Capital One isn't making enough money so they just raised my rates 8 points

[Redneck Socialist]

So here I am, dutiful little consumer, carrying a balance on my credit card, not much, a few hundred bucks, pay a chunk (on time) every month, but almost invariably end up charging something else so the balance never really goes away. I'm pretty much the perfect credit card consumer you'd think, right? I thought so too, and my credit card rate reflected that. It was pretty damn low.

Well apparently poor old Capital One isn't making enough money. In their words "Due to extraordinary changes in the economic environment..." they've decided to up my rate eight points.

Well hey Capital One fuck you! You weren't making enough money hunh? Gee, I'm sorry. Now you'll be making even less, 'cause I'll be paying off my card and canceling it you dumb fucks.

Are they really that fucking stupid? Apparently so. :mad:

[Ian David]

1. Bloody vikings. n/t

[Patchuli]

2. Chase just did it too.

I wish we only had a small amount on the damn things.

[BlooInBloo]

3. I fully support people not buying what they don't want to buy...

I'm not sure why the drama-rama is needed, but whatever.

[Redneck Socialist]

9. No drama, mainly bafflement

Why, if times are tough, would you drive away your best customers? I almost always carry a balance, I pay what I care to each month and they make some money off of me. Now, because they're greedheads, they'll be making nothing off of me. How does that help them?

[xchrom]

4. i think they did it to us all.

i always either pay it off -- or pay way way more than the minimum.

they did the same to me.

[Warpy]

5. If you'd been reading the Economy Forum

you'd have been warned about this one in plenty of time. Now it's an ugly surprise.

The best favor you can do yourself is cut that puppy in half NOW. Then concentrate on paying it off. Then send them the pieces. Write a nasty note if it helps you feel better.

Open a junk account and use an ATM for it. Replenish the account every month.

This is going to happen across the board and it will keep happening until they are stopped by Congress---and this Congress is not going to do it.

[Matariki]

14. What do you mean by 'junk account'?

just curious

[Warpy]

18. An account (in my case) that covers monthly groceries

and bills paid online plus a little extra for online shopping.

If the card gets hacked, nobody will get much.

[texastoast]

6. Hear Hear

That's what we all have to do. Send the card back in pieces in one of their prepaid envelopes when they send you another offer.

Chase just raised mine to 13.99 PLUS PRIME (I just posted about that).

But my friendly neighborhood credit union didn't!

[alcibiades_mystery]

7. Citibank did this too

Pretty much the same situation. I had $300 balance on a card I've had since 1992, and for which I have $25,000 available credit. Yes, $25,000. I was at prime +5, which I believe is their lowest rate for this kind of card. They bumped me - for no other reason than the economic times - to 16.99%. I'm laughing about it. I called the guy when I saw it on my statement, and he said "Didn't you get the letter last October?" I talked it down to 14.24%, but that was the floor. This is stupidity. I have a stellar credit record, and I don't really use the card all that much. Now I'll just send them the $300 and use it even more rarely. Bizarre economic behavior.

[tritsofme]

8. Don't cancel the card.

Especially if you have a fairly high credit limit, closing that credit line could negatively effect your credit score.

Pay off the balance and leave it basically inactive if you like. Or if you called them and told them your intentions to cancel them and never use their services again, they will probably knock off some if not all of those points.

[peacetalksforall]

10. So they play games and cause you to play games.

[Dr.Phool]

15. Fuck your credit score!

They'll change the rules on you in the middle of the fucking game, just like they're doing to these people.

The banks are banking, that you'll do just that. Cancel them, and they LOSE A CUSTOMER! Fuck their bullshit.

I'm lucky enough, that I have several cards at prime+zero. Small annual fee, but that's tolerable. One bank pulled that shit on me, and I just said "fuck you" and closed the account, and transferred the balance.

Another company slashed my wife's limit from $17,000 to $3,000 for no discernable reason. We told them to stick that one up their ass too.

Guess what. Our FICO score is still above 760. We pay all of our bills, way ahead of time.

[tritsofme]

16. Not everyone is blessed enough

to have as positive of a credit history as you have.

Closing a potentially large credit line for someone with little credit history could have a pretty negative impact on his credit score.

That's all I'm saying.

If its just one minor credit card in the scheme of things, then I'd agree there's no problem in telling them to take a hike.

[AlCzervik]

11. Capital one sucks major nasty ass, i just got a letter telling me that my account has

had no activity in 3 years--yes, i paid them off and stopped using it, so the letter states they're going to close my account due to lack of activity.

Ok i already know this is shit so i called them, "oh no we aren't closing your account" you know why they sent the letter, to get me to use their card again which i will not ever do. i stopped using their card because of an error they made, it was such a big mistake my bank actually called them and put me on conference.

[Christian30]

12. I cancelled my Bank of America card

last week. Even though I closed it with a balance, which will have a negative effect on my rating. The Home Depot evil bastard conference call was the deal breaker for me.

As others have said, the credit companies are driving themselves out of business by fucking over their best customers. I will never do business with BoA again.

[Matariki]

13. What was the Home Depot conference call?

[pinniped]

17. My Crapital One's supposed to go up +10.XX%, but I won't let that happen because of....

the opt out rule. I'm closing that shit this week.

[laylah]

19. Unfortunately, I too have

a Capitol One card. Recent life's events have made it near impossible for me to pay the mortgage, car payment, utilities, etc. I phoned them last week asking for help and spoke with one hell of a rude wench. She told me there IS no help available from them unless I am unemployed, underemployed doesn't count. Later, I googled *dumbass's bailout last fall and found Capitol One got $3.56 BILLION of our taxpayer money :mad: They'll take my tax dollars then refuse to negotiate a win-win situation? vuck 'em!

[radfringe]

20. my partner's rate with capital one went up too

she called them to see if they would lower the rate - nope

(she's paid more than minimum and on time - never late)

she told them she'll be paying off the balance, canceling the card and hopes they are refused bail-out money when they go belly-up

[laylah]

21. They already got

$3.56 BILLION from *dumbass last year :mad: