topic Re: Capital crap one in Credit Cards

Capital crap one

Ups77 — Thu, 12 Mar 2015 12:58:19 GMT

I just called capital one to close my account. I had the card for years without a cli. My limit would not even cover my cell phone and monthy gas bill. It was quite eas I didn't even have to talk to a rep.

Re: Capital crap one

Anonymous — Thu, 12 Mar 2015 13:01:40 GMT

Congrats if you didn't need it! Did you close online or over the phone through automated system?

Re: Capital crap one

NRB525 — Thu, 12 Mar 2015 13:07:51 GMT

@Ups77 wrote:
I just called capital one to close my account. I had the card for years without a cli. My limit would not even cover my cell phone and monthy gas bill. It was quite eas I didn't even have to talk to a rep.

Did you app for any other CapOne cards recently?

Years of positive history with CapOne on "starter limit" cards which frustrated many others here, has lead to "jaw dropping" new CL of $5k, $10k and higher for those who apped for a new Quicksilver or Venture card. CapOne seems to have a hard ceiling on many of their low limit cards. If you don't like that one, they have another for you.

This is especially important if your FICO scores have increased a lot recently. CapOne needs to get a fresh look at your credit file, thus the 3 HP, but the result can be a much improved CL.

Re: Capital crap one

Ups77 — Thu, 12 Mar 2015 13:47:00 GMT

No I closed account via automated. I had the card for about 4yrs and the 500 limit doesn't hurt me at all. I routinely get alit of increases anyway. I really don't care for the way the do business.

Re: Capital crap one

Anonymous — Thu, 12 Mar 2015 13:59:22 GMT

To get a CLI you usually need to request it versus it being automatic in my experience. Im gald it was painless though!

Re: Capital crap one

Anonymous — Thu, 12 Mar 2015 14:41:06 GMT

How are your scores? If they're decent I'd app again and see if you get a higher limit.

My scores are in the 630+ range, with a lot of charged off baddies from 2009 and they gave me a 2k limit on one card and 1k on the other - both are Quicksilver Ones. They're both in Credit Steps, so will get an increase after six months. I'm going to drop the lesser of the two after that happens and reapply for a new card if my scores are better by that point.

Re: Capital crap one

Imperfectfuture — Thu, 12 Mar 2015 14:50:16 GMT

@Anonymous wrote:
How are your scores? If they're decent I'd app again and see if you get a higher limit.

My scores are in the 630+ range, with a lot of charged off baddies from 2009 and they gave me a 2k limit on one card and 1k on the other - both are Quicksilver Ones. They're both in Credit Steps, so will get an increase after six months. I'm going to drop the lesser of the two after that happens and reapply for a new card if my scores are better by that point.

Everyone's journey is different, but I personally wouldn't put up with all those triple pulls for better cards. They can eventually upgrade the card I have (which some have done), or I will outgrow it. But no more triple pulls on the reports.

Re: Capital crap one

Anonymous — Thu, 12 Mar 2015 14:52:43 GMT

+1.

Triple pulls suck.

Re: Capital crap one

Imperfectfuture — Thu, 12 Mar 2015 14:56:25 GMT

@Anonymous wrote:
+1.

Triple pulls suck.

Thanks, I agree. It's okay when SLOWLY rebuilding, and you wait 6 months for your next card (not another cap one). However, my profile changed greatly between September and now, you start to realize need to protect reports from unnecessary HP's. JMHO

Re: Capital crap one

dk2003 — Thu, 12 Mar 2015 15:01:03 GMT

@NRB525 wrote:
@Ups77 wrote:
I just called capital one to close my account. I had the card for years without a cli. My limit would not even cover my cell phone and monthy gas bill. It was quite eas I didn't even have to talk to a rep.
Did you app for any other CapOne cards recently?

Years of positive history with CapOne on "starter limit" cards which frustrated many others here, has lead to "jaw dropping" new CL of $5k, $10k and higher for those who apped for a new Quicksilver or Venture card. CapOne seems to have a hard ceiling on many of their low limit cards. If you don't like that one, they have another for you.

This is especially important if your FICO scores have increased a lot recently. CapOne needs to get a fresh look at your credit file, thus the 3 HP, but the result can be a much improved CL.

Yes... this was my experience. I had a difficult time getting a CLI. Some cards are not designed to grow with you. You may have been in the Credit Steps program. Did you check into it? I had 2 cards both at a 500 limit and applied for Venture and got a 10k limit... Your history with them means something. Just may not have been the growing type of card. You may ap for Venture... js

Re: Capital crap one

Anonymous — Thu, 12 Mar 2015 15:19:43 GMT

@NRB525 wrote:
@Ups77 wrote:
I had the card for years without a cli.
Did you app for any other CapOne cards recently?

Years of positive history with CapOne on "starter limit" cards which frustrated many others here, has lead to "jaw dropping" new CL of $5k, $10k and higher for those who apped for a new Quicksilver or Venture card.

I have had a similar experience. I was denied a CLI last year, leaving my CapOne Platinum at $500.

Last month I got a $30,000 CapOne Venture to go along with my $500 CapOne Platinum and a secured CapOne for $851 (received auto $300 CLI in December).

So I was denied for a few hundred CLI but approved for a 30K card...go figure.

25K is my next highest and that was only gotten with the 3X CLI thing. 16K was my next highest after that but most are at 12K and lower with a gazilion toy limit cards.

CapOne does seem to give better limits if you already have cards with them. 30K is by far my highest card.

Re: Capital crap one

Anonymous — Thu, 12 Mar 2015 15:18:31 GMT

@dk2003 wrote:
@NRB525 wrote:
@Ups77 wrote:
I just called capital one to close my account. I had the card for years without a cli. My limit would not even cover my cell phone and monthy gas bill. It was quite eas I didn't even have to talk to a rep.
Did you app for any other CapOne cards recently?

Years of positive history with CapOne on "starter limit" cards which frustrated many others here, has lead to "jaw dropping" new CL of $5k, $10k and higher for those who apped for a new Quicksilver or Venture card. CapOne seems to have a hard ceiling on many of their low limit cards. If you don't like that one, they have another for you.

This is especially important if your FICO scores have increased a lot recently. CapOne needs to get a fresh look at your credit file, thus the 3 HP, but the result can be a much improved CL.
Yes... this was my experience. I had a difficult time getting a CLI. Some cards are not designed to grow with you. You may have been in the Credit Steps program. Did you check into it? I had 2 cards both at a 500 limit and applied for Venture and got a 10k limit... Your history with them means something. Just may not have been the growing type of card. You may ap for Venture... js

It never amazes me anymore when I see people rail against Cap One and their starter cards and CLIs. As mentioned, more often than not, you have to do one of a couple of things:

1. Request a CLI

2. PC the card to one that offers higher credit limits

Calling Cap One "Crap One" while souding humorous and cliche doesn't change the fact that there are so many people who are totally unaware of Cap One's business practices when it pertains to credit cards. Someting tells me that if you had requested a new cards, you'd have gotten something what was better. This is purely a case of not being knowledgeable of what you could have done.

Re: Capital crap one

KORN — Thu, 12 Mar 2015 15:32:35 GMT

Really!? I'm actually extremely satisfied with Capital One. I started with a secured CC and was able to establish my credit. I ended up getting the CapitalOne QuickSilver One card in October. I started with $300 in October, now it's March and my limit went to $1,300! I actually did a CLI about two weeks ago and got $800, so this was a nice little surprise for me.

Re: Capital crap one

Anonymous — Thu, 12 Mar 2015 15:35:51 GMT

$300 starter card doesn't grow to $30,000. Period.

Re: Capital crap one

Ups77 — Thu, 12 Mar 2015 15:37:29 GMT

im glad you love capital one. im just saying i had problems. i make 6 figures so to be at a 500 limit seems ridiculous and as far as giving 30k limits they are not the only ones.

Re: Capital crap one

KORN — Thu, 12 Mar 2015 15:40:27 GMT

@Ups77 wrote:
im glad you love capital one. im just saying i had problems. i make 6 figures so to be at a 500 limit seems ridiculous and as far as giving 30k limits they are not the only ones.

That does sound weird, but I've seen it happen to people here on the board who make a good amount of money and can't seem to get a CLI for their card. I wonder what pops up on their system.

Re: Capital crap one

Anonymous — Thu, 12 Mar 2015 15:47:00 GMT

What happens is a form of credit "Typecasting"

Some are able to break the wall and get through but MOST are not. I personally am more apt to believe Capital One in general does not "graduate" people without a new Prime application when the profile supports it.

This forum represents a VERY small slice of consumers. Just because 1/4th of members here have success with Capital One does not an excellent lender make.

Re: Capital crap one

Ups77 — Thu, 12 Mar 2015 15:52:20 GMT

That is true it doesn't by far making them an excellent lender. I worked par time in the 90s in a dealership while serving in the military for 11 years. Capital one would sent out approvals for car loans. The dealership loved this because they didn't have to worry about getting them into the car. I have my atv and harley loans thru usaa and if the guy with the 30k limits with cap one thinks they can beat usaa well then God bless him.

Re: Capital crap one

Anonymous — Thu, 12 Mar 2015 22:07:14 GMT

@Anonymous wrote:
What happens is a form of credit "Typecasting"

Some are able to break the wall and get through but MOST are not. I personally am more apt to believe Capital One in general does not "graduate" people without a new Prime application when the profile supports it.

This forum represents a VERY small slice of consumers. Just because 1/4th of members here have success with Capital One does not an excellent lender make.

Amen.

I see a lot of suggestions in Cap1 related posts from the 1/4th with all kinds of tips for workarounds and suggestions for understanding the Cap1 business philosophy. The fact that encounters with Cap1 routinely require workarounds and understanding speaks volumes about the quality of said lender. If routine requests require workarounds, what would an actual crisis require (identity theft, fraudulent activity, emergency cash advance, etc.)?

Re: Capital crap one

kdm31091 — Thu, 12 Mar 2015 22:13:32 GMT

@Anonymous wrote:
What happens is a form of credit "Typecasting"

Some are able to break the wall and get through but MOST are not. I personally am more apt to believe Capital One in general does not "graduate" people without a new Prime application when the profile supports it.

This forum represents a VERY small slice of consumers. Just because 1/4th of members here have success with Capital One does not an excellent lender make.

That also cuts the other way though; doesn't mean they are a terrible lender or "Crapital" one because some posters aren't as succesful with them. As you said, this is a tiny percent of the population.

I don't think Capital One is bad. I think their starter cards are just that -- starter cards. It is not likely that your tiny limit starter Platinum Cap One will ever grow to $30k, but why would you want it to? Those cards offer no rewards, and by the time it would grow that large, you certainly should have improved your profile and can obtain a better product from them (QS, Venture) and work the limit on that one up, which in my experience, they will grow over time with you on the QS/Venture type cards if you show usage (again, not for everyone, but that's with every lender).

The starter cards serve a purpose. That purpose is not to become some $30k lifetime use card. It's a foot in the door and a credit establishing tool. Once you've improved your credit you can go for one of their better products which IMO are perfectly good but depends what you're looking for.