More Capital One Negativity

[CreditDrama85]

You always have the option to close the account if it is annoying you. IMHO Capital One doesn't give high credit lines to people that have a lot of other cards open. I see in your sig that you have quite a few cards. They are a conservative lender.

[CreditMagic7]

Not so much for my situation because it's but a simple matter for me to easily blow them off in just the same manner as i received from them so far, but you really can't appreciate how they treat their other long time loyal holders and don't for one second believe it's a quality Business Decision like some easily resign to saying to their defense.

I'm one of those who can just move on and be finished with Crapital One and not have to carry the burden of putting up with their lack of customer loyalty that so many others have experienced FAR LONGER then i have, and i sympathize with them greatly. When you are super regular in your payments to them long-mid term and managing well, as in showing lots of useage (i read this one as a denial result), etc. you would think they would come thru with flying colors in return, CLI/Lower APR etc. to solidify this customer base. In addition you would think they would want to BUILD NEW customers to keep. For me so far they have offered no indication of interest in the least but i'm not bitter over it, more perplexed when i stack them up to ALL other lenders in this credit card bank pool. Just one example worth noting maybe among many, I hold of all things Fingerhut & various Comenity Retail Catalog Store Cards where they've already auto-applied 2 consecutive CLI's that make this C1 GM BuyPower Card look like a First Premier subprime lender. And apparently they couldn't care less. If not for the preapproval mailer they sent to me after acquiring Quality lender cards beforehand i wouldn't even be sharing this negative experience about them on the board right now.

[keithB]

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@CreditMagic7 wrote:

Not so much for my situation because it's but a simple matter for me to easily blow them off in just the same manner as i received from them so far, but you really can't appreciate how they treat their other long time loyal holders and don't for one second believe it's a quality Business Decision like some easily resign to saying to their defense.

I'm one of those who can just move on and be finished with Crapital One and not have to carry the burden of putting up with their lack of customer loyalty that so many others have experienced FAR LONGER then i have, and i sympathize with them greatly. When you are super regular in your payments to them long-mid term and managing well, as in showing lots of useage (i read this one as a denial result), etc. you would think they would come thru with flying colors in return, CLI/Lower APR etc. to solidify this customer base. In addition you would think they would want to BUILD NEW customers to keep. For me so far they have offered no indication of interest in the least but i'm not bitter over it, more perplexed when i stack them up to ALL other lenders in this credit card bank pool. Just one example worth noting maybe among many, I hold of all things Fingerhut & various Comenity Retail Catalog Store Cards where they've already auto-applied 2 consecutive CLI's that make this C1 GM BuyPower Card look like a First Premier subprime lender. And apparently they couldn't care less. If not for the preapproval mailer they sent to me after acquiring Quality lender cards beforehand i wouldn't even be sharing this negative experience about them on the board right now.

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Well that's awesome that you have so many quality cards in your portfolio.  As long as you are happy with your decission to cut ties, that's all that matters.  Good luck to you and your credit journey =)

[creditguy-378]

the guy I spoke with at the cap one EO was great! he did say they favor monthly paying on time, multiple transactions, heavy usage and multiple payments every month with having a balance when the statment cuts is how they rate the customers and determinds if they get a cli

[capitalkid]

Yeah, they just are not a growth card for most people.  I have had 2 CLI's in 7 years.  I HAVE to keep them they are now my oldest open account.  They just are not going to compete, and thats the bottom line really.  I think people have more expectations for the C1 cards than they are capable of.  

You can do just the same building with a Kays account or other like product.  They just are not advertised as "builder".    

There should be a disclaimer when you sing up listing the program limitations stamped to the account.  

I have read they will pull all of the big 3 and the small 2 so really thats 5 HP for 1 measly 500$ card.  It is a bit disproportionate to what you are getting in return.  

[CreditMagic7]

Some might say why bother with them with your current lineup, but let me remind everyone, almost everyone of those cards came after Capital One. Only US Bank, Discover, and Citi were the primes that came before, then C1 preapproval for GM Card. But that's not the point at all that needs pointing to.

C1 for lack of a better term markets (peddles) the now BuyPowerGM Card and is in fact a World Elite Mastercard. Adding to that is the fact it's supposed tp be a card in support of one of America's Big 3 longstanding automakers in General Motors. As previously mentioned it's a 5% cash back reward card which strictly builds (supposedly) toward the purchase or lease of a new GM Vehicle at some point in time. Nothing more, nothing less so far as it's spending rewards go up to $5000 spend annually.

Anyone can do the math and determine it for yourself. Is this a genuine quality card product that contributes to it's lender's/issuer's progress goals? After all, CCC's by nature routinely turn out card products to efficiently benefit their business model for profit and not loss one would think. I forgot to add it's a 12 month 0% APR card too.

At such a mediocre limit with not even a minor CLI away from such a drastic low rate what does it profit C1 to even market it as World Elite Mastercard let alone stamp it's support for GM New Vehicles Market?  In fact makes you wonder if they even seriously even examined any reasonable methods to make it profitable for them at all, never mind the cardholder at this point.

And that my friends is the most perplexing part of it to me. IMHO it seems from my experience it would have been better served and marketed as a Rebuilder/Starter Card instead of Crap 1 actually masking it as something that it really isn't in it's current form.

I'm done with my rant, thanks for putting up with it

[iwazl71]

CM7,

    I would drop them like a sack of potatoes if I were you.  I used to have a 6k Sony card from them and two other C1 cards.  Got tired of asking for CLI and having to go through terrible CS, EO, and other crap just for a baby increase.  Spend your time and energy somewhere else.

[Cookie2120987]

I "like" Capitol one, but at the same time I've only been buicredit and actually focusing on my credit for 7 months..

IMO though, they are good to START with but much after that its ridiculous. When I got my $300 increase I reconed at a attempt to increase it slightly more, and they said a flat out no, they pretty much stick to the whole 6 months per increase. A ridiculous high rise in salary CAN land you a much higher CL, but only if its within the 6 months. I personally don't think a auto CLI, should be considered your "increase" but as said capitol one is conservative..

[CreditMagic7]

Well then that's the ruling concensus to settle on

Sorry i didn't know having but zero experience with them before now. For those necessary to build and rebuild to establish solid credit (again) they are the hot ticket so to speak. And for those who are expecting C1 to grow, not so much although some customers you read of in here are progressing along quite nicely with them but not without some effort (EO)

At least in my instance it helps to clear the fog about them a lot better now. But it still bugs the crap out of me how they diminish the World Elite Mastercard brand in this way that benefits neither them or their customer's either short or long term and certainly doesn't make for any favors or support for GM.

[One7]

Capital One is terrible.  People say they help people in rebuilding stages... yeah kind of. In particular I have a secured version from them that will NEVER unsecure, which in my opinion is ridiculous. Now I have to cancel the card and reapply for a new Cap 1 card which will lower my AAOA if I want to continue with them, and they take 3 HPs! Seriously? There are way better cc companies out there. There are also wayyy better cards that'll help you in rebuilding stages, BofA being the best. Just my opinion.  I'll be canceling my Cap 1 just before the second AF hits and then I'm done with them. Not worth 3 HPs to get a crappy low limit card.