Bait and Switch NIGHTMARE!

[Anonymous]

Hi,

Thanks..

It's actually 823 and we just got the from here a couple of weeks ago.

This is why I am so surprised I am having these issues.

I have been reading allot today and apparently even person with good credit are having issues now unless you make ALLOT of money.

I WAS told though that one of the creditors we talked to believed it was because we had too many cards with too high limits.  Too much avail. credit already.  Does this sound right and would that not be reflected in the FICO score?

Yes.. fine print, I should have been more careful. 

So glad I found this forum...

[DI]

May not be a good idea, but maybe you can obtain a loan lower than the CapOne interest rate since its not the 0% you expected.  If you get the loan, after paying the card off, I would close the Cap One account.

[creditwherecreditisdue]

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@Anonymous wrote:

Hi,

Thanks..

It's actually 823 and we just got the from here a couple of weeks ago.

This is why I am so surprised I am having these issues.

I have been reading allot today and apparently even person with good credit are having issues now unless you make ALLOT of money.

I WAS told though that one of the creditors we talked to believed it was because we had too many cards with too high limits.  Too much avail. credit already.  Does this sound right and would that not be reflected in the FICO score?

Yes.. fine print, I should have been more careful. 

So glad I found this forum...

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If your income to debt and income to available revolving credit ratios are out of whack it is quite possible. Don't ask what would be "in whack" as nobody knows and it would be a different consideration for every issuer. A route out of this box for you might be a nice CU - many national ones will accept you as a member. (PenFed would not be a good choice for you!) Of course if you have very high available CL's and very little income you could have a problem getting anyone to take you on.

[Anonymous]

Okay, having a balance go from a 9% interest rate to a 13% rate is only 4%...far from a "nightmare" and secondly, if you have a 820-something credit score...why are you messing around with Capital One?  Sorry, but I just didn't get any of this.   

[GregB]

Capital One is frequently considered to be a lower end card company. They actually have a broad range of products. They seem to be offering different products for different consumers. The number that I call also has good customer service, very different from their starter/rebuilder cards.

I have a Cap One at 5.99%. I have another for a business at 9.99%. Both of these are inline with my other CC. Actually, with the jacking around of Chase and Amex, they are a bit better than average.

They spell out on their website which cards are for each person depending on their credit.

BTW, the 5.99% card has a reasonable limit of $18,000 and offers Balance Transfers with no fee.

[creditwherecreditisdue]

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@GregB wrote:

Capital One is frequently considered to be a lower end card company. They actually have a broad range of products. They seem to be offering different products for different consumers. The number that I call also has good customer service, very different from their starter/rebuilder cards.

I have a Cap One at 5.99%. I have another for a business at 9.99%. Both of these are inline with my other CC. Actually, with the jacking around of Chase and Amex, they are a bit better than average.

They spell out on their website which cards are for each person depending on their credit.

BTW, the 5.99% card has a reasonable limit of $18,000 and offers Balance Transfers with no fee.

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Your APR's and fees are archaic and not what a new applicant is going to receive. It looks like the best current offer is 11.99%/3% with a 9 month intro period. Meanwhile I personally am not app'ing anywhere that is going to pull three hard INQ's. Not now and hopefully not in this life.

[Anonymous]

They showed you ,  what's in your wallet? 

to that I say not capital one and not with your type of credit score .  I agree with creditwherecreditisdue  not in this lifetime.  maybe when I am a drunken pirate...Never

[GregB]

You are correct about the inquiries for all three CRA, I show one on each on 4/10/2008. This was for the personal account. The intro offer was 0% for 15 months.

I did just receive another offer for Cap One account with 0% for 12 months, and interest "as low as 8.99% after that". I tossed that one but a "second notice" on the same offer came today. I'd consider it but think the Schwab 2% rewards card is my next choice.

Five months before the Cap One offer that I accepted, I took a similar offer from Discover. They only pulled Experian. However, it was 0% for 12 months and then 13.99%. They also only gave me a CL of $10,000. That is my second lowest.

I agree that Cap One would not be my first choice with the knowledge I now have. I don't think they deserve the bad rep that they get from less than top tier borrowers.

[creditwherecreditisdue]

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@GregB wrote:

I did just receive another offer for Cap One account with 0% for 12 months, and interest "as low as 8.99% after that". I tossed that one but a "second notice" on the same offer came today. I'd consider it but think the Schwab 2% rewards card is my next choice.

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The information I posted came directly from the Cap1 website today. They don't send me pre-app's. I think they hate me and that's fine - I won't be app'ing them anyway. I think the Schwab card is an excellent choice!

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@GregB wrote:

Five months before the Cap One offer that I accepted, I took a similar offer from Discover. They only pulled Experian. However, it was 0% for 12 months and then 13.99%. They also only gave me a CL of $10,000. That is my second lowest.

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What is the current APR on your Discover card. I have a five digit CL with them and my rate is 9.99%V. I consider myself very fortunate on both counts.

[Anonymous]

Hi..

 I just wanted to give a bit of an update and thank everyone and this forum for advise and the knowledge I have gained just from spending a few hours reading!

 I used the backdoor numbers for Cap One (three of them) and unfortunately got nowhere.

I was just this morning approved for a 0% transfer rate with Citi but it's a 3% fee for transfers.  I WANT to do it because in the long run it will ultimately cost me less than the evil Cap One, but I am so shell shocked I can't seem to make a decision.

 They did not approve me for enough to transfer the entire amount.. but 3/4 of it.

I also just got off the phone with BOA who I do all of my banking with and they basically offered the same situation.

I want to transfer part on one and the rest on the other. 

What do you think?