Capital One ($COF) is the nation’s 3rd largest credit card issuer and would mail a pre-approved credit card to your dog if it had a vaguely human-sounding name (like Alphie or Mr Waggles).
Anyway, their charge-offs and delinquincies report for February showed a bit of improvement…
Capital One said the annualized net charge-off rate — debts the company believes it will never collect — for U.S. credit cards fell to 10.19 percent in February from 10.41 percent in January. Accounts at least 30 days delinquent — an indicator of future loan losses – declined to 5.51 percent from 5.80 percent.
The rest of the credit card companies’ reports are on the way, we’ll see if this data jibes with the positive tone from major retailers we heard last week.