Erasing Our Debt

Well I decided to go ahead and opt out of the changes to my Capital One card.

Reasons being:

• I forgot I had a balance transfer on there at 0%. I don't believe it will last for the life of the card, but it still has a few more months on it. While I believed I had been paying about $9 in interest a month on that card, it comes out to just under $3. I didn't want the 0% going to 19.9% in just a month.
• After reading numerous stories over at Consumerist.com, I found out that Capital One is doing this to just about everyone. Even my wife got a notice in the mail similar to mine. Only difference is that they weren't raising her interest rate, just the late, over the limit fees. I guess an interest rate of 24.99% is high enough for someone with a credit score over 725. She doesn't use the card anyways. It's been cut up and thrown away for a long time now.
• Capital One is now going to be reporting credit limits. While overall for the big picture that is everyone it is good, it is actually going to hurt me. At one point in time I had a $4,500 limit on my Capital One card. Since they only reported your high limit, which was around $3,300 for me, I pretty much had a low credit utilization. But I called and asked them to lower my credit limit to $1,500 a long time ago. Now my credit utilization will shoot up. Oh well, right?

// posted by Ryan @ 11:45 AM