CapitalOne - from Clark Howard's Show
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CapitalOne - from Clark Howard's Show
| Sat, 01-15-2005 - 11:55am |
I heard something so interesting this week in the car while listeing to Clark Howard that I thought I would pass it along here.

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Thanks for posting about this. I have seen the Capital One commercials and received offers for their cc. But, I would say those only apply as long as your score doesn't drop and that's how they make such great offers. They end up getting more in the long run because people don't realize they do this.
Kellie
I just pulled my and my husband's credit reports, and sure enough, that is how Capital One reports it. What a pain. Capital One is our oldest credit account, so I planned on keeping it open just to have some longevity. Now, when I pay it off, I may go ahead and close it out. Ugh.
Windy
I get lots of Capital One credit offers in the mail. Sometimes two or three in one day! I recently signed up for one of those "opt-out" thingies for direct mailings, and this company is the reason why. We have had incidences where mail has been stolen in our neighborhood, and I don't want one of these many Capital One mailings to end up in the wrong hands....costing me my credit.
Pat
That's not the case on my reports. I just pulled all three at the end of December and all three show my high balance (meaning the highest balance you've ever had in the past). I think creditors can pick between high balance or limit, and Chase and MBNA also report high balance. The line item on the credit report actually says "Credit Limit (High Balance)" I had two Capital One cards, one I just closed and the other is open. One had a $350 limit and the most I ever charged was $337, so my report says high balance $337, current balance $0. The other one has a $500 limit, and my report says high balance $495, current balance $0.
I haven't used either card for over a year and 1/2 and the lower balance one charged me an annual fee because I didn't use it, which is why I closed it. I had called recently and the lowest interest rate they would give me on either card was 14.9% so I had no intention of using either one. Then I just got a notice in the mail that they lowered the interest rate on the open card to 2.99%. So maybe I'll use that one for gas or something and pay it off each month, just to reward them for lowering the rate. Chase wouldn't lower my rate below 11.99% (just put the down payment on my car on it, but it will be paid in a couple months) and MBNA is a joke at 22.99% (it's at $0).
Edited 1/16/2005 9:00 am ET ET by firstamendment
All my best,
Danni
I agree with Danni. If your high balance is close to your credit limit, then it may not be much of a difference to you. But since my credit limit is much higher than my highest balance, I want it to look like I don't max out my credit. This is very much a factor when you are applying for other forms of credit. On my credit report, my MBNA card shows my credit limit, my highest balance and current balance.
Thanks for pointing this out,Danni.
Windy
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