Capital one stupidity?

[coldnmn]

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@longtimelurker wrote:

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@antdave93 wrote:

To Whitesol- i understand your points regarding nfcu bucking the trend at giving out generous credit lines, but they still are in the business to make money. So in the end nfcu and Barclays are making more money from me because economysing there card more.

The only money cap one is making from me is their 29.00 annual fee.

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Right but think of the bigger picture.    They can be making money in swipe fees and maybe interest, and then you default  (as 3+% of the US card holders do).   If you have a $5K limit say, that loss wipes out all of the swipe fee money pretty quickly.   So they take, in the main, a conservative approach to those who started rebuilding or without credit history.

They do give good credit limits to people with different credit histories: e.g. they started me with a $30K limit in 2004, whereas last year Barclays gave me $4.7K, and my history is only better!

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+1 And where would a lot of us be without them. My opinion is it was the cost of my rebuilding process. I only contacted the EO for Quick Silver. My CLI were all auto. If I ever get dissatisfied I will say thank you and move on. I wont burn bridges behind me in this economy god forbid I may need them again. 

edit: FYI I started at $300 with Cap1

[longtimelurker]

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@antdave93 wrote:

To maksimfa: so basically you are saying all nfcu members are all like poor crack heads getting free money?

The last time i check navy has been in business over 70 years so they can't be that stupid giving out credit to anyone as you implied.

Sounds to me a hint of jealousy that you are not a member. 

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I don't think that was what maksimfa said, and the implication of jealousy is not friendly or supportive per guidelines.

It IS clear, and well known on this forum, that NFCU (generally) gives out very generous CLs (as do some others, duck/beaver until recently).   Now it may be that members are a particularly credit worthy group who won't default, but probably not.   Previous history really has no bearing on present risks, many banks with long histories went out of business overnight in various crises:  Lehman Brothers, 1850-2008, Barings Bank, 1762-1995, ABN AMRO 1765-2009

[09Lexie]

Let's remember to be respectful in your comments, as to not violate myfico's TOS and User Guidelines.

Lexie, myFICO Moderator

[antdave93]

I just feel some posters comments here comes off a little elitist- meaning if you have a small limit card you should be just grateful.

But someone with prime cards who asks and try for a cli they are advised to recon - like they DESERVED a higher limit.

At the end of the day we are all just asking for someone's else money to buy things we don't have CASH for.

And we are ALL grateful to live in this borrowing system.

[red259]

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@antdave93 wrote:

I just feel some posters comments here comes off a little elitist- meaning if you have a small limit card you should be just grateful.

But someone with prime cards who asks and try for a cli they are advised to recon - like they DESERVED a higher limit.

At the end of the day we are all just asking for someone's else money to buy things we don't have CASH for.

And we are ALL grateful to live in this borrowing system.

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This is not true. I have cash for my purchases. I only use credit cards, because I can earn rewards for spending money I would spend otherwise. For years I just used debit cards to make payments. Running up credit card charges when you don't have the money is probably not the best idea. 

[blondy250]

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@antdave93 wrote:

I just feel some posters comments here comes off a little elitist- meaning if you have a small limit card you should be just grateful.

But someone with prime cards who asks and try for a cli they are advised to recon - like they DESERVED a higher limit.

At the end of the day we are all just asking for someone's else money to buy things we don't have CASH for.

And we are ALL grateful to live in this borrowing system.

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No one is trying to sound elitist, however someone who has a terrible credit history (bankruptcies, late payments, charge offs) should not be expected to be treated the same by a financial institution as someone who has a long, responsible history.