Done with Capital One

[Anonymous]

I logged into my account today and lo! There was an annual fee of $59. For whatever stupid reason, I thought I'd had them waive this AF. After them complaining that I never use the card, I had done some purchases on it and along came the AF which took me up over my measly limit. The irony of it was that I was PIF'ing on 4/4 - instead of waiting, I did the payment today and then called the backdoor number since you can't get a live CSR on the service number.

So I gathered up the card and my pen/paper and called to tell the senior account rep to refund my AF and close my account. He was very pleasant as he reviewed my account and then confirmed 1) no he can't waive my AF and 2) no, after 4 years of being a great customer they can't give me a CLI. I was nice to him- no reason not to be, since I'm just paying it now and closing it. I told him that the company helped me to rebuild back in the day and I've simply outgrown them.

It's now in pieces in my garbage can.

I feel relieved. Bye bye Cap1. You won't be returning to my wallet.

[TigerCat]

That's why they are called Crap 1, isn't it?

Never had 'em, never want 'em.

[Anonymous]

BoysMumx2  i have been in your spot before,and do not get frustrated . It seems like Capital one,and some other banks start doing that when they do not see any activity .

[CreditDrama85]

i didnt even know CapOne had cards with a $59 AF. what kind of card is this?

[Anonymous]

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@CreditDrama85 wrote:

i didnt even know CapOne had cards with a $59 AF. what kind of card is this?

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It was the Platinum Mastercard. I got it 3 years out of BK, back in 2004. Had the account 4 years with no CLI ever. Had lots of activity on it until last summer when I PIF'd and then only used once in a while because I have better accounts. It was showing inactive for a while, even though I'd been using it for small charges.

BUT $59 for an AF? NONE of my other cards have AF's, so this was a no-brainer. With the exception of two store cards, it was my lowest limit - by a long, long shot. So I'll get the next 10 years of it showing as history then poof it'll be gone.

It doesn't really mess up my utilization as it was so small and mostly it's been showing as inactive anyway. I felt very much that they had absolutely no interest in keeping my business. And I'm fine with that.

[kimg727]

Capital One is one of my most detested creditors. The only creditor that I detest more is MBNA. I'm happy to say, I closed out all of those relative accounts a couple years back. Life is much better.

[Anonymous]

I thought maybe I'd feel crummy about losing all that history, but I'm just relieved to be done with them. The senior rep asked me about my other accounts and what they offer.... the only thing he could counter with was the purchase protection, which ALL my cards offer - and I told him exactly that.

In other words, the card I had was doing nothing for me except costing me that AF and giving me history.

[fishbjc]

Opened with Cap One two months ago.  I just received notification of a $500 cli, coming on my third billing.  So, $2k to 2.5k in three months.   $19 af, so not bad.

I have 0% thru end of June 08

[haulingthescoreup]

fish, sounds like you started with one of their good cards--congrats! While it looks like BoysMum had the most basic rebuilder they offer, and those puppies just don't seem to have the potential to grow.

Congrats, BoysMum, your training wheels are off!

[Anonymous]

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@haulingthescoreup wrote:
fish, sounds like you started with one of their good cards--congrats! While it looks like BoysMum had the most basic rebuilder they offer, and those puppies just don't seem to have the potential to grow.

Congrats, BoysMum, your training wheels are off!

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Thanks! You know? It actually feels good. It was like a ratty old blanket that I was holding on to. I had looked at the product terms on their site and yes, it was a rebuilder card. Fish's initial CL was almost at the top of the tier limit for the card I had.

I suppose I should be glad that they forced me to give up my "security blanket." No regrets. As you note in your sig, time for credit gardening.

And for those who've had good luck with them, I DO think they can be a good company. We have had the unsecured loan with them (perfect repayment and PIF early), plus an auto loan - briefly. Yesterday I would have said that I'll never do business with them again, but their medical financing is good and I have some major things to take care of over the next couple of years. I won't discount them due to this experience.

One side note... because that account went up over the limit with the AF, I'm fairly certain they would have jacked up my rate. I was in a lose/lose situation.