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@delayedinsanity wrote:Having the option to borrow 20k shouldn't induce a need to borrow 20k. I think his point is still valid, quite so in fact... 5k might be your manageable PIF limit for each card, but that's almost a good reason not to want 5-10k limit cards... you want a limit high enough above your manageable amount to not see your utilization jump regardless of whether your PIF prior to the statement cutting or within a few days of it (IE give you less reason to feel rushed... make the payment when you need to, and don't worry whether or not it reports because it isn't going to dramatically affect your score).
but I want to grow up and be like Frugal... I want to be a balla!
I have 2 Capital One CCs. Both have a $500 limit. IMO, this is perfect. I use these to pay bills and make purchases online. The lower limits protect me from myself - It is hard to overspend when you have a limit.
I like Capitol One, they helped me establish credit. I only closed the two cards I had with them because I had no use for them anymore; I don't like leaving cards open that I'll never use again. I think most of their policies are pretty reasonable, and they seem better to me than Credit One, First Premier and most of the other sub-prime type lenders. Their prime offerings aren't bad either. I may very well go for another one of their cards in the future, perhaps the new Green cashback card.
At one point, I loved Cap One, because my Platinum card grew from $300 to $1800 through their credit steps. Unfortunately, it has stayed at $1800 for three years. That was a nice CL back when I was working with toy cards. These days I have prime cards, so I'm beginning to outgrow Cap One. It would have been nice to keep them as part of my long-term CC portfolio, especially since they don't charge foreign transaction fees, but in another year I'm probably going to have to cut them loose. I don't like paying $3 a month for the privilege of making them lots of money.
I have had every bad thing imaginable happen with capital one. I was wrongfully denied for Venture, fought for months to have a damaging mistake by them on my Experian report corrected. Then, I was wrongfully denied again for a Spark Biz Card and was denied a CL increase on another card and have been jerked around trying to get answers on all these issues from their dim-witted front line who speaks bad English.
In the end, however, I finally got the mistake on my Experian corrected thanks to consumerfinance dot gov. Once I took my matter to them in writing, I got results fast and CAP1 cooperated and removed the inaccurate charge off from all my reports. And as soon as that happened, I mailed in a huge packet of papers to them for a recon on my Spark application, which included a letter arguing my case, a copy of the apology and deletion notice of that inaccurate account and copies of my credit reports from the day of my denial and I have finally been approved. This entire time, I have been dealing directly with the escalation reps at 800-707-0489. They are much better to deal with. I also got an automatic CL increase on my other card after 6 months. So, things have worked out in the end.
That being said, the single biggest problem I have with Cap 1 is their ridiculous way of dealing with applications. They are the only ones who don't have credit analysts and decision-makers available for recons. I hate that. I also hate that they make you wait for the denial reasons in the mailed letter and make it impossible to get to the bottom of the issue right away. Analysts need to be available to speak to applicants.Their automated approval-denial system leaves a lot to be desired....A LOT.
@ztnjpv wrote:I have had every bad thing imaginable happen with capital one. I was wrongfully denied for Venture, fought for months to have a damaging mistake by them on my Experian report corrected. Then, I was wrongfully denied again for a Spark Biz Card and was denied a CL increase on another card and have been jerked around trying to get answers on all these issues from their dim-witted front line who speaks bad English.
What does "wrongfully denied" mean? Do you mean to imply that they were obligated to give you credit? As far as I know, no creditor is obligated to give a particular consumer SQUAT if they don't want to.
@CreditCrusader wrote:
@ztnjpv wrote:I have had every bad thing imaginable happen with capital one. I was wrongfully denied for Venture, fought for months to have a damaging mistake by them on my Experian report corrected. Then, I was wrongfully denied again for a Spark Biz Card and was denied a CL increase on another card and have been jerked around trying to get answers on all these issues from their dim-witted front line who speaks bad English.
What does "wrongfully denied" mean? Do you mean to imply that they were obligated to give you credit? As far as I know, no creditor is obligated to give a particular consumer SQUAT if they don't want to.
From what I gather in his post I think he had incorrect data on his reports which were causing the denial.
@Anonymous wrote:
Had my Cap One card since Dec, $300 limit at the time. Six months later was increased to $500. Baby steps for sure but my score was pretty crappy when they approved me. Haven't had to deal with customer service and typically pay balance in full every month.
What did the rest of your portfolio look like at the time and how did you go about this (backdoor, automatic, hp, sp)? I'd like to keep the card open until it hits 2 years old, but I'm not so sure I'll be able to restrain myself that long. I originally intended to use it as a gas card, but I don't see that happening either.