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Established Contributor
CreditCrusader
Posts: 799
Registered: ‎09-27-2011
0

Re: What is bad about Capital One?


BlueNightStar wrote:

For all of their faults that others have mentioned (little to no credit line increases, lack of customer service, etc., all true by the way) I really find them to be the most consistent creditor I have. Do I like my $500 limit, no I do not. However, I will say that they never care about carrying a balance or what payments I am making. I had a balance on that card for 2 years during my worst financial times. The did not increase my APR. They did not balance chase me. They didn't care if I made 1 payment per month or 10. All of my other cards took AA against me during those times.

 

I closed another higher limit card I had with them back in 2009 (before I understood the consequences). I was treated the same with that card. Honestly, if I had to carry a balance right now, I would use my current Cap 1 card. They are the only CC issuer I currently have that would not care. Eventually I want to get a CU card that will hopefully be my go to card if I need to carry a balance. Until that happens, I'm leaving this one open. I like having a card where I don't have to worry about what I'm doing with it.

 

If you can get a card for average credit and not one of the rebuilder ones, you might get enough of a credit line for your needs. It's a trade off. The card probably won't grow much but at the same time you can use it without fear of repercussions. My file is very thin and I am still rebuilding so consider my opinion from that perspective.

 

 


I'll say this for Cap1: They are the only CC lender who hasn't treated me like a sub-prime borrower...even when I didn't have a prayer of scoring a prime card (I now have 2).

 

They post payments in a timely fashion...don't hold my available credit hostage, regardless of payment size or the age of the account...and credit the AF like clockwork every time I ask.

 

I was once one of their biggest critics due to their legendary lack of willingness to grow. I now see that as a short-sighted approach to valuing a credit card. It isn't their job to grow with me. It's MY job to grow my credit profile...with or without their help.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
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Frequent Contributor
Mike360
Posts: 433
Registered: ‎03-19-2010
0

Re: What is bad about Capital One?

1. worst customer service ever

2. no customer requets on credit limit increases

3. very rare do you get offers to upgrade

4. no room for growth on sub-prime cards. one you reach the max limit of a small amount it will never change

 

no foreign exchange fee's,good for newcomers and low apr are some of the plus stuff but all of those have never applied to me since i never travel out of country and i don't carry balances.

~~In my wallet: Best Buy $7500, Dell Preferred $5500, Discover IT $4000, Chase Freedom $3500, Barclays NFL Extra Points $3300, Sears $2800, Bill Me Later $2100, CapOne Platinum $2000, Kohls $1500, Target $200
Regular Contributor
BlueNightStar
Posts: 181
Registered: ‎07-09-2011
0

Re: What is bad about Capital One?


CreditCrusader wrote:

I'll say this for Cap1: They are the only CC lender who hasn't treated me like a sub-prime borrower...even when I didn't have a prayer of scoring a prime card (I now have 2).

 

They post payments in a timely fashion...don't hold my available credit hostage, regardless of payment size or the age of the account...and credit the AF like clockwork every time I ask.

 

I was once one of their biggest critics due to their legendary lack of willingness to grow. I now see that as a short-sighted approach to valuing a credit card. It isn't their job to grow with me. It's MY job to grow my credit profile...with or without their help.


Totally agree. You said it much better than I did.
Established Contributor
namvet
Posts: 866
Registered: ‎09-22-2011
0

Re: What is bad about Capital One?


CreditCrusader wrote:

BlueNightStar wrote:

For all of their faults that others have mentioned (little to no credit line increases, lack of customer service, etc., all true by the way) I really find them to be the most consistent creditor I have. Do I like my $500 limit, no I do not. However, I will say that they never care about carrying a balance or what payments I am making. I had a balance on that card for 2 years during my worst financial times. The did not increase my APR. They did not balance chase me. They didn't care if I made 1 payment per month or 10. All of my other cards took AA against me during those times.

 

I closed another higher limit card I had with them back in 2009 (before I understood the consequences). I was treated the same with that card. Honestly, if I had to carry a balance right now, I would use my current Cap 1 card. They are the only CC issuer I currently have that would not care. Eventually I want to get a CU card that will hopefully be my go to card if I need to carry a balance. Until that happens, I'm leaving this one open. I like having a card where I don't have to worry about what I'm doing with it.

 

If you can get a card for average credit and not one of the rebuilder ones, you might get enough of a credit line for your needs. It's a trade off. The card probably won't grow much but at the same time you can use it without fear of repercussions. My file is very thin and I am still rebuilding so consider my opinion from that perspective.

 

 


I'll say this for Cap1: They are the only CC lender who hasn't treated me like a sub-prime borrower...even when I didn't have a prayer of scoring a prime card (I now have 2).

 

They post payments in a timely fashion...don't hold my available credit hostage, regardless of payment size or the age of the account...and credit the AF like clockwork every time I ask.

 

I was once one of their biggest critics due to their legendary lack of willingness to grow. I now see that as a short-sighted approach to valuing a credit card. It isn't their job to grow with me. It's MY job to grow my credit profile...with or without their help.


    You make a good point and you are correct.  It's not Cap One's job to increase your credit line.  Same with any other card as well.  You have to manage your own credit lines and make changes when necessary. 

New Contributor
MrGoat
Posts: 158
Registered: ‎06-04-2011
0

Re: What is bad about Capital One?

I would tend to disagree with any claim of 'your stuck there'.

 

Capitol One started me with something like a $750 starting CL.

Within two years they, without any asking or even without informing me that I know of, increased my limit up to $4500.

Its been there ever since.

 

The wifes CapOne,however, is still the $1250 limit she started with.

 

I use my cards far more aggressively than she does,so that may account for some of the reason CapOne gave me the increase...not sure.

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: What is bad about Capital One?

I think cap one serves the entire credit spectrum. A lot of their problems seem to be that they profile their cards so if you started with low end card they don't really give cli according to your current credit profile. They typically want you to apply for new card as opposed to pc to other card or growing the card with you. Given they hard pull on all 3 bureaus it is ugly for the credit conscious.
               LIMITS IN CARD DESCRIPTIONS
Established Contributor
CreditCrusader
Posts: 799
Registered: ‎09-27-2011
0

Re: What is bad about Capital One?


Mike360 wrote:

1. worst customer service ever

2. no customer requets on credit limit increases

3. very rare do you get offers to upgrade

4. no room for growth on sub-prime cards. one you reach the max limit of a small amount it will never change

 

no foreign exchange fee's,good for newcomers and low apr are some of the plus stuff but all of those have never applied to me since i never travel out of country and i don't carry balances.


1. Respectfully disagree...Orchard/HSBC doesn't have one "Peggy", they have hundreds

 

2. With all due respect, I think it's actually pretty smart for a sub-prime lender to limit the credit it offers to its customers on sub-prime products. By definition, those borrowers have either not established a good, sustained credit history or they are rebuilding because they fell off the good credit wagon at one point. If someone has progressed to the point of prime borrowing, Cap1 has those cards too. Nothing stopping you from applying for such cards :smileyhappy:

 

3. See #2 regarding upgrading...nothing at all stopping any of us from applying for other products they have. Sure, other providers upgrade without HPs, but Cap1 chooses a different business model...nothing wrong with that.

 

4. This seems more along the lines of your #2 complaint. Again, it's Cap1's business model...and it has worked for them to the tune of large profits.

 

This is not to say that your complaints aren't reasonable...just bringing a business perspective into this. Cap1 is OWNING a large sub-prime market while minimizing risk. That risk would be multiplied if if gave CLIs or PCs as readily as other lenders do. Remember, BOA/Citi/AMEX/Discover have a rather limited customer base compared to Cap1. Prime lenders aren't in the volume business. They do RM BEFORE approval; Cap1 does it after.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
Take the FICO Fitness Challenge
New Contributor
MrGoat
Posts: 158
Registered: ‎06-04-2011
0

Re: What is bad about Capital One?


JenniferinFL wrote:

With his income, I see no reason for a credit limit for a traditional card of more than about $5k and maybe a $2k limit for a store card. He really has no business putting more than that on a credit card at any given time.Anything above that for him would just be bragging rights, though I understand that a lot of people have a valid reason for higher limits.


 

 


Actually, this isnt actually accurate.

There is a really good reason to have as high a limit as your CC company will give you....overall utilization.

If you spend $2000 on a $3000 limit CC, you are using 66% of your limit, if thats the only card you have.

That will impact your score more than if you had $10,000 limit on your cards.

 

For example, I just took out $5000 on my Citibank card for what ended up in us buying a car (long story).

My available overall credit is something like 70k total, so the $5000 didnt even affect my credit score at all from what we're seeing.

 

If Id only had $10k total credit available, my guess is the 50% utilization would have had some negative impact on my score till Id paid it down some.

 

If youre responsible with your finances, take every dime in CL they will give you.

 

Just my opinion....

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: What is bad about Capital One?

+1 mrgoat
               LIMITS IN CARD DESCRIPTIONS
Frequent Contributor
AF_23
Posts: 288
Registered: ‎02-06-2012
0

Re: What is bad about Capital One?

[ Edited ]

BlueNightStar wrote:

 I really find them to be the most consistent creditor I have. Do I like my $500 limit, no I do not. However, I will say that they never care about carrying a balance or what payments I am making. I had a balance on that card for 2 years during my worst financial times. The did not increase my APR. They did not balance chase me. They didn't care if I made 1 payment per month or 10. All of my other cards took AA against me during those times. Definitely the best subprime CC lender


 

 


This i did find true.. they dont seem to care and or expect issues like this from its subprime users. If im in a pinch in the future, C1 would be the first to use for some of those reasons above


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