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Contributor
tiburones5
Posts: 83
Registered: ‎04-05-2007
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Capital One Raised my Interest

I got a letter in the mail that Capital one is increasing my rate from 14.90% to 19.99% due to rising interest rates. This is even more motivation to not charge and to keep my balance low.  The nerve of them.
Regular Contributor
KevKaos
Posts: 137
Registered: ‎04-20-2007
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Re: Capital One Raised my Interest

They did the same to me. They claim it is an across the board change but I call BS because they are still offering 14% APR cards.  There is no way Cap One can be trusted even if they give you a great rate, because they are just going to rate-jack you for no reason.  Cap Once really does deserve the name CRAP-ONE.
Established Contributor
Irvin
Posts: 510
Registered: ‎04-17-2007
0

Re: Capital One Raised my Interest

yeah just charge a small amount before the statement closes and PIF. That's my plan from now on with them because they don't give me a CLI. I have been stuck at $500 for 5 years now.
 
 
 
New Member
funwith3d
Posts: 2
Registered: ‎07-31-2007
0

Re: Capital One Raised my Interest

[ Edited ]
I was told the same thing last night, that they're doing it to a lot of cardholders. Their explanation? CapitalOne has to raise interest rates "to be more competitive." Total BS. How competitive is it when you have good customers dropping off like flies? CC companies invest A LOT of money trying to draw us in in the first place. 
 
All I get from this is that they're aiming for a whole new low in subprime lending. Good, paying customers don't give them a reason to charge late fees, overlimit fees and other nonsense where they make all their money. For the record, they want to increase my rate from 9.9% to 19.9%. I'm going to cancel it before they do. They won't get another penny from me.


Message Edited by funwith3d on 07-31-2007 06:40 AM
Regular Contributor
KevKaos
Posts: 137
Registered: ‎04-20-2007
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Re: Capital One Raised my Interest

I'm in the same boat as you.  Only difference is that I want to "try" to keep the account open because it is my oldest tradeline.  I just charge something small evey couple months or so and then pay it off before the statement comes.  In Nov, when it is time for my annual fee, I will hit them up to either drop it completely, or at least drop it in half. If they don't go for it, I may need to drop them completely and take the FICO hit for losing my oldest TL.
Regular Contributor
PeggyFair
Posts: 108
Registered: ‎06-19-2007
0

Re: Capital One Raised my Interest



KevKaos wrote:
I'm in the same boat as you.  Only difference is that I want to "try" to keep the account open because it is my oldest tradeline.  I just charge something small evey couple months or so and then pay it off before the statement comes.  In Nov, when it is time for my annual fee, I will hit them up to either drop it completely, or at least drop it in half. If they don't go for it, I may need to drop them completely and take the FICO hit for losing my oldest TL.


I think its worth it to take the FICO hit if you are paying them an AF. As of this year, I made a resolution to NEVER pay an AF, transaction fees or any interest to the cc. I have an Orchard Bank card that I got back in 1999 when I was trying to establish credit for the first time and now I only keep it open for the history. If they were charging me an AF I would have dropped them with the quickness, FICO score be damned.
04/18/2008 TU 723 EQ 715 EX 746
New Member
funwith3d
Posts: 2
Registered: ‎07-31-2007
0

Re: Capital One Raised my Interest

I will not let any cc company hold me hostage with FICO score fears. Anyway, an account closed in good standing remains on your report for several years. This is my oldest line, too, but I have other old accounts. Not going to sweat this one. Furthermore, other cc companies base their offers on int rates you're currently paying, as I understand it. God forbid that 19.9% should cloud their judgment!
Regular Contributor
PeggyFair
Posts: 108
Registered: ‎06-19-2007
0

Re: Capital One Raised my Interest



funwith3d wrote:
I will not let any cc company hold me hostage with FICO score fears.
Exactly! For me, if a card has an AF it's off limits.I'd gladly take the drop in my fico score rather than hand over a dime of my hard earned money to the ccc.  As far as interest rates, I pif every month so I never even pay attention to that.
04/18/2008 TU 723 EQ 715 EX 746

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