Capital One - NCO Financial ripoff Internet
I see people defending Capital One here. I did some checking on internet besides this site. The complaints against Capital One are unbelieable. Its consistant in complaints. All the same type. I'm not sure but I think NCO Financial is now evolving into a Financial Planner company. A replacement for debt management companies. Forget about Capital One. After looking on thier site like many others I found the same problems. They are hard to contact.
When applying for credit you'll notice Credit Bureau reporting companinies listed on thier site.
equifax
transunion
experian
So guess we know who owns these companies. NCO Financial has been sued for the largest amount of any company for fraudlent charges. Kind a like the company that takes the heat for Capital One. For what they take in from people who do pay the overlimit and late fees. Best advice I can give is read the contract before you sign it. If its advertised on TV it's not worth bothering. Anything commercialized is corrupt and bends and breaks every rule they can to get ahead. It's like a game. They know they can't lose. So be patient if you make a mistake. No One's perfect.
If you can't afford to catch up don't worry or stress out about it. Capital One automatically collects insurance on every charge off. Then they sell it to a debt collection agency. Thier revengeful because they falsely report your credit to the credit companies listed on thier site. Your credit score means nothing. Its just another ploy in the game to get people to pay ridicuolous overcharges which they call fair and legal. Why would you want a do business with a company anyway that charges such high interest rates.
The only way we're going to beat Capital One is by showing the public alternative banks with reasonable rates and willing to understand thier customers are only human and need a little help sometimes and since were not all lawyers you really need to take a lawyer with you to explain the Capital One contract. I applied and tried thier calculator on the Capital One site. Then I called and got a different interest rate. I went into the bank and applied and got yet another different quote on the same amount.
Better Business Bureau has been a big help to me lately with internet companies. They even got a charge reversed were my wife signed up for AOL free trial and they deducted next day. Federal Regulation E. The Federal Trade Commision was'nt much help. The attorney generals office I'll let you know soon. NCO Financial is really bad. Why Capital One isn't in court now like Enron I don't understand. But when thier overhead catches up with their intake then watch out. Heads will roll. LOL. Unless you make $40,000 a year your credit is low even if its good.
If you make $24,000 a year your credit score is basic bottom and this is for a single person. So for the rest of you don't be con'd by the credit score thing. It's based on your income. Thats all they keep track of and your bad credit. If you make good money any bank will give you another loan no matter what your credit score reads.
Ken
Johnston, Rhode Island
U.S.A.
Click here to read other Rip Off Reports on Capital ONE
CLICK HERE to read about Credit Card Scams... find out how to get your money back. Consumer makes harsh but accurate statements. *Rip-off Report Investigation follow-up provides valuable information.
STOP! ..before you think about using the Better Business Bureau (BBB)... CLICK HERE to see how other consumers were victimized by the BBB's false or misleading information. Don't be fooled! It has been reported, when there are thousands of complaints and other investigations underway by authorities, the BBB has no choice but to finally give an UNsatisfactory rating to a BBB member business that is paying the BBB big membership fees every year. When a business is reported that is NOT a BBB member, BBB files WILL more likely show an UNsatisfactory rating, then reportedly shake down that company to become a member of the BBB. One positive thing about the BBB is, either way, if a business has an unsatisfactory rating with the BBB, you can be sure, the business is bad. But what about all those BBB member businesses that had complaints filed against them? Consumers never get to hear about them. What about the BBB advertising to the public? Is this a false and misleading perception they are giving about consumer confidence when dealing with a business? Click here to understand more of what consumers and business alike are saying about the BBB. You decide. ..Remember. The BBB membership is not earned, it's paid for!
2 Updates & Rebuttals
Ken
Johnston,Rhode Island,
U.S.A.
The Real Facts............
#3Author of original report
Sun, May 07, 2006
The real facts are there are alot of mistakes made on both sides. Thats what the facts show. For a $300 card why would you want it. Most people have gone to the checking and atm/debit cards. But here you have to beware to.
If your buying off the internet I'd use PayPal or some similar type program. It at least lets you cancel a transaction if the something goes wrong. With the debit card you make sure your bank knows you don't want overdraft protection in case you mis calulate money spent versus money in bank or get hit by hidden fees from a purchase online.
Wow! A perfect Capital member. Good luck to you dude! Hope you never make a mistake. BBB I'm not sure of all the details but I know they helped me twice with the Gevalia Coffee pot for free which had all kinds of hidden fees and AOL which now charges for the free 90 risk free trial the day you give them your credit card number not 90 days later as stated. Signs that companies are in trouble. High interest rates, hidden fees, charging before due date. Your perfect payments with Captitol One are a rare case. Not many of us are that perfect and make mistakes on a regular basis with not many options to correct them and no secound chances. Congratulations! You deserve it. We could all learn from you.
David
Bakersfield,California,
U.S.A.
Please pay your bill on time.
#3Consumer Comment
Sun, May 07, 2006
Take all these or most of these and add them together, they do complain on the same thing and about the same thing, about how they do not repay their own debt. For example instead of paying only the minimum pay more or better yet pay in full that way u don't have to deal with interest charges,
I have a CapitalOne platinum card and yes its only a 300 buck limit but I ain't griping and yes I plan to use it responsibly. The interest started off at 19.8 and yes without notice it is suddenly at 20.05 percent but that doesn't matter 'casue I will pay in full each month.
By paying full each month amd the new balance means that before the billing statement u charge up 20 dollars but before the statement arrives on in your mailbox u now owe another 20 equaling forty exactly. Instead of paying the twenty or minimun the statment said, pay the 40 bucks. CapitalOne offers a 25 day grace period before finance charges.
Also yes the statment takes ten days to get to me and last time it took eleven but I still had time to send it in.
I sent it in the first of this month and they received it the 3rd. I don't know about other states but everytime I get my statement an envelope to send back is also aside it. YES I pay for the stamp also-no biggie.
Oh before I forget on the Envelope accompanying the statement it says PRIORITY (its stamped in red in huge letters outside it :).
So before someone starts complaining they should look at what they signed in for.
Mine is:
$300 credit limit
19.8% APR VARIABLE-follows the wallstreet or whatever percentages..and is currently at 20.05
and NO ANNUAL FEE
Like I said before, pay in full each month or don't charge it if u can't pay by the next billing date.
So what if my APR goes up to 30% or even 40 or even 80% with or without knowledge as that APR only applies to carrying charges and I don't carry any. So that means if i go online (i do I bought a DVD drive, pants, shirts CDRW) and buy something with my CapitalOne card and charge up 20 bucks and then five days before my statement or even after my statement was sent out(i have done this and continue to do so) I charge up more.
Now when the statement comes in saying I own the minimum of 20 bucks. I don't pay the minimum nor twenty, I pay the 40 bucks (that twenty that was to go on my next billing statement) this is called using the grace period within the 25 days.
Send off the money order (yes I use one and yes I have to pay for it as its my own responsibility as is the stamp) and withing two days its there.
Remember the POST OFFICE is closed on SUNDAYS so I factor that in also :) Remember if you read and understand the complaints many are of the same people who don't pay their debts, on time and are rude. I NEVER was spoken to by a rude rep on the phone when I had question.
:) take all the ripoffs that are fake and that its really the debtors/consumers/clients faults and subtract that from the legit cases and u'll see the truth and be able to read their Legit complaints in an nice and understable and factual and evidenceul fashion and you'll have maybe one or two.