I'm typing this for the third time; the new "post" software is too sensitive to some key, probably the "enter" key, and has wiped out a couple of nice 400-word posts already. Suffice it to say that I'm sick of the scavengers at CapOne. They refused to raise my credit limit from $400 to $500 after 16 months, and 7 months after I went from $300 to $400. Once they have me categorized as a loser, which I'm not, they would rather lose me than extend me any more credit, or lower the $59 annual fee. Be careful which offer you accept from CapOne, because once you accept, you may never see anything better. Why can't they act like a real bank that makes its profit from extending credit? Why do they think people will keep a card with a low limit and a $59 annual fee? I never should have applied for the card in the first place, once I saw the $59 annual fee. And once my card for "up to $1000" arrived with a pathetic $200 limit, I should have sent it back.
Have you asked to talked to a supervisor when you call them? I know that I myself have talked to some customer reps over at cap 1 that makes me question their hiring procedures. Have you reviewed your credit reports to see what may be causing them to deny you a credit limit increase? Have you tried researching other banks that offer sub-prime credit cards to find a better deal? There are plenty of them out there. Good luck! Alex. ------------- Free Credit Repair Information http://www.Creditinsiders.com
What's more sickening? Cap1 not raising a credit limit $100 after 16 months or Citibank not raising a limit $200 after 9 years?
That's all good advice, Alex. Thank you. I think part of the problem lies in Capital One's script, not in my credit reports. But yes, I do have problems. No one but Capital One thinks they make me untouchable. I have other subprime cards already. Capital One makes Aspire and Associates look pretty good. At least they make their money from extending credit, not from annual fees. If you count interest plus annual fees, I'm paying 36% on my CapOne card. Contrast that with 30% for Aspire and 25% for Associates. They gave me higher limits than CapOne as well.
That's all good advice, Alex. Thank you. I think part of the problem lies in Capital One's script, not in my credit reports. But yes, I do have problems. No one but Capital One thinks they make me untouchable. I have other subprime cards already. Capital One makes Aspire and Associates look pretty good. At least they make their money from extending credit, not from annual fees. If you count interest plus annual fees, I'm paying 36% on my CapOne card. Contrast that with 30% for Aspire and 25% for Associates. They gave me higher limits than CapOne as well.
Re: regarding annual fee's. Retention lady told me specifically , "We give one time fee waivers to those that ask. one time.".
Re: regarding annual fee's. I asked Capital One to get rid of the annual fees and each time they told me we cannot do it because the type of the card that you have. (I think that this account is belongs to subprime). When they offer me that MasterCard when I had a couple of charge-off accounts.All they can do to reduce APR to 16.9% APR. By the way, they tried me to sell MCI long -distance to do away with annual fees and of course i say no. I heard Capital One make profit from the subprime card annual fees and interest finance charge.
Re: regarding annual fee's. Thank you, Sam. I should have asked this December, because I don't plan on having the account in December 2001. About profits: It's hard to tell exactly which revenues become profits, but I know for a fact that Capital One could increase both their interest revenues and their bottom-line profits just by offering larger credit line increases. They seem pathologically averse to risk, however. Maybe they think that Providian has gotten to the people who want high credit lines, and that they can make their money just by renting a second trade line to such people. For an annual fee, of course. If those people go delinquent or bankrupt, Capital One will be left holding a much smaller bag than Providian.
