After reading about their reputation on here, I decided it was do or die for them. Called up to see if there might be any perks they could offer before I canceled. Well, they were only willing to waive half the annual fee and were willing to give me a WHOPPING $200 limit increase. They were willing to give me another $200 if I made something like 4 purchases on the card within the next 30 days. And, there were no other perks or BT specials to be had. Then I finally brought the truth out and mentioned how their practices were potentially hurting my credit scores and explained how I knew. The rep had the nerve to respond, "well, we're the ONLY card that reports every 30 days...most report every 90. And that helps rebuild your credit." I told her I was past the point of rebuilding as my scores were all around the 700 range. I'm also sure that crap 1 isn't the ONLY card that reports every 30 days. Anyway - needless to say, almost 3 years with them AND PERFECT payment history - and I get sh*t in return. Good thing I've had a zero balance with them since Jan. Good riddance!
Yup, know how you feel. I have a perfect history with them for 6+ years. Gotta keep them as it's my oldest TL. Last boost I got was for $300.00 and it 'cost' three hard ones. Best regards, Mirage
I thought about that, but I've got a Providian card that I opened at nearly the same time and a Sears card that I've had since '96, so I didn't feel so bad about closing it out...perfect history or not. I'm sure I'll qualify for some other card with decent rates and no annual fee here soon.
The way I see it if you started out with Cap 1 as a sub-prime they will always treat you as such. No matter how much you improve or how perfect you are with them. Best regards, Mirage
Mirage, theres alot of truth in that. Start out sub-prime and your likely to stay there until you close the account. Same practice at Providian and DMB
What is the difference between sub prime and prime rate? I have a Cap 1 Carnival Mastercard at 9%...is that subprime too?
Re: Re: I'm through with Crap 1! I was thinking of asking the same thing. What credit scores put you in the prime and subprime categories?
Re: Re: I'm through with Crap 1! for the sake of keeping my credit report as perfect as possible.. what is the best way to cancel a credit card?
I cancelled my capitalone account too about a week ago. Pretty much the same reasons. They would only waive half the annual fee, and would not lower the rate. I was with them for about 3 years, and perfect payment history. Good riddance .
Re: Re: Re: I'm through with Crap 1! Didn't know there was a wrong way. Just make sure it's at $0 balance.
Re: Re: Re: I'm through with Crap 1! Call them up and request that the account be closed at the request of the consumer. Be sure to get a letter in the mail from them stating that. Best regards, Mirage
Re: Re: Re: I'm through with Crap 1! Thanks..I think the letter thing is a good idea. Cap1 has been good to me but it has served it purpose so I must bid them farewell
Re: Re: Re: I'm through with Crap 1! I hear you at that! I had a cap 1 card for awhile....2200.00 limit and no balance but the interest rate sucked bigtime! I called them to close it out, they stated it would be taken care of. About 3 months later I checked my credit report and it wasn't reported at "closed by consumer." I disputed it because I called to close it out and thought it would be taken care of. Well, it came back as verified and not closed YIKES... So I called Cap 1 again and they said it was never originally closed. They dropped the ball and I demanded they take care of it. They did and sent me a letter stating it was closed. But, to this day I keep getting a monthly statement from them stating CL 2200, balance 0....makes me wonder what is going on?! Why would they send a statement on a card that is closed? I think the best thing to close out an account is to do it in writing for a paper trail. Especially with Capital one...they seem to drop the ball everytime! Now, I do have a cap 1 Carnival Mastercard but it's at 9% and a 5500 limit of which I can use for cruise purchases. That is the only thing I use it for.
Re: Re: Re: I'm through with Crap 1! I cancelled my capitalone account over the phone 3 weeks ago, and I got a statement last week. So, I believe I'm having the same problem you're having. Question for ya.. over the 3 months that it remained open for you, did they charge you the usual monthly fee?
Re: Re: Re: Re: I'm through with Crap 1! Not necessary the wrong way... but looking for the best way to prevent the nightmares that the people who posted above are going through...
Re: Re: Re: Re: Re: I'm through with Crap 1! Ever since I closed my subprime cards, I've simply had to call them on the phone to cancel after I paid them off. When they show up on my credit reports, they show up as "closed by consumer", so I never really gave it a second thought. It wasnt until it was mentioned here that capitalone may not close an account without a fight that I'm beginning to wonder if my capitalone account is actually closed as the rep said she'd do (it still appears to be open 3 weeks after I called to close it).
I just thought I was through with Cap 1. This account has been closed for 2 solid months(look at the date I started this post) - even got the letter confirming my request. Well, yesterday, I got a letter stating the acct had been re-opened due to charges hitting the account. I log on to their website and what do I see...a $25 charge from freaking Columbia House DVD Club. I don't ever remember storing my CC info on their website, but they obviously have it and used it to pay for the DVD when I didn't decline the automatic shipment of the director's selection on time. Arrggghhhh. I called them up to confirm the acct had indeed been re-opened. They confirmed...and then offered to raise my CL by $300 if I made 4 purchases in the next 30 days and waive my annual fee. So now I can't decide...I might just keep it since I've had it for almost 3 years. I could just do the Cap 1 trick and get them to report my true CL. Currently, my CR shows $2600 out of my $3200 limit. Maybe I'll apply for a toy card and use the heck out of it. Shouldn't be too hard to get a toy card bumped up to $1500 after 6 months to a year. It might be fun playing the game to get $5K worth of CL...then I could convert to plat and be out of subprime hell!
