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Established Contributor
CreditCrusader
Posts: 799
Registered: ‎09-27-2011
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Re: What is bad about Capital One?

[ Edited ]

ztnjpv wrote:

 BrokaToe said:

 

But I do understand "the point", I guess they just don't choose to do business like others, seems they would want to benefit from growing with customers.  But who knows what their true agenda really is

---------------------------------------------------------------------------

 

There agenda is pretty simple: to make money and mitigate risk while doing it. That means balancing customer risk to drive down default rates while finding that sweet spot on the prime side to max profits relative to risk. Well, by turning off rebuilding customers that grow into prime customers, they weaken the pool of strong credit customers and lose customers to other companies that treat them better. 


Yeah...here's the thing: For the most part, they don't give a rip about "prime" customers...they really don't. Their so-called "prime" products are few and far between, and IMO there are far better options that cost fewer HPs, give far better rewards for frequent use, and grow nicely with you.

 

We all understand your frustration with Cap1. IMO that frustration is just irrational. That's why many of us are repeating what their business profile and goals are multiple times. You seem to want them to treat you the way you feel you deserve to be treated as a credit customer, but for the most part Cap1 is a sub-prime lender...in fact, they are the premier sub-prime lender and are rapidly cornering the market to the tune of large profits.

 

It reminds me of a scene in the movie "Nixon" when Pat Nixon is talking to President Nixon. She tells him that no matter how much he tries...no matter how many elections he wins...the public will NEVER love him.

 

No matter what your credit profile is...no matter how much you wish they were more like other CC companies...Cap1 will never, EVER love you. They don't care about their customers in any sense. These people make their profits sucking fees and interest from sub-prime borrowers - including credit cards, auto loans, etc.

 

We are all tools for their profit. The question is, will you continue to do business with them given their track record for this business model...or will you give them the boot?

 

If you choose to stay with them, then there is really no complaining about them. If you don't like them, say goodbye and move on.

I'm Spartacus!

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Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: What is bad about Capital One?


CreditCrusader wrote:

ztnjpv wrote:

 BrokaToe said:

 

But I do understand "the point", I guess they just don't choose to do business like others, seems they would want to benefit from growing with customers.  But who knows what their true agenda really is

---------------------------------------------------------------------------

 

There agenda is pretty simple: to make money and mitigate risk while doing it. That means balancing customer risk to drive down default rates while finding that sweet spot on the prime side to max profits relative to risk. Well, by turning off rebuilding customers that grow into prime customers, they weaken the pool of strong credit customers and lose customers to other companies that treat them better. 


Yeah...here's the thing: For the most part, they don't give a rip about "prime" customers...they really don't. Their so-called "prime" products are few and far between, and IMO there are far better options that cost fewer HPs, give far better rewards for frequent use, and grow nicely with you.

 

We all understand your frustration with Cap1. IMO that frustration is just irrational. That's why many of us are repeating what their business profile and goals are multiple times. You seem to want them to treat you the way you feel you deserve to be treated as a credit customer.

 

It reminds me of a scene in the movie "Nixon" when Pat Nixon is talking to President Nixon. She tells him that no matter how much he tries...no matter how many elections he wins...the public will NEVER love him.

 

No matter what your credit profile is...no matter how much you wish they were more like other CC companies...Cap1 will never, EVER love you. They don't care about their customers in any sense. We are all tools for their profit. The question is, will you continue to do business with them given their track record for this business model...or will you give them the boot?

 

If you choose to stay with them, then there is really no complaining about them. If you don't like them, say goodbye and move on.


True words right there.




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Valued Contributor
navigatethis12
Posts: 1,933
Registered: ‎01-24-2012
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Re: What is bad about Capital One?


ztnjpv wrote:

 



If this "Spark" card is a Visa or Mastercard then it may be a Signature or World card which would let you go over your limit. So $5000 could turn into $10000 if they allow it. I would keep the card and use it as much as I could to still get cashback.You can still make that $6000 charge. You can just prepay by 1000 so that you will have enough available credit. Maybe after a few months they will raise the limit. I do not know how long you have had your other cards but if it has only been a few months they most likely want to see more history with those accounts.

 

You said you were rebuilding so I would guess there are still some negative marks on your report. Those would most likely concern them. People seem to think that because one person approved them with a certain limit that others will follow. American Express approved me for 10000 and Bank of Trash only gave 1000. I was not really concerned and just used it anyway. 5000 can still get you some things unless all your purchases are above that.

 

 

 


CreditCrusader wrote:

 

No matter what your credit profile is...no matter how much you wish they were more like other CC companies...Cap1 will never, EVER love you. They don't care about their customers in any sense. These people make their profits sucking fees and interest from sub-prime borrowers - including credit cards, auto loans, etc.

 

We are all tools for their profit. The question is, will you continue to do business with them given their track record for this business model...or will you give them the boot?

 

If you choose to stay with them, then there is really no complaining about them. If you don't like them, say goodbye and move on.


 I disagree with this. People with clean credit tend to get nice limits with Capital One. My parents have a Capital One and the limit is somewhere in the 20000's. I know of other people with five digit limits from them as well. If someone has had a rocky past with credit they should not expect a lender to just ignore that and approve for a sky high limit. That seems to be what people here think a lender should do. When all the bad things fall of the report then maybe a lender will give you better terms. Saying that Capital One does not care, in my opinion, is just wrong. Most of the people on this site have had credit problems so of course they will not receive the best terms. Any lender would do that, not jus Capital One.

Established Contributor
ztnjpv
Posts: 726
Registered: ‎02-01-2012
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Re: What is bad about Capital One?

navigatethis12 said:

 

You said you were rebuilding so I would guess there are still some negative marks on your report. 

-----------------------------------------------------------

 

Actually, I didn't say I am rebuilding. I WAS rebuilding last year but now my scores are in the upper 700s. And my biz report from D&B is superb. Like I said earlier, they rate me at the lowest possible credit risk and give credit line reccomendations for my biz at a conservative $25K and an aggressive $50k. So, if D&B's reports matter to creditors, I'm a low risk who is good for $25k at the most conservative consideration and my personals are in the upper 700s. Sounds pretty good to me.


Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 801 (3/28/14), EQ FICO 808 (3/28/14), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!
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KingAdrock
Posts: 656
Registered: ‎07-17-2007
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Re: What is bad about Capital One?


CreditCrusader wrote:

Yeah...here's the thing: For the most part, they don't give a rip about "prime" customers...they really don't. Their so-called "prime" products are few and far between, and IMO there are far better options that cost fewer HPs, give far better rewards for frequent use, and grow nicely with you.

 

We all understand your frustration with Cap1. IMO that frustration is just irrational. That's why many of us are repeating what their business profile and goals are multiple times. You seem to want them to treat you the way you feel you deserve to be treated as a credit customer, but for the most part Cap1 is a sub-prime lender...in fact, they are the premier sub-prime lender and are rapidly cornering the market to the tune of large profits.

 

It reminds me of a scene in the movie "Nixon" when Pat Nixon is talking to President Nixon. She tells him that no matter how much he tries...no matter how many elections he wins...the public will NEVER love him.

 

No matter what your credit profile is...no matter how much you wish they were more like other CC companies...Cap1 will never, EVER love you. They don't care about their customers in any sense. These people make their profits sucking fees and interest from sub-prime borrowers - including credit cards, auto loans, etc.

 

We are all tools for their profit. The question is, will you continue to do business with them given their track record for this business model...or will you give them the boot?

 

If you choose to stay with them, then there is really no complaining about them. If you don't like them, say goodbye and move on.


What exactly is "irrational" about being frustrated here? It's not like we're treating Cap 1 like the ex that spurned us; calling them at all times of night begging to take us back, or standing outside their house for hours holding up a boom box. (+1 to anyone who gets that reference) What IS irrational is Cap1's business model. They've figured out how to grow wheat in bad soil, and profit from using the chaff; which is great... until they inexplicably throw away the grain.

I don't use them because of this. My no-AF card with them is permenantly sockdrawered. But all it would take is something very simple to change that. Let me upgrade my card. They'd make MORE MONEY by doing something that all of their competiors already do. Is it really so very "irrational" to just scratch your head and say "WTH Cap 1?"

Established Contributor
CreditCrusader
Posts: 799
Registered: ‎09-27-2011
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Re: What is bad about Capital One?


KingAdrock wrote:

CreditCrusader wrote:

Yeah...here's the thing: For the most part, they don't give a rip about "prime" customers...they really don't. Their so-called "prime" products are few and far between, and IMO there are far better options that cost fewer HPs, give far better rewards for frequent use, and grow nicely with you.

 

We all understand your frustration with Cap1. IMO that frustration is just irrational. That's why many of us are repeating what their business profile and goals are multiple times. You seem to want them to treat you the way you feel you deserve to be treated as a credit customer, but for the most part Cap1 is a sub-prime lender...in fact, they are the premier sub-prime lender and are rapidly cornering the market to the tune of large profits.

 

It reminds me of a scene in the movie "Nixon" when Pat Nixon is talking to President Nixon. She tells him that no matter how much he tries...no matter how many elections he wins...the public will NEVER love him.

 

No matter what your credit profile is...no matter how much you wish they were more like other CC companies...Cap1 will never, EVER love you. They don't care about their customers in any sense. These people make their profits sucking fees and interest from sub-prime borrowers - including credit cards, auto loans, etc.

 

We are all tools for their profit. The question is, will you continue to do business with them given their track record for this business model...or will you give them the boot?

 

If you choose to stay with them, then there is really no complaining about them. If you don't like them, say goodbye and move on.


What exactly is "irrational" about being frustrated here? It's not like we're treating Cap 1 like the ex that spurned us; calling them at all times of night begging to take us back, or standing outside their house for hours holding up a boom box. (+1 to anyone who gets that reference) What IS irrational is Cap1's business model. They've figured out how to grow wheat in bad soil, and profit from using the chaff; which is great... until they inexplicably throw away the grain.

I don't use them because of this. My no-AF card with them is permenantly sockdrawered. But all it would take is something very simple to change that. Let me upgrade my card. They'd make MORE MONEY by doing something that all of their competiors already do. Is it really so very "irrational" to just scratch your head and say "WTH Cap 1?"



KingAdrock wrote:

CreditCrusader wrote:

Yeah...here's the thing: For the most part, they don't give a rip about "prime" customers...they really don't. Their so-called "prime" products are few and far between, and IMO there are far better options that cost fewer HPs, give far better rewards for frequent use, and grow nicely with you.

 

We all understand your frustration with Cap1. IMO that frustration is just irrational. That's why many of us are repeating what their business profile and goals are multiple times. You seem to want them to treat you the way you feel you deserve to be treated as a credit customer, but for the most part Cap1 is a sub-prime lender...in fact, they are the premier sub-prime lender and are rapidly cornering the market to the tune of large profits.

 

It reminds me of a scene in the movie "Nixon" when Pat Nixon is talking to President Nixon. She tells him that no matter how much he tries...no matter how many elections he wins...the public will NEVER love him.

 

No matter what your credit profile is...no matter how much you wish they were more like other CC companies...Cap1 will never, EVER love you. They don't care about their customers in any sense. These people make their profits sucking fees and interest from sub-prime borrowers - including credit cards, auto loans, etc.

 

We are all tools for their profit. The question is, will you continue to do business with them given their track record for this business model...or will you give them the boot?

 

If you choose to stay with them, then there is really no complaining about them. If you don't like them, say goodbye and move on.


What exactly is "irrational" about being frustrated here? It's not like we're treating Cap 1 like the ex that spurned us; calling them at all times of night begging to take us back, or standing outside their house for hours holding up a boom box. (+1 to anyone who gets that reference) What IS irrational is Cap1's business model. They've figured out how to grow wheat in bad soil, and profit from using the chaff; which is great... until they inexplicably throw away the grain.

I don't use them because of this. My no-AF card with them is permenantly sockdrawered. But all it would take is something very simple to change that. Let me upgrade my card. They'd make MORE MONEY by doing something that all of their competiors already do. Is it really so very "irrational" to just scratch your head and say "WTH Cap 1?"



You have just answered your own question. They have a wildly successful business model that is making them nearly limitless amounts of money. They are gobbling up competitors at a swift rate. They co-brand with some pretty darn big companies within the U.S arena of business.

 

IMO, it is irrational to:

 

1. Complain about the way someone does business when the entire credit world knows they operate in such a fashion

 

2. Expect them to change just because it would suit a small percentage of their credit demographic better

 

3. Expect them to change a business model that has allowed them to nearly corner the sub-prime market...a market that is growing by leaps and bounds each and every day

 

This, to me, is like asking the mob to change the process by which it lends and collects money. They know who is in need...they know how to swoop in during that time of need...and they know how to profit enormously from the process. Wishing that someone operating a wildly profitable enterprise just because it benefits you is, in my mind, irrational. But that's just my opinion.

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

Re: What is bad about Capital One?


ztnjpv wrote:

navigatethis12 said:

 

You said you were rebuilding so I would guess there are still some negative marks on your report. 

-----------------------------------------------------------

 

Actually, I didn't say I am rebuilding. I WAS rebuilding last year but now my scores are in the upper 700s. And my biz report from D&B is superb. Like I said earlier, they rate me at the lowest possible credit risk and give credit line reccomendations for my biz at a conservative $25K and an aggressive $50k. So, if D&B's reports matter to creditors, I'm a low risk who is good for $25k at the most conservative consideration and my personals are in the upper 700s. Sounds pretty good to me.


Sounds pretty good to me as well...and it begs the question: Why even bother with what is primarily a sub-prime lender?

 

You have obviously moved on to better things. If I was in your position, I'd dump Cap1 like a cheating GF and move on to date the prom queen.

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
Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
0

Re: What is bad about Capital One?


KingAdrock wrote:

CreditCrusader wrote:

Yeah...here's the thing: For the most part, they don't give a rip about "prime" customers...they really don't. Their so-called "prime" products are few and far between, and IMO there are far better options that cost fewer HPs, give far better rewards for frequent use, and grow nicely with you.

 

We all understand your frustration with Cap1. IMO that frustration is just irrational. That's why many of us are repeating what their business profile and goals are multiple times. You seem to want them to treat you the way you feel you deserve to be treated as a credit customer, but for the most part Cap1 is a sub-prime lender...in fact, they are the premier sub-prime lender and are rapidly cornering the market to the tune of large profits.

 

It reminds me of a scene in the movie "Nixon" when Pat Nixon is talking to President Nixon. She tells him that no matter how much he tries...no matter how many elections he wins...the public will NEVER love him.

 

No matter what your credit profile is...no matter how much you wish they were more like other CC companies...Cap1 will never, EVER love you. They don't care about their customers in any sense. These people make their profits sucking fees and interest from sub-prime borrowers - including credit cards, auto loans, etc.

 

We are all tools for their profit. The question is, will you continue to do business with them given their track record for this business model...or will you give them the boot?

 

If you choose to stay with them, then there is really no complaining about them. If you don't like them, say goodbye and move on.


What exactly is "irrational" about being frustrated here? It's not like we're treating Cap 1 like the ex that spurned us; calling them at all times of night begging to take us back, or standing outside their house for hours holding up a boom box. (+1 to anyone who gets that reference) What IS irrational is Cap1's business model. They've figured out how to grow wheat in bad soil, and profit from using the chaff; which is great... until they inexplicably throw away the grain.

I don't use them because of this. My no-AF card with them is permenantly sockdrawered. But all it would take is something very simple to change that. Let me upgrade my card. They'd make MORE MONEY by doing something that all of their competiors already do. Is it really so very "irrational" to just scratch your head and say "WTH Cap 1?"


Like the "Say Anything" reference...lol


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Established Contributor
ztnjpv
Posts: 726
Registered: ‎02-01-2012
0

Re: What is bad about Capital One?

[ Edited ]

CreditCrusader said:

 

They have a wildly successful business model that is making them nearly limitless amounts of money.

-------------------------------------------------------------------------------------------------------------------------------------------

 

But you see, everyone acknowledges that part. That's not a dispute. People are talking about senseless policies that drive away customers and unwillingness to accomodate customers whose needs and profiles evolve. 

 

That would be like saying that there is no valid criticism to be made if McDonalds didn't evolve its menu to adapt to changing tastes. McDonalds has expanded to cover gourmet coffee and a variety of salads. Had they not done that, they'd be driving away business from people who come to expect such choices. Instead they'd go to Burger King or Wendy's or wherever. Would McDonalds still be successful with just the basic burgers, mcNuggets, fries and shakes menu? Sure. But does that fact somehow invalidate the hypothetical complaint of not evolving to customer tastes as they go elsewhere? No. 


Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 801 (3/28/14), EQ FICO 808 (3/28/14), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!
Regular Contributor
DonGonzalo
Posts: 183
Registered: ‎05-18-2012
0

Re: What is bad about Capital One?

Everything is bad about Capital One starting from the application process to the CSR to the arrival and activation of the card. 

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