I opened a account with Capital one after going through a bankruptcy. They are a large credit provider and to my knowledge (at that time) legitimite. My starting credit line was only $250, annual fee of $49, APR was 18.9%. I knew this was a high interest rate but planned on only charging a few minor purches then paying off right away. I needed to do something to reastablish my credit, they assured me that after establishing my credit with them I could apply for higher credit limits and lowered interest rates.
Well they were fine for about 4 months then all of a sudden I was getting my bills later and later. I started having to call them to get my statement in time to make my payment in time. They would offer to direct debit my checking account for my payment. Then they wold wait till after my payment date to post my payment, then charge me a $29 late fee. I started spending hours on the phone with them every month. After arguuing with them about their failure to mail statments in a timely manner and their failure in not posting the payments in time, I accrued about $100 in late fees. Then the started charging me $29 a month for over-the-limit fees.
I closed the account and spent over the next year fighting with them. Due to a class action law suit that was filed at the time I was offered to either join the class action law suit (which can drag on for years, tying up my credit) or to go through a 3rd party mediator. I chose mediation. It then took another 6 months to negotiate with them to drop about half of the fees. I paid the balance in full, with a money order. I finally thought I had closure with them. Then they started sending me notices that I was going to be referred to their legal dept for non-payment of the negotiated balance. I spent another 6 months getting that straitened out, and to this day I am being denied credit in large part because of them. And they still send me their credit card offers telling me I have been pre-approved!!!
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