This is unbelievable.

One of my most used personal credit cards is Capital One.  I used it for all of my personal expenses.

Or at least I did until just a few days ago.

I've been a loyal customer for exactly 15 years.  I always pay off my entire balance each and every month.  And the only reason I used the card was for the rewards.

So, suddenly without notice, they closed my account.

Not only did they close my personal account but they also closed the useless business Capital One Sparks card I had.  You know, the one with the "whopping" $2,500 credit line they gave me for my business?  (Which is laughable considering all my other business credit cards give me a minimum of $20,000.)

So, I called them on the phone for at least some kind of explanation.

Did I mistakenly ever miss a payment?  Nope.  All good there.

Did my credit score drop?  Nope.  It's higher than ever.

Has my overall credit "usage" increased?  Nope.  Everything is paid off.

Did I go over the limit?  Nope.  Not by a long shot.

Did the card go "dormant," meaning I haven't used it in a long time?  Nope.  I used the damned card nearly everyday.

So...

Who the hell knows what happened?

I was curious as to whether this happened to other people.  Turns out it has.

Evidently Capital One thrives on deadbeats who can't pay their credit cards (or who carry a large balances for long periods of time) so they can make money off the interest, fees, attorney fees (for collections), etc.

I don't fall into that category and never have.  So, I was "discarded" for essentially being useless to their business model...because I pay my bills.  (Go figure!) 

Being someone with pristine credit who pays their bills off every month and on time doesn't make them any money.  So, in the trash I go!

I also am feeling that perhaps they are having some financial problems (probably due to the impending credit bubble that is about to blow up in their faces) so they have to trim down their credit lines.  First to go, people who pay their bills and never make them any money in interest and fees.

That's me.

So, off with my head!

At first I was upset.  Then I started thinking about it.  Capital One sucks.  They have always have sucked.  Especially with their cheesy commercials:  "What's in your wallet?" 

Uh...not Capital One! 

And what the hell do I need them for? 

I have so many other better credit cards I should be using.

Somehow I ended up with a BMW Visa card a few years ago that I almost never use.  And since I plan on buying myself a new 8-series for my birthday this year, what better time to start racking up points I can apply to the down payment on my new car?  Right?

When life throws you lemons...go buy a $100,000+ luxury car.

I think that's how the saying goes.  At least in my world it does!

See you at the top!

Your mentor,

Monica Main