Reply
Regular Contributor
grneydangl
Posts: 116
Registered: ‎03-19-2008
0

Re: What to do about Cap One...



BoysMumx2 wrote:
I think this is interesting, as it echoes my experiences with Cap 1 completely.  I checked the website for the type of card (with the fees and limits) that I got back in 2004 and I don't see it offered.  The backdoor reps told me I had a great history with them, but said they couldn't do anything for me on a CLI.  Then I was told they couldn't waive the AF, so I requested it to be closed.  I wonder if this isn't a kind of "grandfathered" card and they don't treat it like they do the newer cards.
 
Now I know there are folks out there who have those older cards and sometimes they get treated well, but it seems like there are many of us who get shuffled off to the side.  My scores are now about 70 pts higher than they were when I got the card (at least!)...  I think closing it and "taking off the training wheels" as someone said, was a good idea.
 
The tough part is that I seem to have this obsession with being treated well by them.  Don't know why... I just want to see something good come out of all the time I've been a customer with them.  Currently I'm fighting the urge to apply for one of the better cards and if I get it, see if they'd combine it with my old account...  But maybe I'm just being obsessive...
 
One last comment - they seem to really like those folks just freshly out of bk, but not the ones that have been out longer.  This is just an impression and MHO, but it's a pattern I've seen.


Same here... was my first major credit card after I started college (2003) and I just didn't make good choices with it.  But I keep believing they will come around to treating me good at some point but no.  I always think about closing it when I PIF but it is my first major card and one of the longest histories :smileysad: can't win with them... hope you can!
03/08 Exp: 590 EQ:592 TU: 609
04/08 Exp: 596 EQ: 572 TU: 610
11/08 Exp: ? EQ: 594 TU: ?
Regular Contributor
Vanyel
Posts: 216
Registered: ‎05-17-2007
0

Re: What to do about Cap One...



Vanyel wrote:
 
This is a little bit like buying a Yugo, and then complaining that they didn't deliver you a Lincoln.  The product you have is the one you qualified for when you applied.  Why not just bite the bullet and get the product you can afford and qualify for now and trade in that old Yugo?
 
Van

The problem with that analogy is that Yugos can't just magically turn into Lincolns with the push of a button, while the terms on a CC can be modified very easily.  It's not like the OP is asking for something extremely unusual here.  Other CCCs regulary modify the terms of a card as a cardholder's credit profile improves, including CLIs and APR reductions, without requiring a "trade in."
 
While it is true that credit card companies do change terms of a card at times, the cards are still products.  And as varied products they are different.  This is where tiers come in, as well as many other factors.  There are many cards out there that have specific credit limit ranges, and I have yet to see a credit card company grant additional credit over and above the top tier on any card.  They can and sometimes will do a Product Change and carry over history as well as other changes, but if you check closely you'll find that the new card is indeed a new product.
This card in question seems to be a product that simply wasn't designed to grow, but to re-establish.  Now that that work is done, why blame Cap 1 for giving the OP that opportunity to do exactly that?
So the analogy is about as valid as an analogy can be.
 
Van
 
FICO 6/25/08 TU 668 EQ 646 EX 652
FACO 6/25/08 TU 655 EQ 622 EX 641
Recovering from the App Spree that dropped me like a rock. Post Car loan apps as well.
.
Established Contributor
KingAdrock
Posts: 656
Registered: ‎07-17-2007
0

Re: What to do about Cap One...


Vanyel wrote: This is a little bit like buying a Yugo, and then complaining that they didn't deliver you a Lincoln. The product you have is the one you qualified for when you applied. Why not just bite the bullet and get the product you can afford and qualify for now and trade in that old Yugo?
Van

I'd say this would be more like if Yugo told me I cannot refinance my car loan. The only way to get a better interest rate for my Yugo loan is to purchase a NEW Yugo, get a NEW loan AND trade in the old one.

Regardless of the fact my other cars (say VW and Volvo) have had their loans refied several times, my credit is so good the Mercedes and BMW dealers down the street said they'd approve me on the spot with no money down, and I don't WANT a new friggin Yugo. I'm only keeping the old one because it was my first car.

Regular Contributor
Vanyel
Posts: 216
Registered: ‎05-17-2007
0

Re: What to do about Cap One...

Don't get me wrong King, I am not saying you can't keep the Yugo, but the Yugo will always be a Yugo, and that starter Cap 1 card will always be a starter Cap 1 card.  If you want to keep it cool.  I was just saying that it is inconsistent to want to keep it and complain that it didn't turn into a Lincoln or BMW (since you seem to like the BMW's).
 
All I am saying is that you have what you and Cap 1 agreed to, not a higher tiered card.  I was just attempting to inject a small amount of sanity into the whole "want our cake and eat it too" mentality that sometimes infests the board.
 
Of course having said all I have said here one could get the impression that I am defending Cap 1.  Personally I hate that company.  I wouldn't do business with them if they gave me a card that paid itself in full every month.  But the underlying reasons why some cards do not "grow with you" are valid.
 
And again I respectfully assert the analogy fits.
 
Van
 
FICO 6/25/08 TU 668 EQ 646 EX 652
FACO 6/25/08 TU 655 EQ 622 EX 641
Recovering from the App Spree that dropped me like a rock. Post Car loan apps as well.
.
Regular Contributor
mekmek86
Posts: 173
Registered: ‎03-17-2008
0

Re: What to do about Cap One...

[ Edited ]

Vanyel wrote:
Don't get me wrong King, I am not saying you can't keep the Yugo, but the Yugo will always be a Yugo, and that starter Cap 1 card will always be a starter Cap 1 card.  If you want to keep it cool.  I was just saying that it is inconsistent to want to keep it and complain that it didn't turn into a Lincoln or BMW (since you seem to like the BMW's).
 
All I am saying is that you have what you and Cap 1 agreed to, not a higher tiered card.  I was just attempting to inject a small amount of sanity into the whole "want our cake and eat it too" mentality that sometimes infests the board.
 
Of course having said all I have said here one could get the impression that I am defending Cap 1.  Personally I hate that company.  I wouldn't do business with them if they gave me a card that paid itself in full every month.  But the underlying reasons why some cards do not "grow with you" are valid.
 
And again I respectfully assert the analogy fits.
 
Van
 





Well, I think the complaints and reasnoning are valid. I understand the notion of a product, but if they can check your history every month (they've definitely done this to me) and see that you're doing good, how different is changing you from one product to another any different from you applying for a new card? With that being said, why should we be forced to open another account to essentially accomplish would could be done through a simple product change.

Personally I just don't want to continue having a bunch of accounts showing up on my report. The other thing is, I've had a starter student/building credit card with BoA and USBank, both had no problem lowering my interest rate to the lowest APR offered, and USBank even SUGGESTED I switch products in the process because that would get me the best rate. I went from a student Visa to a Visa Platinum, in just a year.

WORKING WITH customers is part of being a business not shoving a bunch of rules and regulations in their face with no discussion about it. BoA and USBank have both also been nice about CLI when I had good reason for it (ex: I want to buy a CPU for $3000 but my limit is only 2200, I want it covered by Visa protection). It did take work, but they were willing to listen, it seems like all Cap1 does is read responses off sheets instead of talking to me like I'm a person.

I'm also in this boat where I'd like to use my card in hopes that things will change, but I'm almost ready to say who cares, when I have 3 other cards that treat me so much better. It is one my oldest and I don't want it closed, but they're trying to keep the reigns a little too tight for me......I think I'll be buy packs of gum too.....lol

Message Edited by ejbeasley on 04-12-2008 12:02 AM
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
0

Re: What to do about Cap One...

I had one of those starter cards for 5 years--stuck at 600. Then they sent me preapproval for 3000 and 500 more if i used the card for 3 months and paid it off.  I was allowed to combine the 2 cards using the date from the oldest card.  Now I can't get a cli because they treat the 3500 as a cli on the combined card.  Strange--they didn't tell me that when I combined.
Regular Contributor
mekmek86
Posts: 173
Registered: ‎03-17-2008
0

Re: What to do about Cap One...



casinoannie97 wrote:
I had one of those starter cards for 5 years--stuck at 600. Then they sent me preapproval for 3000 and 500 more if i used the card for 3 months and paid it off.  I was allowed to combine the 2 cards using the date from the oldest card.  Now I can't get a cli because they treat the 3500 as a cli on the combined card.  Strange--they didn't tell me that when I combined.





Yeah there are definitely ways around those caps because I started with 300. If I remember right went straight from 300, to 900 after almost a year, then 2000 only months later. I've been at 2000 for the past two years about. I called to get an increase and asked if it would always be stuck where I am, I was told my last offer was only supposed to bring me up to $500 but clearly I'm waaay beyond that, so it's quite possible those things can be bypassed.....it's just no ones willing to, or things have changed.
Established Contributor
KingAdrock
Posts: 656
Registered: ‎07-17-2007
0

Re: What to do about Cap One...


Vanyel wrote:
Don't get me wrong King, I am not saying you can't keep the Yugo, but the Yugo will always be a Yugo, and that starter Cap 1 card will always be a starter Cap 1 card. If you want to keep it cool. I was just saying that it is inconsistent to want to keep it and complain that it didn't turn into a Lincoln or BMW (since you seem to like the BMW's).
But the underlying reasons why some cards do not "grow with you" are valid.
And again I respectfully assert the analogy fits.
Van

To make things clear, the reason I'm keeping the card is because it's my oldest card. It's got a perfect payment history and has no AF. Keeping the account open costs me nothing and closing it would hurt my FICO scores.

I definitely agree that a Cap One WILL always be a Cap One, whether it's the bottom rung starter or their top tier card with rewards. That is exactly why I see no reason to apply for a new one. But I disagree when you say a starter card will always be a starter card. Lots of companies can and DO give upgrades to your card to match your improving credit. But for me Cap One won't, for a reason unknown to even their own CSRs. (both back and frontdoor)

Do you really feel I asked for something unusual and unreasonable? I requested a CLI and an APR reduction. I did not ask for cash back rewards and AMEX-style concierge service. That, IMHO, would be asking for a Yugo to turn into a Lincoln.

Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008
0

Re: What to do about Cap One...

I understand your point, however I agree with King. You are correct when you state the card was issued as a specific product and to rebuild. Therein lies the rub which I posted about previously (ironically titled CAP1 Hates Me). When CAP1 issued me a card after paying off a charge-off account, the terms show the limit "up to $3000". I have paid on time, more than the minimum and several PIFs for 4 years. I received one CLI during that time which took me from a whopping $200 to $500. I also called the backdoor number more times than I can count. No one seems to understand why there are no offers available to me. My pay history is perfect. Their solution: apply for a new card (product). This is where I jump on Kings bandwagon. My terms state my card has a max limit of $3000. The company has advised I have perfect pay history. It makes absolutely no sense that I have to apply for a new card. The philosophy shows CAP1 does not value their customers business and/or take it for granted. CAP1 did render me credit when no one else would and I am appreciative for that. However, they also stated they would grow with me as I built my credit history. Growing with me should not be classified as building their portfolio by opening additional CAP1 cards.

Vanyel wrote:
Don't get me wrong King, I am not saying you can't keep the Yugo, but the Yugo will always be a Yugo, and that starter Cap 1 card will always be a starter Cap 1 card.  If you want to keep it cool.  I was just saying that it is inconsistent to want to keep it and complain that it didn't turn into a Lincoln or BMW (since you seem to like the BMW's).
 
All I am saying is that you have what you and Cap 1 agreed to, not a higher tiered card.  I was just attempting to inject a small amount of sanity into the whole "want our cake and eat it too" mentality that sometimes infests the board.
 
Of course having said all I have said here one could get the impression that I am defending Cap 1.  Personally I hate that company.  I wouldn't do business with them if they gave me a card that paid itself in full every month.  But the underlying reasons why some cards do not "grow with you" are valid.
 
And again I respectfully assert the analogy fits.
 
Van
 




Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+