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@astritaho1979 wrote:I was really hoping that the point i was trying to make was understod correctly.lets say u are the Underwriter and are thinking about approving a customer with Capitalone road to credit typocreditcard.Now u are ready to go up to the next level applying for a chase freedom.Why would the underwriter grant you a new prime card when in his mind his thinking ok.. iam dealing with a customer that have been with a rebuilder credit company and does not even have the neccesery experience for a prime 5k credit card.Now when he see that u are no longer willing to do business with a subminus lender closing the suprime credit card and are ready and or taken the neccesery steps to go to prime lender he most likely be serious with your application for credit
Because the lender realizes that everyone has to start somewhere; after all, no one is born with the experience to qualify for a 5K card right off the bat. Closing the subprime card doesn't indicate that you're ready to move on and are taking the necessary steps to be approved by a prime lender; it simply means that you have closed an account in good standing. Keeping the account open shows that you have valued the relationship that you have built with your current lender, and the prospective lender can expect that you will value the relationship with them, as well. One thing that lenders don't care to see is accounts constantly being opened and closed -- who wants to approve you for an account if it looks like it will be closed a few months later, which some people indeed do?
So, what is a prime lender likely to think when reviewing the applicant's file? "Yes, the applicant has starter and/or rebuilder cards, but has been managing these accounts well. They meet our underwriting criteria for risk and have a good debt/income ratio. This person has done well by Cap1, and will likely do well by us. We'd like to be able to take this account away from Cap1 by offering him/her a more attractive card."
See how that works?
@astritaho1979 wrote:Ur absolutly right.You are in the right path my friend.I have at least 150 k on my business from boa
What i meant to say is im going to take my chances with keeping Capital One open and see if they do unsecure the card...sorry for the misunderstanding.
@astritaho1979 wrote:Do your self a big favor and dont even bother to call them.Last time i tried they closed my account in 3 days.Instead try to apply for barcley card and nfl visa>they are good for ppl with average credit.If u have a 695 fico try penfed.They are fantastic
@Anonymous wrote:
Can some please pm me the cap1 executive office phone number and/or email??
Thanks!!is waste of time.They are not doing any credit limit increases
This is absurd. First, cap 1 gave me a CLI from 1250 to 5000 just last week. LAST WEEK! Second, with both cap 1 and 1st premier on my credit report, I've obtained a mortgage through Wells Fargo, a chase visa signature card, a usaa card with a 13k limit, an Amex zync, an Amex Hilton surpass and a discover more. I get letters from b of a on a weekly basis BEGGING ME for the opportunity to refinance my mortgage. Please stop assuming your experiences are universal. They aren't.
ok so what is your credit score on fico?i can give you the right answer
i gues is your choice but i was just sugesting from experience
Look iam on the phone with underwriters all the time due to the business relationship of 175.000$ with Chase and Bank of america,I wouldnt sugest it if i dint hear it straight from the source.I hear and agree with you on principal but you know and i know they are not always underwriting base on the book.They are simply not happy to see those accounts on your credit report.YES the rebuilder card is neccesary to get you from A TO B but.....not to C
It's always a YMMV type of thing. But no, having a Cap1 will not stop any UW from granting you credit. If you took everything that BOA CSRs tell people to heart, then the credit world would be in worse shape than it is. I've seen and personally witnessed some of the things they say, and often they don't have a clue. If the creditor doesn't want my business, believe me someone else will. Cap1 serves its pupose and serves it well. Sometimes they are prime, other times not so much. But if they get your foot in the credit door, then use them.
i agree
i wouldnt be suprised if they close your account after that .They close mine 6 months after the did a cli for no reason with a fico of 729
Just because you had a certain experience with Capital One doesn't mean that everyone does. When a company is considering extending credit to someone and sees Capital One on their credit report, there is no way to tell which kind of Capital One card it is that that person has. Having a card with a $500 limit may indicate that someone could have a rebuilder card, but if someone has a card with a limit of say $2500 or $5000, there would be no indication of the type of card it is. The same would apply to a secured card, especially if someone deposits a higher amount for it.
Capital One is the first company to grant me credit after my bankruptcy in 2005. I opened that account in 2007 and had a $500 credit limit that I never could get increased. I closed it this year after getting cards with higher limits. I also have a Capital One business card that reports to both my business and personal credit reports and that limit is $1500. I have financed a car through them also. While Capital One does offer products for people with lower credit scores, they also offer products for people with excellent scores, so having a Capital One card isn't going to prevent someone from obtaining new credit. Now, having cards with Premier or CreditOne could, although my CreditOne card (the second company to grant me credit after my bankruptcy) wasn't a factor in getting any of the credit cards I have today. Having Capital One cards (and a CreditOne card) did not prevent me from getting my BofA card this year.
You seem to be arguing way too much about Capital One closing your accounts for no reason, which makes it seem like there is a reason behind it that you aren't telling us about. If it is true, then I'm sorry they closed your accounts - it isn't something you hear about happening a lot with them. But just because you have some kind of vendetta against them doesn't mean that you need to be so insistant on others closing their accounts. If you feel they treated you bad, give it up and get over it. The cards listed in your signature indicate that you really don't need Capital One anyways.