dealing with credit card companies

Parent Cafe
1

<p>Sorry for the length!</p>

<p>My d. tried to open a credit card w/ CapitalOne. She has had her own credit card for 5 years, and decent credit history that she worked very hard to build. She will be studying abroad for 6 months, and her card charges a hefty foreign transaction fee, so I suggested she apply for a C.One card which does not charge a transaction fee. She applied for a student account online, but it did not go through (or so she thought), because it stopped mid-way and said “it could not be processed”, so she started again, but it said she must wait 24 hours. She applied again 2 days later, and the same thing happened, so I suggested she call them instead. The phone agent could only open specific products, and not a “student account”, so he suggested another product, which she accepted. She fully explained to him what happened online, but he gave no indication it could be a problem. She called yesterday to find out the status since she is leaving soon, and they told her because she applied 3x, it did not go through, and she had to wait 30 days to reapply. She said she didn’t have the time, and the agent said there’s nothing he could do, but “have a good trip”. She didn’t mean to apply 3 times. She thought it just wasn’t “processed” the first 2 attempts.</p>

<p>At this point she has no interest in applying for their card. I was more concerned about any ramifications on her credit score, so with her permission, I called to at least try to clear the slate. </p>

<p>Short version: I had to call at least 5 times. Each time, she had to get on the line to verify her information. The first agent said there was nothing they could do. I asked for a supervisor, who said they could help, but we had such a bad connection, I begged her to call back, and she said she would do so in a couple minutes. She never returned the call. I called back again, could not be connected with the first supervisor,and the second agent basically said it was too late, and there was nothing they could do. Up to supervisor level, who was adamant there was nothing they could do and there was no other level I could request. So I called back again, and was cut off. The next agent said they could “clear it up”, The supervisor agreed this faulty application process would probably hurt her credit rating, and at least acted sympathetic to the dilemma. He told us we had to initiate a credit dispute with the credit agencies, and that once initiated, I could call C.One for updates. He promised he would include in her file that I (the parent) could talk directly to them since she would be out of the country, and she had already given permission (4x). I had to call that supervisor back, and of course when I did so, they would not talk directly to me, could not “find him”, would not transfer the call, and basically started all over saying there was nothing they could do for her. </p>

<p>By this time I was livid.</p>

<p>No one would tell her why it was denied, but surmised it was due to the number of requests, or that the information on the first online application was incorrect. None would refer the call past the second level. Only the second to last suggested that something could potentially be done (all requiring our work, and later I discovered fees as well). But the supervisor on the final call said there was nothing in her file about any permissions, any process by us to initiate a dispute, or even having talked to the former supervisor. She said nothing could be done in writing (?), and that all had to be by telephone call (initially from my daughter of course). She said she would pass on the information that the former supervisor call me back. He didn’t. Of course it is the holidays, but I am not confident there will be any return calls. </p>

<p>Each time I had the supervisors name (they will only give a first name), with their ID number, but they could never find them, and gave the excuse it must have been another call center.</p>

<p>So what is the next step? They clearly will not send me up another level. How do you find the contact information of someone who will even try or has the authority to help? Anyone know a CEO at Capital One who has the authority to clean up this minor mess with a major aggravation? </p>

<p>I feel awful as I suggested d. open this card, and it could now potentially cause her credit issues!</p>

2

<p>Alec Baldwin?</p>

<p>When I got a car loan, a couple of car dealers sent loan apps to many, many lenders and it clogged up my credit–I applied for a credit card at the same time and was not approved because of no credit history other than a bunch of car loan applications, and a short employment history. Apparently these credit card companies use computer programs that are not consumer friendly.</p>

3

<p>I would suggest for you to forget about trying to clear it up with Capital One. I am pretty sure that there is nothing they could do about it. Every time someone applies credit online, the computer just sends that information to credit bureaus. I do not believe they could retract the notification, unlike late payment. What you should do is to work with credit bureaus to see what they could do. Tell them that due to Capital One’s computer error, your D was not able to complete her application. I’ve had very good luck work with credit bureaus, believe it or not.</p>

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<p>I’ve had mixed experiences trying to get credit bureaus to straighten up their errors. It can be quite frustrating. Good luck!</p>

5

<p>In the short term: </p>

<p>Apply for a Capital One card in your name and get your D a card as an authorized user. (This also isn’t a bad option for a back-up card, once D can get her own card.)</p>

<p>Have D just use cash for foreign transactions until she can reapply in 30 days.</p>

6

<p>When D1 went to study abroad, she had an extra card from our AmEx and Master/Visa accounts. They got more perks and protections from our accts rather than getting her own card. Our good credits also transferred to her when she used those cards.</p>

7

<p>My kids used a card from our Capital One account. We specifically got a Capital One credit card because they offer cash back (when you pay the balance off every month) and no international fees. </p>

<p>So, if you are able to get a Capital One credit card, simply order one for your daughter as well. It might not be ideal but it may be the best you can do right now - assuming there is enough time to do this.</p>

8

<p>Good news: Your D has rights under the Fair Credit Reporting Act. She may want to document – now – the problem, so that if it comes back to haunt her, there’s a contemporaneous record.</p>

<p>While the details are fresh in her mind, she can write to Capital One, giving a detailed account of what happened. Worst case, at least her side of the story will be provided to anyone looking at her credit:</p>

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<p>She should also keep an eye on her credit report, and if this impacts her credit, she can then asking the credit reporting company to investigate:</p>

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<p>All communications should be sent by certified snail mail, return receipt requested.</p>

<p>[Disputing</a> Errors on Credit Reports | Consumer Information](<a href=“http://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports]Disputing”>Disputing Errors on Your Credit Reports | Consumer Advice)</p>

9

<p>If you try to contact the credit bureaus I don’t think they will talk to you unless you present information as if you were your daughter, which ultimately is not a good idea. I would try to contact the Consumer Financial Protection Bureau. This is the new agency. If they can’t help people in situations like this, then what are they good for?</p>

<p>For convenient and efficient access to funds overseas we had a good experience using Schwab Bank’s debit/ATM card. They reimburse fees (and charge no fx fees) but I was surprised to find there were no fees to reimburse. All the fees that you see when using a card overseas are charged by your own U.S. bank, so if I use the Schwab card and they don’t charge fees there are no fees being charged by the European bank.</p>

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<p>It may depend where your D is going, but S just uses his Bank of America debit card. I believe that they have an arrangement with another bank–Barclay’s?–that means there are no transaction fees in Europe. If she needs an actual credit card, that is another matter. My H has a superb track record in handling CC and other disputes. He’s out right now, but I’ll ask him what he would do when he returns.</p>

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<p>Yes we & our kids all have Schwab accounts & debit/ATM cards. S used it in Thailand when he was there for 6 weeks & it worked great. </p>

<p>Personally, have never had trouble with my CapitolOne account, but have read of others who have had problems.</p>

12

<p>Daughter used her debit card (B of A) and a Visa card which belongs to me, but she has her own card (her name), while living and traveling in Southeast Asia. The debit card worked most of the time, and I was really glad she had the Visa card because she was scammed in a hotel-- they charged her twice for something she’d already paid for online (so she really paid three times). The hotel admitted charging her one too many times and gave her back one overpayment, but they really owed her a second repayment. So we disputed it with Visa and just found out that we were credited the second charge. We got back both overpayments and only paid the original online charge. Having a credit card is really, really worthwhile, because I don’t know if it would have been so easy to get this money back had she just put the whole thing on the debit card. Maybe get her a card with her name on it that belongs to you. Does her credit grow from just having a card with her name on it?</p>

13

<p>H says your D should file a report with the Office of the Comptroller of the Currency. Their web site has a page for consumer complaints that lists the banks they regulate, and will tell you whether they regulate Capital One. If they do not, you should file a complaint with the Consumer Financial Protection Board, recently established under Dodd Franks.</p>

<p>He says that his rule of thumb is that if there is a need to make a second phone call in a matter like this, you have already gotten the run around. He goes straight to the regulating agency after the first call if he doesn’t get satisfaction. He has brought utilities, insurance companies, credit card companies and banks to their knees with this approach. :slight_smile: </p>

<p>Good luck!</p>

14

<p>Yes, you can get a CC & have your kid(s) on it. You can also set a lower credit limit for the people you add to the account with some companies (I know our Capitol One account allowed us to set different limits on the secondary card). I also have had a hotel try to scam us, claiming we didn’t show up at a hotel where we didn’t even have reservations. It was really odd, since we hadn’t stayed there in over a year and were actually in the same city at a different hotel during the time period they said we had reservations at their hotel.</p>

<p>Credit card companies have been great working with us whenever we have a disputed bill. Some CCs also offer some purchase protection–one is for 60 days (loss or theft) and one is for extended warranty, I believe. A few even have travel insurance included as a benefit. It’s great when they take your side in any billing dispute.</p>

15

<p>Ha! Love the idea of contacting Alec Baldwin! </p>

<p>We (parents) already had a Capital One card with great credit history. That’s why I suggested it in the first place. As a result of the fiasco, we immediately added her to our card. No problems there! (of course-- they want the business). Both she and we also now have Schwab bank / debit accounts, so we can immediately transfer $$ to her account in the case of any emergency. She can also use her current credit card if necessary, and incur the fees. I am primarily concerned about the effects on her credit history!</p>

<p>I am also appalled at the lack of any type of assistance from C.One. No one was rude, but basically no one would help either. Those that indicated they could help, were contradicted by others, so either they are totally untrained, or worse case, I was deliberately lied to. They specifically told me they would add notes to her file, and the next agent would say there were no such notes, or no such policies. </p>

<p>Added dilemma. Any correspondence is currently going to her “permanent” address (in another state at school.) She has contacted her former roommates to ask them to forward to me. When she spoke to the first Capital One sales person, he said she MUST use her current address (in the other state), for her application, but she could call in 4 business days to have them change it to my address while she is out of the country. That was the reason she called to find out the status.</p>

<p>I’ll try some of the suggested agencies. However, will they even talk to me? She will sign a notarized permission note giving me authority to act on her behalf for this issue while she is gone, but Bank One basically said that would do no good, and that they could ONLY talk to her in person, and ONLY over the phone! (no emails, no letters, etc.). I was stunned. It just sounded like a quagmire over such a simple computer glitch.</p>

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<p>When necessary I pretend to be my daughter…much easier way to get things done.</p>

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<p>I also have had good luck with better business bureau. I had a 2 year dispute with a cell phone company. They gave me negative rating with credit bureaus. I just sent an online report to BBB, received a call from the cell company within days and the matter was settled over the phone call. They removed all negative reporting to credit bureaus too.</p>

<p>Consolation - good information. I will keep that in mind for the future.</p>

18

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<p>His rule of thumb is now my rule of thumb. I have wasted far too many hours of my life on the phone with B of A, Comcast, Verizon, Blue Cross, etc etc etc. Thanks!</p>

19

<p>Problem with these large bank credit cards is that your state banking commission has no control over national banks like B of A. I wanted to file a complaint with our state banking
commission about B of A and they don’t accept them. </p>

<p>I too have had mixed results dealing with the credit bureaus.</p>

20

<p>I think you will submit a complaint to the agencies in writing. I don’t know about talking to you as followup, but your d could state in her letter that she will be out of the country and she gives her permission to speak to you. See what it says on the web sites.</p>