By the way, Cap1 isn't the only bank that will mess up your credit report, it's the same with all banks. You don't pay them, they cripple you for every penny you owe them.

Well if they cut back, then they are going to be in even more trouble if the cut those who have fair credit, it will mess up their credit reports and make them say "The hell with it, when I try to do good this is what happens to me." I think (it this had to happen) they should cut back on limits that are available, not when someone is in high utilization because that is not fair to that person.

If cap 1 did this to me, then I would say that this is just a hypocritical situation because when a person decides not to pay a bank it is because they are having a difficult situation and the banks wants to tear their credit reports up. but when the bank have difficulties, its ok for them to take from you and mess your credit report up. Give me a break!

Chris, do you have their backdoor number?

Well thats not fun... I hope i get a CLI from them soon

Does that mean that I won't be getting CLI's from cap1 every 3 months? lol

It will not have any negative recourse on the people who do pay. However, when banks start to lose money on specific types of accounts they will cut back on credit line increases for the people who do pay.

Capital One states (on the truthaboutcreditcards.com) that the largest group of non payers are in CA and FL where real estate took the largest plunge. Many in those states borrowed heavy on their credit cards thinking their house vaules will continue to climb, then they could re finance the home and always pay off their credit cards but the opposite was the case. The home values dropped in most of those markets.

If you pay your minimum payment on or before the due date you should never have a problem with any bank. What I do not understand is why so many blame the banks for their problems when they should realize that it is the debtors responsibility to have the payment at the bank on time.

I read it, so you are mainly talking about the part where is says

"Capital One Financial Corp., the largest independent credit card issuer in the U.S. reports rapidly rising losses from consumers unable to pay their credit card bills"

Yeah, that part sounds scary but it does not reflect any negativity towards those that do pay. I pays them all the time and have never been late since I had the account. But I do have a high balance with them, does that mean this is bad news for me,even though I did not read anything negative about those with balances which is paid?

What do you mean by they raised a capital?

WAMU is being sold to chase, well they are merging. Capital one is NOT going to merge with anyone right now, Capital One just raised a ton of capital, however, they did lose 2 BILLION recently according to the above link

Porgy, I read the article and there is nothing about Capital One being sold to Chase or Capital One even considering of selling the company.

Follow the enclosed link to see what is happening to Capital One

http://www.consumeraffairs.com/news04/2008/01/credit_card_defaults.html

How old is this account. Mor than likely it is no longer in Cap1 record becasue I have never known them to extend on a bad debt hodler. That being said, if the debt is over 7 years old and no longer showing on your credit reports, send a letter to the collector and ask for the dates of the accounts. If over 7 years old tell them to take a hike.

How does everyone get two Cap 1 cards, and I can only get one?

CapitalOne has its detractors. I want to build some good credit history with them. They have given me a second chance. But check out my new thread because I may have hit a snafu with them because I did not pay attention and forgot about the annual fee with them on my new card (I have two Cap1 cards).

Clifton,

"My thoughts..."

I know your situation is slightly differnt but...
If you do a google search *Capital One, reaffirming old Debts* or reaging credit.
You will see alot of information on this. I have read people who have sued them because they thought they were getting new credit card lines when in fact they tricked them into reaffirming the old debt which would impact their credit reports.

Cap One was included in my BK in 2002, and despite that they have filled up my mailbox with hundreds of credit card offers. Because of what people were going through with them I did not attempt to reopen or apply for any new accounts with them. I steered clear of them.