Hi DLM,
Cap One has actually been decent. I've had them for years. I lost my job about 3 years ago and at that time I had three cards from them. (5K, 1K and 500). I ended up having to use my cards and I maxed all three of them paying bills and just getting from month to month. I consolidated the three cards into one a couple years ago. I was able to reduce the APR on two of the cards by going with one single card. 14% didn't seem too bad at the time.
Where I got into trouble was having 5 events in about three months. I'm not sure what the details were I think 5 in six months puts you in a new category (bend over category)!! I was paying using webpay online, but a couple times the payment didn't post on the date required. It was a couple days late, then I would get a past due fee (1 event). I also have an over the limit fee (another event). In total, I had 5 events in three months.
I made $2,900 in payments over the course of 6 months (in 6 payments) but many (3) weren't on time. Toss in Christmas and my wife being off work medically and everything fell apart. In the mean time, I was able to pay off a high interest Orchard bank card (29%) first. I gave that one priority and resources. Well, now I have the same issue with this card and Cap One's customer service was awful to deal with. I spoke with them and I talked with 'Ginger'...I remember her well. Talk about the most impolite, uncooperative person I've ever spoke with. It was horrible.
My advice on the Cap One card? Pay on time and as much as you can. Keep track of your events (Late Fees, Over Limit Fees) on your statements. If you get close to five...look out!!
I'm probably going to take my credit reports to the Credit Union and talk with a loan officer. I am living in a lease to own home (leased because I wasn't sure about employment stability) and the lease is up in June. I have my truck loan through them and I've never been late on a now two year old note. My lease payment goes to a fellow credit union member and is electronically transferred to them every 3rd of the month....never missed a lease payment in about 13 months.
I'm hoping I can show the credit union the timely payments for both my truck and my house lease as well as show them I only have one credit card left. Since I lost my job in 2003, it's been a painful struggle, but I'm getting close. I had a bankruptcy in 97 which will fall off next month. It's been so difficult and other than this one card, I've been steady as a rock. Hopefully the CU will take direct deduction for a home loan from my paycheck. So far they've been working for me.