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 Please Work with Me, Capital One
Posted Fri September 5, 2008 12:00 pm, by Lori T. written to Capital One Financial
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I was hoping you would be so good as to help me. I'm trying to do what I can to pay down my accounts to improve my credit.
I'm a single mom raising a teenage daughter and doing my best, I'm not extravagant or wasteful, but the credit industry is making it very hard to get ahead. I'm making some progress, but got very frustrated at Capitol One last June when I believed I had scheduled my payment on line and then only to find out it had not actually scheduled. I payed as soon as I found out and cap one customer service was kind enough to reverse the fee. But they upped my rate and reported me as past 30 days to the credit bureaus. I'm not careless I've been being diligent... my crime here was either missing that last confirm page (which I know enough to watch for) or I'm not sure what happened.
Please can you do something to remove any late reporting for my accounts to all three agencies, and do something to up my limit to give me just a bit of breathing room. Actually what I would really like is to combine my 2 cards to the one that has a decent rate, and just a bit of breathing room with the credit limit.
I've been a good customer for quite a long time... I've paid your company very high rates for years 18-19% so you've made some good money off of me. Now all I'm asking is that you work with me, please. I paid $100 deposit as a security on the oldest account and never have recieved it back. You guys don't even aknowledge it any more its like it disppeared into your accounts.
As a quick note, I test software for a living, I've noticed 2 short comings in your account payment design. 1) its very easy for a completely computer literate person to miss that 3rd confirm screen, and actually not schedule the payment. 2) when you do schedule ahead it hard to view the payment on the day you scheduled it to, well, confirm you actually did it. I can go to pending payments and see the payments I scheduled on 9/19, but on the 19th if I log in I can't see it. Which is what messed me up back in June.
Please what ever you can do to help me,
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by Nate. Posted Sun September 7, 2008 @ 2:50 PM
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I would recommend that you set aside a portion of your income to pay
off your credit card bills, and keep the other portion as cash. Pay
for all new transactions using cash, and when you have run out then
spend no more. Continue to save and like others have said, cut out the
luxury spending, and make sure that you pay off your credit cards as
soon as possible.
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It amazes me that the government is going after these "pay-day" loan
places that charge people exuberant (? spelling) dollar amounts to
repay these loans yet the credit card companies are allowed to
basically charge 30% or more on the balance on a monthly bill if it is
overextended, overdue/late. Now if that isn't legal racketeering
nothing is.
However, you are the person who is using this card, you are
responsible for it...and as I told my son you have to get yourself out
of debt ASAP. Keep a manual log as well as the online log if you can -
double check the payments sent in to make sure they have been received
and that the amount has been removed from your account at the bank if
that is how you are paying. Or check with the money order company if
that is what you are using.
Make sure you keep tract of what you are paying them. And have
something to back it up.
It will take time but its a well learned lesson. And you are not
alone...there are millions of others who are in the same boat as you.
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I have no advice or words of wisdom, just moral support. I can't
imagine being a parent, let alone a single parent, trying to make ends
meet on one income. Hang in there! I know things suck now, but
*eventually* this will be behind you. Doesn't help you now, I know,
but there are so many people in your situation, you have plenty of
company. Good luck to you.
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by Donno Posted Fri September 5, 2008 @ 10:57 PM
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As far as your "notes", every credit card bank I have dealt with has a
problem accurately displaying a scheduled payment on the date for
which it was scheduled. So, you either have to keep good records of
what you have scheduled, or call and speak with a CSR if you would
like to check payment status on the payment date. This is not unique
to Capital One.
If you are used to paying 18-19% interest, you should shut down all
your credit cards and use cash. Those rates are absurd, and you will
have immense difficulty achieving the "breathing room" in your
finances that you seek.
Do you realize that at 19% interest, it takes only 4 years for a
balance to *double*? Thus, after 4 years, an original bill of $1000
becomes $2000!
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The best thing you can do to help yourself and your family is to
cancel your cards. Life is so much easier when you live on what you
earn and you use cash for purchases. It is certainly not a popular
view. Credit card companies are a bunch of snakes, and if you play
with the snakes, you will eventually get bit.
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thanks
by Lori_T Sat September 6, 2008 @ 4:43 PM
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