ARRG! Anyone use Capital one Credit Card?

[delirity]

SO you know, as soon as I got the letter saying my card would be suspended I tried to purchase something with it. Unfortunately the transaction didn't go through and I had no luck with the Capital One folks to get the card un-suspended. I'll be calling my other credit card company today to see if they'll up my credit limit to help with the ding to my credit caused by my being an upstanding citizen.

Nicole

[no1_vern]

Welcome to TechIMO delirity! Sorry to hear that we're in the same boat Delirity. Your idea of getting the other credit company to up your limit sounds like a good idea, so I am going to try it as well. I wish you the best of luck.

Vern

[caddmannq]

I just realized that I haven't had a credit card in 20 years now. ( I do have a debit card.)

But for 20 years I've got along just fine without a credit card.

I bought a new truck recently and I qualified for the lowest available rates, because of my good credit score, yet I haven't used a credit card in 20 years.

My gosh? How did I do it?

Well, with the exception of cars and a house, I never bought anything until I'd earned the money for it.

Not that I couldn't deal with a credit card, but I refuse to get involved in what I see as a big crooked racket. Crap like "universal default" and 29.99% interest rates for customers in default...hell, that's just like doing business with a loan shark.

I will not do it.

[EXreaction]

Umm, ok?

What the hell is the difference? Just pay the thing off right away in full and you have 0 problems. Not to mention that some give cash back and other goodies.

When I went with a new insurance company they mentioned that they would never have given me car insurance alone since I was under 25 if I didn't have the high credit score that I do have (no idea what my score is though).

[caddmannq]

Sorry, EX, it's just a game I refuse to participate in.

Drug dealers give out free goodies too. Loan sharks, drug dealers, credit card companies...they're all the same to me.

[Nude_Lewd_Man]

Quote:

Originally Posted by Chuckiechan

However, I think it adversely affects your credit score.

Hi,

Unless you guys have a completely different credit scoring system to what we have over here (in the Land Of Eng) then it won't affect your credit rating.

Here, ratings are based on whether you missed a payment, or otherwise defaulted on paying them (towards) money that was owed on credit. It is based on the total number, so if in the third month you didn't pay (on time) then paid up in the fourth, missed the fifth and paid the balance off in the sixth it would look like this:

001010

What they then do is total up the scores for all of your credit agreements and give a total. The total for the one account I demonstrated above would be 2 (1+1=2) and use that to determine your overall rating.

Personally, I have about 6 credit cards: one is purely for when I get fuel (for the bike and car) and any other motoring cost; another is used solely to get the shopping each week; another is used (by my wife) to get her travel-card (£295 per month) and any other high priced items that we need regularly; and two of the others are being used to pay back for the new bike I bought last month. We also have one (MotherCare) store-card that we use to get clothes, toys, shoes, et cetera for our daughter.

Apart from the two with the bike balance on, they are all paid back every month. This means we only pay back what we have used, and don't get charged for the card....

[Steve R Jones]

Over here, one of the things they look at is your available line of credit to debt ratio.

When you close a CC account, your line of credit goes down and so does the ratio...

[GroundZero3]

Quote:

Originally Posted by Steve R Jones

Over here, one of the things they look at is your available line of credit to debt ratio.

When you close a CC account, your line of credit goes down and so does the ratio...

Yup yup yup!