Posted on 02/16/2010 8:48:25 AM PST by Cheap_Hessian
Nothing good to see in the credit card arena. Capital One's January annualized net charge offs hit a record 10.41%, while 30-Day delinquencies stayed at the highest of the past 3 months.
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(Excerpt) Read more at zerohedge.com ...
don’t feel sorry for them in the least...but i hope all the people defaulting relize that cap one will report the losses to the irs and the people in turn will have to report the writeoff amounts on taxes as income....
self induced losses.
they cut the limits and maxed the rates so people found no use in keeping the cards up to date.
For clarity. The Net charge-off rate is the percent of finance charges and other service charges that they decide they cannot collect, it is not a measure of principle balance payoffs.
Well, we know what’s in THEIR wallet.
Is that right? Maybe because it is credit cards but net-charge off rate is % of balance written off net of collections.
**they cut the limits and maxed the rates so people found no use in keeping the cards up to date.**
Had one do that about 6 months ago...stopped paying.. they called ..and I told them “by changing the details of our agreement, we no longer have any agreement.”
I’m not sure if that stopped the calls or if it was the “STADIUM HORN” with the razorback logo on it. They get no sympathy from me.
**Capital One tripled my rates in one statement.**
I had one Double and cut limit.. While my Credit score wasw still going UP!!! I was never late with ANY of that or any other cards.. Told them to reset or else... they said no, so the or else .. NO MORE MONEY!! Since they screwed my score without my doing anything.. I have nothing else to lose.
I had a charge off about 20 years ago... within one year.. the SAME CREDIT CARD CO. was sending me PRE APPROVED CARD S***... big effing deal
I’ve wondered about that as well. I took a loan from my retirement account, paid off two credit cards (figuring if I’m paying anyone interest, it’s ME and at a much lower rate). So, the one I have left is a Capital One. I just double checked, and while I’ve never been more than 5 days late, my interest rate has gone WAY up. I had a bankruptcy in 1998, and Capital One ‘took a chance’ on me, and gave me a card almost immediately afterward. I paid my entire monthly balance for a few years, until I got married, had 2 kids, and laid off from work. Now, I’m still thinking it’s worth it to pay it off, then close the account. Although, if they change my rate again, I’m going to tell them to stick it, and just stop paying. Wasn’t there laws against usury in this country? Are there still?
Usury laws (sp?) apply to Banks and guys named GUIDO or Rocko. Credit card companies had their own Lobbyists.
IIRC Capitol One had a nasty habit of slow payment postings, resulting in a very high number of late fees.
Capital One are one of the biggest bastards in the credit card market. They pull borderline illegal tactics and screw over their customers as a normal way of doing business.
I love to see them get screwed like all the others they have screwed in the past.
Yet another reason to start the “No Incumbent” party (basically elect any other guy than the incumbent for 3 straight elections, you’ll get rid of the majority of the liars crooks & thieves).
Why usury laws don’t apply to credit card companies, who are lenders, I don’t know. In Texas, the state went after the pay-day loan guys for usury, and for preying on military members with exorbitant interest rates.
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