Credit One Bank Account Temporarily Suspended
Account suspension means that the access to make purchases or use a credit card has been snatched from you. In simple words, you are no longer capable of using the credit card service. If you still try to make any purchases, the transactions will be automatically rejected. The bank can suspend your account temporarily as a warning or red alert if, you have deferred in making payments. There may be other reasons too, which we will discuss in detail in the article.
What may be the reasons for account suspension?: Credit One Bank Account Temporarily Suspended
Delinquency – You are using a delinquent card which means that you have been delayed by 30 days from the due date in paying the due amount. Partial Payment – If you have not paid the due payment in full by the month-end then, your account can be suspended. Exceed Credit Limits – Every credit card comes with a different credit limit based on the person’s credit history or bank balance. If you have exceeded that limit, your account can be temporarily blocked. Suppose, a person has a credit limit of $5000 but he has made a purchase of $7000, so he has exceeded his credit limit by $2000. Card Lost or Stolen – In case your card has been lost or stolen then, you can inform the bank and they will temporarily block your card & account for safety purposes till the new card has been issued to you. Expired Card – Same with the case of an expired card as you cannot use it once it has expired. You have to make a written request to the bank for the issuance of a new credit card.
How to Unblock a Suspended Account?
Plastic Money is the need of the hour. As the economy is shifting towards becoming completely cashless in the digital era, these plastic cards have now become a necessity for people. So, it’s obvious that one would definitely try to make his suspended account good by following these steps: –
Contact the bank’s customer care service by calling them at the contact no.
Enquire about the reason for suspension.
If the reason is delayed payment then, there are 2 options. Either agree to their terms of payment or, request them to restructure the payment plan if you can’t afford to pay the debt amount at present.
It’s always advisable to pay back the due debt in full ASAP to make your account recoverable.
If you are not at fault, and the account has been suspended without a genuine reason & without giving you a prior notice then, you can contact and register your complaint to an attorney that will look into the issue and resolve it.
What are the consequences of non-repayment of the due amount even after the account suspension?
It’s not like situations are always favorable for an individual. Maybe if your intentions are good but can’t afford to repay the credit due to a financial crunch because of job loss or any other reason. Then, you can request your bank to refinance or restructure the debt accordingly.
If you are still not paying the amount, either willingly or unintentionally but without informing the bank, for more than 6 months, the bank has the right to a permanent closure of your account.
You are not able to recover your account even by making full payment once the account has been closed.
You cannot apply for a new credit card from the bank in the future.
Your credit score will be severely impacted negatively and you can’t apply easily for a credit card from other issuing companies as well because nobody wants to deal with a defaulter.
Conclusion –
Although Credit One Bank is providing credit card services to borrowers with low credit scores, that doesn’t mean in any sense that you are now free to default in making the payments. If the payment is deferred by 30 days or more, the bank has the authority to put a temporary suspension on your account and stop you from accessing the card services. The suspension can be removed if you make the full payment with interest in the required time limit. Better make timely payments so that the need of suspending your account doesn’t arise.
