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Senior Contributor
Open123
Posts: 4,194
Registered: ‎02-23-2011
0

Re: Give Capital One some Credit


afbar1114 wrote:

Changingmantra wrote:

When I am realistic about what Capital One is for me, then I love the company.  When I was approved for two of their cards 4 years ago, I was was  happy - even felt honored - to get cards that were not Orchard or First Premier.  I had no annual fees on my accounts, and except for one instance, their CSRs have always been very nice and professional.  In 2008 they often sent out letters to customers telling them that if they called up using so and so phrase, such as, "I want to make C1 my primary card," they would get a CLI.  People would share the phrases or codes or whatever in the forums and others would call up and get CLI.  It is how I received a $300 CLI even before ever receiving my first $500 Credit Steps increase.

 

Both my Visa and MC were Credit Steps cards and within in a year, my Visa went from $500 to $1800, my MC from $500 to a $1000, as opposed to $1500 because supposedly I missed a payment or went over my limit.  Since I had gotten regular increases, especially on the Visa, during that first year, I thought the increases would continue.  They did not, and that is when the frustration set in. 

 

Nearly 4 years later the Visa was still at $1800, and I got the same responses when I asked about the prospect of a CLI.  What bothered me was that I had done all the things they had asked me to do to show credit worthiness and responsible management of the cards.  Interestingly, it was during my third year of having these cards that I got an increase on the MC - the card I supposedly had a baddie on.  I went from $1000 last year to $4000, but then they took back some of the increase because they said I was only supposed to get increased to $2500.  That card still sits at $3350 since last December.  And I do realize that for a Cap 1 card, this is a good limit.

 

It seems to be feast or fammine with them.  To have gotten $1300 in CLI in under a year had me convinced that the Visa would continue to grow with me.  I had not thought of EVER closing my Cap 1 cards.  This was not an issue of prime vs. subprime, but of an expectaiton I had based on my early experiences with them.  Since I do not need or want a pocket full of credit cards, I decided to close the Visa, feeling like there really was nowhere to go with it.   I was told that my MC has reached its max CL, which is disappointing to me, because I certainly would not mind staying with this company for many years, but I would like some incentive to do so.  Every now and then, they will give me a reduced APR offer, whiich is nice.  And still, I know that I have received more in CLs than people who have had their cards longer than I have and/or have better scores.  So, while my expectations have been dashed, I have to say that my experience with them has been mostly good.



lol i am going to try this tomorrow and see what they say lol 


Hahahaha....let us know if it works, because I'll follow suit!

Contributor
LilloEsquilo
Posts: 318
Registered: ‎05-08-2011
0

Re: Give Capital One some Credit


Open123 wrote:

afbar1114 wrote:

Changingmantra wrote:

When I am realistic about what Capital One is for me, then I love the company.  When I was approved for two of their cards 4 years ago, I was was  happy - even felt honored - to get cards that were not Orchard or First Premier.  I had no annual fees on my accounts, and except for one instance, their CSRs have always been very nice and professional.  In 2008 they often sent out letters to customers telling them that if they called up using so and so phrase, such as, "I want to make C1 my primary card," they would get a CLI.  People would share the phrases or codes or whatever in the forums and others would call up and get CLI.  It is how I received a $300 CLI even before ever receiving my first $500 Credit Steps increase.

 

Both my Visa and MC were Credit Steps cards and within in a year, my Visa went from $500 to $1800, my MC from $500 to a $1000, as opposed to $1500 because supposedly I missed a payment or went over my limit.  Since I had gotten regular increases, especially on the Visa, during that first year, I thought the increases would continue.  They did not, and that is when the frustration set in. 

 

Nearly 4 years later the Visa was still at $1800, and I got the same responses when I asked about the prospect of a CLI.  What bothered me was that I had done all the things they had asked me to do to show credit worthiness and responsible management of the cards.  Interestingly, it was during my third year of having these cards that I got an increase on the MC - the card I supposedly had a baddie on.  I went from $1000 last year to $4000, but then they took back some of the increase because they said I was only supposed to get increased to $2500.  That card still sits at $3350 since last December.  And I do realize that for a Cap 1 card, this is a good limit.

 

It seems to be feast or fammine with them.  To have gotten $1300 in CLI in under a year had me convinced that the Visa would continue to grow with me.  I had not thought of EVER closing my Cap 1 cards.  This was not an issue of prime vs. subprime, but of an expectaiton I had based on my early experiences with them.  Since I do not need or want a pocket full of credit cards, I decided to close the Visa, feeling like there really was nowhere to go with it.   I was told that my MC has reached its max CL, which is disappointing to me, because I certainly would not mind staying with this company for many years, but I would like some incentive to do so.  Every now and then, they will give me a reduced APR offer, whiich is nice.  And still, I know that I have received more in CLs than people who have had their cards longer than I have and/or have better scores.  So, while my expectations have been dashed, I have to say that my experience with them has been mostly good.



lol i am going to try this tomorrow and see what they say lol 


Hahahaha....let us know if it works, because I'll follow suit!


I have an idea for them - a Cap One "Starter" card for 18 year olds with no credit history. A 20 dollar limit, 10 dollar AF, and 35% APR. After 6 months of responsible use it goes to 50 dollars and after a year it maxes at 100 and stays there....for life. Just think you will be spared the agony of wondering if you can get a CLI because you will KNOW that just like death and taxes you can count on Cap One to hold the line.

 

What do you think?

FICOS 2/2012 EQ: 763 TU: 761 EX: 746 (1/2012 EX)
Cards: Associated Bank Visa 9000, Paypal Mastercard 3000, Amazon Store card 1100, Barclays Apple Financing 2500, Cap One Rewards Mastercard 3000
Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
0

Re: Give Capital One some Credit


LilloEsquilo wrote:

I have an idea for them - a Cap One "Starter" card for 18 year olds with no credit history. A 20 dollar limit, 10 dollar AF, and 35% APR. After 6 months of responsible use it goes to 50 dollars and after a year it maxes at 100 and stays there....for life. Just think you will be spared the agony of wondering if you can get a CLI because you will KNOW that just like death and taxes you can count on Cap One to hold the line.

 

What do you think?


I think something like that essentially already exists, it's from a company by the name of First Premier.  :smileywink:

Established Contributor
pipeguy
Posts: 797
Registered: ‎10-31-2011
0

Re: Give Capital One some Credit

I have an idea for them - a Cap One "Starter" card for 18 year olds with no credit history. A 20 dollar limit, 10 dollar AF, and 35% APR. After 6 months of responsible use it goes to 50 dollars and after a year it maxes at 100 and stays there....for life. Just think you will be spared the agony of wondering if you can get a CLI because you will KNOW that just like death and taxes you can count on Cap One to hold the line.

 

What do you think?


Exactly the kind of illogical bashing of Cap-1 this thread was talking about....

*** Remember the Tallyman because he sure remembers you ***
Contributor
LilloEsquilo
Posts: 318
Registered: ‎05-08-2011
0

Re: Give Capital One some Credit


pipeguy wrote:

I have an idea for them - a Cap One "Starter" card for 18 year olds with no credit history. A 20 dollar limit, 10 dollar AF, and 35% APR. After 6 months of responsible use it goes to 50 dollars and after a year it maxes at 100 and stays there....for life. Just think you will be spared the agony of wondering if you can get a CLI because you will KNOW that just like death and taxes you can count on Cap One to hold the line.

 

What do you think?


Exactly the kind of illogical bashing of Cap-1 this thread was talking about....


That's actually about what they do - they give subprime folks cards with 300 dollar limits (500 if you are lucky) that might get one CLI in your life. If you are really really lucky after a year you might get as high as 1000 even 1300 dollars. At that point, you are done and you will never see another CLI again on that card as that's as high as it goes.

 

So are you saying that is what is illogical, or is it illogical they have this business model?

FICOS 2/2012 EQ: 763 TU: 761 EX: 746 (1/2012 EX)
Cards: Associated Bank Visa 9000, Paypal Mastercard 3000, Amazon Store card 1100, Barclays Apple Financing 2500, Cap One Rewards Mastercard 3000
Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
0

Re: Give Capital One some Credit

[ Edited ]

LilloEsquilo wrote:

pipeguy wrote:

I have an idea for them - a Cap One "Starter" card for 18 year olds with no credit history. A 20 dollar limit, 10 dollar AF, and 35% APR. After 6 months of responsible use it goes to 50 dollars and after a year it maxes at 100 and stays there....for life. Just think you will be spared the agony of wondering if you can get a CLI because you will KNOW that just like death and taxes you can count on Cap One to hold the line.

 

What do you think?


Exactly the kind of illogical bashing of Cap-1 this thread was talking about....


That's actually about what they do - they give subprime folks cards with 300 dollar limits (500 if you are lucky) that might get one CLI in your life. If you are really really lucky after a year you might get as high as 1000 even 1300 dollars. At that point, you are done and you will never see another CLI again on that card as that's as high as it goes.

 

So are you saying that is what is illogical, or is it illogical they have this business model?


I find it amusing that you seem to look down on others, calling them "subprime folks", as well as Capital One while you carry one of their cards. That's a bit like those that only go to church in expensive designer clothes and when their new (not paid for) car is detailed. [EDIT]: And I don't believe you to be that type based on some of your other posts, so I'm a bit surprised you stated it that way.

 

Their business model seems to be working fairly ok frankly. I don't recall them asking for bail out funds or committing fraud to fatten their profits, like some banks people RAVE about on here. Funny.

 

I had a much longer post typed out that wasn't in response to anyone, only a perspective, but after MyFico came back with an error and lost it, I'm not wasting time re-typing it. 

Super Contributor
CS800
Posts: 6,552
Registered: ‎04-07-2008
0

Re: Give Capital One some Credit

Conclusions:

 

1. Cap One has a business model whereby it gives people with poor credit low CL and high APR's

 

2. They categorize these cards into different tiers; those who will grow and those that wont

 

3. Cap one CS are not always helpful since they rely on a script. It is also not their fault. It is all about how they are trained and how much leeway they have to make independant decisions. It seems that the internal system is already making decisons and the CSR's just tell you what the conclusion is

 

4. Cap one also has primes i.e Venture. The customer service seeems to be better

 

5. Cap one is a very conservative lender

 

6. They pull all 3 bureau - perfectly legal but very irritating

 

7. Cap One is better than First Premier and Orchard

 

8. The chances your card will grow is 50-50

 

9. Based on what we see on here, I have a better chance developing interstellar wormhole travel than deciphering cap one's logic in anything they do

 

I'm grateful that cap one gave me a card to rebuild but I have moved on to others cards

 

Please feel free to add to my list :smileyhappy:




Contributor
LilloEsquilo
Posts: 318
Registered: ‎05-08-2011
0

Re: Give Capital One some Credit


RyVision wrote:

LilloEsquilo wrote:

pipeguy wrote:

I have an idea for them - a Cap One "Starter" card for 18 year olds with no credit history. A 20 dollar limit, 10 dollar AF, and 35% APR. After 6 months of responsible use it goes to 50 dollars and after a year it maxes at 100 and stays there....for life. Just think you will be spared the agony of wondering if you can get a CLI because you will KNOW that just like death and taxes you can count on Cap One to hold the line.

 

What do you think?


Exactly the kind of illogical bashing of Cap-1 this thread was talking about....


That's actually about what they do - they give subprime folks cards with 300 dollar limits (500 if you are lucky) that might get one CLI in your life. If you are really really lucky after a year you might get as high as 1000 even 1300 dollars. At that point, you are done and you will never see another CLI again on that card as that's as high as it goes.

 

So are you saying that is what is illogical, or is it illogical they have this business model?


I find it amusing that you seem to look down on others, calling them "subprime folks", as well as Capital One while you carry one of their cards. That's a bit like those that only go to church in expensive designer clothes and when their new (not paid for) car is detailed.

 

Their business model seems to be working fairly ok frankly. I don't recall them asking for bail out funds or committing fraud to fatten their profits, like some banks people RAVE about on here. Funny.

 

I had a much longer post typed out that wasn't in response to anyone, only a perspective, but after MyFico came back with an error and lost it, I'm not wasting time re-typing it. 


I don't look down on those with subprime cards, until recently I was one of them. Your impression is mistaken about that.

 

As for it being amusing I look down on Cap One but have one of their cards, yep, gotta agree there. I applied for it only because I figured based on past history with them it would be approved, because I was looking to boost my score, honest truth there. I planned to use it maybe once a month just for the score increase because I couldn't get over the hump without revolving credit into the next tier. But when they gave me the CL they did, I first about passed out (I didn't know they gave out CLs that high) then I thought well it's a rewards card, I can make some real use of this. I was thrilled. Then I called their CS and got the run around from their reps, payments took forever to post and my available credit just never quite matched up with my balance and payments, and I realized that even though it's "prime" they simply do not believe in CLIs - period so it will never grow with me, it's still Cap One.

 

I went on to get cards from other issuers and so I don't use Cap One, based on what I have listed here. But yeah it amuses me too. If they got decent CSRs who they trained to know their products instead of read scripts, and started giving some CLIs just once in a blue moon for responsible people, I'd feel a whole lot better about them and i would use the card. As it is, I don't see that happening.

 

That's probably more detail than you wanted to know, but that's how it is.

 

Their model does work for them - they mostly prefer to issue subprime cards, that is their niche market. Of the subprime issuers in my opinion they are the best one. For the rest of us, eh, it is what it is.

 


 

FICOS 2/2012 EQ: 763 TU: 761 EX: 746 (1/2012 EX)
Cards: Associated Bank Visa 9000, Paypal Mastercard 3000, Amazon Store card 1100, Barclays Apple Financing 2500, Cap One Rewards Mastercard 3000
Contributor
GoingTo800
Posts: 91
Registered: ‎01-24-2012
0

Re: Give Capital One some Credit

I think if they no longer fit what you need drop them otherwise keep them for age. How many people want a CLI just to get a CLI versus needing a CLI? I had a BK in 2004 and opened several CCS after to rebuild and to be honest Cap 1 is one of the  only issuers to give me CLIs during that time, I never asked my card has just gone from 1500-4k over the years and my orchard has gone from 500-1700 andwith my other accounts... Chase @ 6800, Christian Community @7500 and state farm at 6500 - all opened in 05-06 none of them have ever CLId me but I have also never asked. I have never asked because I have never needed the additional credit.

 

I have bought 2 houses for cash and have used the CCs to help with repairs, in both house cases the CCs were charged up to 18-19k and then paid back down. Still paying down the 2nd 18k :smileytongue:  but were I am at in my life now I know I can charge up to 20ishk if needed for house stuffs and still have 10k ish available for emergencies. I also know that amount is one I can pay. I dont see the need to have limits and available credit that far exceed ones ability to pay. You will get killed on a manual review for a serious loan.

Equifax Feb 2012 690
TU Feb 2012 720
Established Member
Tropikal
Posts: 16
Registered: ‎12-06-2011
0

Re: Give Capital One some Credit


LS2982 wrote:

They are good for rebuilding credit. After that, find another lender.



+1


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