Capital One - This Card Sucks

Posted by Dukemom on 2012-08-07:

They suck because they will not increase your credit limit?

Posted by danny54 on 2012-08-07:

As much as you may hate Capital One, there's one caution to closing the account. If you close the account, it could and I say could, negatively impact your credit rating. I don't know why, but a lot of things I've read say to keep an account open but not use it or use it for just tiny purchases on occasion just to keep some activity on it.

If anyone has info to the contrary, please let me know. I've got a couple accounts I don't use but don't want my credit rating to suffer by closing them.

Posted by CowboyFan on 2012-08-08:

The way it adversely affects your credit rating is that it changes the debt to credit limit ratio. If you have $10,000 total credit limits, and $3,000.00 debt, your ratio is 30%. If you cancel one of your cards with a $5,000 limit, you now have only $5,000 total credit limits, but still have $3,000 in debt. Your ratio jumps to 60%- debt to credit limit. This looks like you are maxing out your cards and reflects negatively on your credit.

Posted by xiansilva on 2012-08-18:

looks like cowboyfan is a capital one employee. lol. he definitely knows his stuff.