Give Capital One some Credit

[goodygoody]

My husband and I both got Cap 1 cards when we had no credit, and really appreciated being given the chance to build credit because our goal is to buy a house...   With that said, my mother had a card with them about 8 years ago, ended up in a dispute with them where she didn't pay her bill, and they actually took her to court for a relatively small amount of money (like $800).  She somehow was not even informed about the court date (I think she had changed addresses?) and ended up automatically losing the case and had to pay them an additional amount for court fees, etc.  I have never heard of a company going to actual court over such a small amount - it was pretty bizarre.  But at the same time, I suppose if you owe money...  It's not that they did anything illegal, just stuff I never heard of anyone else doing.

[pizzadude]

I agree that cap1 is a MUCH better choice for a rebuilding CC than most others, however most of the frustration that I have seen directed at them is from people who are expecting to receive CLIs or PCs or something similar due to Cap1 not being clear about how their subprime cards are managed. They offer vague promises of possible consideration for future CLIs, or other offers, but the reality is that most rebuilders are not eligible for anything.

[Chrisla2077]

I think Cap One is just a good rebuilder service. If I have any gripe with them, it's their customer service and inconsistencies with approving apps based on scores and qualities of credit.

[tubesock]

My husband and I both got our Cap1 cards with $500 limits in Jan 2008. We called 6 months later and both got $250 CL's. We both continue to call every six months but they would only increase my CL. The only difference between our cards is that I had a $40 AF and his card had no AF. 

I ended up closing my account at the end of 2010 to avoid paying the annual fee in Jan 2011 because they refused to remove it. I had gotten up to a $2250 CL. 

My husband still has his card and still has the same $750 CL. Just called last week for an increase and the answer is still no.

My husband makes a 6 figure income and I'm a stay-at-home-mom. How crazy is that!!! Real smart...keep giving CL increases to the unemployed, LOL!!! I'd probably be up to 4 or 5000 dollars CL by now had I not closed my account.

[RyVision]

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@tubesock wrote:

My husband and I both got our Cap1 cards with $500 limits in Jan 2008. We called 6 months later and both got $250 CL's. We both continue to call every six months but they would only increase my CL. The only difference between our cards is that I had a $40 AF and his card had no AF. 

I ended up closing my account at the end of 2010 to avoid paying the annual fee in Jan 2011 because they refused to remove it. I had gotten up to a $2250 CL. 

My husband still has his card and still has the same $750 CL. Just called last week for an increase and the answer is still no.

My husband makes a 6 figure income and I'm a stay-at-home-mom. How crazy is that!!! Real smart...keep giving CL increases to the unemployed, LOL!!! I'd probably be up to 4 or 5000 dollars CL by now had I not closed my account.

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Actually, you may  have been grandfathered in with that card if you got it before the new rules regarding personal income verses household income kicked in. So they may have taken the 6 figure income into consideration while giving you those increases even if they weren't asking you about it (you and  your husband have the same last name and billing address etc, it also depends how you listed your income on the original application).  I'm guessing your CLIs may have stopped soon after the law about that took effect (this is just a bit of a theory, not intending to state fact about it).

[jwduke]

I guess Cap1 doesnt suscribe to, "Give credit, to where credit is due"

[pizzadude]

Oh they do give credit ~ it is just a one time occurrence.

[jwduke]

You are right, pizzadude!

[Open123]

I agree with the OP's on many levels.

Regardless of CapOne's reputation, their subpar service, or the myriad of complaints one is sure to read about on the net, I have never had any issues with them.  As a matter of fact, after my financial irrepsonsibility during my college years, CapOne was the ONLY lender willing to extend me unsecured credit--albeit it was only $500.

This small step allowed me to begin the process of rebuilding my destroyed credit.  I know that CapOne was hoping to profit from me (this is capitalism, right?), but they've lived up to their end of the bargain with me.  Even to this day, I have a CapOne.  I suspect I always will because they took a risk on me so many years ago.  Moreover, they are the only Visa/Mastercard with no annual fee who doesn't charge a foreign transaction fee of any kind.

Neither AmEx, Citi, Chase, nor HSBC offers 0% foreign transaction fees without conditions.  Discover does, but good luck finding anyone especially in SE Asia who accepts that card.

[learnin113]

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@LS2982 wrote:

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

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+1. Exactly.  They don't deserve any more credit than that.