topic Re: Cap One has no interest in me 🤣 in Credit Cards

Cap One has no interest in me 🤣

PicoFico — Sun, 11 Jul 2021 05:34:45 GMT

Last month I closed my $800 graduated secured card, because it wasn't doing much for me. Looking back, I might have tolerated it for AoOA stats, but I moved on.

For giggles I decided to try their prequal site tonight:

Oooohhh can I please?! Only 3 HP's? I'll take 2, in fact!

🤣😜😂

Edit:

I should probably add that's with

100% payment history

2% utilization

0 derogs

And 8's around 773-795

Re: Cap One has no interest in me 🤣

AlanGJP — Sun, 11 Jul 2021 05:35:22 GMT

Yeah... don't feel bad. Honestly CapOne can be terrible sometimes. Here's my results:

The scores in my sig are accurate.

I cancelled my Quicksilver One (a card I product changed to during my rebuild) on the first of this month. For reference, two days ago I app'ed and was approved for a $10k discover miles card...

CapOne constantly complains my usage is too low -- well, what incentive do I have to use the darn thing with such a low CL. I can't monitor it constantly and I am not going to be declined for a low limit.

CapOne needs to get their *bleep* together imo. I don't use my CO QS because the limit is so low and the rewards just don't justify it. Especially considering my other options. I will likely dump CO all-together soon as I now look at them as a rebuild solution only and they clearly don't want to work with me.

Anyway, don't feel bad. There's a LOT of cards out there.

Re: Cap One has no interest in me 🤣

PicoFico — Sun, 11 Jul 2021 05:35:45 GMT

@AlanGJP wrote:
Yeah... don't feel bad. Honestly CapOne can be terrible sometimes. Here's my results:
The scores in my sig are accurate.

I cancelled my Quicksilver One (a card I product changed to during my rebuild) on the first of this month. For reference, two days ago I app'ed and was approved for a $10k discover miles card...

CapOne constantly complains my usage is too low -- well, what incentive do I have to use the darn thing with such a low CL. I can't monitor it constantly and I am not going to be declined for a low limit.

CapOne needs to get their *bleep* together imo. I don't use my CO QS because the limit is so low and the rewards just don't justify it. Especially considering my other options. I will likely dump CO all-together soon as I now look at them as a rebuild solution only and they clearly don't want to work with me.

Anyway, don't feel bad. There's a LOT of cards out there.

I don't feel bad at all. It was a 'for science' thing really, and I view them as one rung above predatory...

At the least, it was just interesting. I suppose it's a humble way of saying "we know we don't have a spot in that line up, sorry". 😂

Re: Cap One has no interest in me 🤣

Eyepinpools — Sun, 11 Jul 2021 05:30:38 GMT

Wish I could tell everyone to not pick up a CapOne ever... at least that's been my experience. So glad I took 3x HPs, twice (shame on me), for a total of 4500 in CL that never seems to qualify for CLIs regardless of spend on both cards.

8's in the 770-810 range

Re: Cap One has no interest in me 🤣

AlanGJP — Sun, 11 Jul 2021 05:51:10 GMT

@PicoFico I didn't see your edit when I replied... no worries, just trying to help.

I have to admit though, CapOne took me in during my rebuild before anyone else would. They PC'ed my Platinum to a QS relatively early (albeit with no CL bump) and approved me for an auto loan when I was in the very low 600's. (Again, with some terrible APR) The reality is, they took a chance on me when many wouldn't. I appreciate it, it gave me the boost I needed to keep pushing and improving.

I just wish they'd see where I stand now - no lates, 1% util with ~90k avail, auto loan around 90% paid... I feel I deserve to be pulled out of their "bucket" and sat at the table.

I think that's why I now hold a bit of a grudge against capone. I did my part, I proved I'm worthly. But daddy cap won't let me sit at the table. Fine then, I hear Chase and Amex make for a great set of parents.

Re: Cap One has no interest in me 🤣

Anonymous — Sun, 11 Jul 2021 06:51:29 GMT

Question, how long ago did it graduate and you close the account?

Prequals can change daily as your score and accounts report changes.

I have no problem with CapOne as they have been good to me. Gave me my first credit card helped me build, then gave auto increases. Granted it's not a high CL, but it's something and one that I will use again since it rewards me for using it. They process payments fast (for me, except on the weekends). I didn't think the platinum would ever graduate and 3 days after calling and being denied I was sent a link for update AFTER I applied for more Cap One products after they irritated me lol

Re: Cap One has no interest in me 🤣

rgd51 — Sun, 11 Jul 2021 07:31:43 GMT

@AlanGJP wrote:
@PicoFico I didn't see your edit when I replied... no worries, just trying to help.

I have to admit though, CapOne took me in during my rebuild before anyone else would. They PC'ed my Platinum to a QS relatively early (albeit with no CL bump) and approved me for an auto loan when I was in the very low 600's. (Again, with some terrible APR) The reality is, they took a chance on me when many wouldn't. I appreciate it, it gave me the boost I needed to keep pushing and improving.

I just wish they'd see where I stand now - no lates, 1% util with ~90k avail, auto loan around 90% paid... I feel I deserve to be pulled out of their "bucket" and sat at the table.

I think that's why I now hold a bit of a grudge against capone. I did my part, I proved I'm worthly. But daddy cap won't let me sit at the table. Fine then, I hear Chase and Amex make for a great set of parents.

Right there with you. I canceled both my cap one cards and decided to just use chase cards. Chase rolls out the red carpet for me compared to cap one. I don't regret my time with cap one as they gave me a QS1 when I had no credit history at all and then they PCed it to a V1 which is an awful card and then they wouldn't let me PC the V1 to a QS so I just decided to cut ties with them because I have never had any baddies or derogs on my report ever and qualified for far better cards with chase.

Re: Cap One has no interest in me 🤣

Anonymous — Sun, 11 Jul 2021 13:14:04 GMT

With so many card options out there, I've decided not to bother with triple-pull applications. Cap1 is a no-go for me, but I was curious, so I tried it out. I got a little splash screen with animated confetti, followed by an invitation to open a . . . secured mastercard.

I live in Virginia, where Cap1 has branch locations. Actually, they're "Capital One Cafes" (basically a full Peet's Coffee shop with a couple tellers at the back and a 50% discount when paying with a Cap1 card). I kind of wish that I liked Capital One. I just don't. And maybe it's mutual

Re: Cap One has no interest in me 🤣

Anonymous — Sun, 11 Jul 2021 13:34:49 GMT

I have three capital one cards, two regular cards and a Wamart Mastercard,

CL's are $25,000, $15,000, and the Walmart Mastercard is $10,000

I will build my two lower line cards to $25,000 each or will try to.

My middle card is less then a year old and my Walmart Mastercard switched over from Synchrony a few years back.

I hear they are horrible to get new cards or CLI's so dont be upset, I have not tried a CLI with them for awhile now.

After reading all this I am just going to hold off and leave them where they are.

I do not pay attention to the interest rate on any card since I do not carry any balances, unless it is a 0% offer sometimes.

If you are having better luck with Chase I would just stick with them.

My Chase cards transfered over from Washington Mutual, so I never actually applied to chase.

Thanks

Mark

Re: Cap One has no interest in me 🤣

Horseshoez — Sun, 11 Jul 2021 14:17:05 GMT

@PicoFico, I wouldn't put too much stock in CapOne's prequal site, I've read lots of accounts here and elsewhere, where folks "prequaled" for the bottom tier cards, and then applied for a higher tier card anyway, and they were approved, and with some pretty nice credit limits.

Regarding CapOne's range of starter cards, I've read on this site where they fund their card portfolio by packaging together large groups of accounts in a certain risk range and sell them as "asset backed securities" (I think I got that right), and once sold, bumping them to either higher credit limits or PCing them to other cards is a bit more problematic. It seems it is simply easier to close the beginner cards and apply for higher cards, which in my case, worked perfectly. Last year, after my Chapter 13 discharge, I opened a secured CapOne Platinum with the maximum $1,000 credit limit. That card didn't work out for me so I closed it after less than 7 weeks. Six months later CapOne sent me a preapproval letter for a Quicksilver (the one for "good" credit), I took the bait and suddenly had an unsecured card with a $3,000 limit.

Just goofing around last week I tried their prequal page and only saw approvals for the two versions of their Platinum card (secured and not), this may or may not be due to the fact all of my credit reports are locked; that said, I'd bet I have at least 50/50 odds of being approved for a Savor or SavorOne, should I opt to apply, however, since I'm gardnening until next Spring, I will never know for sure.

Re: Cap One has no interest in me 🤣

Taurus22 — Sun, 11 Jul 2021 14:21:31 GMT

@Anonymous wrote:
With so many card options out there, I've decided not to bother with triple-pull applications. Cap1 is a no-go for me, but I was curious, so I tried it out. I got a little splash screen with animated confetti, followed by an invitation to open a . . . secured mastercard.

I live in Virginia, where Cap1 has branch locations. Actually, they're "Capital One Cafes" (basically a full Peet's Coffee shop with a couple tellers at the back and a 50% discount when paying with a Cap1 card). I kind of wish that I liked Capital One. I just don't. And maybe it's mutual

This. I also agree that CapOne is one single step above predatory. Sure, for those rebuilding or starting their credit journey, maybe these cards really do get their foot in the door. But honestly, when I started out of the gate, I simply opened a secured card with my personal bank. (It's the First Citizens card in my siggy) Only took a single HP. And I'm not bucketed.....but my bank does require another HP for CLI, so I just don't bother. In 2 more years I'm probably going to close that starter card anyway, as it won't hurt my overall AAoA by then.

There are 3 card-issuers I will likely never ever have any cards with.....Comenity, Synchrony, & Capitol One. CapOne would have to make one very special card for me to break my rule and take 3 HP's into a possible bucket, and they haven't done that yet.

Re: Cap One has no interest in me 🤣

Horseshoez — Sun, 11 Jul 2021 14:29:27 GMT

@Taurus22 wrote:
CapOne would have to make one very special card for me to break my rule and take 3 HP's into a possible bucket, and they haven't done that yet.

I have a different view on the whole 3 HP thing...

I currently have all of the cards I *need*, and when I start traveling again (primarily for work), I'll have a corporate card for that activity. With that in mind, I don't see myself ever applying for more than one or two cards per year, possibly for the rest of my life, so whether it is 2 HPs (two non-CapOne cards) or 4 HPs (one CapOne card and one not), the number of HPs in any one year is pretty much irrelevant from a credit score perspective. Said another way, if the right card for me is a CapOne card (I've been eyeing a Savor card for a while now), then HPs be damned, I'm applying for that card.

Re: Cap One has no interest in me 🤣

Brian_Earl_Spilner — Sun, 11 Jul 2021 14:36:23 GMT

I always find it interesting when I see cap1 get bashed or called things like sub-prime or almost predatory because of low limits and slow growth. Replace the name with a lender that is highly regarded or has more desirable products and they'll simply be called conservative. 🤷

Re: Cap One has no interest in me 🤣

CreditCrusader — Sun, 11 Jul 2021 15:45:08 GMT

@Brian_Earl_Spilner wrote:
I always find it interesting when I see cap1 get bashed or called things like sub-prime or almost predatory because of low limits and slow growth. Replace the name with a lender that is highly regarded or has more desirable products and they'll simply be called conservative. 🤷

Here's the other thing:

I hate to state the obvious, but Capital One is a business.

They have stumbled upon a successful business model...one that relies substantively on secured debts as opposed to more risky unsecured debts.

Are we to talk down about them just because they are making prudent business decisions?

And just so folks don't think it's entirely self-serving, consider the following:

A decent portion of Capital One's portfolio consists of auto loans that have been refinanced from predatory, high-risk sub-prime lenders.

In my case, as I was rebuilding many years ago, I had to swallow 18% interest on an automobile that, shall we say, wasn't exactly the cat's meow. As I scratched the 600 FICO score surface, Capital One not only pre-approved me for a better automobile, but at a rate that was around 8%...meaning I was able to trade in the lesser automobile and drive off the lot with a newer, better and more reliable vehicle...and with a great monthly payment.

Moral of this long story: If Cap 1 isn't for you, so be it. Credit needs and products to match them are overtly personal. But let's not cast them down with the bottom feeders of credit just because they don't give you what you want. Their business model works for them and millions of their partners and customers.

Re: Cap One has no interest in me 🤣

PicoFico — Sun, 11 Jul 2021 18:31:07 GMT

The intent wasn't to bash them and a view of where they lie in the lending food chain is just observational, but regardless, it is as I said, interesting, that after 2 years of flawless use and payment history, the best business they can offer is secured.

I guess my sense of humor is different than most, it made me laugh. Sorry I wasn't really trying to disect Cap One.

I'll remain grateful for the opportunity to rebuild with them and share that positive experience with others about it, also.

Re: Cap One has no interest in me 🤣

Taurus22 — Sun, 11 Jul 2021 18:54:27 GMT

@CreditCrusader Just had a very similar post recently....and you are entirely correct. CapOne, like all other lenders are in the business of making money. They are not there to cater to myFICO'ers, their model works on those who feel like they have no "choice" (key word here) but to apply for their card, which is why their approval criteria is more lax.....or those who have damaged their credit history or starting their credit journey. And evidently, they helped you out of a difficult position which is fantastic. The model works for CapOne and it worked for you.

But, at the risk of a circular argument, I stand by my comments. For a lender that requires 3 pulls (which puts the applicant in an INQ hole to start with) for a $500 limit (if they're lucky) then buckets them with a 29% APR so they can't grow....which then puts them in a position in the future to make a choice of closing that account (which again, forces the applicant to close a credit line...not ideal) or sock-drawer it, which affects the applicant's average CL across cards, which other lenders sometimes use to base future SL's.

This is why CapOne sits as a bottom-feeder among lenders (and almost predatory) in my "opinion". Honestly, they are just a bad choice when there are better options available. Nothing they offer makes good credit sense to me. Again, opinion.

Re: Cap One has no interest in me 🤣

Horseshoez — Sun, 11 Jul 2021 19:14:38 GMT

@Taurus22 wrote:
@CreditCrusader Just had a very similar post recently....and you are entirely correct. CapOne, like all other lenders are in the business of making money. They are not there to cater to myFICO'ers, their model works on those who feel like they have no "choice" (key word here) but to apply for their card, which is why their approval criteria is more lax.....or those who have damaged their credit history or starting their credit journey. And evidently, they helped you out of a difficult position which is fantastic. The model works for CapOne and it worked for you.

But, at the risk of a circular argument, I stand by my comments. For a lender that requires 3 pulls (which puts the applicant in an INQ hole to start with) for a $500 limit (if they're lucky) then buckets them with a 29% APR so they can't grow....which then puts them in a position in the future to make a choice of closing that account (which again, forces the applicant to close a credit line...not ideal) or sock-drawer it, which affects the applicant's average CL across cards, which other lenders sometimes use to base future SL's.

This is why CapOne sits as a bottom-feeder among lenders (and almost predatory) in my "opinion". Honestly, they are just a bad choice when there are better options available. Nothing they offer makes good credit sense to me. Again, opinion.

The only comment I have is, reading your post would lead the unaware to assume the only cards offered by CapOne are build/rebuilding cards, however, as we all know, they cover the spectrum, build/rebuilder cards, middle tier (maybe "near-prime"?) cards, and reasonably high end cards like Savor and Venture. I currently have a middle tier Quicksilver and there is a fair bet I'll apply for a Savor when I come out of the garden some time next year.

Re: Cap One has no interest in me 🤣

toddc — Sun, 11 Jul 2021 22:55:30 GMT

Mod edit - not here capital one. Their fraud detection alerts are annoying af nobody else locks down my cards like capital one. They never increase my cls either. So now I just sock drawered both cards with them and will put zero spend through them.

Re: Cap One has no interest in me 🤣

Taurus22 — Sun, 11 Jul 2021 19:34:47 GMT

@Horseshoez That's a good point. I don't want to be misleading. CapOne does offer more than just rebuild cards, which is what the OP was specifically talking about, so I was speaking more in regards to those. But honestly, now that you mention it, the other cards like QS and Savor don't really have an appeal to me personally either....certainly not worth the triple-pull. But again, that's a "choice" factor and personal opinion. I know many have had good experiences with QS, Savor and SavorOne. I had even considered SavorOne at one time early in my profile until I did further reading on the forums.....just did the math and research for myself and CapOne just doesn't float my boat. Doesn't take away from the fact it's a successful business model....it obviously works, for some.

Re: Cap One has no interest in me 🤣

CreditCrusader — Sun, 11 Jul 2021 19:39:01 GMT

@Taurus22 wrote:
@CreditCrusader Just had a very similar post recently....and you are entirely correct. CapOne, like all other lenders are in the business of making money. They are not there to cater to myFICO'ers, their model works on those who feel like they have no "choice" (key word here) but to apply for their card, which is why their approval criteria is more lax.....or those who have damaged their credit history or starting their credit journey. And evidently, they helped you out of a difficult position which is fantastic. The model works for CapOne and it worked for you.

But, at the risk of a circular argument, I stand by my comments. For a lender that requires 3 pulls (which puts the applicant in an INQ hole to start with) for a $500 limit (if they're lucky) then buckets them with a 29% APR so they can't grow....which then puts them in a position in the future to make a choice of closing that account (which again, forces the applicant to close a credit line...not ideal) or sock-drawer it, which affects the applicant's average CL across cards, which other lenders sometimes use to base future SL's.

This is why CapOne sits as a bottom-feeder among lenders (and almost predatory) in my "opinion". Honestly, they are just a bad choice when there are better options available. Nothing they offer makes good credit sense to me. Again, opinion.

Hey, diverse experiences and opinions are a hallmark of this board. Thanks for sharing yours!

By the way, we find common ground on one thing: The triple pull <thumbs down>

I get why they do it, but I think reasonable people who disagree can agree to agree that it's probably needless overkill.