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Established Member
Sidewayzracer
Posts: 31
Registered: ‎09-15-2009

capital one suck

back in may my apr went from 15.55% not good but alot better then it is now up to 22.9%

 

no late fees on the account at all just called em and asked if they could lower this back down they said it was raised bc of the finacial crissis

 

the account doesnt have much on it 230 or so dollars but dont have the spare money at the time to pif it but was considering a balance transfer to a lower rate card or a new card with 0% on balance transfer

 

i plan on paying this card down over the next few months

11/21/09 - Equifax score 599 12/7/09 - 603 4/25/10 - 645 4/17/2012 - 707
Established Contributor
Takunda1
Posts: 512
Registered: ‎06-08-2007

Re: capital one suck


Sidewayzracer wrote:

back in may my apr went from 15.55% not good but alot better then it is now up to 22.9%

 

no late fees on the account at all just called em and asked if they could lower this back down they said it was raised bc of the finacial crissis

 

the account doesnt have much on it 230 or so dollars but dont have the spare money at the time to pif it but was considering a balance transfer to a lower rate card or a new card with 0% on balance transfer

 

i plan on paying this card down over the next few months


 

Nothing to be upset about. This is currently the industry norm, no matter who the provider is. Just don't carry a balance and PIF every month and you'll be ok.
Frequent Contributor
MyFicoAddict
Posts: 284
Registered: ‎05-11-2009

Re: capital one suck (Edited)

[ Edited ]

+1 - agree...

 

As long as you pay in full the apr shudnt matter - within the grace period

Message Edited by MyFicoAddict on 09-16-2009 03:33 PM
Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)
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Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: capital one suck


Sidewayzracer wrote:

back in may my apr went from 15.55% not good but alot better then it is now up to 22.9%

 

no late fees on the account at all just called em and asked if they could lower this back down they said it was raised bc of the finacial crissis

 

the account doesnt have much on it 230 or so dollars but dont have the spare money at the time to pif it but was considering a balance transfer to a lower rate card or a new card with 0% on balance transfer

 

i plan on paying this card down over the next few months



Sorry to hear. :smileysad:

I think that the problem that you'll find with a BT is that the fees associated with it will wind up being more than the APR that you're going to wind up paying Crap 1.

If money is tight enough that you can't knock off the $230 (and I understand; I've been there), I think that a BT will hurt even more.

22.9% is essentially 2%/ month, or $4.60 on $230, if I keyed it in the calculator correctly. Can you pay $51/ month? That's about $23.50 per paycheck, if you're paid biweekly. If so, it's gone in 5 months. $62/ month will take it off in 4 months. And $81/ month will have in gone in three months.

One thing about banks: when it comes to BT's, they can sniff out desperation when it comes to BT's. Unless your scores and overall reports are good enough to get you a $0 BT offer right out of the box (and these are really rare these days), I think you'll do better off by just killing off the debt where it is.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008

Re: capital one suck


haulingthescoreup wrote:

Sidewayzracer wrote:

back in may my apr went from 15.55% not good but alot better then it is now up to 22.9%

 

no late fees on the account at all just called em and asked if they could lower this back down they said it was raised bc of the finacial crissis

 

the account doesnt have much on it 230 or so dollars but dont have the spare money at the time to pif it but was considering a balance transfer to a lower rate card or a new card with 0% on balance transfer

 

i plan on paying this card down over the next few months



Sorry to hear. :smileysad:

I think that the problem that you'll find with a BT is that the fees associated with it will wind up being more than the APR that you're going to wind up paying Crap 1.

If money is tight enough that you can't knock off the $230 (and I understand; I've been there), I think that a BT will hurt even more.

22.9% is essentially 2%/ month, or $4.60 on $230, if I keyed it in the calculator correctly. Can you pay $51/ month? That's about $23.50 per paycheck, if you're paid biweekly. If so, it's gone in 5 months. $62/ month will take it off in 4 months. And $81/ month will have in gone in three months.

One thing about banks: when it comes to BT's, they can sniff out desperation when it comes to BT's. Unless your scores and overall reports are good enough to get you a $0 BT offer right out of the box (and these are really rare these days), I think you'll do better off by just killing off the debt where it is.

HTSU thank you for breaking down the APR math and giving possible solutions to pay off. I really appreciate how you give members other alternatives other than PIF.  I realize that is the goal, however some of us are not there yet. Thanks for always providing a new way to look at things. I never would have thought to break down the percentages. Then again, math has never been my strong point which probably addresses why I put myself in a financial bind many years ago :smileyhappy:


Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


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Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: capital one suck

lol, I'm good at dividing by twelve, because I keep trying to remodel my house, and I'm always figuring out feet and inches.

Just a lucky side effect that there are twelve months in the year, as well as twelve inches in a foot! :smileyvery-happy:

Anyway, yeah, in general, unless you (speaking generally) have crazy-high balances, don't automatically panic when you get hit by a rate jack. Just divide the new rate by 12 and round up a tad, and that's your monthly interest payment. Then look at the balance, look at your checkbook, take a deep breath, and figure how much you can pay per month. Take that figure, subtract the interest, and that's how much you can reduce your principal. That will tell you how long it will take to get out from under.

Hang in there, all of you who are digging out! Been there, done that, got the T-shirt.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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