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bs1234
Posts: 23
Registered: ‎11-14-2012
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Re: Capital Ones Last Chance


sphinx313 wrote:

True. It's just when I think about my credit future, I don't see Capital One in it. I see Chase/Amex/etc. More importantly Chase. My buddy's entire life is in Chase's hands. He has 2 mortgages, $45k in revolvers and checking/savings accounts. That's the kind of credit relationship I'm looking to build, not really who will give me the biggest line. When I think of Prime, I think of lenders that wouldn't give anything to me at all in my current position, even if it was their card with my own money. Some Prime lenders have "programs", but these "programs" make them more money then not. For Capital One to drop out of the sub-prime market would be like the government banning cigarettes and losing the tax. Just can't be done right now.


OK.  I wrote about this on another thread, still not sure why people want to build a relationship with a corporation.  I split my checking and savings accounts across several internet banks (including Capital One's internet banking, to be sort of on topic!).   I use a no-frills internet broker for investments and when I refinance a mortgage, I get better deals from the web than from any local bank.   Spread the risk and hunt for the best deals, rather than end up with everything in one place.

 

I understand that in some cases, some people do derive an advantage from a relationship, but in my searching, there are usually better deals elsewhere.  That is the power of the internet, freeing us from local establishments!

Valued Contributor
maiden_girl
Posts: 2,108
Registered: ‎12-29-2011
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Re: Capital Ones Last Chance

[ Edited ]

This thread is hilarious.

 

I had the same problem with CAP1 a few months ago. I had my account open for 2 years and had only one CLI within the first 3 months of opening the account. $500 to $750. For two years my account stayed at $750 and I could not get a CLI if my life depended on it. I'd call and request one and they would say no and only offer me lowered APR...from 24.9% to 20.9% (I know right...) I called them to close my account b/c I was really tired of the low limit and the "sorry your account isn't eligible at this time" or "we are currently reviewing our policies." I couldn't use my card to my advantage. The CSR happily agreed to close my account--but not without mentioning how great of a customer I'd been and how I'd always PIF'd each month. I was actually soo p--d off that I hung up the phone. The rep actually called me back and left me a message asking if I still wanted to close my account  and to call this number again to proceed. SAY WHAT!? The rep didn't offer me anything to keep my business considering my account was always in good standing. I ended up not calling back to close it but rather stopped using it (oldest tradeline). I called the Exe Office and had luck with getting a CLI to $1,500. As of today, balance still reporting $0.

 

Also, I don't think it's fair to say that just b/c someone has more money than you or a larger limit than your own, that your business and you as a person mean nothing. Without customers, a business wouldn't be a business.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
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Re: Capital Ones Last Chance


bs1234 wrote:

sphinx313 wrote:

True. It's just when I think about my credit future, I don't see Capital One in it. I see Chase/Amex/etc. More importantly Chase. My buddy's entire life is in Chase's hands. He has 2 mortgages, $45k in revolvers and checking/savings accounts. That's the kind of credit relationship I'm looking to build, not really who will give me the biggest line. When I think of Prime, I think of lenders that wouldn't give anything to me at all in my current position, even if it was their card with my own money. Some Prime lenders have "programs", but these "programs" make them more money then not. For Capital One to drop out of the sub-prime market would be like the government banning cigarettes and losing the tax. Just can't be done right now.


OK.  I wrote about this on another thread, still not sure why people want to build a relationship with a corporation.  I split my checking and savings accounts across several internet banks (including Capital One's internet banking, to be sort of on topic!).   I use a no-frills internet broker for investments and when I refinance a mortgage, I get better deals from the web than from any local bank.   Spread the risk and hunt for the best deals, rather than end up with everything in one place.

 

I understand that in some cases, some people do derive an advantage from a relationship, but in my searching, there are usually better deals elsewhere.  That is the power of the internet, freeing us from local establishments!


I can agree with what you're saying. In fact, my same buddy with Chase has his third mortgage through a local bank that beat Chase by .19%, so Chase countered and beat the local bank by .05% and the local bank beat their last offer by .12%. Naturally, everyone is going to go where they get the deal, it's all personal preference in the end. Honestly I'd probably give Chase my .12% just for convenience sake. We pay convenience fee's in life everyday that we're totally oblivious to. Just depends on the person.



Starting Score: 532/564 10/21/12
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Regular Contributor
CotySinz
Posts: 237
Registered: ‎06-27-2011
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Re: Capital Ones Last Chance

Well I got a Cap One CLI.. Gave me a meager **bleep**ing $250. So now my Cap One is $1k limit even though Amex just instant approved me for BCE @ 2k starting limit and my highest TL is $2500.. Cap One is ridiculous, guess I should be happy but for all the trouble $250 doesn't even really justify me to continue business with this company.. I'll keep them in the SD where they belong for util% and AoAA purposes I guess since I have no AF.


Starting: 563 | Current: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013

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AF_23
Posts: 288
Registered: ‎02-06-2012
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Re: Capital Ones Last Chance

Wow, unreal. Sorry to hear

Regular Contributor
CotySinz
Posts: 237
Registered: ‎06-27-2011
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Re: Capital Ones Last Chance

Yeah they are ridiculous... When my EO rep calls I'm gonna make it a point to let them know what Amex - a PRIME lender instant approved me for and that their card will see the light of day once every quarter to keep it active.


Starting: 563 | Current: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Capital Ones Last Chance


CotySinz wrote:

Yeah they are ridiculous... When my EO rep calls I'm gonna make it a point to let them know what Amex - a PRIME lender instant approved me for and that their card will see the light of day once every quarter to keep it active.


Yes, that will really teach them and make them regret their ways! 

 

Again, what makes you think you represent such a potential value to them that they should care whether you use their card or not?

Now if Amex had given you a $10M line of credit, yes. $2K, not so much.

Regular Contributor
CotySinz
Posts: 237
Registered: ‎06-27-2011
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Re: Capital Ones Last Chance

[ Edited ]

Regardless if I charge $2 or $2m they are still making money off of me using their product - regardless of what you have to say they sign a paycheck because people use their cards. So actually I do represent value to them, as every one of their other customers do. I don't care if I'm spending $10 million or $10 I deserve the same respect from a company - maybe a $10m customer might have more benefits sure, but they should treat people with the same respect.


Starting: 563 | Current: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Capital Ones Last Chance


CotySinz wrote:

Regardless if I charge $2 or $2m they are still making money off of me using their product - regardless of what you have to say they sign a paycheck because people use their cards. So actually I do represent value to them, as every one of their other customers do. I don't care if I'm spending $10 million or $10 I deserve the same respect from a company - maybe a $10m customer might have more benefits sure, but they should treat people with the same respect.


Almost no real big business behaves that way.    The money they make when you spend $2 is obviously vastly different from the money they make when you charge $2M so that is not a strong argument.

 

The question is whether they should spend time making special accomodation (obviously their system made some determination about CL and you want that changed).  Employees are a limited resource and as such will put more effort into more "valuable" customers.

 

Anyway, I was more responding to what you said you will tell the EO, giving my view that I really doubt that they will particularly care.

Regular Contributor
CotySinz
Posts: 237
Registered: ‎06-27-2011
0

Re: Capital Ones Last Chance

[ Edited ]

I understand what you are saying just after being with a company for almost 3 years I expect a bit more. I was with Amex for like 5 days when they approved me for a 2nd card with $2k starting limit and in 61 days I have a chance to bump that to 6k - after only being with them for 2 months so I think you can see my frustration? And with all the hoops to jump through with Cap One for only $250? When with Amex I just login to my account and request it with no hassle?

 

And believe me I know big business doesn't work that way - I've been in some 'all associates' meetings with the company I work for and some of the stuff they talk about is astounding specifically I recall a phrase they used 'Firing some of our customers' because they didn't always purchase our products, only when the price was right.. Aparently the company I work for only wants customers who are with them 100% of the time which I don't quite understand - again to me, a customer is a customer wether they be with you 1% or 100% your still making money. But I also see your view - why as a 'sales' person would you exert energy on a order for $100,000 when you have a client looking to spend $1,000,000. And this company is just shy of being a Fortune 100 company so that should put into perspective how large they are - $22.7 billion in sales/revenue last year alone.

 

Just sucks that profit gets in the way of genuine customer service.


Starting: 563 | Current: 753 (Walmart TU 11/12) | Goal: 800 | Garden since: 01/15/2013


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