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Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012

Re: Does anyone really consider Cap1 a Prime Lender?


Gunnar419 wrote:

Rackham94 wrote:

asteroidblues86 wrote:

If I knew nothing about its reputation on the forums Capital One would of had me really believing they are a Prime Lender. Instant approval online. Fast and easy account management online and with iphone app. Automatic card activation on the phone without having to talk to a person. Pretty good fraud detection department shutting my card down temporarily after two back to back $500 in store charges and notifying me immediately for verification. And finally, domestic CSR redeemed my No Hassle Miles on the telephone. Capital One has a place in my wallet. I pay no annual fee or foreign transaction fee. Plus my super shiny card is attractive. :smileyhappy:


+1 I thought I was all that and a bag of chips when I got my Cap1 a couple months ago...until I got to myFico forums lol


+100. I got my Cap One VentureOne just before I joined these forums. I was planning a trip. I didn't know anything about CapOne's reputation as a subprime lender. I made a list of all the pros and cons of five cards including CSP and for my needs (which include NO AF), the VentureOne jumped off the list as the best card of all. Nobody else even close.

 

Then I applied and got instantly approved and they not only gave me a Visa siggy but my first right out of the box $10k limit. I felt great, partly because their requirements for the card are high. Then I came here and saw everybody looking down their noses.

 


So forget the views of others!  You have a good limit on a free card, which is what you wanted.   

Regular Contributor
SisterGirl
Posts: 183
Registered: ‎11-17-2012

Re: Does anyone really consider Cap1 a Prime Lender?


Gunnar419 wrote:

Rackham94 wrote:

asteroidblues86 wrote:

If I knew nothing about its reputation on the forums Capital One would of had me really believing they are a Prime Lender. Instant approval online. Fast and easy account management online and with iphone app. Automatic card activation on the phone without having to talk to a person. Pretty good fraud detection department shutting my card down temporarily after two back to back $500 in store charges and notifying me immediately for verification. And finally, domestic CSR redeemed my No Hassle Miles on the telephone. Capital One has a place in my wallet. I pay no annual fee or foreign transaction fee. Plus my super shiny card is attractive. :smileyhappy:


+1 I thought I was all that and a bag of chips when I got my Cap1 a couple months ago...until I got to myFico forums lol


+100. I got my Cap One VentureOne just before I joined these forums. I was planning a trip. I didn't know anything about CapOne's reputation as a subprime lender. I made a list of all the pros and cons of five cards including CSP and for my needs (which include NO AF), the VentureOne jumped off the list as the best card of all. Nobody else even close.

 

Then I applied and got instantly approved and they not only gave me a Visa siggy but my first right out of the box $10k limit. I felt great, partly because their requirements for the card are high. Then I came here and saw everybody looking down their noses.

 


+1000.

 

I've had my Capital One since 2000 & one of my BEST cards, and I'm no slouch on credit ! There are those who love Citibank & Chase (both I deathly despise), but I place value in those that treat me with "respect". Never have been a title chaser or will be, and Capital One has never been anything other than great no matter when. When I was approved in 2000 initially a 3 figure card, but that grew to 4 figures quickly, I've never had an annual fee & 8.4 APR purchases/cash advance/balance transfers right from day one....and that still remains today !

 

 

SisterGirl

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Does anyone really consider Cap1 a Prime Lender?

I like Cap1 as well. They were the first lender to give me a decent rewards card after my BKs. I have $6100 in total credit (58% of all my available credit) from Cap1 through Orchard Bank, Cash Rewards, and Best Buy.

They truly have no hassle rewards. You can redeem anytime and they will even send you a check to cash. Chase doesn't have that option unless you have a Chase checking account. I found out yesterday that Discover has Direct Deposit though, which is even better. There is no min balance required to redeem and you can redeem your points right from the mobile app. Rewards are credited right away so I can easily keep track of the rewards that I am earning and I can redeem my rewards straight from the mobile app. I can only stare at them through Chase's mobile app which is very annoying and I hate that through the Chase app I can't see how many points I've earned on a single transaction so how do I know I am truly getting all of the points that I have earned?

After typing this, I realized that Cap1 (and Barclays) is prime to me because they gave me decent limits that I can truly work with! Chase and Discover both gave me $1000 limits. So the following are my artificial spending caps for everyday expenses with each card issuer based on the total available credit extended by each card issuer:
Cap1= $2800
Barclays= $2000
Chase= $700
Discover= $700

Look who is at the top of the list! Capital One! :smileyhappy:

When you gross slightly over $8000 a month, $1000 limits don't align well with your spending power. I usually only put $500 each on both Chase and Discover, not $700 because of how quickly utilization spikes up.

I'm hopeful that one day Chase and Discover will extend credit that exceeds Cap1 but for now, both of them are at the bottom of the pile. Sorry but that's how I feel. I don't have $5K on my Freedom or Discover It like you all do. And actually since I wrote this post, I'm angry at Chase and Discover. Yeah, yeah, I know my score isn't great and I have a couple of very old baddies but they aren't related to any of my open accounts. Ever since I started using credit cards again 4 years ago, I've never missed a payment nor paid just the min amount due. I'm happy I got in the door with Chase and Discover but right now they are subprime to me. Yes Cap1 is stingy with CLIs but I'm not pressed on that as they gave me initial CLs I can work with!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Senior Contributor
Open123
Posts: 3,849
Registered: ‎02-23-2011

Re: Does anyone really consider Cap1 a Prime Lender?

In my view, Captial One isn't prime if we compare the mean credit quality of their credit card portfolio (per Fico standards) to that of issuers such as Chase, Amex, Citi, Wells Fargo, Pen Fed and US Bank.  I suspect Cap One would have more subprime (again, per Fico standards) card holders than all the the issuers I've mentioned combined.

 

However, if by "prime" we mean using a card to charge, pay easily and accrue rewards, then I would consider Captial One "prime" from my experience with them.  Also, I've never had one of their cards where the CL is capped by inception at $3k; nor, have I ever had reason to call them for anything.  I've used (used mostly for non forex) online banking exclusively.  

 

My definition of "prime" is purely based on quality and value of rewards accrued using the card relative to the fee, if any.  The card most prime is the one which a user derives the most beneft commensurate to his personal needs.

Contributor
MazdaSpeed
Posts: 246
Registered: ‎04-09-2013

Re: Does anyone really consider Cap1 a Prime Lender?


Open123 wrote:

In my view, Captial One isn't prime if we compare the mean credit quality of their credit card portfolio (per Fico standards) to that of issuers such as Chase, Amex, Citi, Wells Fargo, Pen Fed and US Bank.  I suspect Cap One would have more subprime (again, per Fico standards) card holders than all the the issuers I've mentioned combined.

 

However, if by "prime" we mean using a card to charge, pay easily and accrue rewards, then I would consider Captial One "prime" from my experience with them.  Also, I've never had one of their cards where the CL is capped by inception at $3k; nor, have I ever had reason to call them for anything.  I've used (used mostly for non forex) online banking exclusively.  

 

My definition of "prime" is purely based on quality and value of rewards accrued using the card relative to the fee, if any.  The card most prime is the one which a user derives the most beneft commensurate to his personal needs.


Well said, I completely agree!

BCE 17.1k (1/13 backdated to 1/11)_____CSP 5k (4/13)
Barclaycard Arrival 1k (4/13)______Capital1 Cash Rewards 2.5k (3/13)
Citi Dividend 1k (3/13)_________Discover IT 1k (3/13)
Chase Hyatt 500 (5/13)______Chase Freedom 5k (11/12)
TU 745 (2/26/14
Established Contributor
Gunnar419
Posts: 1,019
Registered: ‎01-23-2013

Re: Does anyone really consider Cap1 a Prime Lender?


SisterGirl wrote:
There are those who love Citibank & Chase (both I deathly despise), but I place value in those that treat me with "respect".

Exactly! So many people here go on and on about Chase being so wonderful. Chase always makes the list of prime cards. But they haven't given me a CLI after more than three years of being a good customer and won't even consider giving me one without an HP. That may be "prime" as in a snobbish "we're too good for you." But it's not prime treatment.

 

Citi I have no personal experience with, but they seem to be stingy with CLIs, too, plus I hear other things that make me very leery of them.

 

Prime? I have a few cards everybody would consider prime. But the REAL test of prime is in the benefits of the card and how well cc issuers treat their customers.

 

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Does anyone really consider Cap1 a Prime Lender?

+1000!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Contributor
BearOSO
Posts: 96
Registered: ‎10-03-2012

Re: Does anyone really consider Cap1 a Prime Lender?

Good thing the word "prime" is subjective and capital one extends credit vicariously post-2008.

Just because capital one does not succumb to your standards does not mean that your definition should trump that of others. They've always been great with me and have yet to have a complaint against them. They get the job done and do it well, just like chase and Amex have done for me.


Starting Score: 656 12/2012
Current Score: FICO (USAA pulled) EXP:678 | myFICO EQ:676 | myFICO TU:685 | App free since 2/1/2013

Regular Contributor
SisterGirl
Posts: 183
Registered: ‎11-17-2012

Re: Does anyone really consider Cap1 a Prime Lender?


Gunnar419 wrote:

SisterGirl wrote:
There are those who love Citibank & Chase (both I deathly despise), but I place value in those that treat me with "respect".

Exactly! So many people here go on and on about Chase being so wonderful. Chase always makes the list of prime cards. But they haven't given me a CLI after more than three years of being a good customer and won't even consider giving me one without an HP. That may be "prime" as in a snobbish "we're too good for you." But it's not prime treatment.

 

Citi I have no personal experience with, but they seem to be stingy with CLIs, too, plus I hear other things that make me very leery of them.

 

Prime? I have a few cards everybody would consider prime. But the REAL test of prime is in the benefits of the card and how well cc issuers treat their customers.

 


Bravo to you, Gunnar419 ! I used to have First USA Visa in the early 90's (whom I loved), until the clowns at Chase acquired them.....and it began an UGLY war of the roses ! I still have a 5 digit unsecured signature line of credit with them for over 17 years (they've not cause me any heartache inciting a reason to venture elsewhere), but I won't touch any credit product due to past experience.  I have what makes ME (the maker of the money & the payer of her bills) happy....and that's good enough for me,

 

SisterGirl

Established Contributor
laboi_22
Posts: 634
Registered: ‎07-07-2011

Re: Does anyone really consider Cap1 a Prime Lender?

I have nothing against Capital One and as we've discussed before, what is prime to one person might not be prime to someone else. I do not carry any CO products except for a low limit new comers card. For what it was worth, that card got me where I am today. Besides all of the previous comments however I consider Capital One subprime for the following reasons:

 

Poor, poor, poor customer service. Did I mention poor?

Low limits that never move (unless of course you have a Venture One or Venture card) from what I heard

High APR

Minimal rewards. Even the Venture's reward structure in my opinion is mediocre for a travel card with its inability to transfer points to frequent flyer partners 

Branding - you know you are dealing subprime when you pull out your Capital One and everyone around you with bad/poor credit has a Capital One Journey and is 42 years old. (not being judgmental since I've been there with the bad credit thing and all) I'm just saying. I don't want to have a Capital One card because I don't want people thinking I have bad credit. When you pull out the wildly branded AMEX everyone knows you have good credit. It sometimes kills me to hear stories on here about people with sub-par credit getting approved for AMEX great way to water down the brand.

 

Those are my thoughts!

Current Scores: EX - 728 FICO (5/11/13) TU - 771 FICO (7/02/13) EQ ??

Current Cards: Chase Freedom $5,000, CSP $5,700, BofA Visa Signature $15,000, AMEX BCE $6,000, Walmart $4,150, Gap Visa $10,000, JC Penny $5,800, Lowes $8,500, Dillard's AMEX $8,000, AMEX Hilton HHonors - $2,000, Chase United $12,000, Citi AAdvantage & Simplicity $6,000/$6,000, SPG AMEX $1,000

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