June marks the first time this year that the delinquency rate for Capital One Financial Corp.'s credit card portfolio rose from the previous month.
The portfolio's 30-day delinquency rate was 3.85% of receivables, up from 3.81% in May and 2.98% in June 2007, according to a Cap One filing with the U.S. Securities and Exchange Commission.
The company also reported that the portfolio's annualized charge-off rate in June rose 14 basis points to 6.42% of total receivables from 6.28% in May. The rate in June of last year was 3%. The annualized charge-off rate for its auto-financing portfolio rose 46 basis points in June, to 4.26% of receivables from 3.8% in May and 2.63% in June 2007.
The portfolio's 30-day delinquency rate for the month increased to 7.62% from 7.27% in May. The rate in June 2007 was 5.99%, according to the filing.