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Posted by newwithasaab (more from newwithasaab) on Fri, 8 May 2009 11:02:55 Share Post by Email
In Reply to: Re: Getting a corporate credit card for an LLC w/o income?, Caarma [Profile/Gallery] , Fri, 8 May 2009 07:56:04
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They do have a bad rep in some quarters. However, in general I have to say that they have been very good. They are always helpful, always waive fees for most anything if you have a good story or it's even mildly questionable. EX. Recently my replacement card did not arrive as scheduled (although they said it was sent months ago). I called and they closed my account as they considered it a lost card, set up forwarding so my month's payment would hit the new account immediately, and sent me a new card by overnight mail at no extra charge.

There is one thing about Capital One that is worth knowing. When someone does a credit check, you are gernerally evaluated based on what you owe vs. your credit limit. So, for example, if you owe $1k on a $10K limit, that's good. If you owe $1k on a $2K limit, that's bad. Capital One will report your limit as the maximum amount you've ever charged. So, even if you have a $10K limit, if the max you've ever charged is $2k, then you get reported as a $2k. If the credit check is done in a month where you have charged $1900 on that card, it pulls your credit rating down overall.

Capital One has been taken to court over this multiple times and so far they have prevailed. I don't quite understand why they do it as it's not of any real benefit to them, but they stand hard behind the policy. I already had my Capital One card when I learned about this and I rarely charge much to the card. But, I fixed it by running up a huge bill one month and then paying it off.

Again, other than this oddity, they've been very good to me.

posted by 98.110.15...

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