Cap One Card Charge Offs, Late Payments Rise

Capital One Financial Corp. reported yesterday a net charge-off rate in its U.S. credit card portfolio of 5.34 percent in November, up more than 40 percent from 3.79 percent in November of 2006, and up about 5 percent from a month ago.

The card delinquency rate was 4.93 percent in November, up more than 31 percent from 3.75 percent in the same period a year ago, and a rise of about 4 percent from October this year.

Cap One’s credit card receivables totaled $50.4 billion at the end of November. It charged off $222,426 while 30-day delinquencies came in at nearly $2.5 million.

The charge off rate on its auto loan portfolio was 4.0 percent in November, up nearly 45 percent from November 2006. The 30-day delinquency rate was 7.05 percent, up more than 25 percent from a year ago.

The auto loan division charged off $83,213 and reported 30-day delinquencies of nearly $1.7 million.

Cap One reported its charge off rate for its entire managed loan portfolio was 3.52 percent in November, a rise of nearly 5 percent from last month, and an increase of nearly 8 percent from November 2006. The 30 day delinquency rate was 3.68 percent, up more than 5 percent from a year ago.

The update was in a monthly filing with the U.S. Securities and Exchange Commission.