CapitalOne - from Clark Howard's Show

Avatar for cl_phocid
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Registered: 03-26-2003
CapitalOne - from Clark Howard's Show
17
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.

All my best,
Danni

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iVillage Member
Registered: 02-19-2004
Sun, 01-16-2005 - 4:34pm

Ok, I went and double checked what I had said. I thought where it said "Credit Limit / High Credit" it meant the credit card could report either. Looking more closely I see that there are two separate lines, one for each number. Here is what my bureau's actually show:

Transunion:
Capital One - high balance for both cards, reported as high balance
MBNA, Chase, BofA, Best Buy, Mattress Giant and The Gap - both high balance and credit limit

Equifax:
Capital One - high balance for both cards, reported as high balance
MBNA, Chase, BofA, Best Buy, Mattress Giant and The Gap - credit limit only, reported next to "high balance"

Experian:
Capital One - high balance for both cards, reported as high balance
MBNA, BofA, Best Buy, Mattress Giant, The Gap - both high balance and credit limit
Chase - both high balance and credit limit, but credit limit is $3,000 too low

I think it's strange that Equifax shows only credit limits but puts in the "high balance" section. I doubt that does any harm. The other thing I noted is that at least Capital One says they are only reporting high balance. It would be worse if the high balance appeared in the credit limit section, this way anyone reading the bureau knows they are looking at high balance and not credit limit. Unfortunately it probably has the same impact on your credit score if your current balance matches the high balance. For me I still don't think it has an impact because most of my limits or high balances are way higher than my current balances. Based on their service, it's a toss up whether to hate Chase, MBNA or Capital One more.

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iVillage Member
Registered: 04-03-2003
Mon, 01-17-2005 - 9:00am

It sucks that they can do that! I'm wondering if it is possible to request that they report both items??? It would be a pain to have to request it but still.... Hmmm...

On the other hand...Capitol One is the only company that would give me credit at a time when I was in a really bad situation and that was the only way out (really long story). And, I have seen my credit rating steadily *climb* since getting a Cap One Visa AND a Cap One Mastercard. Admittedly it is more because of my good habits in paying these on time and more than the minimum due monthly, but still... Cap One is also the only cc company I've ever used that was willing to lower my interest rates and give me extended periods at lower rates *EVERY* time I've asked.

And, I've noticed that other items on my credit report use the same methods so it's not just Cap One.

Not saying they're great but they aren't the worst... Of all my cc experiences the worst have been with Citibank and Chase. Same with my sister.

Malea

Avatar for gidgetgirl
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Registered: 03-26-2003
Mon, 01-17-2005 - 9:41am
Doesn't surprise me. I think Capital One is EVIL and will never get one of their credit cards. In 1996, then-DH and I were very broke and I got a temp job through Cap One, which unfortunately turned out to be with their collections dept. I was in the under 31 days group. At that time, Congress had issues in getting a bidget passed, so the Federal Govt shut down and employees didn't get paychecks for at least 2 months. Despite many request from both credit card holders, as well as our dept employees, we asked for them to waive late fees, work out payment arrangements, etc. But corporate was ruthless and didn't relax the rules whatsoever. I quit over the issue because I was so completely disgusted with their tactics (plus then-Dh and I, while still in a tenuous financial situation, gained a bit of breathing room).
iVillage Member
Registered: 04-27-2004
Mon, 01-17-2005 - 11:12am
The atty general in Minnesota has also recently taken action against Cap. One for "false advertising". It seems their commercials are very misleading and it warranted a lawsuit.
iVillage Member
Registered: 06-18-2004
Mon, 01-17-2005 - 11:44am

Good for you. It is nice to know that some in the corporate world have standards and morals. I couldn't work for a company like that either!

Kellie

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 01-17-2005 - 12:11pm

Just found a couple of articles I wanted to share.

All my best,
Danni

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 01-17-2005 - 12:23pm

I just read an article about that lawsuit: http://msnbc.msn.com/id/6781155/

All my best,
Danni

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