26 People Helped
Member Since: October 2013
When rebuilding my credit, Capital One was the first company to allow me to get credit. The interest rate was floating (based on prime) but was typically 22.9% at the lowest. As my credit improved to nearing 700, I contacted them to lower my interest rate. I was told that this is the lowest they'd allow, basically requiring me to close this account (always paid on time, no late or missed payments, paid in full this month) to apply for a different account instead of changing my existing one.
You can forget about their online customer service. I have worked with multiple "techs" through their website, and all of them appear to be minimum wage slaves with no experience reading from the same script, unable to actually help you with anything but the most basic of requests. I could not even get a payoff amount prior to paying my account in full, so I had to overpay to cover future interest. They argued with me that my account was overpaid, but sure enough, my new statement arrived and there was $80 in unaccounted for interest. They are now sending me a refund for the remaining unpaid balance, which will take two weeks to process (10 business days).
Great company if you have nowhere else to turn, but they'll screw you in the end when your credit improves. This is probably why they have to pay for premium suggested space on places like Credit Karma, not because they are a great company, but because that is their business model, taking advantage of those in need.
COJacob's response was:
Luckily, some industries expect multiple hard inquiries, so they get combined and treated as one, such as price shopping for a home or auto loan. I think the limit for this combine is two weeks worth of searching.
Credit cards typically have their rates exposed up front (or a range), so each credit card application will be kept separate.
COJacob's reply was: