What's in your wallet? Capital One Shame?

[longtimelurker]

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@yfan wrote:

In my experience at least, Capital One also seems to treat you better when they see from  your softpulls that other prime lenders are courting your business. Basically, if they think they are the only  game in town for you, you are SOL. If, on the other hand, they see that they have competition for your business, they will try to earn it.

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I suspect that this is more: people with other prime cards have CRs in better shape, so Cap One gives you better credit as well.  If Cap One thinks it's the only game in town, that's usually because other issuers won't give any credit at all.

[longtimelurker]

There was a thread on this just a few days ago, and certainly there are a few here with high limits (I have a $33K and a $20K QuickSilver)

[DaveSignal]

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@keithB wrote:

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@s_haliz wrote:

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@keithB wrote:

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@s_haliz wrote:

I was approved this April for $20,000. 

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LOL, watch yourself, the jelly monsters will tell you that CapOne doesn't give limits like that 

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Here's the thing....When more than few voices something (be it an opinion like CapOne doesn't give you good limits, etc.) it started to become a belief/perception. 

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I personally think that many people go for the "easy" credit - look at all the NFCU, PenFed, Sallie Mae discussions.  When you get a high limit with a conservative lender like CapOne then I would say you are financially sound - like your limits for example. My guess is many aren't as financially sound as they want to believe they are, IMO.

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PenFed is probably the most conservative lender discussed on these forums.  This CU has declined card applications from people with 800+ FICO scores. Barclays Bank  is not this extreme, but I certainly wouldn't call Barclays easy credit either.

People go for PenFed because they used to have the best gas rewards card around... its still pretty decent, although not as great as it once was.

People go for Sallie Mae because it is the highest earning grocery and gas card available at this time.

Many do go for NFCU for a more lenient approval of higher limits, but it is also a great BT card with 0% transfers plus no fees offered at least once every year.

Capital One, on the other hand, has a whole division that offers credit to consumers with no credit or subprime rebuilders.  Granted, not all of their cards are directed toward this market, but I certainly wouldn't call this type of "credit for everybody" attitude conservative.

[notfancy]

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@daybreakgonesXe wrote:

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@SOGGIE wrote:

I'm really curious after hearing a multitude of complaints from Capital One QS cardholders with paltry credit limits. Capital One boasts about its 'unlimited cash back' card products. In many cases, an unlimited cash back card with a small CL is less valuable than another lender's product offering a higher credit limit and a cap on cash back. Is it true that Cap One is issuing small credit limits to the vast majority of their cash back accounts. Can any Cap One cardholders weigh in on this? I'd love to know what is really transpiring.

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SOGGIE,

Many people are not happy with Cap One because they've outgrown them. For example, they were building/rebuilding and got a Cap One card <$1k. A year+ later, they're in a much better position, getting better cards, but because they were subprime when approved for Cap One, Cap One won't budge.

If you have fantastic credit from the get-go and apply for the regular QS, VentureOne, or Venture, many report higher limits.

Personally I was a convertee from Orchard Bank where I started out with a $200 secured to build, no baddies ever. Utilizing Cap One's EO and chats and with their mass unsecuring of the Orchard accounts, I was able to get a $10k limit, then convert my card to a WMC Quicksilver

So as always, YMMV. Cap One is easier to deal with when you start out as prime, than to start out subprime and try to grow with.

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I agree with this statement. I started with a Cap One Secured card. Then applied for and received a Platinum card , complete with annual fee and a limit of I believe $500 in their credit steps program. After working with the EO, including sending in proof of income at one point, I have a $5k limit, QS- no annual fee, World Master card. I had to work for it, and work with the EO to get it, taking small steps and upgrades at a time, however- all of those steps took place since November so I can't complain too much. Between pressing the button, several EO contacts etc I went from 500 to 750 (credit steps) to $850 (love button) to 1000 (first EO contact, and proof of income sent) to 1750 (basically recon due to sending PoI and getting only $150)  to 3000 to 5000 not bad for about 6 months work or so.

[longtimelurker]

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@DaveSignal wrote:

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Capital One, on the other hand, has a whole division that offers credit to consumers with no credit or subprime rebuilders.  Granted, not all of their cards are directed toward this market, but I certainly wouldn't call this type of "credit for everybody" attitude conservative.

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Capital One does actually describe itself as conservative but I agree it is in an unusual sense:

1) We take real risks in giving credit to those who can't get it elsewhere.

2) To mitigate that risk, unless we absolutely positively know it's OK, we give nearly everyone low limits and make it hard to increase them.

So the conservatism is in part 2.

And, by and large, that is what generates the hate here.   People know that it is hard to get Penfed, and will complain a little about pyramiding debt rejections, but generally understand that they may not get a card the first N times and that's OK.

Cap One on the other hand lets people in easily, and once in, and their credit improves, often at least partly BECAUSE of that very card generating a history, they expect more and get very angry when they run into 2.

[-Wade-]

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@DaveSignal wrote:

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@keithB wrote:

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@s_haliz wrote:

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@keithB wrote:

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@s_haliz wrote:

I was approved this April for $20,000. 

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LOL, watch yourself, the jelly monsters will tell you that CapOne doesn't give limits like that 

---

Here's the thing....When more than few voices something (be it an opinion like CapOne doesn't give you good limits, etc.) it started to become a belief/perception. 

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I personally think that many people go for the "easy" credit - look at all the NFCU, PenFed, Sallie Mae discussions.  When you get a high limit with a conservative lender like CapOne then I would say you are financially sound - like your limits for example. My guess is many aren't as financially sound as they want to believe they are, IMO.

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PenFed is probably the most conservative lender discussed on these forums.  This CU has declined card applications from people with 800+ FICO scores. Barclays Bank  is not this extreme, but I certainly wouldn't call Barclays easy credit either.

People go for PenFed because they used to have the best gas rewards card around... its still pretty decent, although not as great as it once was.

People go for Sallie Mae because it is the highest earning grocery and gas card available at this time.

Many do go for NFCU for a more lenient approval of higher limits, but it is also a great BT card with 0% transfers plus no fees offered at least once every year.

Capital One, on the other hand, has a whole division that offers credit to consumers with no credit or subprime rebuilders.  Granted, not all of their cards are directed toward this market, but I certainly wouldn't call this type of "credit for everybody" attitude conservative.

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+1 on that Dave .....Keith, Where did you come up with it's easy to get a PenFed  Card ???

[Andy77]

Like the other member that got approved for 20k off the bat, so did I, with 10k avail for cash.

The interest rate (for the Venture card) that I got was horrible, 20.99, but I PIF, so does not matter.

It is a crapshoot with capital one...here is why...in 2009 I included Cap one in my bk, in 2011, I got approved for two cap one cards with low limits, like 1500.00 each, I used those accounts and then closed them because I did not think they would grow with me.

Fast forward to today and I honestly think the reason why I got the 20k had to do with the fact that they saw my Penfed Amex had 20k and my utilization was 1%, but I could be wrong...only pure speculation.

Credit approvals have no logical sense what so ever..

[tcbofade]

They aren't the best, or the worst.

I've got five of them now, and none of them over $1k.  Some I've had for years.  I've got a CU card with a 5k limit, and several other larger lines, and cap one just won't grown with me.

I'm sure that some DO have larger limits with them...but I don't.

[Gunnar419]

I know it's common on these forums to complain about CapOne, but my experience with them has been entirely good.

They gave me my first $10k approval and within a little more than a year they'd offered me another $5k with a soft pull, which gave me my highest limit ever. Their cashback redemption is easy and versatile and their customer service has always been fine for me. I never had to start with one of their rebuilder cards, which might have made a difference, but I can say that my only complaint about CapOne is their triple pulling, but I can live with that. The QS card is ugly, too, but since you can design your own card, that doesn't matter much.

[yfan]

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@longtimelurker wrote:

I suspect that this is more: people with other prime cards have CRs in better shape, so Cap One gives you better credit as well.  If Cap One thinks it's the only game in town, that's usually because other issuers won't give any credit at all.

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Perhaps. But I am not the only one here that experienced prime cards opening up and then suddenly Cap One courting our business. My credit reports didn't change - heck, my Discover card isn't even reporting yet - but the HP from Discover to give me the card IS reporting - and suddenly I saw Cap One QS offers with no annual fee pouring into my mailbox. So yes, perhaps the timing is a coincidence. Then again, perhaps not.