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A good Capital One Story...


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Alright, don't throw anything at me. I do have a good news story about Capital One. I have had a Capital One Account for a little over 2 years now. It was a $500 limit card with a high 20's rate, and a $59/year membership fee. Recently after getting better scores going, I got an offer for a better card from them. I didn't think that they would give me one, but I applied for fun. I got approved for another card with a $500 limit, but only a 15.15% rate and a $19/year cost. So after 3 months of having both cards, I called them up and asked if they could roll them both up into one card for me. They did, and they did it correctly.

Now I have a single Capital One card with a $1000 limit, 15.15% rate, and only $19/year. They even combined the balances correctly. I am saving $59/year in fees, and about half of the finance cahrges when I have a balance. Now, I guess the only question is will this be taking a good TL off of my report? I guess time will tell.

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I do consider myself very lucky, and believe me, I watch what they do to me through a microscope because of many of the stories that I have read here. I got the first CapitalOne card because I considered it a necessary evil to start getting my credit on track. I have never had a late fee or over limit fee with them. I even swallowed the yearly fee without too much trouble. Things seem to be turing around for me, and in anoother year or so, I think my score will be in a much better place. My largest regret of the whole credit rebuilding process is that I didn't do it when interest rates were still low. I wouldn't mind having a 5.something% mortgate.

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You're saving $40 in fees, not $59. It was $59, now it's $19. And the old TL will remain on your report, but it will show as "paid, closed at consumer's request."

Just make sure your historical high balance (what they report) is close to your limit or you're doing your score way more harm than good by using this card. That's the beauty of Capital One.

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You're saving $40 in fees, not $59. It was $59, now it's $19. And the old TL will remain on your report, but it will show as "paid, closed at consumer's request."

Just make sure your historical high balance (what they report) is close to your limit or you're doing your score way more harm than good by using this card. That's the beauty of Capital One.

What kind of math are you using? He was paying $59 for card 1 and $19 card 2, which is $78. He is now paying $19 for one card. 78-19=59 savings.

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It's all about how you look at it. The annual fee was coming due on the $59 card so I saved myself from having to pay that, but yeah, I still have to pay $19 so there is $40 dollars difference when all is said and done. I am just glad to have that higher credit line on a lower interest card with a smaller fee. I know that when I started to fix my credit that I would have to pay more for just about everything, now I am starting to benefit from not having to pay extra for everything. I bet when I buy my next car, I'll actually be in the drivers seat of the negotiations.....in a year or 2 :)

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Five minutes. Seriously. You can deposit one of those checks (no transaction fee ones are the best ones to use) into your bank account, check online for it to post to your C1 account, and pay it off immediately online. I've done it 3 or 4 times. I've paid it off 5 min. after it posted and had it report as high balance. Waiting any longer just opens you up to interest charges. Make sure you pay before your statement closing date, though.

Or you can buy like a computer or something a few days before your statement closes, wait for the transaction to post, then return it the day after your statement closes with that balance.

Remember of course that if you ever get a CLI, you'll have to do this all over again... :wink:

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