What do the credit card companies think?

[masscredit]

There are so many members here and even more topics that cover everything that we can think of and then some. People are constantly calling the credit card companies asking for increases, lower APRs and PCs. Plus other things that we discuss that will help them improve their accounts. I didn't really think much about all of this stuff before I became a member. Yeah, I'd try for a CLI once in awhile but that's about it. Now I think about credit everyday. It's a fun hobby that also has financial benefits.  Do many people on the "outside world" think like this too?  Something that got me wondering about this today. We have a tread here about getting SP CLIs from Barclay. I'm wondering if all of a sudden they are getting hundreds of calls about that everyday. Or people calling Cap 1 for a big increase on that Venture cards? Do these companies see a spike in requests when we discuss them here? 

What do the credit card companies think about all of this? Is it just a part of normal business each day or are they thinking "those d*mn internet people keep calling us for more credit"? 

[Anonymous]

No, my partner thinks I'm crazy signing up for so many credit cards and such. So do my co-workers when I tell them I have 18 cards. But my partner doesn't seem to mind when we stay in the hotels for free with the points or travel with the miles.

[ilovelisa]

I think the Capital One Executive Office probably doesn't like this forum. Members of MyFICO are probably the only people that contact the EO for CLIs.

[pipeguy]

I suspect the major players mreaning lenders, debt collectors, etc monitor most Net based credit forums - that being said, a very small percentage of "credit users" visit and use credit forums.

If you look back 6 months to a year ago at trends, especially concerning Capital One, you'll see they "adapted" to CLI's, larger limits, etc and I suspect that because 60% of Cap-1's business is credit card related that credit forums, facebook and contacts to their EO all factored into the "we need to adapt because we're getting out butt kicked by other lenders (just an example as far as one lender)

[Anonymous]

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@masscredit wrote:

There are so many members here and even more topics that cover everything that we can think of and then some. People are constantly calling the credit card companies asking for increases, lower APRs and PCs. Plus other things that we discuss that will help them improve their accounts. I didn't really think much about all of this stuff before I became a member. Yeah, I'd try for a CLI once in awhile but that's about it. Now I think about credit everyday. It's a fun hobby that also has financial benefits.  Do many people on the "outside world" think like this too?  Something that got me wondering about this today. We have a tread here about getting SP CLIs from Barclay. I'm wondering if all of a sudden they are getting hundreds of calls about that everyday. Or people calling Cap 1 for a big increase on that Venture cards? Do these companies see a spike in requests when we discuss them here? 

What do the credit card companies think about all of this? Is it just a part of normal business each day or are they thinking "those d*mn internet people keep calling us for more credit"? 

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ROFL!!

[wacdenney]

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@pipeguy wrote:

I suspect the major players mreaning lenders, debt collectors, etc monitor most Net based credit forums - that being said, a very small percentage of "credit users" visit and use credit forums.

If you look back 6 months to a year ago at trends, especially concerning Capital One, you'll see they "adapted" to CLI's, larger limits, etc and I suspect that because 60% of Cap-1's business is credit card related that credit forums, facebook and contacts to their EO all factored into the "we need to adapt because we're getting out butt kicked by other lenders (just an example as far as one lender)

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Crap 1 is NOT getting their butt kicked.  They earn more than any other CC lender.  Or at least they used to.

[pipeguy]

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@wacdenney wrote:

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@pipeguy wrote:

I suspect the major players mreaning lenders, debt collectors, etc monitor most Net based credit forums - that being said, a very small percentage of "credit users" visit and use credit forums.

If you look back 6 months to a year ago at trends, especially concerning Capital One, you'll see they "adapted" to CLI's, larger limits, etc and I suspect that because 60% of Cap-1's business is credit card related that credit forums, facebook and contacts to their EO all factored into the "we need to adapt because we're getting our butt kicked by other lenders (just an example as far as one lender)

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Crap 1 is NOT getting their butt kicked.  They earn more than any other CC lender.  Or at least they used to.

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I didn't say they were, business-wise per se, I used it as an "expression" of dinosaur old practices verses modern marketing but they adapted to what the market demanded as far as upgrades, limit of two open accounts, higher CLI's especially in the steps program, higher starting CL especially in their current Venture "ramp up", they drop AF's now all the time - didn't used to, greater expansion into prime cards, etc.  60% of Capital One's business is credit cards, they can't afford to fall behind. Capital One was just an example.

A more modern example would be AmEx falling behind in the "news" aka recent financial articles on AmEx losing their ego-status-image and losing the Costco Business (I'm not going to get too deep into the AmEx example because I've got a bias against AmEx).  

I think if you read the "Crap-1" noise from a year ago, perhaps 18 months ago (they reasons why) and honestly look at their practices today you'll see they've adapted to changing times and I don't think this is limited to just Capital One but I also think that some lenders are holding on to old practices are losing market share. 

Monitoring "credit boards" is one way to see market research for free and getting fairly instant feedback. 

[wacdenney]

I agree Cap 1 certainly seems to be improving over time for sure.

[gdale6]

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@ilovelisa wrote:

I think the Capital One Executive Office probably doesn't like this forum. Members of MyFICO are probably the only people that contact the EO for CLIs.

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I can assure you there are members of other forums who do the same thing, it isnt restricted to My Fico 

[Anonymous]

before this forum, i didn't even know there was magical department such as EO, I thought I just apply for credit, be happy with whatever credit limit i've got. But thanks to myFico forum, now I learned how to pester EO to ask for more credit limits or reconsideration for denied application. Thanks myFico

-RedMiniStapler-