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Capital One Charge-Offs And Delinquencies Resume Upward March
After posting a minor dip in October, at 9.04%, Capital One's charge off ratio once again resumed its upward climb, hitting 9.60% in November. This number was 9.77% in September so it looks like December data could be even worse as all those newly purchased plasma TVs start demanding payment. The worst data point was the 30 Day+ delinquency rate which was at 5.87%, which compares to 5.38% in September and 5.72% last month. If this number continues growing it is inevitable that the charge-off rate will also spike in the future. Meredith Whitney's greatest fear is slowly coming true.
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Extend and pretend whats in your wallet?
Talk about extend ....
Whats GS been upto with WFC this morning???
When will public anger force government to regulate credit card interest rates?
When we finally, officially, openly accept socialism as the only acceptable form of government - when squids fly.
Why do you persist in calling it socialism when it plainly is the modern version of Musolini's corporate state.
They cannot co-exist? I mean, it would really just be taking money from whomever isn't favored by the government, driving out/buying up all competition, and 'doing God's work'.
The stould be cut down to 20, shouldn't it?
Then why the F@#K is the stock going up!
Exactly. This data is irrelevant. The NY Fed release? Irrelevant. PPI? Irrelevant.
Market just goes up. Get along and make money.
third reiteration of CONviction buy list from GS coming in 5....4....3....
the only question is will they throw a third reiteration of BAC as well....
COF is a piece of shit at current pricing....i wouldn't buy it at 20 using larry summers' money.
Don't you mean your money?
Oh if I could commit Larry Summers' money I would
buy as much I could at no less than $2000.00.
"After posting a minor dip in October, at 9.04%, Capital One's charge off ratio once again resumed its upward climb"
That's impossible! When a dip occurs, it's a trend reversal, and trend reversals don't ever reverse, do they?
Inflationession, here we come.
Capital one charge-offs continue because they intentionally drive their customers over the cliff. For the last several months I have been trying to close my capital one card with a zero balance.
The thing is they don’t respond to written correspondence and will only talk to you if you promise to agree to all their terms (which you can't get in writing!)
Even after being contacted by the credit agencies (which struck them off) they still send me bills! They charged me a yearly member fee then sent it to collections!
Stay away from Capital One!
just had a very similar experience with Fifth-Third Bank here.
I moved, and updated my addresses on all my (dormant) checking accounts (business and personal--didn't actually close them b/c was told there would be a fee to close so I'd be better off leaving them open), then they generated a small admin charge on a checking account, that then went to a linked credit card account, that they did not update the address on. Anyhow, I get a phone call one day that I have a 98-day past due bill that has been reported to the ratings agencies. No bills (they'd all been going to a wrong address, even though they had the right one for my checking accounts); no phone calls. Took me one hour to finally reach a supervisor willing to repair the damage done to my credit, after I paid well over $100 in fees. If a hedge fund manager gets this from his bank, it's not looking good for the middle class, let alone "underbanked" groups. (Incidentally, a buddy of mine was looking for a credit line of (large number) X to expand his business, and was told by Chase, "sure, just buy a two-year CD here worth X and we'll extend the credit line."
Why are we subsidizing this B.S.?
Entirely off-topic, but I just want to proudly say that I canceled my Capital One card because of their commercials.
Capital One! Banking for idiots!
capital one is amazing in canada, your card limits will auto increase every 3 months and pretend there is no problem in their receivables down south...and i also love mbna too..send me all those 0.9 % + 1 % fees cheques for 1 yr..seems they are loaded up with bailout cash from US gov at 0 % to them and make 1.9 % spread from us...