Capital One Bank credit card astronomical fees and charges on 200.00 credit limit so you can rebuild your credit rating Richmond Virginia

"Let me play devil's advocate for a moment. One thing Capital One does is disclose the terms and conditions of your credit card. Though it might be in small print and you might not have read it. You signed it. Don't be an uneducated consumer! If you can't pay what you charged you don't have any business charging."

Actually, applicants sign a solicitation letter that on the front says, "You agree to be bound by the Important Disclosures on the reverse side...." [For a while, Cap One erroneously said, "the Important Disclosures included in this package" but no such disclosures were included.] The reverse side includes a sentence saying, "I agree to be bound by the Customer Agreement to be sent...."

Therefore, at the time of signing, the cardholder does not even have the agreement before her. The Customer Agreement is sent in a different mailing than the credit card. So, cardholders may receive and use their cards without ever receiving the Customer Agreement. Most Cap One cardholders with whom I spoke never received the Customer Agreement. I, for one, never received one.

"Let me play devil's advocate for a moment. One thing Capital One does is disclose the terms and conditions of your credit card. Though it might be in small print and you might not have read it. You signed it. Don't be an uneducated consumer! If you can't pay what you charged you don't have any business charging."

Actually, applicants sign a solicitation letter that on the front says, "You agree to be bound by the Important Disclosures on the reverse side...." [For a while, Cap One erroneously said, "the Important Disclosures included in this package" but no such disclosures were included.] The reverse side includes a sentence saying, "I agree to be bound by the Customer Agreement to be sent...."

Therefore, at the time of signing, the cardholder does not even have the agreement before her. The Customer Agreement is sent in a different mailing than the credit card. So, cardholders may receive and use their cards without ever receiving the Customer Agreement. Most Cap One cardholders with whom I spoke never received the Customer Agreement. I, for one, never received one.

"Let me play devil's advocate for a moment. One thing Capital One does is disclose the terms and conditions of your credit card. Though it might be in small print and you might not have read it. You signed it. Don't be an uneducated consumer! If you can't pay what you charged you don't have any business charging."

Actually, applicants sign a solicitation letter that on the front says, "You agree to be bound by the Important Disclosures on the reverse side...." [For a while, Cap One erroneously said, "the Important Disclosures included in this package" but no such disclosures were included.] The reverse side includes a sentence saying, "I agree to be bound by the Customer Agreement to be sent...."

Therefore, at the time of signing, the cardholder does not even have the agreement before her. The Customer Agreement is sent in a different mailing than the credit card. So, cardholders may receive and use their cards without ever receiving the Customer Agreement. Most Cap One cardholders with whom I spoke never received the Customer Agreement. I, for one, never received one.

I agree that Capital One is a complete rip off. I worked there for two years and they fired me for bogus reason's that they could not find evidence to support. (Read my article,"Capital One laying off US citizens and keeping others).

I also know that they use deceptive tactics when trying to contact collection customers.For example, using cell phone's to get through Privacy Manager and trick people into answering their phones.

Let me play devil's advocate for a moment. One thing Capital One does is disclose the terms and conditions of your credit card. Though it might be in small print and you might not have read it. You signed it. Don't be an uneducated consumer! If you can't pay what you charged you don't have any business charging.

The "settled" notation on your credit report is almost as bad as a bankruptcy.

BTW, it is NOT true that Capital One can not close the account until it is paid. They do not WANT to close the account because they want to charge you a late fee and an over limit fee every month. They can't do that once the account is closed, and that's why they're not closing it.

I think banking regulations require that they charge off (close) the account after 180 days from the last payment. That's why it's so important NOT to make payments unless you're sure you can keep the account current.

Watch out for a mailing from Capital One with a pre-approved credit card. Somewhere in the small print they tell you that the amount you owe will be added to the balance.

If you accept that card, you then *reaffirmed* that debt - including all the outrageous fees and illegal interest charges. And, while you might think that this will help your credit rating, it does NOT. They will report the old account as paid chargeoff. Unfortunately, that won't help your credit scores, the chargeoff needs to be DELETED.

I know people who paid Capital One charged off accounts for almost 3 years through credit counseling, only to find out that those payments barely covered the interest.

Speaking of interest, once the account has been charged off, Capital One should NOT charge interest because they no longer send you statements. The Truth in Lending Act (TILA) requires monthly statements with all the details about the interest rate, APR, balance, etc.

Capital One doesn't do that. That's why those people who paid through that credit counseling outfit did NOT know that their payments barely covered the interest - over 20% - and about double what legal judgments allow for in many states.

When they filed a complaint with Capital One's "regulator", the Federal Reserve Bank of Richmond, VA, the result was that they had absolutely NO problem with Capital One violating consumer protections laws. That's not only because the federal government is totally corrupt and financed by those big corporations, but it is also because the Federal Reserve Banks have nothing to do with the government. Talk about deception there.

When the wolves kill your sheep, are you going to give the biggest wolf the job of protecting the sheep?

I'm sorry this got so long. On to your SOLUTION:

Wait a while, maybe a year, and the balance on your account will go up due to the illegal interest charges. Hopefully by that time there will be more consumer lawyers taking these cases.

You may also be contacted by their collectors. That provides for the opportunity to document violations of the Fair Debt Collection Practices Act (FDCPA), along with statutory damages of $1,000. If you can document violations you should be able to find an attorney or be able to settle the account with DELETION from your credit reports. By settling I mean them writing a check to you to settle their violations.

Unfortunately this is all very complicated and technical, there is no immediate solution. I have a client in a very similar situation, $200 limit, Capital One demanded $650 due to the outrageous fees and illegal interest charges. She filed suit over credit reporting violations, Capital One then filed a counter suit even though my client paid the full amount owed as soon as they threatened with the counter suit.

She doesn't have an attorney and unfortunately we've been unable to locate an attorney in AZ who is not afraid to take on Capital One.

This is why you continue to build up interest, late fees and over limit fees.

It is your responsibility to pay your credit card off, then cancel it. Not let the fees build and build and think that you don't have to pay it off.

Their APR and fees may be high, but since you were using this card to rebuild credit expect it.