Capital One, Capital One not sympathetic to card holders in emergency situation Salt Lake City Nationwide
Yesterday, I had car trouble, and I needed a new radiator. It was pricey, and I was planning on using my Capital One credit card to pay for the work.
While the work was nearing completion, I called Capital One to see if they could assist me in raising my credit limit, due to the fact that I was worried that I might have needed a new transmission.
The representative and the manager on the phone told me that a credit limit increase was not allowed. They didn't care that I was in an emergency situation. All I could say was Thank God my transmission was OK.
The bottom line as to why I am angry with Capital One is the fact that approximately 2 months ago, I received a letter stating that my credit limit would be lowered. I thought this was absurd, and tried to fight it. Needless to say, I did not win. What really grinds my gears is the fact that our taxpayer money went to all of these banks when they needed help. When the little guy needs help, and the banks do not reciprocate, then I feel that something is seriously wrong.
Something needs to be done about this. The banks have too much control, and they refuse to help. I have dealt with private companies and their credit departments, and they were more than willing and eager to help in these tough economic times.
My advice to anyone considering a Capital One credit card. Stay away! When you are in a jam and need help, they WILL NOT help you.
Joedonuts1011
Jericho, New York
U.S.A.
4 Updates & Rebuttals
Dave
WR,Wisconsin,
U.S.A.
Lenders don't have to help, and were not in the wrong
#5Consumer Comment
Sun, February 15, 2009
Capital one did nothing wrong here and did not rip you off in anyway.
So many times I have read a report that someone has posted claiming how a company was not fair to them.
Where in any contract/agreement for any loan does it say a line of credit should be increased for an emergency?
Where in any contract/agreement does it say a loan company should work with a customer who is having financial hardship?
If a lender did get a bailout (that we as taxpayers will be paying for) why should that change the terms of a loan?
What needs to be remembered here is that a lender is not your friend, it is a business, period.
As a matter of fact I work in finance, Not only do I make loans I also collect on them. I would prefer to work with customers who are in default so they do not get additional charges and fees but this requires real arrangements with post dated checks or credit card payments. And NO a lender cannot just go in and withdrawl funds from a customers account. Each payment has to be authorized by the customer.
Mistakes have happened with electronic transfers but we have always corrected those mistakes and if any fees were accessed to the customers for it we paid those too. By the same token I have placed many liens on homes to protect our investment (the loan) and yes I have sent many customers to are legal department so we can take action to have wages garnished. Depending on the situation some loans are under 60 days past due.
What's the point of this long winded post? Simple, lenders don't owe us anything, we owe them. We owe them per the terms of the contract. They can change limits, APRs, fees anything they wish as long as it's in the agreement. It is their right to do so even though we may not like it.
Dave
WR,Wisconsin,
U.S.A.
Lenders don't have to help, and were not in the wrong
#5Consumer Comment
Sun, February 15, 2009
Capital one did nothing wrong here and did not rip you off in anyway.
So many times I have read a report that someone has posted claiming how a company was not fair to them.
Where in any contract/agreement for any loan does it say a line of credit should be increased for an emergency?
Where in any contract/agreement does it say a loan company should work with a customer who is having financial hardship?
If a lender did get a bailout (that we as taxpayers will be paying for) why should that change the terms of a loan?
What needs to be remembered here is that a lender is not your friend, it is a business, period.
As a matter of fact I work in finance, Not only do I make loans I also collect on them. I would prefer to work with customers who are in default so they do not get additional charges and fees but this requires real arrangements with post dated checks or credit card payments. And NO a lender cannot just go in and withdrawl funds from a customers account. Each payment has to be authorized by the customer.
Mistakes have happened with electronic transfers but we have always corrected those mistakes and if any fees were accessed to the customers for it we paid those too. By the same token I have placed many liens on homes to protect our investment (the loan) and yes I have sent many customers to are legal department so we can take action to have wages garnished. Depending on the situation some loans are under 60 days past due.
What's the point of this long winded post? Simple, lenders don't owe us anything, we owe them. We owe them per the terms of the contract. They can change limits, APRs, fees anything they wish as long as it's in the agreement. It is their right to do so even though we may not like it.
Dave
WR,Wisconsin,
U.S.A.
Lenders don't have to help, and were not in the wrong
#5Consumer Comment
Sun, February 15, 2009
Capital one did nothing wrong here and did not rip you off in anyway.
So many times I have read a report that someone has posted claiming how a company was not fair to them.
Where in any contract/agreement for any loan does it say a line of credit should be increased for an emergency?
Where in any contract/agreement does it say a loan company should work with a customer who is having financial hardship?
If a lender did get a bailout (that we as taxpayers will be paying for) why should that change the terms of a loan?
What needs to be remembered here is that a lender is not your friend, it is a business, period.
As a matter of fact I work in finance, Not only do I make loans I also collect on them. I would prefer to work with customers who are in default so they do not get additional charges and fees but this requires real arrangements with post dated checks or credit card payments. And NO a lender cannot just go in and withdrawl funds from a customers account. Each payment has to be authorized by the customer.
Mistakes have happened with electronic transfers but we have always corrected those mistakes and if any fees were accessed to the customers for it we paid those too. By the same token I have placed many liens on homes to protect our investment (the loan) and yes I have sent many customers to are legal department so we can take action to have wages garnished. Depending on the situation some loans are under 60 days past due.
What's the point of this long winded post? Simple, lenders don't owe us anything, we owe them. We owe them per the terms of the contract. They can change limits, APRs, fees anything they wish as long as it's in the agreement. It is their right to do so even though we may not like it.
Dave
WR,Wisconsin,
U.S.A.
Lenders don't have to help, and were not in the wrong
#5Consumer Comment
Sun, February 15, 2009
Capital one did nothing wrong here and did not rip you off in anyway.
So many times I have read a report that someone has posted claiming how a company was not fair to them.
Where in any contract/agreement for any loan does it say a line of credit should be increased for an emergency?
Where in any contract/agreement does it say a loan company should work with a customer who is having financial hardship?
If a lender did get a bailout (that we as taxpayers will be paying for) why should that change the terms of a loan?
What needs to be remembered here is that a lender is not your friend, it is a business, period.
As a matter of fact I work in finance, Not only do I make loans I also collect on them. I would prefer to work with customers who are in default so they do not get additional charges and fees but this requires real arrangements with post dated checks or credit card payments. And NO a lender cannot just go in and withdrawl funds from a customers account. Each payment has to be authorized by the customer.
Mistakes have happened with electronic transfers but we have always corrected those mistakes and if any fees were accessed to the customers for it we paid those too. By the same token I have placed many liens on homes to protect our investment (the loan) and yes I have sent many customers to are legal department so we can take action to have wages garnished. Depending on the situation some loans are under 60 days past due.
What's the point of this long winded post? Simple, lenders don't owe us anything, we owe them. We owe them per the terms of the contract. They can change limits, APRs, fees anything they wish as long as it's in the agreement. It is their right to do so even though we may not like it.