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Originally Posted by guccilvr
good for you. I'm proud of you. No really, I always paid on time and OVER the minimum payments, but I wasn't alone in the great screwing by Capital One. I had platinum status, under half available credit used and paid early and above.. yet they sent me from 7% to 27%. You want to know why?? Because "the economy is rough and we're doing all we can to ensure our customers are happy". So I happily took myself to American Express.
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That's exactly what I would have done in your shoes.
Stupid on their part. I read somewhere (Consumer Reports, maybe) that Capital One was by far the worst of the cardsharks. It sounds like they're screwing themselves as well. Probably the reason that they advertise so heavily on TV. They need lots of newbies because they don't treat their present customers well enough to keep them around. One of my top financial priorities, even though I use credit, is to not NEED credit. If I hold up my end of the stick, I expect to be treated rationally, not capriciously. I won't tolerate being mistreated.
And I've always liked AmEx, (own some of their stock) even with an annual fee. They have a very versatile rewards program. When I lost my AmEx card in Bulgaria, I had a replacement the next day. (My small town credit union Visa took three weeks.) They've always treated me well, though from what I hear, I wouldn't want to be on the wrong side of them.
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Originally Posted by guccilvr
I have plenty of credit access, have had two mortgages on 3 mortgages on 3 separate houses and plenty of good credit because I didn't play around. I currently have a 3200sq. ft. house..it priced around $110/sq. ft. you do the math. So I know how to handle cash and credit.
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Well done!
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Originally Posted by guccilvr
I agree that people were given credit far too easily, but that is their own fault. When they would prey on college students and give them a 10k card and then charge ridiculous fees if the student missed a payment. Things of that nature. They have no business offering anyone and everyone credit but they did. So the fault is shared by themselves to some degree.
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I agree, it's partly the card issuers' fault. They were trying too hard to gain market share. Lose money on every cardholder, but make it up with volume
is not a good business model. So add fees as a profit center. But charging fees and actually collecting them are two very different things. I also hate to see exorbitant fees. But late and over limit fees need to be punitive or they won't encourage a change in behavior any more than a $2 parking ticket does. College kids (and I was one) still think that when they fuck up all they need to do is say "Oh, my bad! Now I understand. I'm sorry now!" and that all should be forgiven and that their actions should have no consequences.
The financial world doesn't work like that. And shouldn't.
Lindy