upgrade to Venture?

[learnin113]

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@john398 wrote:

I think them saying they are a very conservative lender is a little too far, maybe for some of there products but not all of them

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 +1

Err yeah...every rebuilder or new credit seeker tend to go toward Crap 1, so how conservative can they be?  Maybe for a few of their prime cards...but I certainly dont think conservative when thinking of Crap 1.

[SwiftTone]

First of all, they rarely rarely PC products. It's a known fact.

Secondly, if you have a low CL, any bank would likely deny anyone  for a card that starts at $5000 CL. I had this issue before. The frustrating part is that no bank wants to be the first one to grant a high CL.

For me, I had a $1250 CL, and was denied a card that started at $5000 CL. I applied for Discover, and they gave me $3500. Then called Chase to raise my limit, they did and they raised it from $750 to $4000! I am planning to get another increase at the 6 month mark with Discover, then apply for the card that I was originally denied for.

Its tough but with some work and luck, you can do it!

[j_casteel]

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@learnin113 wrote:

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@john398 wrote:

I think them saying they are a very conservative lender is a little too far, maybe for some of there products but not all of them

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 +1

Err yeah...every rebuilder or new credit seeker tend to go toward Crap 1, so how conservative can they be?  Maybe for a few of their prime cards...but I certainly dont think conservative when thinking of Crap 1.

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Yeah, i'm sure it doesn't pertain to everything they offer. I was just stating what he was telling me. I'm sure it was something to "make me feel better".

He told me if i wan't an immediate card with a "high" CL then i could just get a secured card with them, and deposit up to $3k on it and that would report as my credit limit. I told him that would be fine, but I already have my max amount of Cap1 cards.

Don't get me wrong...I have nothing against Cap1. Afterall, they were the first willing to help me on my "road to redemption". I just feel that if you are in a situation like I was and have their "sub-prime" cards then not to expect much to come from those except that they will get you back on track, and thats pretty much their purpose. If you're wanting better cards then you will need to either go else where, or apply for "better" Cap1 cards if you close the "starter" cards. Because, in my experience there is nothing going to get Cap1 to PC or up the CL on their starter cards.

*This is just my experience, and doesn't apply to everyone for every situation.

[noobody]

Conservative? I don't think so, they give people with CO and BK 300-500 card all day, I would not call it conservative!

Looking at the whole picture? I do not think so either, if that is true, why people would outgrown them?

BUT  I did personally been offered PC from low class platinum to venture last OCT., been with them over 10 years and just paid off 4K on the card @ 3.99APR, I call them to remove AF(48), they offer me to PC to venture, I took cash rewards card with no AF instead.

All they do is look at their little screen, if there is offer available,rarely, then you are lottery winner, otherwise, you are out of luck, CSR or supervisor can barely do anything to override the computer! 

[llecs]

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@Anonymous wrote:
Ask yourself this. Have you ever been to an establishment that accepts MasterCard and does not accept Visa? I've never come across one.

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YES! My kiddos go to private school and we have to pay a monthly tuition. The school uses a service to accept payments. Despite accepting Amex, Discover, e-checks, and MC, they do not accept Visa or cash. Go figure. I prefer to pay in cash and it would be great if they at least accepted my Visa debit.

[Anonymous]

IMO after reading all of these responses I am not so upset with what C1 is trying to do. I see where they want to take risks and where they draw the line. It's obvious they are trying to establish a niche with lending out minimum credit lines and limiting those people from getting out of control. Their strategy seems to make sense but I think it is not very practical because eventually they will lose customers and will not grow a relationship which could cost them big money in the future. They are cautious which is smart but i think they are hindering their future potential with the customers they give a chance too. Maybe they will prove me wrong, its too early to tell right now.

[Crashem]

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@Anonymous wrote:
IMO after reading all of these responses I am not so upset with what C1 is trying to do. I see where they want to take risks and where they draw the line. It's obvious they are trying to establish a niche with lending out minimum credit lines and limiting those people from getting out of control. Their strategy seems to make sense but I think it is not very practical because eventually they will lose customers and will not grow a relationship which could cost them big money in the future. They are cautious which is smart but i think they are hindering their future potential with the customers they give a chance too. Maybe they will prove me wrong, its too early to tell right now.

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Cap One is kind of dual personality lender.  Great for starter/rebuilders.  There is then this wasteland in their lending.  When you are great credit, they then become a viable issuer with some good cards and limits.  That middle wasteland of lending is where a lot of their issues come up.

[Anonymous]

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@llecs wrote:

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@Anonymous wrote:
Ask yourself this. Have you ever been to an establishment that accepts MasterCard and does not accept Visa? I've never come across one.

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YES! My kiddos go to private school and we have to pay a monthly tuition. The school uses a service to accept payments. Despite accepting Amex, Discover, e-checks, and MC, they do not accept Visa or cash. Go figure. I prefer to pay in cash and it would be great if they at least accepted my Visa debit.

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My college only took Amex, Mastercard, and Discover as well, not Visa.  Also, Sam's Club takes Mastercard and Discover only.

[Chris123nTx]

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@j_casteel wrote:

Spoke with the backdoor credit analyst supervisor yesterday, and the way he explained it to me is that everyone just needs to realize that Cap1 is a very conservative lender. They take much more into consideration than merely: payment history, card usage, etc. They also look at a wide range of aspects that they consider important as a lender when a customer is requesting a CLI, PC, etc.

I've had 1 card with them for ~16mths, perfect and never late. Its also currently paid off, and a HSBC card that is also perfect, paid off, etc. They recently purchased HSBC, but it is already reporting as a Cap1 card on my CR, but i still have to call HSBC for everything concerning that card. Cap1 denied me a Cash Rewards card due to already having the max amount of Cap1 cards (2). They said that since the HSBC card is reporting as Cap1 now that keeps me from being eligible for another one. Anyway, I asked for any & every thing that could help me: CLI, PC, APR reduction, ANYTHING. They said, "Sorry, there is nothing currently available at this moment." They suggested that I close the HSBC then wait for it to report closed, and after the 45 day between apps to re-apply for the Cash Rewards card.

So, if you can get an upgrade to Venture then that is awesome for you. I've been trying for sometime as well as many others and Cap1 is tough to work with. I feel like they are no longer allowing me to grow with them, and within the next year I will most likely be closing both of the cards I have with them and continue to work on my relationship with AMEX. Then possibly start one with Citi, Chase, & Discover.

Good Luck,

John

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" I had cap1 cards.for over a decade with limits around 3500 or so. I tried to get them to do a pc to venture or similar and they denied me. I have scores right near or a.bit.over.800. I closed the accounts and since i did that i get emails every few weeks asking me to come back and that i am preapproved for whatever...i figure they had their chance.

[DaveSignal]

I recently tried to PC my platinum card to a rewards card as well.  Cap One told me that they cannot do a product change on the platinum card that I have, but that I could apply for a new card.  I held off on this due to that fact that I am trying to eventually get a PenFed card (an actual conservative lender) and so I need to get all the inqs off my reports; I can't afford new accounts and inquiries at this time.