Capital One has become the pits. Openned a business account eight years ago. Rates were at 7.9% purchases and 15.9% cash advances with great balance transfers many at 0% for twelve months CL $10,600. No badies the entire eight years. TODAY they raise the rates to 17.9% purchases with cash at 24.9% and it gets better...!!! They are now going to report business accounts to the consumer credit bureaus starting October 2009 (usually businesses are reported to other business credit bureaus). I have a second business Capital One account with "No Hassle Miles" on it with no badies for four years CL $6,000. What this does is jack up my available credit and may scare lenders into thinking I have all this new credit. Have to pay off my one Capital One account and close both of them so they report good news but don't offer potentially available new credit. This is dirty. If Capital One really cared they wouldn't do this!!! This only hurts the consumer!!! I am MAD!!!: Talked to Capital One "Business Retention Specialist" and let it fly. I asked why they offered the same account I have for 9.9% purchases on-line. Also told them it made me darn mad!!! Where is Capital One's customer loyalty? The person was ever the true business professional and I respected how well they handled me. Unfortunately, they could do absolutely nothing about the situation. In digging around on Capital One's financial's, I find they have their share of matters to put right in the financial world like most other banks. Still mad.!!!

Well Have some unfortunate news, I went to log into my Tribute account today to check my balance and guess what? They have closed all card holders accounts and left them with a balance, mine is at $308.00, man this sucks, I am going to try to pay the whole thing off, but I have no idea what this means for my scores, I had that account for over 1 year, and I was starting to get great credit limit increases to, I am kinda glad that I was able to have it for a year atleast, it helped me get my foot in the door with some other great banks. Please pass this on, I am sure any one on this board with a Tribute card will get a letter in the mail soon enough!

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The good news is that once the balance is paid off it won't mess with your overall util % and the card should report as a positive for up to 10 years on your credit reports.

It was a stepping stone that you no longer need.

Btw, I was canceling my Experian (e.g.. freecreditreport.com) and was offered to keep the service for the next year at a 50% off price. So I get their Triple Advantage Service for under $8.00 now (EDIT: bi-monthly). And unlimited "Experian" reports w/ my score.

Stay fresh,

Joey

Don't feel dumbfounded, it was only 1 yr of history and you have plenty more to keep your credit moving without any drops in scores. My sister recently gave up on her credit, but when Mervyn's closed all accounts, her scores did not drop and her report mentioned that it was company closure/ closed accounts, but was still current/never late. Hope this makes you feel better, and besides, they did you a favor:laugh:

Well Have some unfortunate news, I went to log into my Tribute account today to check my balance and guess what? They have closed all card holders accounts and left them with a balance, mine is at $308.00, man this sucks, I am going to try to pay the whole thing off, but I have no idea what this means for my scores, I had that account for over 1 year, and I was starting to get great credit limit increases to, I am kinda glad that I was able to have it for a year atleast, it helped me get my foot in the door with some other great banks. Please pass this on, I am sure any one on this board with a Tribute card will get a letter in the mail soon enough! : : : :

The only part of Amex's badside I have seen is the CLD that they have given me. Amex is a law unto itself. I honestly think that the worst of the credit crisis has passed. Mileage may vary with any issuer. I don't take stuff like that personally, what just do is move on and take my buisness elsewhere. I keep Amex for age and utlilization purposes. My Amex Blue Cash is used for my iTunes purchases and some odds and ends at the grocery store.

Do not believe the hype. Whoever brags about their AMEX card hasn't seen the badside of AMEX YET

Preach bro, preach!

Joeyman, you are better off without them, trust me. I had an AMEX card for about 10 months and within three weeks of opening the account, they suspended my account without lnforming me beforehand. They asked for 4506-T's (tax forms) and after I faxed it to them, it took them ONE WHOLE WEEK to reinstate my account. Sure enough, I sockdrawered the account and used it here and there. In December '08, they CLD'ed my $1,000 limit to $500. I felt insulted so I called and closed the account. Do you think they actually needed at $500? Of course not, they did it just because they can.

Do not believe the hype. Whoever brags about their AMEX card hasn't seen the badside of AMEX YET. Don't waste your inquiries and time with them and move on. Discover is a good card and I would focus on getting approved for a card from them rather than AMEX. They have excellent CS without the headache that AMEX gives you.

Joeyman - you are in good company. Many of us at Finance Globe have walked your walk. Today eight years after the big Bk, I still cannot get a big name card directly (secured card to unsecured to get there). They want the Bk off my credit record. It has been on there for eight years (two more years to go before removal). My credit record is spotless since the Bk and there are many good solid credit references. In today's credit market I have read that the banks are shy about new customers. Time and patience are my suggestion. Also many current inquiries in the last year will hurt your chances. I applied to Discover Card and they told me they would look past the BK since it was over seven years ago but too many current inquiries. Lesson learned. Note there are a lot of really good and knowledgeable people on the FG website. Don't hesitate to keep asking. Note times change as do the rules of the game.

Joeyman wait to your really get entrenched with your credit and they turn you down for a CLI, not because of your payment history, not because of your current scores, but because you have reached the limit that can be afforded to you based on your salary ! The only way you can be rewarded any future CLI's is if your salary increases.

Hehe! I can have a war story over this one, but since it is Amex, it doesn't shock me. I have been let down by so many cc's until it is pathetic. The main one that I can remember will be prime cards, I thought I had it made when I applied for citi, but I was let down due to normal reasons, I had a baddie left. Not only did they let me down, they encouraged me to apply after the baddie was gone. I will give them a try in the future, but that will be after baddie is gone, and util is down.

If I was you, I would call them and ask could they use the same report for another card. Since you already took the hit, it is worth the try especially since you have great scores.

Well, I just applied for the Blue from American Express. I was instantly denied. My experian score is 704. A rep talked me into the card, she said it was for students.

I hear so many bad stories about AMEX -- yet I still want one so bad. This is the second time I have applied with them, also my 3rd ever credit card app. I've had my Elan College Rewards card for over a year now. I will NOT remain optimistic with American Express. They can shove it?

Anyways... Post your credit card let-down stories here?