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Regular Contributor
JimB
Posts: 179
Registered: ‎10-21-2008
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Re: What was your 2009 Credit Card Shocker?


creditwherecreditisdue wrote:
No false claim, DI. Only false company PR.  

There is a mainstream documentary available which clearly presents Capital One's modus operandi as a bottom feeder, issuing multiple additional low limit credit cards to their existing cardholders who are already in default. The purpose for issuing these additional low limit CC accounts is to harvest late and overlimit fees from cardholders who are already in trouble. I know for a fact that this is not a false depiction. Both Capital One and Providian pioneered new methods for extracting profits from desperate, subprime credit card seekers. Both have depicted themselves as acting in the public interest, providing an "educational" service. The actual education to be gained is that once a subprime creditcard issuer gets their hooks into you there is nothing they will not do to extract the last nickel possible from you. And Capital One is predominately subprime.


You're probably right, but our Cap One experience has been altogether different. We were preparing for a trip to Rome last year & wanted a card that wouldn't charge FX transaction fees. So I applied online for a Cap One Rewards MasterCard & was approved immediately for a $20K CL. We've had no problems with the card, either at home or overseas. I'm also pleased that Cap One supports transaction downloads into Quicken. (Some CU cards don't.)
With 800+ scores, we're obviously not subprime customers, so I was reluctant to apply for a card that had a low-rent reputation. But the card works for us & fills a need. I don't doubt that Cap One may have done the dirty to some customers, but I can only report what we've actually experienced.

 

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: What was your 2009 Credit Card Shocker?

What was your 2009 Credit Card Shocker?
Regular Contributor
JimB
Posts: 179
Registered: ‎10-21-2008
0

Re: What was your 2009 Credit Card Shocker?


creditwherecreditisdue wrote:
What was your 2009 Credit Card Shocker?
Nothing, really. Barclays knocked down the CL on our EmigrantDirect MasterCard from 25K to 14.4K  because we only charge a couple of hundred a month, if that, to this card, but we can live with that.
When you always PIF (the last time we didn't was in 1981), credit card shocks tend to be mild & infrequent. 
 

 

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: What was your 2009 Credit Card Shocker?


JimB wrote:

creditwherecreditisdue wrote:
What was your 2009 Credit Card Shocker?
Nothing, really. Barclays knocked down the CL on our EmigrantDirect MasterCard from 25K to 14.4K  because we only charge a couple of hundred a month, if that, to this card, but we can live with that.

When you always PIF (the last time we didn't was in 1981), credit card shocks tend to be mild & infrequent. 


Very, very true!

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
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Re: What was your 2009 Credit Card Shocker?


creditwherecreditisdue wrote:

JimB wrote:

creditwherecreditisdue wrote:
What was your 2009 Credit Card Shocker?
Nothing, really. Barclays knocked down the CL on our EmigrantDirect MasterCard from 25K to 14.4K  because we only charge a couple of hundred a month, if that, to this card, but we can live with that.

When you always PIF (the last time we didn't was in 1981), credit card shocks tend to be mild & infrequent. 


Very, very true!


Yup!  That's why since 2004, I've been credit card stress free.  

Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: What was your 2009 Credit Card Shocker?

My new total available credit is now at $28,600.  My new goal is $30,000 by May.  Hopefully after this month when creditors see my car loan is paid off they give me more credit. 
Established Member
Eliae
Posts: 11
Registered: ‎12-23-2009
0

Re: What was your 2009 Credit Card Shocker?

My shocker was a $3,500 CLD on a total limit of $14,500 with balances of $10,500 (it was slashed to right above the limit on one card).  It was a punch-in-the-face, sock-in-the-gut, and a kicked-while-down moment all wrapped into one.  Looking back now, I know it was what I really needed to shock me back to the reality of financial responsibility.  If I hadn't gotten a CLD, I doubt I would have made such a drastic overhaul of my spending habits or paid down my cards so quickly.

 

I've always known every dark cloud had a silver lining, it just took some time for me to see mine.

TU: 739 as of 03/31/10 --- Why does everyone pull TU? It would be nice if I could spread out the inquiry hits a bit more...
EQ: 805 as of 03/31/10
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: What was your 2009 Credit Card Shocker?


Eliae wrote:

My shocker was a $3,500 CLD on a total limit of $14,500 with balances of $10,500 (it was slashed to right above the limit on one card).  It was a punch-in-the-face, sock-in-the-gut, and a kicked-while-down moment all wrapped into one.  Looking back now, I know it was what I really needed to shock me back to the reality of financial responsibility.  If I hadn't gotten a CLD, I doubt I would have made such a drastic overhaul of my spending habits or paid down my cards so quickly.

 

I've always known every dark cloud had a silver lining, it just took some time for me to see mine.


I'm glad you turned things around.  Great job!!

Established Contributor
valley_man0505
Posts: 879
Registered: ‎05-29-2008
0

Re: What was your 2009 Credit Card Shocker?

My shocker was watching the SOL come and go for my CapOne CO that had inflated itself from about $1500-$2000 at the DOFD 6 years ago to over $6000.  Not a peep from them.  In fact, they finally quit updating my report on a monthly basis in August.  This CO has even dropped of EX and EQ and is scheduled to drop off TU this month.  I would consider this a good turning point, but I also recently got nailed with more medical collections from the surgery my ex-wife had when we were still married, so these CA's are really holding my scores back.  I paid over $4000 to CAs for last year for her surgery and thought they were all done--now, 2 more popped up on my reports for $350 and $500.  Will it ever end?


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