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Thread: Cap1 lowered my interest rates but

  1. #1
    AudreyLeigh
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    Default Cap1 lowered my interest rates but

    Im shocked. Because of my Ch 7 all my cards have really high interest rates. My Cap1s were at 19.15% (yea i know) but they lowered them this month to 18.15% and 13.90%. I was in shock. In the process they upped my husbands from 19.15% to 20.55%.

    What Im not understanding is I pay all the bills and theyre always on time so why would mine be lowered and his upped?! So at this point I have crappier credit 582 is my score and all my rates are lower than my husbands whos score is a 650. Whats going on? It makes no sense to me.

  2. #2
    God/dess VegasPrincess's Avatar
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    Default Re: Cap1 lowered my interest rates but

    Is he closer to his spending limit? does he take out a lot of cash advances? Have you had the cards a longer amount of time?
    Sexy Jasmine after getting fucked over at work:

    God loves strippers and when guys do things like that its an automatic ticket to HELL!


    Quote Originally Posted by anomar View Post
    Perhaps you stopped spending money on her. Strippers need money to operate. They are like coin operated juke-boxes of love.

  3. #3
    AudreyLeigh
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    Default Re: Cap1 lowered my interest rates but

    Hes has his cards a lot longer. Were both pretty much at our limits (or were, I just paid a few cards off but those arent posted yet) Im really at a loss. I almost want to call Cap1 and see wtf is going on - not with mine but on why his went up.

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    Default Re: Cap1 lowered my interest rates but

    They can and will check to see if you are close to their limit and will also check out how much you owe other cards. Even if you've paid on time, every time, if you are close to the limits on several cards they will raise the interest rates because they deem you a bad risk. Cut them up and go on cash only program. It's hard, especially in the first month but gets easier.

  5. #5
    AudreyLeigh
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    Default Re: Cap1 lowered my interest rates but

    ^^ We did that months ago. Neither of us have credit cards we just have these balances still. These cards were all maxed out 6 months ago (two of them over a year ago) ... and weve been paying them down (just paid a couple off completely) Thats what I dont understand.

    We maxed out ALL out credit when I was sick. All cards were maxed by December. Interest rates stayed the same. Weve been paying them down and off and then all of a sudden they up his interest rates. Wouldnt they have done that in December when they were at their worst rather than now, when our credit is getting better?

    I guess Ill never understand and am better off just leaving them. All our credit cards will be paid off by June so whatever. Then I dont have to deal with it.

  6. #6
    AudreyLeigh
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    Default Re: Cap1 lowered my interest rates but

    ^^^ I did that a month ago... threatened to close my card - maybe thats why they lowered my rates? I didnt even think of it because it was about something completely different.

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    Default Re: Cap1 lowered my interest rates but

    You have me there. If you are not adding to your debt and are paying on time the only other thing I can think of is the card is tied to a rise in the prime rate, but I don't know if the prime went up recently.

  8. #8
    Veteran Member LadyLuck's Avatar
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    Default Re: Cap1 lowered my interest rates but

    Funny this topic should come up today because I just opened a M/C bill and noticed that the interest rate on it had dropped to below 15%. The rate was around 17% prior and had been that way for years. No real changes in our use or payments either.

    I wondered why but figured since it's a good thing I'd better not rock the boat in case it was a mistake.
    There never was a good war or a bad peace.

    Benjamin Franklin

  9. #9
    AudreyLeigh
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    Default Re: Cap1 lowered my interest rates but

    Quote Originally Posted by ExoticSummer View Post
    Does your husband have a variable or fixed rate?
    Its fixed. Just like mine...

  10. #10
    AudreyLeigh
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    Default Re: Cap1 lowered my interest rates but

    Quote Originally Posted by LadyLuck View Post
    Funny this topic should come up today because I just opened a M/C bill and noticed that the interest rate on it had dropped to below 15%. The rate was around 17% prior and had been that way for years. No real changes in our use or payments either.

    I wondered why but figured since it's a good thing I'd better not rock the boat in case it was a mistake.
    Thats how I feel! lol ... with MY cards anyway... with HIS... dunno. Theyll all be paid off in a couple months so a 1% difference is not a huge deal but still.

  11. #11
    AudreyLeigh
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    Default Re: Cap1 lowered my interest rates but

    Quote Originally Posted by ExoticSummer View Post
    That actually isn't true. At least not with Capital One. You have to actually go over your limit or be late on payments 2+ times in a 12 month time frame in order for your interest rate to increase. I haven't worked there in nearly a year, but I know a few months ago they were doing an across the board interest rate increase that affected A LOT of accounts. Not all, but most.
    Good that Cap1 isnt one to use the Universal Rate whatever thingy... thats the biggest load of crap Ive ever read about.

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