Question about devious Capital One

Discussion in 'Credit Talk' started by matty61184, Jul 5, 2001.

  1. matty61184

    matty61184 Well-Known Member

    I called Capital One earlier tonight threatening to cancel the account becuse I had found a lower interest rate elsewhere, plus a higher line of credit. I was instantly transferred to the "special" representatives that are set up to deal with people like myself. A week ago, I did get my interest rate lowered, but I just wanted to see what a little threatening would do. It was at 19.8%, and I got it down to 14.73%. She asked what card I got and the rate. I told her Nextcard approved me at 12.99% and with a $2,000 credit limit, and she went on to tell me Nextcard uses 2-cycle billing. Is this true? I thought they had the traditional setup. What are some spiels I can use to get a higher credit limit and lower interest rate. Obviously threatening to cancel my account didn't work so well.
  2. nursie

    nursie Well-Known Member

    Mattie, I don't have answers to your questions, but I have to tell you just how impressed I am that a youngin' is educating himself so well and acting so responsibly. Kudos to you!!! Don't worry about your score right now. Me thinks some day you'll have a score we'd all die for.
    BTW, I visited your corn state last summer. Spent a week in Marcus (near Le Mars). Had a blast, but man the humidity was killer.
  3. nursie

    nursie Well-Known Member

    OOPS! **matty** sorry
  4. matty61184

    matty61184 Well-Known Member

    Hey, that's alright. Everyone calls me matty! I live around Waterloo, yea, I bet the humidity was grand for you. Thanks for the suggestions. I just wish I could get them to work with me more, because I know there has to be a way even though their little computer says NO to doing interest rate changes and line increases, that they can do it still.
  5. nursie

    nursie Well-Known Member

    Yep, they can, and there are some here who are experts at that. I'm sure they'll give you suggestions.
  6. dave

    dave Well-Known Member

    Nextcard does not use 2 cycle billing.
  7. dave

    dave Well-Known Member

    I had the marble card for six years and maintained an excellent account history. When I
    dumped the card, it had a 5K credit limit at 20% secured by a 2K deposit earning a big
    2% return. During my last year, I ran the balance up to 5K and paid it down to -0- in four
    months hoping to spur some action to sweeten the terms and increase the credit line.
    When that didn't work, I notified them by phone and in writing to close the account. They
    closed it in August, 2000 and sent me a check for the security funds. In October, I
    received an offer for a $500 line increase on the closed account but to get it, I would
    have to deposit $99 into the security funds account which they acted like I still had. I
    didn't respond to this insult.

    Seems that one or two years should be enough time for them to decide to drop the
    security funds requirement altogether but the secured card department just wouldn't do

    Since closing the account, I continue to receive statements each month showing -0-
    owing and -0- available credit. I've called them 5 times to stop sending them and each
    time they say they will take care of it. The account still reports as open even though
    they told me in writing in December that it is being reported as closed.

    While Cap.1 was refusing to unsecure my account and requiring additional security to
    increase the credit line, I got approvals for several new cards --all prime--with great
    rates, high limits, and valuable benefits.

    Being a Cap.1 cardholder was alot like being trapped at the bottom of a well. I am happy
    that I no longer deal with these morons.
  8. dave

    dave Well-Known Member

    How to Get Higher Limits

    This is how to get higher limits:

    1. Always pay more than the minimum unless that's all you owe. If you pay only the minimum, it looks like you are barely handling the credit you already have. Consistently paying 2x to 10x the minimum makes you look financially secure and capable of handling a higher limit.

    2. Carry a balance from time to time and pay it down over 3-6 months. This shows that you are use credit wisely.

    3. Never pay late. dah.

    4. Never go over the limit. dah.

    5. Do not use the card for cash advances unless in an emergency. Using cards for cash advances leaves the impression that you aren't budgeting your money well.

    6. Maintain good balance to limit ratios. Certainly less than 50% and optimally much lower than that.

    7. Every six months or so, pay the card down to -0- and let it sit for one or two billing cycles.

    8. Pay other creditors on time.

    Small Print


    These methods will not work for Capital One cardholders. To find out if and when you will receive an increase, you should consult a competent astrologer. If you do not want to wait passively for the next increase which could be years away, find a good witch, preferably one who accepts credit cards, who will be as interested as you in making sure that you get the extra credit you deserve.

    Moneyback Guarantee:

    We guarantee that these methods will work for you. If you are dissatisfied for any reason, we will give you your money back--no questions asked. This guarantee is not available to Capital One card holders or residents of Wisconsin.

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