Marci, I was very impressed with your negotiation. Even If you didn't get the platinum card, you got quite a lot out of the rep who called you. I currently have a $3K gold card with a 17.9% rate and no annual fee. I am supposed to call Cap One back on April 1st to ask for a limit increase. I called previously and was told I have to wait 6 months after the gold became effective. I started with a classic card in Nov. '98, the same month I filed my BK. So, If you don't mind me asking, what is your credit like? I don't expect to see 12.9% for another 2 years but who knows. My credit union visas are 13.9%. Thanks Jim
Hi Jim, Thank you for the compliment. That conversation was the first time I really "took on" corporate America. I felt like Sally Field in "Norma Rae" and wanted to find a table to stand on and yell. Right now, my negative credit is that I have one CO paid in full in July 1998, one closed retail account with two 30 day lates and one open retail account with two 30 day lates (account opened in 1991). For the negative accounts, the most recent late is 3/2000. My positive credit (i.e no lates) is 3 open bank revolving accounts, one recently opened auto installment account, one paid in full auto account, 5 paid in full student loan accounts (some read transferred, some don't), and one current student loan account that is in forbearance and unrated. All of my positive open accounts (excepting the new auto account) were opened in 1998. Although I am uncomfortable sharing my credit score, I will say that it is low b/c of high utilization. According to Equifax it is at 85% now, but my true utilization is at 50%. I need to work on paying down my balances, but I have been helped by generous credit line increases in the last month, which have yet to be reflected on my credit report. I was *very* blessed to get the 12.9% from Cap One. Had it not been for that change, I would still be at 18+%. So, I'm very grateful for the break in APR. Hope this helps, Marci
I'm not Marci but, I have 2 Cap One cards, 1 unsecured, 1 secured. I called trying to unsecure the secured card. They could'nt do that because it wasn't quite 1 year old. However, they lowered the interest rate from 19.8 to 12.9% variable rate. I also have a bk from 11/99. They lowered the other card from 19.8 to 17.9%. You should have no problem getting it reduced. Hope this helps. Cricket
Jim, I should add that I only got the changes in Cap One b/c I spoke with a specialist from the Executive Offices, who told me "it was within the scope of [his] power to authorize these changes". I'm glad to know that somewhere in CapitalOneLand, there is a human who has authority over that computer system. Capital One was beginning to sound like the Borg, since they seemed to have given that computer so much power over the accounts. I recommend that you e-mail Capital One via PlanetFeedack. It really works. And you will get a person who can truly give you what you want.
Thanks to marci and Cricket! Marci, I will check out the PlanetFeedback tonight. Great idea. In regard to your credit score, I totally understand your hesitation to reveal it. No problem. As you may have read, I had a 641 Experian score last May that got reduced to 574 in February because I opened so much new credit and am carrying balances at the moment. I have not applied to see my Equifax score now that they are available on-line as I know it will be much higher in 6 months. Thanks, your friend Jim
marci Have you tried to dispute the lates on your closed retail accounts? More than likely they will not verify as they have probably purged their system of paid accounts. It's worth a try. Good luck!
Re: marci Hi Miles and Lizardking, Thanks for your advice. I have a $350 balance on the closed account, which I plan to payin full in 2 weeks. I then will probably hire Junum to dispute the lates. Marci
