Credit Cards

[Arturoch]

Once againe i am sorry for the last post and leaving it empty i press something know i dont know how to take it off. But either ways these is my cituation. I have a capital one card and i started of with a 300cl and then went up to 500 and just 2 days ago i check the account and know it sais my cl is 3000 i am woundering can that be a mistake? i havent recive anything from them saying they have raise my cl and i aslo call to make sure and they told me that yes that what i have. Know the other thing is that they have raise my interest from 6% to like 16% the reason why i had it at 6% is because of the service realife act thing and well i dont understand how it could have gone up if i am still in the servie and just last month it was at 6 i have send them my contract like a year ago and ever seens i had it at 6% but i dont want to call and make a big deal of from it because i dont want them to find out they made a mistake just in case they did and reduce my interest to what i had it before and also reduce my cl to what it was before. I guess what i am trying to say is just i just leave it at the 16% and take the 3gs or could they have really made a mistake and raise my cl to 3000 and later they will reduce it to what it was before and put me back my 6% i dnt know what to do

[stef37]

I would call and ask about the interest. Possibly you need to sign another contract for the service relief act? I don't believe they would lower your credit line just because you ask that the interest be lowered.

Do you have the backdoor number for them? It's 877-513-9959. Good luck!

[debtisgood]

It is unlikely they will just lower it. Was the card secured before and now it is unsecured? Maybe you had a product change and that was what triggered a different interest rate. You could always call up and say, I am so happy about the credit limit increase, it will definitely make me more likely to use Capital One as my number one card, but I am concerned about the interest rate increase on my account - I am not sure I can put any major purchases on the card if I am subject to rates well above what I have on my other accounts.

That should get them in motion.

[Arturoch]

i was never sure if it was secure or unsecure? but i never called in and add other services. maybe it was a normal card and well they decided to raise the cl to 3000 but that is a 2500 cl increase i am suprise of these. but i guess my other question is if it was a mistake of rasing my cl to tha amount and they realise it can they just bring it down againe or will they just leave it as that and swallow their mistake? and if they bring it back can i argue about it?

[stef37]

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debtisgood wrote:

It is unlikely they will just lower it. Was the card secured before and now it is unsecured? Maybe you had a product change and that was what triggered a different interest rate. You could always call up and say, I am so happy about the credit limit increase, it will definitely make me more likely to use Capital One as my number one card, but I am concerned about the interest rate increase on my account - I am not sure I can put any major purchases on the card if I am subject to rates well above what I have on my other accounts.

That should get them in motion.

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OP is obviously military. The SCRA has a cap on interest at 6% while on active duty.

[MinnesotaJ]

I work for a CCC and I can tell you that it is common for a person to have to reaffirm that they still qualify.  I would have expected they sent you a letter asking for more documentation.  Just call them and tell them you were on the SCRA and are still active duty and would like it to continue...they'll tell you what they need.

[rubaty]

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stef37 wrote:

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debtisgood wrote:

It is unlikely they will just lower it. Was the card secured before and now it is unsecured? Maybe you had a product change and that was what triggered a different interest rate. You could always call up and say, I am so happy about the credit limit increase, it will definitely make me more likely to use Capital One as my number one card, but I am concerned about the interest rate increase on my account - I am not sure I can put any major purchases on the card if I am subject to rates well above what I have on my other accounts.

That should get them in motion.

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OP is obviously military. The SCRA has a cap on interest at 6% while on active duty.

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It is only 6% if you are guard/reserve, already had the CC and get called to active duty. 

SCRA doesn't cover any CC that you get while serving on active duty.

[MinnesotaJ]

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rubaty wrote:

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stef37 wrote:

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debtisgood wrote:

It is unlikely they will just lower it. Was the card secured before and now it is unsecured? Maybe you had a product change and that was what triggered a different interest rate. You could always call up and say, I am so happy about the credit limit increase, it will definitely make me more likely to use Capital One as my number one card, but I am concerned about the interest rate increase on my account - I am not sure I can put any major purchases on the card if I am subject to rates well above what I have on my other accounts.

That should get them in motion.

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OP is obviously military. The SCRA has a cap on interest at 6% while on active duty.

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It is only 6% if you are guard/reserve, already had the CC and get called to active duty. 

SCRA doesn't cover any CC that you get while serving on active duty.

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Rubaty, while you are correct you can see the OP did state they were at the 6% already so it's logical to assume they qualified.