Capital One credit card???

[Scaramunga]

I saw that the No Hassles credit card is giving double points for the year. Does anyone have any experience with this card and using the rewards? I've been using the AMEX Hilton for a few years, with no complaints. But after some quick math it seems like the capital one is better.

Thanks!

 

[Buckeye]

Capital One,....Whats in your wallet

 

[hammer2]

Capital One,....Whats in your wallet

You beat me.

 

[208starcheck]

Watch out if you ever want to cancel it. My father in law has been trying to cancel his for 8 months. They will not let him. They just say "what if you need it in the future". He is the most organized person I have ever seen. He had (no joke) a one inch think stack of correspondence (phone, fax, and mail) with them trying to cancel the card.

He was still trying last time I talked to him on Jan 2.

 

[NJA bound]

It's probably just a one click thing over the internet.

 

[4fanman]

Capital One....Whats in your wallet?

Cash.



Thank you, Dave Ramesy!!

 

[208starcheck]

It's probably just a one click thing over the internet.

You're probably right. Something simple like that.

 

[Flywrite]

Tell him to report it stolen. That'll cancell it immediately. He also needs to tell them not to issue a replacement.

 

[Sparse]

I saw that the No Hassles credit card is giving double points for the year. Does anyone have any experience with this card and using the rewards? I've been using the AMEX Hilton for a few years, with no complaints. But after some quick math it seems like the capital one is better.

Thanks!

Be aware about Capital One cards. A major consumer advocate who is nationally syndicated recomends not using this one. His reasoning is the way Capital one reports to the credit bureuas. Normally a credit card company reports what your balance is and the limit on your card. The resulting percentage has an effect on your score. Capital one does not rpeort your limit so the credit bureuas look at your balance and make the assumption that your balance is your limit and the end result is a negative on your score. Also, if you have a credit card, you should not cancel it. Just stop using it. Cancelling any credit card will have negative effect on your credit score. They do have cool adds though. I love the one about the two bums in the train car.

For further info, go to clarkhoward.com and search captial one.

Here is one thing I found from his site.

Jul 05, 2006 -- How to turn things around on Capital One
You’ve probably heard about the Capital One lawsuits going on. Clark has talked about the system Capital One has to damage your credit. Well, now Capital One has stubbornly refused to modify its position. What happens is Capital One does not report the credit limit on your card. Why? It lowers your credit score and therefore destroys your credit image with other potential credit card companies. So, you’re more likely not to get approved for another card and will continue to use the Capital One card. By not reporting your limit, the credit bureaus guess your limit and that makes you very risky. Now a new lawsuit has been filed against the credit bureaus for reporting erroneous information on our reports. TransUnion, Equifax and Experian have some responsibility here, for sure. But it would be simple if Capital One just behaved itself. Clark has given Capital One the chance to come on air and talk about this, but they haven’t responded. So, you have to decide if you want to be their customer. If you’re currently a customer and you want to stay with them, you should charge a bunch of stuff to the card and pay it off. Then, moving forward, the credit bureaus will see and use that credit limit, sending your score back up. Clark will keep trying to come up with ways to manipulate the system, but for now that’s the only way you can turn the situation around.

 

[Lear70]

Capital one does not rpeort your limit so the credit bureuas look at your balance and make the assumption that your balance is your limit and the end result is a negative on your score.

Simply incorrect, quite possibly old information.

I just finished buying a new home, I have a Capital One mileage card. The high limit is on all 3 credit bureaus, as well as my current balance.

Also, if you have a credit card, you should not cancel it. Just stop using it.

Incorrect.

Capital One charges a yearly fee on every single one of their cards, anywhere from $45 to $75, depending on which card you have. You have every reason to cancel it, and a certified mail with return receipt with a threat to sue for non-compliance usually does the trick (I've had 3 Capital One cards, they all closed with no issues).

Cancelling any credit card will have negative effect on your credit score.

That's not accurate either. Closing one credit card that has a perfect payment history will not have any effect on your credit score. Actually, quite the opposite.

At a certain point, if you have too many open cards with zero balance, it will start to count AGAINST you. The reason is the lender will be concerned that if they give you a large loan, like a house, that puts you right up to 50% D/I (Debt - to - Income ratio), you might later, after the loan is inked, charge up all your credit cards and put yourself into a position where you might not be able to make all your payments.

Conversely, the practice of getting a credit card, charging it to about 20% of its limit then paying it down to under 10% for about 6 months, then closing it and opening another one actually IMPROVES your score.

Closed credit accounts with a perfect payment history always increase your score and is one of the "tricks" for improving your credit.

One caveat: if you closed your card account without any other credit cards open on your file, your credit history may suffer, as you have to "have" credit to get credit. Most of the time your best score will come when you have one credit card and are only carrying 10% or less of the credit limit as a balance, a car loan, and a home loan, all with perfect payment history.

I've seen a person 2 years out of bankruptcy with a 750 score because they followed "the formula" for improving their credit; it's very easy, not rocket science at all. Takes about 6 months to a year to go from mid 500's to mid- to high 700's.