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Credit Card Issuers


Gainzo

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These clowns have no clue what is going on with the economy. I've had a Capital One Visa card for the last 15 years or so. I use it 2 or 3 times a year and should have canceled it years ago.

Anyways, my interest rate has skyrocketed to 29.4% because I don't use the damn thing. I decided not to make my payment on December 3rd to see what would happen.

All I can say is "wow." They started calling me twice a day starting on December 4th. They are a tricky bunch as they have called from area codes in California, Pennsylvania, Maryland, Texas and some other States as they know people won't answer a call that is blocked on CallerID.

I answer the calls once a week and politely explain that I won't be making my payment until they give me a reasonable interest rate and cancel my card. They tell me that isn't an option until I make my payment.

Anyone else experience these stupid tactics?

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Pay it and cancel the card. Don't screw up your credit. Get a better card from a different lender.

Pay it and leave the card open. You are better off having a 0 balance as opposed to canceling it. Just don't use the card again.

Conflicting opinions. Sweet!

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When has Max ever been right about anything? ;)

That was some bad advice by our resident leader.

Max: Did you not see the part where CapitalOne is jacking up my interest rate for not using their stupid credit card lol

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That was some bad advice by our resident leader.

Max: Did you not see the part where CapitalOne is jacking up my interest rate for not using their stupid credit card lol

I think Max is right Steven. I've heard your credit score takes a hit if you cancel a card. I know that makes NO SENSE but it's true I believe.

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I think Max is right Steven. I've heard your credit score takes a hit if you cancel a card. I know that makes NO SENSE but it's true I believe.

I'm not so sure about that but who knows anyway? There are so many conflicting opinions on this subject I don't know what is up or down.

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I had a similiar issue with a Discover card--yes they suck. Anyway I decided to fight fire with fire. I started charging packs of gum and or a soda for months. Jus to make them bill me for basically nothing. Im sure the billing cost them more than what I spent. After about 6 months of doing this I called them and said CANCEL THE CARD DISCOVER SUCKS.

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I'm not so sure about that but who knows anyway? There are so many conflicting opinions on this subject I don't know what is up or down.

I know it's hard to believe Max, but he's correct. If you cancel a card, it will lower your debt-credit ratio (total of current balances/total amount of revolving credit lines), which is a factor in determining your credit score. It is of no benefit to you to cancel a card for which there is no annual fee.

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That was some bad advice by our resident leader.

Max: Did you not see the part where CapitalOne is jacking up my interest rate for not using their stupid credit card lol

Who cares what your interest rate is if you don't use it?

Ask them to hike it up to 500% and throw it in a drawer.

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What's the best way to pay off truck payments and things like that?

I still owe $8000.00 my interest rate is around 9. I pay $470.00 a month and out of that about $384 is principal $86 interest. Someone told me I'd be better off making weekly payments of $117.50 because I'd pay off more of the principal that way.

Does that make a difference? I don't **** about interest.

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Max is 100% correct about keeping the card open with a $0 balance. As far as it affects your credit score, you canceling a card is the exact same thing as a bank canceling it against your will because they think you're a deadbeat who isn't worthy of credit. Not right, but that's the way it is.

But both Max and Bob are correct on this part: just pay it.

Swallow your pride because you will lose in the end. And if you think you're sticking it to Capitol One, guess again. If you hardly ever use the card, threats of canceling it are toothless threats. That only works if you put 5 to 6 figures a year on that card, not if you used it 2 or 3 times a year. You're also dealing with low level clerks whose lives are unaffected if you cancel 100 cards. So you're spiting no one by canceling it or threatening to cancel it.

Hey, their unilateral ability to cause you financial harm because you claim one thing and they claim another, without due process, should be illegal but it isn't. So it doesn't matter if you're morally right or not. You do what's best for you, and that is making sure your credit rating doesn't get screwed up. It will take a LONG time to get this bull**** off your credit rating and the reality is if you buy a condo or a house or whatever within the next 7 years or 10 years or whatever it is, you're going to pay it anyway. Meanwhile your credit score is going to tank and your interest rate will be worse. In short, if you're LUCKY, over time it will only cost you 100x more to have a bad credit score than the $50 in penalties or interest (if it's even that much).

I've done it plenty of times where I know I was wrongly overcharged (credit card bill, phone and cellular bill, utilities bills) and every single time without exception it pissed me off to pay the money. Getting it cleared up for a mortgage, which I had to do over a bull***t $58 CellularOne bill I forgot about for years, was a nightmare. You've never seen 60 Minutes or Dateline or similar do spots on what some poor folks have gone through while they try to undergo the nearly impossible task of getting stuff completely wiped off their credit report? You don't need that.

I'll make you this promise: letting this drag on for months or years with letters and phone calls as constant reminders will piss you off far more than paying it. Within a week or two from now, if you just suck it up and write a check, you'll forget about it and your anger will be gone.

This is one of those situations where you have to follow the path of least resistance. Sometimes the winning move is to make the move that causes the least loss. What you're attempting is to go for it on 4th and goal from your own 10 yard line with Scott Secules in at QB. Do the smart thing and punt.

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I had a similiar issue with a Discover card--yes they suck. Anyway I decided to fight fire with fire. I started charging packs of gum and or a soda for months. Jus to make them bill me for basically nothing. Im sure the billing cost them more than what I spent. After about 6 months of doing this I called them and said CANCEL THE CARD DISCOVER SUCKS.

I LOVE it but I'm surprised they'd let you do that. Many of the stores have a minimum level , $10 - $15 or so , before you can use a charge card.

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What's the best way to pay off truck payments and things like that?

I still owe $8000.00 my interest rate is around 9. I pay $470.00 a month and out of that about $384 is principal $86 interest. Someone told me I'd be better off making weekly payments of $117.50 because I'd pay off more of the principal that way.

Does that make a difference? I don't **** about interest.

Are you sure you don't have those figures reversed Mick ? They get their interest money up front Mick.

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Are you sure you don't have those figures reversed Mick ? They get their interest money up front Mick.

Yea, I'm reading it off the bill. I only have 17 payments left so I'm guessing it could have changed over the years. On one of my payments I sent $461 and $415.91 was principal. I ****ing hate interest rate stuff I never bothered to learn it so now I'm completely lost with it.

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I had a similiar issue with a Discover card--yes they suck. Anyway I decided to fight fire with fire. I started charging packs of gum and or a soda for months. Jus to make them bill me for basically nothing. Im sure the billing cost them more than what I spent. After about 6 months of doing this I called them and said CANCEL THE CARD DISCOVER SUCKS.

Congratulations, you screwed over a bunch of candy and convenience store owners who are working hard just trying to get by, forcing them to pay a $0.25-$0.50 flat transaction fee plus a 1-2% transaction rate, to sell you a pack of gum with a $0.20 markup. Why do you think most small businesses say you have to make a minimum purchase of $10 or so (as Thai Jet noted) to use a credit card? It's not because of the hassle of swiping it.

You certainly didn't screw over Discover. Discover doesn't lose money mailing you a bill for a single $0.01 purchase.

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I'm not so sure about that but who knows anyway? There are so many conflicting opinions on this subject I don't know what is up or down.

It is possible your credit score could take a hit should you cancel the card, it is not the fact that you or the bank cancels the card it has to do with the % balance you have on all your cards....

Example: If you have 5 credit cards with access to 50,000 dollars but only have 5,000 of activity on those cards and you cancel 1 it will probably not affect your credit score because you still be using less than 25-30% of the credit available...

If you had the same 5 cards with 10,000 limit on each card cancelling 1 could negatively affect your score if you had 15,000 on those cards since it would put your use above the 30% limit most card issuers feel is a red flag....

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So for future reference does making weekly payments help as far as interest goes or is it the same as monthly?

It completely depends on how the interest is compounded (monthly/weekly/daily) and what the basis for the principal is (amount at close of interest period/average daily balance).

If it's a loan where the interest compounds monthly based on the principal at the close of that period, it would make absolutely no difference if you split the payment into weekly installments.

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It completely depends on how the interest is compounded (monthly/weekly/daily) and what the basis for the principal is (amount at close of interest period/average daily balance).

If it's a loan where the interest compounds monthly based on the principal at the close of that period, it would make absolutely no difference if you split the payment into weekly installments.

Now I know how Crusher felt when we were explain the youtube thing to him.

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It completely depends on how the interest is compounded (monthly/weekly/daily) and what the basis for the principal is (amount at close of interest period/average daily balance).

If it's a loan where the interest compounds monthly based on the principal at the close of that period, it would make absolutely no difference if you split the payment into weekly installments.

This.

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Max is 100% correct about keeping the card open with a $0 balance. As far as it affects your credit score, you canceling a card is the exact same thing as a bank canceling it against your will because they think you're a deadbeat who isn't worthy of credit. Not right, but that's the way it is.

But both Max and Bob are correct on this part: just pay it.

Swallow your pride because you will lose in the end. And if you think you're sticking it to Capitol One, guess again. If you hardly ever use the card, threats of canceling it are toothless threats. That only works if you put 5 to 6 figures a year on that card, not if you used it 2 or 3 times a year. You're also dealing with low level clerks whose lives are unaffected if you cancel 100 cards. So you're spiting no one by canceling it or threatening to cancel it.

Hey, their unilateral ability to cause you financial harm because you claim one thing and they claim another, without due process, should be illegal but it isn't. So it doesn't matter if you're morally right or not. You do what's best for you, and that is making sure your credit rating doesn't get screwed up. It will take a LONG time to get this bull**** off your credit rating and the reality is if you buy a condo or a house or whatever within the next 7 years or 10 years or whatever it is, you're going to pay it anyway. Meanwhile your credit score is going to tank and your interest rate will be worse. In short, if you're LUCKY, over time it will only cost you 100x more to have a bad credit score than the $50 in penalties or interest (if it's even that much).

I've done it plenty of times where I know I was wrongly overcharged (credit card bill, phone and cellular bill, utilities bills) and every single time without exception it pissed me off to pay the money. Getting it cleared up for a mortgage, which I had to do over a bull***t $58 CellularOne bill I forgot about for years, was a nightmare. You've never seen 60 Minutes or Dateline or similar do spots on what some poor folks have gone through while they try to undergo the nearly impossible task of getting stuff completely wiped off their credit report? You don't need that.

I'll make you this promise: letting this drag on for months or years with letters and phone calls as constant reminders will piss you off far more than paying it. Within a week or two from now, if you just suck it up and write a check, you'll forget about it and your anger will be gone.

This is one of those situations where you have to follow the path of least resistance. Sometimes the winning move is to make the move that causes the least loss. What you're attempting is to go for it on 4th and goal from your own 10 yard line with Scott Secules in at QB. Do the smart thing and punt.

Awesome reference to a terrible QB.

BTW: CapitalOne hasn't called me since I started this thread.

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