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What to do with Capital One?


BENNY
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I have been with Capital One since 2004. Last July they increased my limit $3,000 and I was late for three months and had a balance of $550. I called to changed my address, asked for a statement and paid $100. They opened the account back up and said they would issue me a new card and send me a statement. So I continued to pay well more than the min payment and they never sent the card or a bill statement, calling two to three times a month. To make this short, finally got a temp card and bill statements. I didn't know what to do all this time so I filed a complaint with the FTC and BBB and also wrote CAP ONE asking them in good will to take off the late payments and lower my APR since I didn't receive a bill statement or a card for 5 months and continued to pay well more than the min payment, the only way I new it was my credit card was that they let me make to balance transfers. Did I do the right thing?

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I have been researching credit and credit repair since December. One thing I have learned is that CAPITOL ONE SUCKS.

I had two accounts with them (in good standing) for several years. When I ran into a life problem a few years ago they cancelled me after two months of missed payments. After about five years of unsuccessful collection attempts they offered to re-open my accounts, gave me immediate and active credit, and added other very sweet opportunities as well. I took the offer. Everything was going well for six or eight months then suddenly they sold my credit line to another company. All of my original benefits went right out the window along with the transfer of my account.

Add that to what I have recently learned about the way they withhold credit limit information from the credit reporting agencies and I am sick all around.

Capitol One is NOT in my wallet, nor do I expect it to populate my wallet again.

~Z

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TO EVERYONE WITH A CAPITAL ONE CREDIT CARD, PAY THEM OFF AND CANCEL.

TO EVERYONE WITHOUT, DO NOT APPLY OR EVEN ACCEPT ONE.

CAPITAL ONE HAS SCREWED EVERYONE I KNOW. You're correct CAPITAL ONE SUCKS BIG TIME. I shall never do business with CRAP ONE again.

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While it IS true that they do not report limits, the Cap1 thing is easy to beat. In the absence of limits, FICO uses "max credit." All you have to do is run the card to the max, let the billing period end, and then pay it off.

I have had a Cap1 card for 6 years, and have not been screwed yet. You just have to be responsible with it.

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In the absence of limits, FICO uses "max credit." All you have to do is run the card to the max, let the billing period end, and then pay it off.
Thanks to this Board and Experts like yourself, we know this trick or strategy. But the average consumer does not. Capital One has a very bad reputation for suppressing credit scores !!!
I have had a Cap1 card for 6 years, and have not been screwed yet. You just have to be responsible with it.
I suppose one satisfied customer out of (say) 50,000 is not bad? I agree. We all should be responsible with our finances. But there are thousands and thousands of unsuspecting consumers suffering with illegally suppressed credit scores because of Capital One.
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Thanks to this Board and Experts like yourself, we know this trick or strategy. But the average consumer does not. Capital One has a very bad reputation for suppressing credit scores !!!

Can you please further expalin the problem with CAP 1 not reporting the limit.

How does that affect my FICO score?

I have searched and read a ton of info on these boards in reguards to CAP 1.

And I am still unclear how running up the limit would help? :confused:

Seems to me like that just makes your debts owed a larger sum so how does that help FICO?

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Capital 1 sued me for $15,000 ($9000 principal and $6000 accumulated interest) from an "alleged" account from 2003 or 2004. I disputed the account and asked for an itemized Bill of Particulars. Gosh, why would I just pay $15,000 without knowing exactly what I supposedly purchased? ;) They could not produce the Bill of Particulars.

CASE DISMISSED........ WITH PREJUDICE!!!!! 8-)

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Can you please further expalin the problem with CAP 1 not reporting the limit. How does that affect my FICO score?

FICO Scoring requires accurate and complete credit information, including Credit Limits, to generate an accurate credit score. Capital 1 routine business practice of omitting such crucial information suppresses your credit score. This way you remain in the sub-prime lending categories and pay higher interest rates for everything, if you can even qualify for credit, loans, or financing.

I have searched and read a ton of info on these boards in reguards to CAP 1. And I am still unclear how running up the limit would help? :confused:
I am too !!! But ... See, DIVEMEDIC'S Post.
While it IS true that they do not report limits, the Cap1 thing is easy to beat. In the absence of limits, FICO uses "max credit." All you have to do is run the card to the max, let the billing period end, and then pay it off.
Seems to me like that just makes your debts owed a larger sum so how does that help FICO?
Just??? It makes the "Debt to Credit Limit Ratio" (30% of FICO scoring???) or your utilization higher, which naturally generates a lower credit score. Sure it helps FICO (and CRAs, and all sub-prime lenders). It just screws you, the consumer, BIG time.

Capital One (Furnishers of Information) are required by federal law to furnish accurate and complete information, or don't report at all. It's distressing for me that the FTC allows their Inaccurate and Incomplete reporting. As far as I am concerned the FTC is part of this racket$$$.

NOTE: If omissions of Credit Limits automatically generated higher FICO Scores, Capital One would quickly change their fraudulent business practice.

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WITH PREJUDICE!!!!! 8-)

TAKEAHIKE, Congratulations!!!!

I like your name.:)

That explains why I had NEVER been sued by any OC, CA or JDB. I know that they do not maintain proper and/or complete records for court. So, they will continue to do what they can with the assistance of the CRAs, of course.

The OCs, CAs, and/or JDBs will illegally furnish information they cannot prove, and illegally Update monthly (without adding any new information; adding a current date is not considered as an Update) for 7 or 7.5 years. In my state (Florida), they illegally Update past the SOLC, which is 4 years. And, yes, it is illegal to Update past the SOLC because that's misrepresenting the legal status of their unproven debt.

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Thanks so much for the explanation. I think we will cancelling our Cap 1 account.

FICO Scoring requires accurate and complete credit information, including Credit Limits, to generate an accurate credit score. Capital 1 routine business practice of omitting such crucial information suppresses your credit score. This way you remain in the sub-prime lending categories and pay higher interest rates for everything, if you can even qualify for credit, loans, or financing.I am too !!! But ... See, DIVEMEDIC'S Post.

Just??? It makes the "Debt to Credit Limit Ratio" (30% of FICO scoring???) or your utilization higher, which naturally generates a lower credit score. Sure it helps FICO (and CRAs, and all sub-prime lenders). It just screws you, the consumer, BIG time.

Capital One (Furnishers of Information) are required by federal law to furnish accurate and complete information, or don't report at all. It's distressing for me that the FTC allows their Inaccurate and Incomplete reporting. As far as I am concerned the FTC is part of this racket$$$.

NOTE: If omissions of Credit Limits automactically generated higher FICO Scores, Capital One would quickly change their fraudulent business practice.

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Thanks so much for the explanation. I think we will cancelling our Cap 1 account.
Whoa !!! Before, closing any account, you must consider the History, as well as the suppression of your credit scores.

Do you all have some l-o-n-g (more than 3 years) Payment History with Capital One? If so, you should consider the long-term irreparable damages to your credit scores vs. the l-o-n-g Payment History to see if it is worthwhile.

I would cancel a Capital One credit card (if I had one) because they are criminals who are aided and abetted by the CRAs, as well as the FTC. I do not enjoy doing business with thugs. I can get better deals with loan sharks, if so desired. Although, their interest rates may be HIGH, loan sharks are not allowed to report incomplete information to the CRAs.;)

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