Capital One Is Basiclly Stealing Money

pokerdude069 · 12:56 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 · 01:38 PM

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

pokerdude069 · 12:21 PM

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

fffresh · 12:29 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.

pokerdude069 · 01:36 PM

Quote:

Originally Posted by fffresh

$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

Cucumber · 01:06 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.

pokerdude069 · 09:01 AM

Quote:

Originally Posted by Cucumber

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?

phanio · 09:44 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.

12:56 PM	#1
pokerdude069 Green Member Join Date: Aug 2009 Location: san antonio Posts: 9	Capital One Is Basiclly Stealing Money 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 Last edited by pokerdude069 : 01-19-2010 at 01:33 PM.

01:06 AM	#6
Cucumber Centurion Member Join Date: Apr 2008 Location: Zuma Posts: 453	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. __________________ OBAMA Stop talking crap about him and give him a chance!

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01:38 PM	#2
pokerdude069 Green Member Join Date: Aug 2009 Location: san antonio Posts: 9	bump................

12:21 PM	#3
pokerdude069 Green Member Join Date: Aug 2009 Location: san antonio Posts: 9	wow. where are the helpful mods or people? i thought this was a community tha help one another... sigh

12:29 PM	#4
fffresh Centurion Member Join Date: Apr 2008 Location: the edge of the world Posts: 417	$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.

09:44 AM	#8
phanio Green Member Join Date: Feb 2010 Location: Texas Posts: 4	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.