443 People Helped
Member Since: June 2011
Most capital one cards are for people with bad credit or rebuilding credit. They are helpful for people who need to build their credit, but they don't make as much money with people who can easily pay off their monthly balance, and they would rather have 10 customers with a $500 limit then 1 customer with a $5,000 limit so they can't offer what someone like you would actually appreciate. Unless you go for one of the very few premiere cards they have, they will decline you every single time.
bluecamel20's reply was:
You gave this card 1 star because they charged you a fee when you were late on your very first payment? That's like getting upset when you have 30 unpaid parking tickets and your car gets towed...
And it didn't cost them $1000s in lost business, unless you have racked up $1000s in interest charges on all your other cards. And Barclays doesn't make money off of transaction fees - that would be MasterCard. Barclays (or the issuing bank) makes money off of interest and fees. And since people complained so much about being charged fees due to their personal negligence, the government has made it harder for them to make money. So they have to make it when and where they can, such as when you miss your very first payment on the card.
Banks aren't in the business of giving people credit just to be nice. If there wasn't money to be made off of it, then there wouldn't be credit cards (or loans). So don't fault them for making money when you can't even pay your bills.
Your review is very deceiving to other users and is therefore a problem. Most mature adults understand that they need to pay their bills or else they will be charged fees. Thats part of the agreement that you signed. You told them "I will pay you the fee that you stated if I can't pay my bill" and they said that they will "give you more buying power, as long as you agree not to abuse it". And after agreeing to that, you complain when you don't hold up your end of the agreement??
Call them, explain what happened, and ask them to remove it. If they do not, then dispute it with the credit reporting agencies (all 3 major ones). People (including data entry people) make mistakes.
If they are, they aren't paying me (maybe I should call them). But you should read the reviews. People are rating them high because they are an amazing credit card company. People are rating them high because they are giving them a chance when no one else will, like me for instance. I ruined my credit in college (even maxed out a capital one credit card and they wrote it off), and the first credit card I was approved for when I started trying to rebuild my credit was capital one. And the second credit card I was approved for was capital one (after being turned down by Chase and Discover). And then they gave me a car loan with - according to the guy at the car dealership - an amazing interest rate for my limited and bad credit history. He was shocked it was under 18% (8.9% to be exact).
From what I have heard, if you have good credit, Capital One is not a good credit card company (compared to the credit cards that you can get with good credit - Chase, AmEx, etc). But from my experience, if you have terrible credit or are trying to rebuild, they are pretty much the only ones that will take a chance on you even after screwing them over. And unlike several other credit card companies that target people with bad credit, they take care of you better than you can expect for your situation.
No, they provide a service. You don't have to get a loan, idiot. It's not forced on you. You make an agreement with them to pay a certain amount of money and in return they will help you get what you want right now. Quit being a b*tch and grow up. Anyone who makes an analogy with Bugs Life most likely has the mental capacity of a 8 year old.
The best way to fight them, if you have a problem with them, is to start your own bank or just NOT GET A LOAN WITH THEM. Of course, you'll never be able to buy a house or a car before you're 50, but you don't HAVE to get a loan. Banks basically guarantee idiots like yourself, since business can't be done on a hand shake anymore (because idiots like yourself stop paying, and get mad when anyone expects you to pay what you owe).
They have no early pay off penality (at least not when I got a loan from them) so you can pay it all off right now. They charge higher than normal interest rates, but like you said, they are willing to work with anyone who needs them. So that's really the moral of the story for this company - only go to them if you NEED them. If you have decent credit, go anywhere but OneMain.
I read some of the responses on here and most of them are incorrect.
The answer to your question is that it depends. If you have several student loans, plus a car loan, then yes, it will definitely help you to pay it off. If you have a car loan and like 1 other loan, no it will probably not help that much. But it will help you in not having to worry about that large payment every month.
But remember that once you pay that off, you will start to lose some of your credit history. If you have other loans that you are paying off, and maybe some old credit cards, then you don't have to worry about it. But if you have a car loan and maybe 1 new credit card and nothing else, then it could hurt your credit history.
And like someone else said, don't spend all your money paying off your car. You MUST have an emergency fund. Especially in this economy. You must be able to survive on it for at least 3 months, preferably 6 months. I can survive on mine for 2 months, but I'm still working on it.
And when figuring out how much you need for an emergency fund, remember that some credit cards allow you to freeze the accounts for up to 2 years where you won't have to many any payments. Check with all of the financial institutions that you have loans and credit cards with to see if they offer that. Then figure up how much you need to pay for food, gas, all your remaining bills, and anything else you might need, like school supplies for your children, hygiene supplies, etc. And depending on what kind of warranty you have on your car(s), you need to save some for possible repairs.
And it also may be more adviseable for you to pay off a few extra months of your car loan instead of paying it off in full (depending on how much you have left). That would count as part of your emergency fund because you wouldn't have to pay that bill for a few months.
bluecamel20's response was:
It has nothing to do with Credit Karma...Did you realize that they were going to double the length of your car loan, and that was how they would lower your monthly payments? The math didn't add up because you don't know how to do math.
And it's not a bad thing that your real credit score is higher than what CK shows. It would only be bad if your score was actually lower.
Probably not, I feel the same as tlocke. I had terrible credit and they gave me a loan. Of course there interest rate is ridiculous, but no one else would even consider giving me a loan so OneMain is there if you REALLY need them, but if you have decent credit, you should look elsewhere.
That's pretty standard. Most banks now verify employment (anyone can make a fake pay stub). I had to submit 2 pay stubs, a copy of my license, and they called my employer). Get a car loan through nearly any other bank and they will verify your employment also.