Fuck CapitalOne.
Their stupid ads got me and I applied for their card 2 years ago. I kinda laughed at the 500 bucks limit, called them to increase it and got a recording that since account is less than 6 month old I don't qualify for credit line increase. Fine.
2 years later their recording now says that their automated system AND live representatives currently are declining any line increases. I guess they had to add those "live representatives" so those bunches of people calling in don't even try to get thru the machine to a live person.
500 Dollars card is a waste of a wallet space, especially in the holiday season. Are they just hoping that people will go over limit so they can hit them with this nice 30 bucks fee or what??
So... in short, Platinum (oh what irony )CapitalOne MasterCard say hello to my scissors, my new 10k amazon.com Visa arrived today
$500 is a good limit. They are just protecting you from yourself so you don't get into massive debt!
Basically I would have called customer service and said I wanted to cancel. Normally they will ask why and if you say something like the rate is too high or the limit is to low they will usually adjust it. Sometimes they just say 'Ok cancelled. Bye!' but if you're cutting it up anyway you don't normally care. I would still call them and close it out though so it's not an open item on your credit report.
I bought a house this year and my old Bank CC had an 18.5% interest rate and I am currently carrying a balance on my card while I pay this stuff off.
I thought of applying for a Capital One card but instead opted to try out the low interest option of 11.5% from my bank and transfered my balance there.
Hearing this, I figured getting a Capital One card with a limit over 10k would've been pretty much impossible.
oh I'm totally gonna cancel it, it's not cut up yet. I'm kinda sad to let it go because it's nice to have a different payee when I write a check. which brings me to another rant... what is up with Chase?? first my and hubby's Sony Visas thru Citibank were sold to BankOne, then we got 2 other cards from Chase directly, his Circuit City card was thru Chase and a couple others, Bank One was bought out or merged with Chase recently so between us 2 I have some 6 or 7 checks going to Chase every month. the numbers are so similiar I'm not even bothering trying to distinguish which one's which
we were actually thinking of getting rid of some of teh Chases and try to get something with a different name lol
oh and amazon.com cards are payable thru... well Chase
I give up
Animalor wrote: getting a Capital One card with a limit over 10k would've been pretty much impossible.
most likely
they send their offers to every body and just for kicks my hubby applied for a business card from them, I told him it's gonna be another 500 card and he didn't believe me lol
he cancelled it while doing his card activating, he spoke to a lady who didn't want to raise it, she didnt say anything when he cancelled either, just like Aslanna said, it's cancelled bye bye
they don't care, sometimes I think it's just a big scam to get people to apply and compile this huge marketing list of people seeking credit, or someone is getting huge bonuses for each new customer, if that's the case it works perfectly
You don't have to write the checks to the Credit Card company, and in fact you shouldn't, unless you then go on to add the name of the card holder.
It's just another account at a financial institution; would you write a check to Wells Fargo to put it in your savings?
May 2003 - "Mission Accomplished"
June 2005 - "The mission isn't easy, and it will not be accomplished overnight"
-- G W Bush, freelance writer for The Daily Show.
I could see having a single 5K card or something but 500 is too low to be worthwhile with all the electronics purchases made via the net these days. For low end purchases, a debit card is probably best. You shouldn't be carrying credit balances anyway so taking the money right out of the bank but with the same credit card protection is a nice combo.
Get busy with that 10K card Ennia! I hope you're my Secret Santa this year!
I have a credit card from the same place I bank that has points. So I've started to use that for everything and then just transfer money from checking once a month to pay it off. No balance = no interest and I'm gettng points. A year of rent = $100 in Best Buy gift cards!
I think I have three Chase cards myself. If I had 6/7 cards (whether they are all from the same company or not) I would try and consolidate some of those, say down to 2-3, and close the rest.
if that one $500 revolving account is all you have though, you won't be building credit for when it is time to buy a house or a car.
so for instance if you are going to buy a washing machine at home depot, and intended on paying cash ($400), open up one of their cards instead, take the 10% off, the zero percent for 6 months, and just make sure you pay it off in that 6 months. then close the account.
there might be better ways to raise your FICO score, but i'm just thinking off of the top of my head right now.
Even if you dont intend on using the full amount of credit you are issued, there are advantages to having a couple cards with higher limits.
but the discipline to not overuse them is of course the important part.
I have never been turned down for credit increases. I had a $500 limit card in college ten years ago. I maxed it quick and am damn glad I didn't have more at the time. Damn Magic cards!! A year ago I was able to get the limit raised to about $15k. I never use the card but your limits do go on your credit report. When a credit check is done, the total credit you have available is seen so even though I never use the card (or my $25k Discover) I am still seen as having potentially $40k cash readily available. Hence my credit looks really damn good.
So those $500 cards are good just to sit on so long as they have no yearly fees. Just lock it away somewhere or use it to pay a utility bill. You can then use a service like Checkfree to pay the credit card bill every month. This gives you a revolving credit booster every month that will help your credit score a lot.
Personally, I think all credit card companies are crooks. I would put them about one step up from loan sharks and it is a small step. I work at a University adn I can see how all of this easy credit is really hurting the students who are suckered into it. Especially since our public school system does a piss poor job of teaching our kids basic economics.
use your credit cards for a line or 2 of credit, use a car purchase or 2 for big chunks of FICO score
a Perfect 900 is
15 lines of credit
10 lines over 5000
4 mortgages (1sts and 2nds count)
All with 99 months on the bureau
The first duty of a patriot is to question the government
High credit limits on your cards are nice if you actually take them up that high regularly and as Voro said, pay them off quickly.
An issue you can run into is net monthly liability when at the limits. Those high limits are all considered as maxed when they look at your ability to repay a loan. Same with any other lines of credit you may have. They have to do that in order to cover their butts, all those are essentially open ended debts that could interfere with your ability to repay. My sister had to cancel a couple unused cards before they'd approve her home refinance for instance.
"Life is what happens while you're making plans for later."
does your credit history ever "fall off" your report? what i mean is, once a certain purchase gets old enough (like a house or a car) does it no longer factor into your score?
i did the free credit report thing to make sure my reports were clean a few months ago, and i saw everything i ever financed and every line of credit i've ever had was still on there. but bad credit, for instance a bankruptcy, will eventually no longer be factored into your credit score. i was wondering if good credit also does the same.
I happen to love my Sony card. Had it since 1999...so it's been through 1, possibly 2 acquisitions. I forget now. My limit keeps getting upped not that I ever put that much on it. Mostly just monthly expenses that I pay off. I did get some serious points though for when my wife and I bought our house and we put the carpet on there. I've lost track of how much free Sony gear I've gotten in the last 6 years because of it.
I've got a couple of other open lines of credit at the moment for the 0% financing offers. Once I've got 'em paid off, they get closed down. I prefer not to have too many numbers floating around out there.
High Chancellor for Single Malt Scotches, Accounting Stuffs and Biffin Greeting.
/tell Biffin 'sup bro!
Deward wrote:Personally, I think all credit card companies are crooks. I would put them about one step up from loan sharks and it is a small step. I work at a University adn I can see how all of this easy credit is really hurting the students who are suckered into it. Especially since our public school system does a piss poor job of teaching our kids basic economics.
I disagree. Having easy credit at that time is actually beneficial to people trying to establish it. Just because someone isn't financially responsible doesn't make the banks crooks. The rates, fees, and terms are laid out at the time they receive (or apply for) that credit.
Stragi wrote:maybe your credit fucking sucks. they just increased mine from 500 to 3000 and i just got a 5k line from american express. ur no suze orman lOL
pherr: credit score max is 850 sir.
mine was 813 when i bought my truck
Tell that to Mr Honda Element (Orange even!) in Sonoma, who holds our dealership record at 872, we see 1 850+ every couple months
The first duty of a patriot is to question the government
Stragi wrote:maybe your credit fucking sucks. they just increased mine from 500 to 3000 and i just got a 5k line from american express. ur no suze orman lOL
pherr: credit score max is 850 sir.
mine was 813 when i bought my truck
Tell that to Honda Element (Orange even!) in Sonoma, who holds our dealership record at 872, we see 1 850+ every couple months
Actually, try getting a firm answer on that from anywhere and you get a moon pie:
Fair Isaac: "In the Fair, Isaac credit bureau systems, which is probably what you've got in mind, the range is from somewhere in the low 300's to something close to 900."
Fair, Isaac: "A score range may be 0-800, 40-400, or some other range of numbers."
Fair Isaac: "FICO scores range from 300 to 850."
Fair Isaac: FICO scores range from about 300 to 850.
Fair, Isaac: "FICO scores range from 300 to 850."
Fair, Isaac: "FICO scores range from the 300s to the 900s... "
Experian: "The FICO scoring scale is roughly 400 to 900."
Experian: "The Experian/Fair, Isaac scores range from the high-300s to the mid-800s."
Equifax: "Scores range from 350 to 950... "
Equifax: "The highest score in numbers for Beacon is about 850..."
Fannie Mae: "Credit scores typically used in mortgage lending range from approximately 300 to 900."
UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF CALIFORNIA: "The top FICO score is 800."
Wall Street Journal: "FICO scores range from 300 to 800."
Consumer Federation of America
"Credit scores range from approximately 400 to 800."
"FICO scores range from 300-850... "
CNNfn, CNN/Money: "Most consumers score between a 300 and 850." (In the FICO model, all consumers score between 300 and 850, unless they don't have a score, at all.)
Money Magazine, February 19, 2003: "Scores range from 350 to 800 points; scores of 620 and above are considered good."
Consumers Union, Non-profit publisher of Consumer Reports: "Credit scores range between 900 and 300."
Freddie Mac: FICO scores range from approximately 400 to 900.
U.S.News & World Report: "Risk scores generally range from 300 to 950..."
CBS.MarketWatch.com: "... roughly between 300 and 800... "
CBS.MarketWatch.com: "... from 375 to 900... "
U.S. Department of the Treasury: "The acronym FICO comes from the name of the company that developed the leading credit scoring model – Fair Isaac Company of San Rafael, California. FICO scores range from 350 to 850, with higher scores indicating better past credit performance."
LA Times: "The scores range from a low of about 300 to a high of 900."
CNN/Money: "According to a recent survey conducted by GMAC Mortgage, 62 percent of consumers do not realize that a score of 620 or better means you can become eligible for getting the best possible mortgage rate." (same page shows a chart from Fair Isaac with the best rate as 5.35% while a 620 score gets 6.94)
Clark Howard: "The score was created by the company, Fair Isaac, and it is based on the likelihood that you will pay your bills. The score of 720 or above means you’re in great shape credit wise. The average score in the country is 678." Fair Isaac: "The Median FICO Score in the U.S. is 723."
WashingtonPost.com: Jane Bryant Quinn: "... from 300 ("bounce the
bum") to 800 ("borrow money from us, please.")."
About.com: "Credit scores (usually) range from 340 to 820."
Last edited by Boogahz on December 7, 2005, 1:16 pm, edited 3 times in total.
Stragi wrote:maybe your credit fucking sucks. they just increased mine from 500 to 3000 and i just got a 5k line from american express. ur no suze orman lOL
pherr: credit score max is 850 sir.
mine was 813 when i bought my truck
Tell that to Mr Bergman in Sonoma, who holds our dealership record at 872, we see 1 850+ every couple months
Stragi was actually correct if specifically addressing FICO scores. They range from 300 - 850.
A credit score is essentially a number that lenders use to approximate risk when lending to a borrower. Sometimes called a FICO score, for Fair, Isaac and Co., the company that developed the current credit score system, a credit score condenses all the information in your credit report to a number which helps determine your credit worthiness. Past experience has demonstrated to lenders that borrowers with higher scores are less likely to default on a loan, and so lenders use credit report to get a quick, accurate prediction of the borrower’s risk. Scores can range from the 300s to about 900, though most borrowers fall in the 600-700 range. The higher the borrower’s score, the better deemed one’s credit worthiness.
I pull credit for a living... FICO goes to 900
The first duty of a patriot is to question the government
Edited my post as you posted. You might see them up to 900, but that doesn't mean they are figured the same way. The 300 - 850 came from a FICO report I had pulled before my last post. Then I saw the list that I edited my post down to and you can see that there is no "firm" answer.
I saw 850+ when I was in the mortgage/foreclosure business a few years back myself. It was great seeing people that we had just reported as delinquent with such a high credit score. It took a little time to show up, but once it did the scores tanked.
edit: this does not mean that we reported them delinquent *to* tank the scores. It was just that these were the people who insisted that "I have great credit, and missing two mortgage payments will not affect me" and then ending up talking to me in f/c!
That's kind of annoying, was curious and pulled my freebie Equifax report, you get all the records but they want $6.95 for the FICO score itself. Didn't bother with the other two agencies.
The wife's stuff used to show up on there and no longer does.
"Life is what happens while you're making plans for later."
Stragi wrote:maybe your credit fucking sucks. they just increased mine from 500 to 3000 and i just got a 5k line from american express. ur no suze orman lOL
pherr: credit score max is 850 sir.
mine was 813 when i bought my truck
Tell that to Mr Honda Element (Orange even!) in Sonoma, who holds our dealership record at 872, we see 1 850+ every couple months
tell that to mr arizona federal credit union who told me 850 was max(
Sheryl wrote:does your credit history ever "fall off" your report? what i mean is, once a certain purchase gets old enough (like a house or a car) does it no longer factor into your score?
i did the free credit report thing to make sure my reports were clean a few months ago, and i saw everything i ever financed and every line of credit i've ever had was still on there. but bad credit, for instance a bankruptcy, will eventually no longer be factored into your credit score. i was wondering if good credit also does the same.
yes. all credit paid (good or bad) go off your report in time. usually 3-5 years. bankruptcys go off in 7 years. credit card invites (which are bad for your credit) go off in one year. the smart thing to do with credit cards, especially $500 limits, is to buy something small each month then pay it off. your FICO will go up a lot in due time as will your limit. i actually had to call chase manhattan and tell them to stop increasing mine.
760+ is moot point on credit, in most cases 740 gets you there, except for an obscure B of A loan that allows you to borrow any amount basically (normally it's 120% of the selling price of a car max, but that loan can unbury a 10k upside down customer). Like I said, we see them, rarely but we do, more in the Honda store then Hyundai, GMC, Buick and Mitsu (which we also sell), we do credit reports for about 500 people a month and we see a 850+ every couple or three months.
The first duty of a patriot is to question the government
Deward wrote:When a credit check is done, the total credit you have available is seen so even though I never use the card (or my $25k Discover) I am still seen as having potentially $40k cash readily available. Hence my credit looks really damn good.
That's good and bad. When you are being evaluated for credit, they take the maximums from all of your credit lines and assume you will max them out to determine whether you can handle an additional line of credit so having several huge credit lines that you don't use isn't necessarily a good thing.
Deward wrote:When a credit check is done, the total credit you have available is seen so even though I never use the card (or my $25k Discover) I am still seen as having potentially $40k cash readily available. Hence my credit looks really damn good.
That's good and bad. When you are being evaluated for credit, they take the maximums from all of your credit lines and assume you will max them out to determine whether you can handle an additional line of credit so having several huge credit lines that you don't use isn't necessarily a good thing.
The way the credit is evaluated can differ due to who is looking at it and what they are looking for/at. If I were looking to sell something to someone, I might look at how extended their income already is. If I were looking to settle back payments on a mortgage, I would look at how much available credit is available to that person in addition to how over-extended they are.
Basically, what one company considers good credit is not always what the next company will consider to be good credit.
well I got to talk to a nice lady who said my credit's good, excellent payment history, they hate to lose the business, I should keep the card just so I can make small purchases over phone or in case of lost cards someone can't charge several thousand dollars worth of stuff on my card blah blah blah but unfortunately she can't increase my limit
whatever
it will now take at least 2-3 months till they make sure I have not made any additional purchases or I don't have any automated isurance payments or such, blah blah
whatever, those 2-3 months sounds to me like it gives some higher powers there to check me out and make a final decission so I shall see in a few months
Ennia wrote:it will now take at least 2-3 months till they make sure I have not made any additional purchases or I don't have any automated isurance payments or such, blah blah
I call bullshit. I've closed several credit card accounts over the last couple years and I've never had a single person say anything other than "ok your account is now closed". Call them back and demand it be closed instantly.
Speaking of credit and tying in identity theft into the mix.. what the fuck is with all the companies (restaraunts, stores, etc) that now print out credit card receipts with ALL of your information on them? Meaning, check your receipts that you sign for a purchase.. a lot of them now have your full name, credit card number in full and the expiration date of the card - all on the same receipt. Joe Blow minimum wage busboy grabs that receipt and finds stores online that don't require the extra numbers from the back of the card and you're fucked. Your credit rating is fucked, and worse if you don't notice it in time, you may still be liable to pay it back.
I simply don't get it and have stopped going to places that use that kind of receipt.
I'm holding on to the card for now till I get the final statement or letter or whatever they're gonna send me, whoever here said they raised his limit to 3k gave me a little hope that maybe this cancelling threat is gonna work.
I personally never seen a full card number on the receipt, not for last several years at least. I noticed they put my full name there though which is a bit annoying. Even more annoying if the cashier is trying to be nice and thank me for business using my name which they usually can't pronounce anyway.
Ennia wrote:Even more annoying if the cashier is trying to be nice and thank me for business using my name which they usually can't pronounce anyway.
I'd love to know what weak-willed idiot finds that ingratiating
When I was a kid and had jobs that carried name tags/plates, I *hated* people that used my name like they knew me; because it made you wonder if you'd forgotten them like a bastard
May 2003 - "Mission Accomplished"
June 2005 - "The mission isn't easy, and it will not be accomplished overnight"
-- G W Bush, freelance writer for The Daily Show.
Jobs that require them generally try and say they want a casual and comfortable environment for the customer, and they can call you by name.
I say bullshit, they are not creating this environment they are trying to, the only places that have that kind of environment nowadays are ma and pop type places generally in small towns or tightly nit communities. And I would imagine none of these places have them.
If they want a name tag for a customer to be able to comment/complain about you, or something else of the sort - then have a tag with a number on it, and the management would know your name then, but not the customer.
I thought the funniest part about the name tag system was a g/f that picked up some after school work at KFC. (this was a long time ago ;p)
When she clocked on for a shift they'd give her a random name tag out of the pile of ex-employees.
Naturally, I'd go in and hassle her out by referring to her by nametag loudly and often
May 2003 - "Mission Accomplished"
June 2005 - "The mission isn't easy, and it will not be accomplished overnight"
-- G W Bush, freelance writer for The Daily Show.
Ennia wrote:it will now take at least 2-3 months till they make sure I have not made any additional purchases or I don't have any automated isurance payments or such, blah blah
I call bullshit too. I've cancelled a couple cards in the past and while I basically had to get in to an argument with the Merchant's Bank rep to get the card cancelled, I did get it cancelled in the end. They hate cancelling cards. Just be firm and consistent. Tell them you aren't interested in anything they have to offer and you want the account closed immediately.
And if they try and tell you they can't or would you like this or are you sure, tell them you want it closed now and if they can't do it you want to talk to their manager. Now.
Also, look at the cardmember agreement that comes with your card. If you can't find it, call them and have them send you a current copy. Basically when you have a CC, you have a contract for services with the particular institution and it's governed under contract law and/or the Uniform Commercial Code (if it's in the US...I'm sure other countries have similar things). But anyway, the cardmember agreement will specifically state the terms of cancellation, etc.
High Chancellor for Single Malt Scotches, Accounting Stuffs and Biffin Greeting.
/tell Biffin 'sup bro!
Before we bought our house we had closed most of our credit cards and other accounts. The more you have means the more potential debt you can have and that works against you no matter how good your credit is. They also judge by how many times someone has checked on your credit. The more checks on your credit the worse it is for you. You are better off having a single card with a decent limit with a low balance.
There are different types of "hits" on your credit report which many people do not realize. A "soft" hit would be if you or an insurance company (maybe some others) check your credit. A "hard" hit would be applying for cards or loans. I think I remember that inquiries stay on your report for one year, but I cannot remember for sure.
did you know that those cute little invites and pre-approvals go against your credit? when a creditor looks up your report and sees that 5 companies have offered you up to 5000 each on credit then that is 25000 available credit, you could have. which to creditors is bad, because that is 25000 you could owe on other than the loan/card you are applying for. so it is smart to call or reply to those invites and asking them not to send any more, and if they due they can be sued for it.
Ennia wrote:well I got to talk to a nice lady who said my credit's good, excellent payment history, they hate to lose the business, I should keep the card just so I can make small purchases over phone or in case of lost cards someone can't charge several thousand dollars worth of stuff on my card blah blah blah but unfortunately she can't increase my limit
whatever
it will now take at least 2-3 months till they make sure I have not made any additional purchases or I don't have any automated isurance payments or such, blah blah
whatever, those 2-3 months sounds to me like it gives some higher powers there to check me out and make a final decission so I shall see in a few months
fuck CapitalOne one more time
That just sounds really weird to me. Maybe it's a regional thing? I didn't even ask them to increase mine, they sent me something in the mail congratulating me saying they increased my line of credit.
did you know that those cute little invites and pre-approvals go against your credit? when a creditor looks up your report and sees that 5 companies have offered you up to 5000 each on credit then that is 25000 available credit, you could have. which to creditors is bad, because that is 25000 you could owe on other than the loan/card you are applying for. so it is smart to call or reply to those invites and asking them not to send any more, and if they due they can be sued for it.
No they don't. Potential creditors can tell the difference between those type of inquiries and inquiries initiated by the consumer. The ones you're thinking of are when you go to a car dealership and sign some initial paperwork and then they run a bazillion reports on you trying to find someone that will give you a loan. Those are bad. Be careful what you sign before that test drive.
my 2 year anniversary of having this card is coming up in January, I didn't push really hard to close it NOW because I figured they might take that time to up my limit, we'll see soon enough
the 2-3 month period she said is needed to close my account I thought is strange, she also asked me if that was my first card, which if they just checked my credit report they would see it's not, I also have multiple cars paid off, bunch of store credits opened and closed, hell I'm a homeowner for 6 years, my credit can't really qualify as new
pretty much at this time I'm thinking Capital One is just out to get A customer period, with a low limit no questions asked credit card they can get anyone, "a billion customers served" sort of McDonaldish pride, looks good on growth reports
anyone noticed that their "what's in your wallet" commercials feature the word NO very often and very prominently? I should've seen this as a sign lol
oh and I doubt those pre-aproved offers and credit solicitations do any damage to your credit, this would be very twisted since nobody has any say as to what you get in your mail, once you get a loan anywhere the offers start flowing, after major purchases like cars or houses your mailbox is guaranteed to be full every day
Bubba Grizz wrote:Before we bought our house we had closed most of our credit cards and other accounts. The more you have means the more potential debt you can have and that works against you no matter how good your credit is. They also judge by how many times someone has checked on your credit. The more checks on your credit the worse it is for you. You are better off having a single card with a decent limit with a low balance.
Keep in mind that having a long-term account in good standing is better than a closed account that was in good standing. If you're worried about the amount of potential debt showing up, call the CC company and ask that they lower your available credit.
)CapitalOne MasterCard say hello to my scissors, my new 10k amazon.com Visa arrived today
