Anyone else fall the Capital One credit card scam? "We'll help you build your credit?"?

Question

I'm being sued for $ 1,700 for a credit balance of $ 300.00. Apparently, their yearly fee (that they charge to your card) threw me over the limit of $ 300.00. Then they start tacking on over limit fees. This certainly did NOT live up to the promise of building my credit. If anything it destroyed it. Anybody else have this problem and what can I do?

Answer 1

I can undertand your frustration but the onus is still on you as the card holder to maintain your account in good standing.

How did Capital One come up with such an extravagant figure like $1,700? the annual fees range from $29-129, so that means you were already over your limit and the charge just made you go over by $300.

There's no way that the annual fee was $300 and even if it was that still means your card was maxed out.

Get on the phone and call 'em, work out a repayment plan before things get worse.

Answer 2

Granted, $1700 is ridiculous, but you're never guaranteed to build your credit.  It all depends on how you manage your own accounts.  Obviously you didn't manage your account well, and didn't get your account into the clear once you got charged your first overlimit fee.  This is how all credit cards operate.  If you go over your limit or don't pay on time, you'll be charged a ridiculous fee.  If you allow this to happen several times, your in serious credit trouble.  Nevertheless, this is because of your own spending habits and money management.

Call Capital One and try to work out a settlement and make sure you get everything in writing.