Why? Cap 1 Question

[Anonymous]

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@tonyaether wrote:

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@Anonymous wrote:

I don't think Capitol One is all that terrible.  I had 2 of their sub-prime cards I used to establish credit.  After getting 2 new prime cards last month, I ditched them.  The two main things holding me back from applying for their new cash card for excellent credit are the triple pull and poor customer service.  I might still apply for it sometime in the future because the rewards are nice, I'm just not sure I'd want to deal with those two things.

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See but that is I guess what gets me.  If I have a customer that stayed with me, demonstrated good credit behavior and built him/herself up from poor credit, I would want to keep that customer more than any.  In my eyes they would undoubtedly be more loyal.  I can't understand how the credit card companies just let good customers walk away because they don't want to even attempt to give them a chance to grow, even after they have rebuilt their credit.  Yet if another new applicant had the exact same credit profile they would approve that person with a higher limit/prime card on the spot.  It would seem they would realize that at about the 2-3 year mark, sometimes earlier that they are not going to be dealing with the same applicant that applied initially. By that time, that lower tier or fringe customer is going to fit into a different credit bucket 90% of the time.

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I understand what you're saying, and they certainly could be more flexible by doing things like allowing customer initiated credit limit increases and product changes.  But it is also not that much to ask for the customer to just to apply for another, prime card after he is eligible.  I knew what I was getting into with Capitol One and barely used the cards.  After I got an Amex Gold, they were both basically sockdrawered for 2 years.  I just wanted positive reporting tradelines.  So I surely wasn't expecting CapOne to offer me a product change or limit increase.

[stevehbold]

I have been trying hard to rebuild after a shaky start to my credit life. I still have a few baddies left they have been falling off slowly. i have 2 30 day lates then a CO from 06 and a student loan that went 120 late. thats all that shows on TU. I was approved for the discover more card 1700cl. Not the greatest interest rate but i dont carry big balances so im ok with it for now. Do you guys think I would be able to get another decent credit card to take the place of the 320cl orchard and 500 cl capital one. i asked for a cli on the orchard after 6 months of having it. of course they said no. i have never used it since. it will be a year of having that card in june, same with capital one. I would rather find a card that will take over for those two open credit lines and it could possibly grow with me too. Anyone have any suggestions? or should i just not do anything? Just pay my bills and try next year for another card?

[trumpet-205]

You can give Citi Forward a try, supposedly the easiest card from Citi to get. However, I would really wait until those baddies fall off (or deleted if you can).

[LS2982]

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@tonyaether wrote:

LS get right back on the wagon if you indeed applied.  There is always a new day to start over.

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This is true. But this is just hard to deal with.

[xboxrunner]

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@Anonymous wrote:

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@tonyaether wrote:

Ok Frugal you got me there....What is a monkey button???  Do tell, because the visual I get isn't pretty.

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When logged in to your account, there is an option to check for feature upgrades.  When you click on it, it opens a new window with another button to check for account upgrades.  Every single time, for every single person, it always says there are no upgrades for your account at this time.  But yet, like monkeys, we keep pushing the button.

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Rofl! I did this religiously when I had Cap1. Oh man im a monkey ;(

[Gollum]

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@tonyaether wrote:

Hello all,

I am just wondering why Cap 1 gets so much criticism.  I have heard so many good reviews about their cash rewards card from online reviews.  I am not intending to app but I am always curious for future reference.

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If I remember correctly, in the 1990s, Capital One did not report credit limits to credit reporting agencies, allegedly because Capital One did not want other banks to know of the existence of Capital One's best customers.

In the 2000s, Capital One encouraged multiple, low credit limit credit cards with high fees:

http://www.businessweek.com/magazine/content/06_45/b4008048.htm

Currently, Capital One is offering a product change to a Venture credit card (a Visa Signature card... google for NPSL credit card) for customers with a prime Visa Platinum credit card.

In my humble opinion, it is more of the same:

Take maximum advantage of borrowers.

That makes sense for the lender, but it creates anymosity among the borrowers.

[atarvuzdar]

I'm a rebuilder with 2 Cap1's and I'm very grateful for the chance they've given me to prove myself. It's unfortunate that the work I do in rebuilding will bear fruit quicker with other CCC's and not with Cap1, but oh well. That all being said, their customer service really is the worst I've ever experienced. I have to prepare myself a day in advance and go into the phone call knowing it may take about an hour and my question will probably not be answered. When that day comes when I can qualify for something better, I will close both cards and never look back.

[Tonya-E]

I can definitely see that customer service is one of the biggest complaints on Cap 1.  That has been a consistent statement throughout this thread.  Even people who like Cap 1 are saying their customer service is bad...