topic Re: Giving Up on Capital One.. in Credit Cards

Giving Up on Capital One..

bicboiOD — Fri, 12 Feb 2021 03:20:48 GMT

So with my current rebuild, my Capital One tradeline is my oldest open credit line and that is really the only thing that's keeping me from closing it. It started as a tiny little $300 CL Platinum card from 2016 and to this day it is now a tiny little $300 CL QS (with no AF), as with everyone else struggling to get a CLI, I've tried multiple times getting denied for various different reasons, so I thought it might have to do with my past payment history with them. (I have also realized that my denial letters are referencing my EQ score from Dec 2020, which is significantly lower than what they are now, and I've been pushing the ~~luv~~ button, every other week)

I had 3 total 30D lates with them, with the latest one almost being 2 yrs ago. I emailed the CEO for a GW adjustment and got a call from EO about a week later. Very pleasant lady and asked why and what happened about the late. Just explained the reality of being irresponsbile and at the time of when I had it I was trying to balance work and full-time school and now I've been much more involved in being responsible with my credit. Haven't missed a single payment since June of 2019 and told her I was on autopay. She said that she would look into it and call me back the next day, in which she did, but to tell me that they couldn't do anything due to FCRA.

Decided to send a follow-up email just to compliment the rep that "helped" me, but to also write in about my constant CLI denials, and surprisingly I got another call from the EO, trying to "diffuse" my frustrations with them. Call ended up same as the first one, "Thank you for being a loyal customer with Capital One"

As my scores were improving, I got "matched offers" for Capital One Platinum, hoping that I would possibly get a higher SL with the improvements that have been made on my CR, but I ended up being foolish and took a 3HP to only be offered a secured platinum.. (with a min $49 deposit, if that's any consolation..) I plan to just put in add the additional $800 to the deposit to get the max SL of $1000 and hope I get the auto-CLI from the credit steps after the consecutive on-time payments..

I spoke with CSR and they did state that they were graduating secured cards, so just gonna let it report $0, probably put a few charges here and there as needed but otherwise just sock drawer it because I know I can definitely grow much more with Discover and AMEX..

The only bit of optimism I have is if I decide to keep sending GW letters to get those lates removed and if they finally decide to give me a reasonable CLI once my credit score jumps up after my last CA gets deleted from my report..

Re: Giving Up on Capital One..

AndySoCal — Fri, 12 Feb 2021 03:42:15 GMT

@bicboiOD

Here is some information you may find useful

https://www.capitalone.com/credit-cards/credit-line-increase/

Re: Giving Up on Capital One..

SweetCreditObsession — Sat, 13 Feb 2021 05:03:19 GMT

Take heart. Cap1 has been fairly conservative on CLIs for a few years now. The first card you have is bucketed or categorized based on your scores when you were first approved years ago. It will not likely grow much for that reason. Keep your reported utilization below 28.5% each month and work on removing as many baddies as you can. The lates are dragging your scores but the sting will lessen as time goes by. I wouldn't recommend getting another card for 12 months so the inquiries no longer affect your scores. You'll see better offers once you're at 680 or better. Best wishes in this marathon known as the credit game.

Re: Giving Up on Capital One..

staticvoidmain — Fri, 12 Feb 2021 08:04:45 GMT

Cap1 is my oldest card as well, and pretty much the only reason I haven't closed them yet. I used to really like them until the CLD trigger happy event that happened last year. My scores were getting high, and they were getting high on paranoia.

I still like them compared to most other popular and big banks, but not as much as before.

Re: Giving Up on Capital One..

AverageJoesCredit — Fri, 12 Feb 2021 11:58:05 GMT

Still. Boggles the mind how Cap One is looked upon fir cli increases. Imo they are kinda like WF, conservative as fico. With a blemished report, they can always have a ready to go reason for denial. Without significant spend, not much better chances. I think people should just use them as a springboard to better cards bit just multiple ones . Know thy enemy, er, friends

Re: Giving Up on Capital One..

Anonymous — Fri, 12 Feb 2021 13:55:43 GMT

I bucketed/"starter" account from Capital One is never going to grow. Trying to improve your profile, eliminate negative items etc. is a great thing but will have zero impact on your [in]ability to obtain a CLI on that account. After you clean up your file if you apply for a new account through Capital One you'll no doubt receive a better SL at that time, but don't expect a dime out of them on your rebuilder account.

As for GW denials with CO, they are common but if you look at the rebuilding section of the forum you'll see a handful of recent success stories. Your best bet is to keep trying, as it's normal to hear a ton of "no" responses prior to getting the "yes" you're looking for.

Re: Giving Up on Capital One..

Loquat — Fri, 12 Feb 2021 14:42:02 GMT

When it comes to CapOne, they are who they are. Expecting them to be something else is just a waste of time and frustration. They may not be for everyone but they have their place in this space just like most other lenders. What one has to do is realize when they're no longer right for *you*.

OP, sometimes you have to choose between turning the page or closing the book and only you can determine when such action is appropriate for your situation.

Re: Giving Up on Capital One..

SecretAzure — Fri, 12 Feb 2021 15:17:15 GMT

Can't believe they told you they're graduating secured cards. Take that with a grain of salt. I had their secured card for 7 years and never got offered one. Even with scores in the 780's. I dumped them years ago. They have, of course, graduated for brief moments in time...if you happened to apply at the exact, right magical time. Who knows if you have? You won't know until it happens.

I'm sorry you're in this pickle but I hope it works out for you.

Re: Giving Up on Capital One..

Ficoproblems247 — Fri, 12 Feb 2021 18:14:54 GMT

@SecretAzure wrote:
Can't believe they told you they're graduating secured cards. Take that with a grain of salt. I had their secured card for 7 years and never got offered one. Even with scores in the 780's. I dumped them years ago. They have, of course, graduated for brief moments in time...if you happened to apply at the exact, right magical time. Who knows if you have? You won't know until it happens.

I'm sorry you're in this pickle but I hope it works out for you.

Capital One is in fact back to graduating their secured cards again. They reenacted that policy a few months ago.

Re: Giving Up on Capital One..

JamP — Fri, 12 Feb 2021 18:40:02 GMT

Sock Drawer it or cut it up and forget about it.

Let them close it.

Re: Giving Up on Capital One..

FinStar — Sat, 13 Feb 2021 05:56:56 GMT

@SecretAzure wrote:
Can't believe they told you they're graduating secured cards. Take that with a grain of salt. I had their secured card for 7 years and never got offered one. Even with scores in the 780's. I dumped them years ago. They have, of course, graduated for brief moments in time...if you happened to apply at the exact, right magical time. Who knows if you have? You won't know until it happens.

I'm sorry you're in this pickle but I hope it works out for you.

@SecretAzure while you may not be aware of some of these recent developments, it is in fact something that's actually taking place. It is still not known which profiles or accounts are being targeted, but graduations have been taking place.

Below is the recent discussion for your reference:

https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Secured-Deposit-Refund-Now-Unsecured/td-p/6187677

Re: Giving Up on Capital One..

bicboiOD — Sat, 13 Feb 2021 20:42:38 GMT

Thanks for the reponses everyone. I'm not going to get my hopes up with Cap1, but do you guys recommend I add the additional deposit to get the max $1000 starting limit or just leave it at the $200 limit?

Re: Giving Up on Capital One..

Anonymous — Sat, 13 Feb 2021 22:01:30 GMT

In regards to putting $849 on the card to get the $1000 SL that's a personal choice. If you don't need the money and can park it on the card for a year or two go ahead if you want the higher limit. I started with their secured card back in 2018 and paid $49 for a $200 credit limit. After 6 months of using about $100-$150 of credit each month they auto increased it to $500. During my time with the secured card they weren't graduating them despite several attempts. Recently as shared above they have gone back to making these cards unsecured. I ended up closing my secured card this summer because during that time I acquired the QS1 at $1500 and now it's $3500.

I think the lates are still hurting your relationship with Capital One. If you could goodwill them great but really I think you just need to repair the relationship with them by swiping and paying on time. What kind of spend were you putting on the QS1?

Re: Giving Up on Capital One..

bicboiOD — Sat, 13 Feb 2021 22:31:46 GMT

@Anonymous wrote:
In regards to putting $849 on the card to get the $1000 SL that's a personal choice. If you don't need the money and can park it on the card for a year or two go ahead if you want the higher limit. I started with their secured card back in 2018 and paid $49 for a $200 credit limit. After 6 months of using about $100-$150 of credit each month they auto increased it to $500. During my time with the secured card they weren't graduating them despite several attempts. Recently as shared above they have gone back to making these cards unsecured. I ended up closing my secured card this summer because during that time I acquired the QS1 at $1500 and now it's $3500.

I think the lates are still hurting your relationship with Capital One. If you could goodwill them great but really I think you just need to repair the relationship with them by swiping and paying on time. What kind of spend were you putting on the QS1?

@Anonymous

Also it's a Quicksilver and not the QS1 (even though it probably doesn't matter as much, cus it's still a bucket, but with no AF i guess?)

I'm not sure if there have been any DPs on whether or not ppl got a CLI from the credit steps after 5-6 months of on-time payments with the max starting limit of $1000? I know pretty much everyone goes from $200 → $500, but haven't heard of $1000 → $1300 (or however they decide to apply a CLI) That's pretty much what would make me more inclined to put in a higher deposit, otherwise I would put that $800 towards my SO's CSP that's got a high utilization rn..

So I think before I PC'd and took care of some baddies back in Dec 2020, I had just carried a balance with this card for a couple months and paid minimum (this was all before I decided to rebuild my entire credit profile, so I honestly didn't know anything about how statement balances and utilization really worked), always paid by the due date (with the latest one from June 2019).

From statement (Nov - Dec 2020)

Total Spend: $254.96

Left a $6.13 balance

Next statement (Dec 2020 - Jan 2021)

Total Spend: $287.76

(didn't know about closing dates at this time and let the entire spend report as balance..)

Two days later I immediately paid down the entire balance in full

Latest statement (Jan 2021 - Feb 2021)

Total Spend: $495.42

Made several payments throughout the billing cycle and reported $0 balance

Re: Giving Up on Capital One..

Anonymous — Sat, 13 Feb 2021 23:08:22 GMT

So the last negative from Capital One was 2 years ago. You mentioned you took care of some baddies on your CR, was this another lender? Doing some quick research on Google and MF and your right I can't find any DPs on the secured CLI increase on the $1000 SL.

When reading the terms of the card, this is what is says.

Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed

Considered being the key word. Honestly if I were you I would pay the $49 for $200 and hold onto my money. I don't think having the extra $800 locked into the account is really going to help you more. Since now you know when your cards report to the CRAs your utilization shouldn't really be a problem. You have a secured Discover It card with a $2000 limit. You also have an American Express revolver at $1000. Right now you want to keep your QS for the time being even though it's bucketed. I'd shift the majority of spend over to Discover and American Express while still making sure to use both the secured and QS once a month.

Then just give it time. Discover and AMEX are both new accounts but in time they will grow and their growth will help you with Capital One. When your new accounts age by 2 years I'd say goodbye to that bucketed QS. Now just don't over spend and don't make any late payments.

Re: Giving Up on Capital One..

bicboiOD — Sat, 13 Feb 2021 23:20:24 GMT

@Anonymous wrote:
So the last negative from Capital One was 2 years ago. You mentioned you took care of some baddies on your CR, was this another lender? Doing some quick research on Google and MF and your right I can't find any DPs on the secured CLI increase on the $1000 SL.

When reading the terms of the card, this is what is says.

Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed

Considered being the key word. Honestly if I were you I would pay the $49 for $200 and hold onto my money. I don't think having the extra $800 locked into the account is really going to help you more. Since now you know when your cards report to the CRAs your utilization shouldn't really be a problem. You have a secured Discover It card with a $2000 limit. You also have an American Express revolver at $1000. Right now you want to keep your QS for the time being even though it's bucketed. I'd shift the majority of spend over to Discover and American Express while still making sure to use both the secured and QS once a month.

Then just give it time. Discover and AMEX are both new accounts but in time they will grow and their growth will help you with Capital One. When your new accounts age by 2 years I'd say goodbye to that bucketed QS. Now just don't over spend and don't make any late payments.

Nice, thanks for looking to that. I had a feeling that it wasn't going to get a CLI, but I was just thinking it'd be better to be stuck with a $1000 CL unsecured vs. a $500, but at this point I'm just using Capital One as a way to rebuild my profile, with account age and payment history.

Yes the baddies were an AMEX CO that I paid in Dec 2020, which got me in with an Optima card I just received a few days ago. Currently the account from AMEX is reporting differently on all 3 CRA. They deleted all the late payments from my payment history and retained my good payment history from 2015 to present, but listed charge off (paid in full, was a chargeoff, etc.)

I have seen some DP that with a couple months of the AMEX optima being reported with good payment history/utilization, they might be more inclined to a GW adjustment on how they report the CO account, but I'll give it a few more months before I try to look into it more.

The other was a WF credit card that was charged-off from 2019 I think, settled for a huge discount of the charge-off and it was paid at the end of Jan 2021, so I'm not sure if the date that I paid the charge-off affects my recent delinquency status from the date I paid the CO vs. DOFD.

Re: Giving Up on Capital One..

Anonymous — Sun, 14 Feb 2021 00:14:00 GMT

Well yes $1000 would be better then $500 but if your using the card as rebuilding the SL doesn't matter much IMO. Totally up to you on what to do.

Just keep in mind, Capital One secured cards can take anywhere from 8months to 2 years to graduate much like Discover. The difference is Capital One is not a guarantee. I held that card for 2 years and when I tried at-least 3 different phone calls I was told the card no longer graduated. Just recently in the last couple of months people have been getting cards unsecured though. YMMV. If you can give up the $800 and forget it even exists for about 1-2 years then by all means go ahead and do it. This way you can share DPs if they do increase the limit after 6 months. Just know if something goes wrong and you suddenly need the $800 it will take 2 statement cycles after you closing it to receive the money back.

Goodluck on the GW letters! Never hurts to try and worse they can say is no and there are a lot of success stories out there. I'm not sure about the WF's issue/question so I'll leave that for a more experienced member to answer. I do know that the DOFD will remain the same, so whenever they first reported the baddie that lead to the CO status it will fall off the credit report in 7 years.

Re: Giving Up on Capital One..

Anonymous — Tue, 08 Jun 2021 19:02:28 GMT

Same issue here and my scores match your very closely. I started with Cap One in 2017 with a secured line of $300. After 2 years (2019) with increasing scores /better offers, the Cap One never graduated. When I asked them why I guess I signed up during a period where the secured cards were not eligible le for graduation. It's hard to get a clear answer but from many calls this is what I gather. I requested a product change. Rep stated I must close secured Card and apply for a unsecured card, which I did. Approved for the Quicksilver and not a single CLI since 2019 (May). I'm so over it. I get so irritated thinking about it. Anyway, just waiting for my new NFCU card to arrive e in hand and calling those ppl to close out the card. I don't even want to Sock Drawer the darn thing. I must admit, they were the 1st to give me credit when rebuilding. I used to be in the lower 500's, smh.