I wouldn't recommend capital one. For one thing their interest rate is very high, and credit extended is usually very low. Customer no service is beyond poor.
I'm 'discussing' my card with Chase right now too... becuase after I had that car accident they jacked my rate up to 29.9% and even after three years of paying on time (only the mins, it's all I can do) they refuse to lower it, so I've asked them for a settlement. It can't be any more damaging to my credit than what Dayton Power and Light will do to it when they start reporting my payment history to credit bureaus. (which I think should be illegal anyway.) The chase card is currently the only card I have active, and as soon as I'm given a settlement amount. I won't have any for a while until I get my house sold and my credit back into some kind of shape. that's just the way it has to be. I have access to an emergency line of credit from my Credit Union. That'll have to do.
Clark Howard recommends that you have two credit cards. That you not keep balances on either, (i.e. pay off the full balance every month) and that you never ever use your credit cards for lifestyle purchases. That was what I was doing until my accident. Then for three months I pretty much had to live off my two cards. US bank is working with me on payments... they offered me a hardship settlement, and I said that I though I could make payments if they worked with me on it. THey did, they gave me a payment I could manage, and dropped the interest rate so that I still make progress paying off the debt. That card is inactive. The chase card is still active and in order to make the minimum payments, I have to pay the card and then use the card to pay Dayton Power and Light, Internet, Cell Minutes, Vectren and Water bills. and Power and Light and Vectren both charge $5 for the privilage because they are so behind the times that they have Western Union handle their payments instead of having an online payment system that they manage themselves.
Anyway, I wouldn't worry so much about going down to two cards. Get rid of one, and then work your balances down to zero so that you have them card available 'if something happens' like what happened to me. I don't know what I would have done if I hadn't had them.. but I almost wish I hadn't. It's been more trouble than it's worth.
no subject
I'm 'discussing' my card with Chase right now too... becuase after I had that car accident they jacked my rate up to 29.9% and even after three years of paying on time (only the mins, it's all I can do) they refuse to lower it, so I've asked them for a settlement. It can't be any more damaging to my credit than what Dayton Power and Light will do to it when they start reporting my payment history to credit bureaus. (which I think should be illegal anyway.) The chase card is currently the only card I have active, and as soon as I'm given a settlement amount. I won't have any for a while until I get my house sold and my credit back into some kind of shape. that's just the way it has to be. I have access to an emergency line of credit from my Credit Union. That'll have to do.
Clark Howard recommends that you have two credit cards. That you not keep balances on either, (i.e. pay off the full balance every month) and that you never ever use your credit cards for lifestyle purchases. That was what I was doing until my accident. Then for three months I pretty much had to live off my two cards. US bank is working with me on payments... they offered me a hardship settlement, and I said that I though I could make payments if they worked with me on it. THey did, they gave me a payment I could manage, and dropped the interest rate so that I still make progress paying off the debt. That card is inactive. The chase card is still active and in order to make the minimum payments, I have to pay the card and then use the card to pay Dayton Power and Light, Internet, Cell Minutes, Vectren and Water bills. and Power and Light and Vectren both charge $5 for the privilage because they are so behind the times that they have Western Union handle their payments instead of having an online payment system that they manage themselves.
Anyway, I wouldn't worry so much about going down to two cards. Get rid of one, and then work your balances down to zero so that you have them card available 'if something happens' like what happened to me. I don't know what I would have done if I hadn't had them.. but I almost wish I hadn't. It's been more trouble than it's worth.