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     | Saturday, August 05, 2000 - 05:45 am  Hello all, I am currently in search for a low rate (9.99% APR or better) credit card. I ran across an ad for capitalone card that said that it offered a 9.99% APR after an introductory APR of 0%. It sounded good so I filled out their online application(the one with 60 second approval). I was approved and then the terms for their offer came up. The APR for purchases was not the 9.99% that I was expecting but 19.8%!!!! I was shocked to say the least. I have excellent credit (FICO score is 720). My question here is this: Who qualifies for this low APR? Is this false advertising? As a result of what has happened here, I will not do business with captialone. Any insight would be great. Thank you.
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| | Sunday, August 06, 2000 - 04:35 pm I've been reading up on various credit card affiliate programs while stuck at the motel. I may even have applied for Capitol One. One person wrote recently that she was very happy with them. Personally, I think that's false advertising. Why don't you send your posting to Capitol One for an explanation? I have read many complaints about the Aria card, applicants being approved for much higher rates. Have you tried the Next Card?
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| | Monday, August 07, 2000 - 04:23 pm I am going to write to capitalone either tonight or tomorrow to inquire about their terms. I also think that it is false advertising to tell a potential customer that they will get a 9.99% rate and offer them one 10 points higher. I have heard from others that other companies engage in this type of deception. I have not tried next card(do you have a URL?). I would like a low rate card so that I can maybe(that's a BIG maybe) go on vacation next year and not pay an arm and a leg in finance charges. I will copy my above post and send it to capitalone and try to get a response from them. As usual, they will probably come back with their usual B.S. line about how one must have "excellent" credit to qualify for that low rate. No different than the car dealer I guess. We'll see what happens. Will update. Mike BTW: Fight-abuse.org is a GREAT site. Don't take their B.S. Christine, go get um!!!
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| | Tuesday, August 08, 2000 - 03:38 pm Mike, appreciate your comments and support. Just became a Next Card affiliate, so here's the link: Save Money with NextCard Visa - As low as 2.9% Intro APR I really know nothing about them, have seen their banners everywhere, and haven't seen any complaints either. Wished there was a credit card "shopping service" that would get you approved by a bunch of lenders and you could then pick the best deal. As it is now, you lower your Scores every time you apply. It'll be interesting to see how Capital One responds.
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| | Friday, August 11, 2000 - 11:32 am Okay, Now I am really confused. After having applied for the capitalone card, here is what happened. Today, I received a REJECTION letter in the mail. I am shocked to say the least. Guess capitalone doesn't use FICO scores (verified this week at 718). With that high of a fice score they rejected me? How does that work. Here are the reasons on the rejection letter: SERIOUS DELINQUENCY INSUFFICENT REVOLVING CREDIT HISTORY NUMBER OF INQUIRIES WITHIN THE LAST TWELVE MONTHS ACCOUNTS SHOWING PAYMENT LATE BY 90 DAYS OR MORE OR PUBLIC RECORD ITEM. This is nuts!!! I have a mortgage and two credit cards with zero balance on them. Two car payments that are completely up to date. The only "delinquency" is an old charge off from 1995. This was paid prior to my getting my mortgage in 1999. That is rediculous if they hold that against me still to this day especially when my FICO scores are so high. The report came from Equifax. Any insights anyone? Mike
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| | Friday, August 11, 2000 - 03:29 pm Just also wanted to add that I was approved for a capitalone card with an interest rate at 19.8% as opposed to the 9.99% that was in the offer. From what I am hearing around here, they rejected me because I declined (rejected) their offer. Any insights? Mike
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