CreditCards Blog

Hi,

I have a Capital One 'Classic' (ie - 30% APR) Visa card, and due to my not thinking straight, during the last few months, going through a messy break-up, I'm now very stressed about this.

I only got the card back in May of this year, in order to improve my credit rating, yet I stupidly started using it..

My limit is 500, and my balance is now at 523.58.

Overdue amount = 15.43

Overlimit amount = 23.58

..and due to being currently out of work (and desperately trying to find a job), I can not pay this.

I really don't want this to mess up my credit rating, if I can't help it, due to it starting to only just recover.

What are Capital One like if I approach them with a view to making a repayment arrangement?

Also, what are the consequences re - my credit file?

Many Thanks,

Leigh

PS - I've even considered selling my computer, just to pay off this card, but I'd prefer not to if I can help it, as I've gone for the TeleTech job (as found on MSE), and I obviously need my computer for this.

PPS - I've already given my Capital One Visa card to my Dad, for safe keeping.

can you not borrow 40 and pay it to cap 1.

Thanks clio.

My Dad *might* help lend me the dosh if I ask him, just to get back under my credit limit.

However, I'm too proud, and would rather try and sort this out myself.

I've submitted the TeleTech assessments this afternoon, so hopefully, the ball's started rolling on the job front.

Really want to try and raise the money in some other way, rather than ask my Dad. Have to sort this pronto though, as they'll be adding another late payment / over - limit charge on 7th December :-/

Thanks again,

Leigh.

Leigh
it,s only going to get worse tbh. borrow the money to get it under the cl them you have a bit of space.
been thinking about it. 40 probably wouldn't cover it, as your going to have interest on with next payment
so your back to square 1. i think 80 would be better, so payment date is the 7th meaning to allow it to get
through the system you are going to have to pay it by tuesday to get to your account for friday [5th] as the
7th is a sunday. i think it's easy this way as rebuilding your credit after this is going to be hard work.
so probably better having a go now at sorting it out.

I agree with Clio. 40 is not that much and I'm sure your dad will lend it to you.

Have you not been charged 12 aswell for going over limit in the first place?

However, I'm too proudIs your pride worth lots in overlimit fees, and six years of a screwed-up credit file?

No, thought not.

To answer the question you asked, yes, if you phone Cap1 and ask for a repayment plan -

1. They'll probably refuse until you begin missing payments.
2. It will fudge up your credit file even more.

I would definitely try and sort something - if you're too proud to borrow money go to an agency and see if you can get work - many pay every Friday. Or go door to door offering to wash cars/do ironing/whatever.

easy?!
I think you will deal with the problem evey well!

Thanks for the advice guys.

My Dad has kindly lent me 80. Paid over phone today, to Capital One, which according to them, has brought my account out of 'collections', and back within its limit.

I've also just signed up to BT Basic, in order to lower costs on my landline rental, thanks to the info on MSE!

On job front, I had a call this afternoon, to arrange a telephone interview with Teletech tomorrow, so things are improving :-)

Thanks again,

Leigh.

well done, next statement is crucial as you will have a fee now because of the over limit. your next statement
will be if no more is spent on card roughly 23.

Thanks Clio.

My priority (after getting this job tomorrow!) is to pay off this card asap in the New Year, and to just keep the account open to improve the credit rating :-)

I'm considering asking them to lower my interest rate, but I'm probably dreaming!

leigh
you are lol[dreaming] cap 1 will not entertain an apr decrease, you could try and ask them, but it will be a waste of time. best thing you can do is keep balance under control and don't give them any ammo to increase it even more. good luck :)

Cheers Clio.

The APR won't matter, once I get the balance down to ZERO in the New Year!

Thanks again.