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Is this a serious question?
A prime lender is one that extends you credit only if you have a good credit history.
Niow ask yourself this:
Does Cap One give you a credit card when you just filed for chapter 7 and got denied from just about any other creditor?
Exactly.
@HiLine wrote:Is this a serious question?
A prime lender is one that extends you credit only if you have a good credit history.
Niow ask yourself this:
Does Cap One give you a credit card when you just filed for chapter 7 and got denied from just about any other creditor?
Exactly.
They don't give the Venture cards under those circumstances!
Like many other lenders, they have a variety of lines. I know CapOne is mostly known for the lower ones. But that doesn't mean that CapOne is therefore absolutely a sub-prime lender and nothing else.
IMO cap1 is prime lender
When I think sub prime I see all the outstanding things associated with a sub prime card monthly fees, super high interest rates, interest charges the minute you swipe the card for something etc etc .....They have none of those type cards.
Cap1 has tiered cards like every other lender. All lenders seem to have a card or 2 that are easier to be approved for. Are those cards by the so called prime lenders sub prime....Hummm think about it? Lol
Cap1 just seem to have more of them than others.
If not for this policy how many of us could say the door to those so called prime cards would have ever been opened hummm I wonder? IMHO
For discussion purposes and some may not know CAP1 is actually 1 of the top 5 credit card issuers. Some rank them ahead of discover some behind either way lets split the difference and say top 6.
So had CAP1 not extended credit to so many of us without charging us ridiculous fee and interest the minute you swiped it.. Would you have a so called prime card now? I doubt it!
Yes you have to work for a CLI by way of EO but that's an interesting concept coming from a small business owner I'll be honest.
If I gave out raises every time I was asked my business would not grow and probably fold. So in a business aspect I understand the thinking. Give the raise to those that work the hardest in our case MyFico knowledgeable and again from a business aspect smart move CAP1.
Let's just say that 30% of CAP1 customer know the secret how to make them some me the $
70% don't ....I take those profits and acquire another asset HBSC/Orchard and extend more credit to those that deserve a 2nd or 3rd chance to build a solid credit history and a path to financial freedom.
@myjourney wrote:
Cap1 just seem to have more of them than others.
If not for this policy how many of us could say the door to those so called prime cards would have ever been opened hummm I wonder? IMHO
Unlike some other banks, Capital One was first a subprime bank who built its business foundation with those who had a troubled credit history, which is why even now, they're associated with that lower credit card holders. They've certainly improved significantly over the years, especially with their Venture line; but, at times, they still have the feel of a company built on restraints imposed on its cardholders.
However, I do agree with you on your point. After my misadventures in college with a troubled credit history, Cap One was the only company who would give me credit after my first job. Funny, but even now, I'm still thankful to them for the approval so many years ago; even to this day, I maintain a bank account with them and have one of their cards, and likely always shall, eventhough I'll be the first to observe they have no cards I'd consider "best in class." Before the influx of non-forex cards, Cap One was one of my cards of choice when abroad.
However, unlike many here, I've never had some of the issues often associated with Cap One's service. I've never been disappointed nor let down by them enough to build the kind of vitriol I've seen and read about them here and on other boards.
@Open123 wrote:
@myjourney wrote:
Cap1 just seem to have more of them than others.
If not for this policy how many of us could say the door to those so called prime cards would have ever been opened hummm I wonder? IMHO
Unlike some other banks, Capital One was first a subprime bank who built its business foundation with those with a troubled credit history, which is why even now, they're associated with that lower credit card holders. They've certain improved significantly over the years, especially with their Venture line; but, at times, they still have the feel of a company build on restraints imposed on its cardholders.
However, I do agree with you on your point. After my misadventures in college with a troubled credit history, Cap One was the only company who would give me credit after my first job. Funny, but even now, I'm still thankful to them for the approval so many years ago; even to this day, I maintain a bank account with them and have one of their cards, and likely always shall, eventhough I'll be the first to observe they have no cards I'd consider "best in class." Before the influx of non-forex cards, Cap One was one of my cards of choice when abroad.
However, unlike many here, I've never had some of the issues often associated with Cap One's service. I've never been disappointed nor let down by them to build the kind of vitriol I've seen and read about them here and on other boards.
I too am thankful and will always keep a CAP1 just because they were there when i needed a re-start so to speak...
@markhs777 wrote:
Ego aside, does it really matter if I fill my gas tank with a Venture card or a or Amex plat?
What does ego have to do with filling your gas tank?