

Capital One ignored my efforts to repay my debt and is preventing me from doing so, by sending me to their lawyer, asking for the full amount of {$2500.00}. In less than 3 months, my credit was ruined and now my life is about to be ruined. As a bank, Capital One should have programs in place to assist consumers, especially young adults if you decide to take us as customers. Capital One should be held accountable for sabotaging our financial future. 

Also since Covid-19 and the bad economy, many banks are more lenient. I have a card for XXXX. They put me on a reasonable payment plan of {$41.00} with XXXXXXXX XXXX for the next 12 months. They are working with me. Not Capital One. They are a impossible to work with. Consumers be aware. What's in your wallet? Better not be a capital One card!

Company response to consumer: Closed with explanation