Capital One is a JOKE

[washpadude]

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@austinguy907 wrote:

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@washpadude wrote:
Cap One doesn't always make sense. At 8 months post ch 7 discharge they financed a 20k car loan at 4%. Two weeks later quicksilver visa siggy 5k. Two months later visa siggy venture 15k. 3k cli on each after three statements. All on at the time a 35k income. With stories like mine, it's no wonder the op expected more.

I'm now 18 months post discharge and have over 80k in unsecured revolving credit. Some of you seem to have dated notions of credit after chapter 7.

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Sure some things change over time but, the consensus of post BK is that your scores plumet and you're not in a position to take on debt even if you wanted to hence the BK in the first place.  Everyones situation is different though.  From your post in particular though it's seems odd that Cap1 would extend so much credit in comparison to your income. I guess they're playing fast and loose again like they did before 2008.  DTI though taking into consideration with Chase for example you would get cut off around 10-12K in CL's with them.  Of course you'd also get an auto decline for the BK and have to recon to get something open.  There just seems to be a sense of entitlement around here for those that try to follow others foot steps and expecting the same result.  It's kind of like the disclaimer on most investment sites....

Not FDIC Insured • No Bank Guarantee • May Lose Value

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Perhaps there is a sense of entitlement, I more see people getting their hopes up and then being disappointed. There are lots of success stories, but people are less likely to post their disappointments. I am personally guitly on both counts, allowing myself to have unreasonable expectations and being disappointed, and primarily posting successes.

I know we always say YMMV around here, and it's true. It's also true that Fico scores and even income aren't always the whole story. I'm pretty sure Capital One was willing to lend to me becaues they are very happy to sue for their money and I own my house free and clear. It's very easy to turn a judgement in to a lien on real property in my state. https://www.propublica.org/article/at-capital-one-easy-credit-and-abundant-lawsuits  I did burn Cap One on two cards, but the dollar amount was low and both had a squeaky clean 10-12 year history prior. I had only opened two other accounts post BK, so my AAoA was around 15 years. Oldest account 20 years. Only had maybe three inquiries between all three CRAs. I also had savings and checking with Cap One that I had for several years, including direct deposit of my paycheck. Phew, I never really stopped to think about all of the factors, but we should just try to remember that YMMV and there is often more to the story than what you see in a quick success post.

[Anonymous]

OP, I understand your frustration with Cap One. It's difficult to get the results you're expecting. Cap one does grow differently for everyone and I myself "hate" discover because they won't let me in, while others love them. To each their own.

there are plenty of posters on here who tend to be a little overally critically, condescending and who are quick to put in their two cents to just comment without helping. But there also a lot and I mean a lot of other people who know what they are talking about and truly help. It's just a matter of tailoring your question, rant or comment.

[Anonymous]

OP...sometimes the way things are worded they come off harsher than intended...push that out the way...read  the messages that are being brought forth...Also try the rebuilding forum on here for more insight. Your post is in credit cards, sometimes mods will move it, once the threads take a turn for advice...RIght now you're ripe for advice, but tone down the response, it's the internet, we all will probably never see each other lol. I used to read and get mines and the post wouldn't even be mines.

What others are saying that with the BK on record, Cap 1 is a great rebuilder when you want unsecured credit, with that, they are extending slowly what they feel you can handle, even with PIF sometimes that doesn't jumpstart the gravy train. But mostly once you gave the backdrop of the late payments, for most of us that was the big Aw Ha moment. Lates after a BK can say to a lender, they aren't ready for us to let lose more of our funds.

Overall don't SD the card, that will only lead to lower increases possibly. Use the card for the Rewards/Cashback part. Maximize that in spots your other cards aren't filling.

Your scores are pretty low and that's not saying they won't increase, but the crawl will be slower, others have made wonderful suggestions just implement them, like the GW letters on the lates, if you're not familiar head over to rebuilding on the forum.

Cap One was the first lender to give me a card when I turned 18 years ago, and the first one during my rebuild start at the middle of 2015 in my 30s (well into them btw) to give me a card I wasn't just AU on. My card started off I think $300, in Credit Steps, 1st CLI got me $500, credit steps took me to $800. Now that card is at $2k but a lot more than that original SL.  Overall what I'm pointing to they gave me a jump start I needed. Now I'm in with lenders like Citi, Amex, Discover, etc. with limits much higher. Someone even suggested PC it to a QS1 (this I know is what moved me out of the low jumps on my CLI, I did it mines was a Platinum and PCd to a QS)

Keep your head up, it's a slow crawl, set your bills to pay at least the minimum payment on auto pay, then make extra payments after that if not PIF, that's a cure to making sure you head off any further lates.

Good Luck overall.

[Anonymous]

I definitely get your frustration too, SW30. I, too, am rebuilding after BK, and it is hard to read about all the CLIs on here and not expect it to happen for me too. I've posted a couple of times being frustrated that I wasn't given a CLI from both Cap1 and Discover. It's hard to wait for the results to come, because I want the results now! I know one thing, though, if you are patient and stay the course, the CLIs will come. Don't lose heart, and take the nuggets of wisdom and truth from each post and just ignore what seems offensive. I struggle with that too. I don't like people assuming things, or asking me condescending questions (an example is that someone asked me if I knew about keeping a low UTIL when I asked a completely unrelated question). It's hard to ignore those things, but I am trying. I guess my point is that there are others out here that share your frustrations and struggles. That's why this forum is cool. We know we're not alone. 

[rmduhon]

Cap1 is definitely odd. Hubby's scores are 675-695 with heavy usage, 19% UTI, perfect history, no baddies, and was only offered 150 and 250 for his cards. We're going to wait a bit and see if he can get 500 each before he combines the cards but he'll accept those CLI's if they don't increase the offer within a week or 2.

[Anonymous]

Hi SW30. Sorry things arent going as well as you would like. Rebuilding credit isnt always easy. You seem to be taking this a little too personally however. I will make an analogy that detaches you from the situation so you might see this from a different light.

Lets say you and I work in an office. In this office there are 5-10 people I had borrowed money from. Things got rough for me and I told everybody, "I'm sorry, but things are rough for me and I won't be paying any of you back." Lets say I asked you to borrow some money after this and you reluctantly agreed. In the meantime, I have also borrowed money from some other people. Now I come back to you and say, "I know you lent me some money, and even though I have borrowed from some others since then, I would like to borrow some more from you." You lend me more money, but not as much as I wanted.

Should I get mad and say that you are a joke? Or should I think that you see a risk that you are unwilling to take? Banks don't hatch money eggs. That money comes from somewhere and just like people, they feel the pinch when money doesn't get paid back. They are just refusing to take on what they see as a big risk.

Nobody here is attacking you or you scores etc. Pizza says that everyone has gotten mad because they get denied. I haven't and neither should you. That would be like getting mad at an insurance company for giving you high rates after having several wrecks. If anything, you should be mad at yourself for being the root of the issue and use it as a learning experience. These problems occur because of ourselves and we need to learn to analyze the situation instead of getting mad because we didnt get what we wanted.

Again, I'm not trying to attack you or anything. I am just trying to give you a little perspective on the situation. I hope things look up for you from here on out. Just keep making payments on time, never be late, and up is the only place you will go from here.

[bourgogne]

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@Anonymous wrote:
Hi SW30. Sorry things arent going as well as you would like. Rebuilding credit isnt always easy. You seem to be taking this a little too personally however. I will make an analogy that detaches you from the situation so you might see this from a different light.

Lets say you and I work in an office. In this office there are 5-10 people I had borrowed money from. Things got rough for me and I told everybody, "I'm sorry, but things are rough for me and I won't be paying any of you back." Lets say I asked you to borrow some money after this and you reluctantly agreed. In the meantime, I have also borrowed money from some other people. Now I come back to you and say, "I know you lent me some money, and even though I have borrowed from some others since then, I would like to borrow some more from you." You lend me more money, but not as much as I wanted.

Should I get mad and say that you are a joke? Or should I think that you see a risk that you are unwilling to take? Banks don't hatch money eggs. That money comes from somewhere and just like people, they feel the pinch when money doesn't get paid back. They are just refusing to take on what they see as a big risk.

Nobody here is attacking you or you scores etc. Pizza says that everyone has gotten mad because they get denied. I haven't and neither should you. That would be like getting mad at an insurance company for giving you high rates after having several wrecks. If anything, you should be mad at yourself for being the root of the issue and use it as a learning experience. These problems occur because of ourselves and we need to learn to analyze the situation instead of getting mad because we didnt get what we wanted.

Again, I'm not trying to attack you or anything. I am just trying to give you a little perspective on the situation. I hope things look up for you from here on out. Just keep making payments on time, never be late, and up is the only place you will go from here.

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^^^ There is it in a nutshell, this is the key of moving forward.  very well crafted response.  have a great weekend

[Anonymous]

Johnyconsumer: Im far from stupid, so your examples i'll dismiss because they are as the others were, BASHING.Like ive stated before, Ive had ZERO LATE PAYMENTS and ZERO balances in a 13 month time with them. So ive given them no reason to only extend 200 dollars.....

[Anonymous]

Use other lenders if you feel they did you wrong. You don't have to use Cap one.

[gdale6]

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