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I Hate Credit Card Companies

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Wingate1217

Wingate1217

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    • :mad1:My wife has a Capital One Account that we have been paying down (she used it for one of our kid's college expenses) that I didn't worry to much about because it was tied to the Prime Rate and as far as rates went it was less expensive than a home equity loan (annual interest rate fluctuated between 3.75 and 5.2%).

    I open my bill for June and the rate zoomed up to 13.9%. I told me wife to call them last week but she forgot to it waited till I got back into town today.

    So I call them assuming it was an error because the prime is at 3.25% now. The person I spoke to first (I went through three layers and always got the same answer) was that Capital One had changed their business practices and has raised the rates for everybody. They claim that they sent out a separate notice in February lamenting that fact. Since I missed the window to protest and not accept the terms I am now stuck with this rate.

    I calmly explained to each of them that I never received a notice and shouldn't they have at least printed a notice that rates were going to change by x date. The last person I talked to explained that in these mailings they assume that you receive the new terms and accept them. I countered that maybe next time I should just tell them I mailed their payment and I assumed that they received it.

    She further stated that there was no one I could talk to that would change the rate back (as I wanted it changed back so I could cancel it under the old interest rate.) I asked if they could put me in touch with someone At Capital One who could at least meet me half way. She again stated that no one at Capital One would change my rate. I asked her if she had talked to the President of her company ever and she said "No." Then how do you you know that he or someone at the "C" level wouldn't change it?"

    Long story short she would let me talk to anyone else and I am stuck with the rate. Question: Do I have any legal recourse or as I fear I am excrement out of luck as I fear? Does anyone have a similar story????

    My next option is to do a balance transfer..... :mad1:
     
    First off, sorry to hear about your dilemma.

    Secondly, balance transfers can work out especially if you are good at making your payments and get a good deal for whatever amount of time they are going to offer it.

    Thirdly, fuck Capital One.
     
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    Ask for the contract terms of the card, and a copy of the so-called missing notification. Ask them for proof that you got it.

    They all have an arbitration clause in them. If you send a letter to their in-house counsel saying how you are intending to invoke the arbitration clause, but that you want to see a copy of your entire agreement first, all while lamenting the fact that you have to do this after being a good customer for so long, you may get someone who will change it simply to avoid the costs of arbitration.

    But do not close the account if you pay it off. Keep it open. Closing it may make your FICA go down.
     
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    Gatorubet;1485628; said:
    But do not close the account if you pay it off. Keep it open. Closing it may make your FICA go down.
    Click to expand...
    I paid off my Capital One card and called to close it. They said there was no annual fee and never would be, so why close it? I figured that made sense. Had a message the next February that I had missed my January payment, and found they had added a fee, charged me $40 late fee for not seeing it, dinged my credit (!), and raised the interest rate as a result.

    I'd happily watch them burn.
     
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    Deety;1485990; said:
    I paid off my Capital One card and called to close it. They said there was no annual fee and never would be, so why close it? I figured that made sense. Had a message the next February that I had missed my January payment, and found they had added a fee, charged me $40 late fee for not seeing it, dinged my credit (!), and raised the interest rate as a result.

    I'd happily watch them burn.
    Click to expand...
    yeah - if you toss the envelopes because you don't owed anything, you could have a problem. I had a "no interest or payment for 18 months" purchase from Circuit City that I ignored until they told me I was three months late. i had to send them the copy of the agreement three times to get it straight.
     
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    Wingate1217;1485599; said:
    Long story short she would let me talk to anyone else and I am stuck with the rate. Question: Do I have any legal recourse or as I fear I am excrement out of luck as I fear? Does anyone have a similar story????

    My next option is to do a balance transfer..... :mad1:
    Click to expand...
    The credit card companies I worked for usually had a special department that you could deal with. They would usually deal with complaints that were sent directly to the President, CEO, or other corporate bigwig's office. You could find the name of Capital One's President/CEO and address a complaint letter to them at the corporate address and I would think that someone would contact you from one of these such groups. They should be much more willing to help find an amicable solution for you.

    Gatorubet;1485628; said:
    But do not close the account if you pay it off. Keep it open. Closing it may make your FICA go down.
    Click to expand...
    If you have an established credit history with available credit from other accounts, then your FICO score shouldn't be affected. If you're carrying a decent amount of revolving debt then this is a legitimate concern.

    Deety;1485990; said:
    I paid off my Capital One card and called to close it. They said there was no annual fee and never would be, so why close it? I figured that made sense. Had a message the next February that I had missed my January payment, and found they had added a fee, charged me $40 late fee for not seeing it, dinged my credit (!), and raised the interest rate as a result.
    Click to expand...
    They can't legally "ding" your credit for a single missed payment. You'd have to miss 2 payments for that to happen. There is no way that they should have reported you without your missing 2 pay cycles. If they did, then call them and demand that they fix it.
     
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    BrutuStrength;1486503; said:
    They can't legally "ding" your credit for a single missed payment. You'd have to miss 2 payments for that to happen. There is no way that they should have reported you without your missing 2 pay cycles. If they did, then call them and demand that they fix it.
    Click to expand...
    Yeah, they did - there was no activity whatsoever on there for at least a year before they added the "inactivity" fee.
     
    Upvote 0
    WWTDD

    tylerdurden1.JPG
     
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    I'm going to fly to India and choke someone at Chase. Bitches shut off my credit card when I tried to make a large purchase, tell me my birthday is wrong when I call from the store, refer me to the fraud department, and now won't call me back to turn the card back on.

    I'm already pissed about my Speedy Rewards points I lost when I couldn't make the purchase last Thursday, and now, bills that are automatically set to charge to the account are getting bounced back because the card is shut off.

    Fuckers. I WANT MY SPEEDY POINTS!
     
    Upvote 0
    Fungo Squiggly;1645187; said:
    I'm going to fly to India and choke someone at Chase. Bitches shut off my credit card when I tried to make a large purchase, tell me my birthday is wrong when I call from the store, refer me to the fraud department, and now won't call me back to turn the card back on.

    I'm already pissed about my Speedy Rewards points I lost when I couldn't make the purchase last Thursday, and now, bills that are automatically set to charge to the account are getting bounced back because the card is shut off.

    Fuckers. I WANT MY SPEEDY POINTS!
    Click to expand...

    Bucky Katt wouldn't have these problems.
     
    Upvote 0
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