Capital One Call - YAY so awesome!!

[TiggerDat]

---

@Anonymous wrote:

---

@Anonymous wrote:

is cap1 the only cc out there that doesn't have an "auto pay" feature online? i had to send them a damn check and waste 44 cents on that nonsense. do they really count on people missing their payments as a source of revenue?

---

yes they do

---

No they don't.  They allow you to preschedule payments, but they don't have automatic payments, unless it is only for certain clients.  I just checked to make sure of it and it clearly states that that this is not a function they currently offer.

[Anonymous]

---

@MarineVietVet wrote:

---

@bernhardtra wrote:

Reporting $0 is not as good as it reporting at least a little.  Your total util should be between 5% to 20% of total available credit on all cards.  This builds your score faster.  The theory is that it proves that you can manage having credit credit.  Too high is an indication that you could default.  No balance shows that maybe you are not able to handle credit, as in you have it but maybe don't have enough money to pay so you simply don't use it.  I usually let at least one of my accounts cycle with a balance, then pay it off.  I don't pay much interest, if ever.  I am trying to figure out how I paid $1.31 last year to CapOne, I don't like giving them money, since they don't like raising my limits.

---

Everyone's situation is different and there is no one size fits all approach to this but what seems to work well for most people is to have only one of their cards report a small (<9% of it's credit limit) balance each month and then pay in full before the due date. You can use it as much as you want during the month but what's important is the reported balance because for most cards whatever is reported on the monthly statement is what is used to calculate utilization for the month.

You might have to play around with the percentages for a few months to see what works best for you. Some people say that 1-3% utilization helps the most. For others it might be 5-9%. As I said it's not one size fits all.

On any other cards always try and have them report a zero balance each month. That doesn't mean you can't use them just make sure that the desired zero balance on these accounts is achieved several days before their statements post.

Along with individual and overall utilization, FICO also scores the number of all types of accounts reporting a balance.at any one time Making sure less than half of all your accounts report a balance helps most people.

Now this approach really isn't necessary if you're not looking to apply for any credit in the near future or unless you are trying to tweak your score for maximum effect but some folks do this as a hobby just to see how high they can get their score.

---

100% agree.

@Anonymous scores stay the same weather I'm at 1-5% util (with only one CC reporting) I let 9% util report one month and my scores dropped 4 or 5 points IIRC. So FICO seems to like me with only one CC reporting @ 1-5% util, and this way I keep my scores at their highest (not as a hobby however) but more because it teaches me good credit behavior and also keeps me out of debt.

As for Auto Pay, no way for me, I have to be in control of what gets paid, when it's paid and so on, and like another Member has said, what if the system goes down for a few hours or something and your "Auto Pay" isn't paid? Screw that, too risky for my likes. I have no problems remembering the statement dates on ALL my cards by heart, I keep track of what cards I use that month and make my payments online 3 days before the statement date on each card, letting one card report a $25 balance and I pay that the day after the statement cuts.

[Anonymous]

---

@bernhardtra wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

is cap1 the only cc out there that doesn't have an "auto pay" feature online? i had to send them a damn check and waste 44 cents on that nonsense. do they really count on people missing their payments as a source of revenue?

---

yes they do

---

No they don't.  They allow you to preschedule payments, but they don't have automatic payments, unless it is only for certain clients.  I just checked to make sure of it and it clearly states that that this is not a function they currently offer.

---

i ment yes they do want u to miss ur payments

[Anonymous]

they prey on rebuilders,, the high fees,, the low CL's so u go over,, cant pay pay online without a fee, they want to keep u down as long as they can.

its only a small precent that use the forums and learn about how the credit works and they know that, they dont call it sub prime for nothing

[guydiver]

---

@Anonymous wrote:

I'd boot them once it made good credit-sense.

When they ask why, I'd say "You didn't follow the steps".

---

LMAO!

[TiggerDat]

Oh yes they do!

[Anonymous]

they do have auto-pay but you have to send in a lame check in.......nothing "automated" till after you do the maunal.

my schwab accounts allows me to pay certain amounts.....so i have two auto-pay options: amount in full and set amount. and for either i can set a date to have it pay off the account. so i want to do things like have a balance report, i can do it at a certain date (but not after the payment due date and not before the closing date of that month).

if one wants to manage their accounts, fine, it's like gay marriage: if you dont like them, dont get it.

my point about cap1 is that every other product that requires monthly payments that i use has some sort of auto-pay feature.  especially since cap1 MO is to nickel and dime their clients (since they market their products to a certain demographic, AND cap1 customers have to pay for their lame commericials they buy on TV).

it's not a good business model to generate revenue based on people forgetting/miscalculating, etc, rather than the services they offer. the infuriating part is that people apart of the system need a partner, any partner, even if it means getting a card with cap1.

[TiggerDat]

---

@bernhardtra wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

is cap1 the only cc out there that doesn't have an "auto pay" feature online? i had to send them a damn check and waste 44 cents on that nonsense. do they really count on people missing their payments as a source of revenue?

---

yes they do

---

No they don't.  They allow you to preschedule payments, but they don't have automatic payments, unless it is only for certain clients.  I just checked to make sure of it and it clearly states that that this is not a function they currently offer.

---

Now they have it set up so that you can set up automatic recurring payments.  You can choose to pay the minimum, a set amount, or all.

[Anonymous]

I just don't get all the Capital One hate. I was really happy to be approved for mine after all of the previous credit issues I had. My responsible behavior with them allowed me to qualify for other cards. Realizing the limitations of the card, it just won't be one I use often, if ever again. It's really that simple. I needed them, desperately, at one point to extend me credit, at reasonable terms, and they did. All is well in my book.

[CS800]

A lot of Cap One cards are for rebuilders and people with blemishes on their reports.

That said the beef most of us have is that the CL's are low and the CLI's are non existent for the most part.

I always say that Im grateful for Cap One to have extended me credit when no one did. That's the only card I had for 3 years and with a CL of only $1100.

Deep down that's the reason why I still keep the card even though it has an AF of $39. As a form of gratitude (lame i know). The card doesnt get any use now since i've added the prime cards.

Most of the 'hate' is is not ruly hate but it's frustration. Cap One is successful for a reason; sometimes we hear that theycapitalize on the poor credit people but they are not as bad as FP. Cap One does have prime cards.

So at the end of the day its a business transaction. We need them to rebuild and they need us for their profits.