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I think there are also problems of them giving CLI's and allowing you to PC to a non annual fee card if you are on an annual fee card.
Up until recently, it was near impossible to get a CLI with one of their beginner/rebuilder cards. Now, people have some luck going through the Executive Office, but it is still a pain compared to how other lenders handle CLIs. So people would have cards for 10 years with perfect payment history and clean reports, but still be stuck with $500 limits. The cards simply would not grow.
@Walt_K wrote:Up until recently, it was near impossible to get a CLI with one of their beginner/rebuilder cards. Now, people have some luck going through the Executive Office, but it is still a pain compared to how other lenders handle CLIs. So people would have cards for 10 years with perfect payment history and clean reports, but still be stuck with $500 limits. The cards simply would not grow.
That is why my wife and I cancelled our capone cards. She had a $1200 limit, and my card was $500. They refused to increase our limits. So we cancelled the cards.
In the past, I think the main frustration stems from Cap One marketing themselves as catering to those rebuilding or with damaged credit, only to place darconian restrictions on the potential CLs of those very cards. Also, there was a time (no longer practiced), where Cap One engaged in the unscrupulous practice (all issuers are guilty of this to some measure) to capture their cardholders, i.e., not reporting CL limits accurately, paid amounts, encouraging multiple smaller limit cards with associated fees.
They're much better now. To be fair, those who didn't start with their rebuilding cards rarely have experienced the level of frustration of those who had to endure these sort of underhanded practices we've read about so frequently.
@Walt_K wrote:Up until recently, it was near impossible to get a CLI with one of their beginner/rebuilder cards.
^ This for me though it sounds like their non-rebuilder cards are different. Can't comment as their non-rebuilder cards aren't suited to me.
Several reasons. I had one of their cards for a little while. For one, they're not too generous with CL, even for people with good credit. They don't have the policy of other CC companies that will give you CLI after a certain number of good payments. Their products aren't as appealing and varied as other CC companies'. Their customer service reps can be good or completely cluless. You often have to go the EO route to get something, which is annoying, so they can be hard to work with. There are better CC companies out there in my opinion.
@medcinmn wrote:
In the short time I've been on this board, I've noticed a general dislike for capital one cards. From what I can gather it stems from poor customer service, and them pulling three hard pulls for one application.
Are there other reasons it seems many don't like these this company?
One reason for the (seemingly) disproportionate negativity directed at Capital One, is that as a result of their extremely aggressive marketing, they have established a huge customer base.
It seems that just about EVERYONE has a CapOne card, or two - and many of those cards tend to have very low credit limits, which can translate into them reporting a "high-utilization", if you carry even a small balance.
Although they do offer a couple premium card products, the vast majority of their user-base appears to be carrying the lower-end products.
Clearly, CapOne is pursuing a "quantity-over-quality" strategy, to hook as many users as possible. By offering lots of cards with low limits, they can spread their risk in offering starter cards to those with marginal credit.
Since many people who are establishing or rebuilding their credit, will continue to maintain their first credit card, regardless of the terms (just to keep their oldest active account looking good on their credit report), they will continue to service the account, even after it becomes irrelevent to their overall credit portfolio.
Capital One knows what they are doing, and their strategy is clearly working for them. One reason you will hear more complaints from their customers - may be because there are simply MORE cusomers to do the complaining, relative to the other card issuers.
I really like the Cap One cards and the limits I have. The main issue I experience, on the rare occassion that I need to contact them, is the front line reps. The problem seems to be that they are totally unempowered, they have to follow scripts and cannot deviate in any way. Which is annoying and means you need to contact the EO to get things done.
Now, to be fair, my business is very similar. With approx 100M customers, it is much easier to have a script-driven, no exception front-line staff. That way you can enforce policies, prevent employees being swayed by hard-luck stories (genuine or otherwise) and get them off the phone quicker. Yes, you lose some, but there are always others!