I have been a good customer for years with Capital One Credit. In fact I paid off this past year another loan with them without incident.
I have a revolving credit card to which I have paid on some months twice. Last February I paid twice. Once at the beginning of the month and again at the end of the month AFTER receiving email that stated my statement was ready.
Apparently that last payment did not go onto my March payment and they considered March missed.
Then I made an online internet payment on a friday and apparently was a holiday weekend and took 5 days to post which made me late.
They raised my interest rate to 22%. I have never missed a payment and I have routinely when possible have paid 2x a month. 5 days late due to holiday and internet payment does not make a lot of sense to me to change the terms of my credit.
My fico scores are around 750. I do not have any incidents on my credit report.
This is blackmail and underhanded as well as unjust. No one could be expected to pay off their debt with this type of interest rate. No wonder so many Americans are filing bankruptcy.
I challenged them on this. I received a letter dated Feb 16, 2010 stating they are currently unavailable to lower my interest rate. If they determine in the future they can lower it they will.
If this has happened to me who has been consistent and a good customer , only God knows what they have been doing to someone else.
Customer service even acknowledge my good payment history after she went and reviewed my file. I was told the computer is not intuitive.
It has nothing to do with being intuitive. It has everything to do with the financial instutions punishing the consumer for the new laws.
By the way, thank you government officials for blowing this one by giving the credit card companies a enough time , like 9 months, to get around the sanctions.
What a bunch of baloney.
