Capital One - OMG!!!!!!

[Anonymous]

Wow...Congratulations!

[JonStur]

A magnificent story and very inspiring!!!! And for those upset at Cap1 remember if it's a builder card that exactly what you use it for. Pay on time keep your balances low and build your credit profile..then graduate to a prime card when you are able to...

[Jstic]

I think my Cap One card was some kind of a starter card when I opened it 11 years ago. My credit line was originally 2000.00, and it got increased to 3000.00 about 6 years ago. I recently asked them for a CLI and was denied. Myfico score is EQ 759, TU 777. The reason I got from Cap One was that the type of card I have is not eligible for a CLI.

Not really a smart way to do business IMHO. They now have the opportunity to increase my credit and generate far more revenue and income from my card,but because of the type of card, they will not see either. When I was starting to build my credit back in the late 90's, I got several starter cards. Every bank but Cap One converted my card to a prime card at some point with credit lines usually between 10-20K.

I won't cancel the card because of the age of the account, it will just never get used. I am certainly not going to make any substantial purchases on this card that would generate a credit score drop due to high individual card useage.

[hedgeclipper2]

***JEALOUS***

I kicked my C1 cards to the curb though, wouldn't waive the annual fee.  Pass.

[slarano]

What kind of monthly activity/charges do you make on the card each month? I assume several small charges and PIF before statement closing/statement sending to CRA's?

[tinuviel]

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@simonlarano wrote:

What kind of monthly activity/charges do you make on the card each month? I assume several small charges and PIF before statement closing/statement sending to CRA's?

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On this particular card, I'm not showing a great deal of activity. Last month, I only spent $20 on bridge tolls (I have a device called a transponder that lets me zip through the toll booths; it deducts the tolls from an account that is tied to my credit card and refunded in $20 increments). Sometimes I'll put a larger charge -- like an insurance premium -- on it if my rewards card is too close to its CL to handle comfortably. So, I always show some activity every month, even if its small, and PIF before the statement so that I close the month with a 0 bal.

[Anonymous]

I hope this thread doesnt give any false hopes to those of us with credit steps. Once you get to the highest level on one of these cards, thats it, unless you find a clueless rep who will PC you to something else.

Cap1 is great because they issue cards to beginners and rebuilders but their refusal to grow with their clients eventually becomes a big sticking point. Since it is my (and a lot of beginners) oldest card, its an important tradeline scorewise, so they make themselves an easy target for criticism. I don't understand why they wont product convert after a number of years on credit steps or let people apply for new cards and backdate. It has to be bad for business. All they are doing is driving off customers once their credit is established.

[tinuviel]

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@Anonymous wrote:

I hope this thread doesnt give any false hopes to those of us with credit steps. Once you get to the highest level on one of these cards, thats it, unless you find a clueless rep who will PC you to something else.

Cap1 is great because they issue cards to beginners and rebuilders but their refusal to grow with their clients eventually becomes a big sticking point. Since it is my (and a lot of beginners) oldest card, its an important tradeline scorewise, so they make themselves an easy target for criticism. I don't understand why they wont product convert after a number of years on credit steps or let people apply for new cards and backdate. It has to be bad for business. All they are doing is driving off customers once their credit is established.

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FWIW, I do agree with this. I'm hoping that they may be beginning to see this and change their business model. After all, it takes effort -- and advertising $$$ -- to gain a new customer, so it makes no sense to lose good ones so easily. I did ask a senior CSR if there is a growth cap on my other card with them, the one that was in CS. He looked at my account and told me no, that it does have the potential to grow. I put in a request for a CLI -- two months out of CS -- and I received a denial; the sole reason given was that I have been at my current CL for fewer than 6 months. So, I'm very curious to see what happens in another four months when I resubmit a request for a CLI. I'll certainly post back to these forums and let everyone know the results.

[mauve]

BTW, for those without any rewards options on Capital One - have you tried the "Modify your Features" tab at the top of the screen when looking at your account?  That's how I converted mine to a rewards card.  Otherwise, I wouldn't have that $1.67 today!

[tinuviel]

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@mauve wrote:

BTW, for those without any rewards options on Capital One - have you tried the "Modify your Features" tab at the top of the screen when looking at your account?  That's how I converted mine to a rewards card.  Otherwise, I wouldn't have that $1.67 today!

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Hey, those pennies add up over time!