Capital One Is Basiclly Stealing Money

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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pokerdude069
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Capital One Is Basiclly Stealing Money

Postby pokerdude069 » Tue Jan 19, 2010 2:56 pm

So i just looked at my statement and to my surprise capital one has raised my interest rate to 29% which is just rediculous... I got a balance of $5600 with a limit of 7500. Im trying to pay this stupid card off but the finanace charges are $135 and with $190 monthly payments thats never gonna happen when only 60 bucks in going towards my principle...

I need some advise if i could get a balance transfer from a credit union credit card? would that be wise? im only 25 years old and trying to get debt free before i turn 26.. any advise would be appreciated.. thanks


pokerdude069
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Postby pokerdude069 » Tue Jan 19, 2010 3:38 pm

bump................

pokerdude069
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Postby pokerdude069 » Wed Jan 20, 2010 2:21 pm

wow. where are the helpful mods or people? i thought this was a community tha help one another... sigh :(

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fffresh
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Postby fffresh » Wed Jan 20, 2010 2:29 pm

$5,600 out of $7,500 is a 75% credit utilization rate. That might have been one of the factors that triggered the increase. Never exceed more than 30% of the credit limit on any credit card.

A balance transfer would be a good idea since almost anything is better than 29% interest. The question how good is your credit? Most of the good balance transfers today require a moderately high FICO score.

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Postby pokerdude069 » Wed Jan 20, 2010 3:36 pm

fffresh wrote:$5,600 out of $7,500 is a 75% credit utilization rate. That might have been one of the factors that triggered the increase. Never exceed more than 30% of the credit limit on any credit card.

A balance transfer would be a good idea since almost anything is better than 29% interest. The question how good is your credit? Most of the good balance transfers today require a moderately high FICO score.


my credit is ok i guess.. last year it was 656... what about a loan from a credit union? you think that would work.. i mean ANYTHING IS BETTER THAN 29% APR... It doesnt have to be 0% for 12 month but something decent so im not gettin robbed every month

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Cucumber
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Postby Cucumber » Fri Jan 22, 2010 3:06 am

Dude sorry but with that score you're not gonna be able to get much. Discover and Amex have like a min of 700 to 720 required. Everyone is being real stingy with approving credit not :( I mean with a 650ish you can only get approved for a subprime credit card and that probably won't have a BT offer on it but it should have a rate that's at least a little better.
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pokerdude069
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Postby pokerdude069 » Fri Jan 22, 2010 11:01 am

Cucumber wrote:Dude sorry but with that score you're not gonna be able to get much. Discover and Amex have like a min of 700 to 720 required. Everyone is being real stingy with approving credit not :( I mean with a 650ish you can only get approved for a subprime credit card and that probably won't have a BT offer on it but it should have a rate that's at least a little better.


ok well that was my score 6 months ago and i havent missed a payment and been paying down and off my other cards... what is your take on a credit union? Couldnt i get a line of credit or a card and transfer the balance that way?

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phanio
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Postby phanio » Sat Feb 27, 2010 11:44 am

Try to find a term loan - from your credit union or a community bank - put up something as collateral if you have too or find a family memeber to co-sign.

Think about this - as you stated you will never pay off your current balance as it stands and will pay some $135 in interest per month.

But, a term loan - even at say 10% and you making $200 per month payments - you would be able to pay your balance off in 32 months or just over two and half years.

If you continue the way you are - paying $135 in interest per month - in the next 32 months - you would pay some $4300 in interest - but, with a term loan for the same period - even at 10% - you would only pay some $800 in interest in that same time plus your balance would be zero after that period.

You have to find a way to get out from other that card or it will follow you forever.
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Postby AlFromLA » Thu Mar 11, 2010 3:58 pm

the best way to live life is to be content and not spend more than what we need.

I have used my credit cards for the things I dont need and to this I pay the price for it. If you need to borrow money, make sure you pay it back next payday or end of the month so you don't have to pay interest.

I know this is far from reality but our economy is being geared that way.

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Postby alsteig » Tue Jun 01, 2010 12:40 am

Enough with the bitching, this guy got himself into bit of a ditch. First off, stop paying such a small amount. I am sure you have other obligations but you need to put a fat stack towards this mini monster if you want to get it under control. That means 4-5 hund a month. Get it into your head that this is not a long term thing you are going to carry. Get into survival mod, stop with the boozing eating out etc. everything needs to go to paying this card down. 2nd find extra work do what ever needs to be done to make large payments.
3rd call your card company tell them this is a hardship that you don't want to default on you want assistance such as your old interest for 6 months. If that doesn't work write them a professional letter explaining your situation and what you are doing to change it. If this doesn't help a securtized loan is all you are going to get don't be in a rush shop around and get a loan against your car or what ever you have. Let us know what you decide to do.



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