capitalone denies limit increase/lower apr request.. what to do next?

[Anonymous]

I have a capitalone platinum credit card. I sent in a late payment last year and it went upto 27%.. Its been almost a year since that happened. I called in to request a lower interest rate or credit limit increase was denied both. Letter they sent me says that I was denied because of a large mortgage loan I have. So the mortgage loan won't being going away anytime soon. So should I cancel the card? The card also has an annual fee which I don't want to worry about.

[voidman]

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@Anonymous wrote:
I have a capitalone platinum credit card. I sent in a late payment last year and it went upto 27%.. Its been almost a year since that happened. I called in to request a lower interest rate or credit limit increase was denied both. Letter they sent me says that I was denied because of a large mortgage loan I have. So the mortgage loan won't being going away anytime soon. So should I cancel the card? The card also has an annual fee which I don't want to worry about.

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I would cancel the card if it's not among the oldest one or if u don't need the credit that the give.

[Anonymous]

Annual fee is set for next april. If I cannot get a CLI or get back my original interest rate I'll cancel.

[Anonymous]

When you call to cancel ask to speak with an account specialist. Politely let him/her know that if he/she can't reduce the apr to something reasonable you will have no choice but to cancel. Remember its not his/her fault. Capital One is to blame And if Capital One wont work with you, you will have to punish them by canceling. There is a very good chance he/she will negotiate something with you. Just remember to stand your ground and even more importantly Be NICE!

Also if you do keep the card, next time the annual fee hits your account just call and ask them to waive it and they will credit your account. Might not work if you have been late though.

Message Edited by Justn on 07-27-2008 04:38 AM