Capital one just sent me a letter to tell me that due to extraordinary changes in the economic environment, my interest rate is going up. I don't understand why. My fico score passed the 800 mark this year, i've been a capital one customer for almost ten years, don't carry a large balance (i usually pay in full each month) and have a perfect record of no late payments with them. What am i missing here, and why are they being such jerks?
Anonymous
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Welcome to reality. Its not you, they just got burned by a lot of people when the economy went bad.
I noticed them firming up their lending in 2007 and its really tight right now.
Keep in mind with that type of fico score capital one is not your only option. I know it reduces your credit score two points with any inquiry. But maybe you should do a little searching.
Capital One was big, but maybe they arent the powerhouse they once were. There are probably new companies emerging from this recession that are happy to give a good rate for a 800+ fico. Life is about change and you must adapt as well.
Barcadcadacada
Citibank just did the same thing to me.All credit card companies are scum, the garbage of the earth. The only way to deal with them effectively is to pay the fraud artists off and be done with them. Also try www.bankrate.com and see of you can qualify for a card with a lower rate.
CatDad
Because they can....it's is simple as that. If you have enough money...pay it off...otherwise, there's nothing you can do.