topic Re: Crap1 finally (a little bit of) success in Credit Cards

Crap1 finally (a little bit of) success

Anonymous — Thu, 08 Dec 2011 04:52:10 GMT

Similar to many of you, I have been saddled with a Capital One "platinum" card with a high interest rate and low credit line. I have had it since 2006, and for the first couple years I made some CL pogress ($500 to $3000). For the last year, year and a half, it has been suck at $3K, no rewards, and high interest. Once in a while a decent BT offer came around (only "decent" when considering no BT fee... was never 0%).

Well, I have opened a number of prime accounts in the last two years, and for the 5th time decided to give Cap1 a chance to retain my business. After routinely checking online for "features" available on my account (was always a negative, ghost-rider), I called in yesterday determined to ge a higher CL, lower APR, or rewards. (no AF, so I'm not going to close it, I just want to have a reason to USE it). Well, after talking to a front-line CSR, then an account supervisor, then an "account benefits representative," I was able to add cash rewards (with the 50% year-end bonus) to my existing card. Would not budge on APR or CL, so it's still pretty useless to me, but I figured I would share with all the other frustrated Cap1 cardholders that it MAY be worth it to call in and speak with someone regarding some kind of perk for having a relatively crappy card.

As always, YMMV, and best of luck!

Re: Crap1 finally (a little bit of) success

SevenNEW — Thu, 08 Dec 2011 15:26:52 GMT

I am completely in your situation, except I have stopped feeling frustrated. I would not dream trying to put on the sneakers I used in middle school, as important as they were then. And yes, I also have no AF, so I see no reason to close it.

While I am impressed with your achievements braving the notorius Cap 1 "customer service", I wonder if it would not have been a better idea just to apply for one of their prime cards and SD the "platinum" forever...

Re: Crap1 finally (a little bit of) success

Anonymous — Thu, 08 Dec 2011 15:41:03 GMT

I had 3 Cap One cards that I had for about 10 years or so. Same as you, lower limits, high rates and to top it off an annual fee.

I have not had a balance with them for quite awhile. I had an annual fee post a few weeks ago, and just resolved to no longer pay it. I have had pretty good credit scores and didn't want to pay for something that I no longer use. I did the same as you, called and spoke with them, got passed to a supervisor?? and I had zero luck. Well not true, he did offer to lower my rates quite a bit, but for some reason was adamant about the annual fee.

So, I closed all three of them. Score dropped for a few weeks but has already recovered and actually increased by a good amount.

All I wanted to do, was to change the three to the Venture Card and the new Cash Card, (which I easily qualify for), but ...

Oh well, Cap One has been good to me when I needed them, both with credit cards and car loans, so I really am not going to knock them too much. It does seem though that they could have retained my business if they had wanted to, but I was not somehow up to their standards for now.

Equifax Fico 803

Transunion Fico 749

Experian Plus 784

Re: Crap1 finally (a little bit of) success

SevenNEW — Thu, 08 Dec 2011 15:45:17 GMT

@Anonymous wrote:
I had 3 Cap One cards that I had for about 10 years or so. Same as you, lower limits, high rates and to top it off an annual fee.

I have not had a balance with them for quite awhile. I had an annual fee post a few weeks ago, and just resolved to no longer pay it. I have had pretty good credit scores and didn't want to pay for something that I no longer use. I did the same as you, called and spoke with them, got passed to a supervisor?? and I had zero luck. Well not true, he did offer to lower my rates quite a bit, but for some reason was adamant about the annual fee.

So, I closed all three of them. Score dropped for a few weeks but has already recovered and actually increased by a good amount.

All I wanted to do, was to change the three to the Venture Card and the new Cash Card, (which I easily qualify for), but ...

Oh well, Cap One has been good to me when I needed them, both with credit cards and car loans, so I really am not going to knock them too much. It does seem though that they could have retained my business if they had wanted to, but I was not somehow up to their standards for now.

Equifax Fico 803
Transunion Fico 749
Experian Plus 784

Yes, this seems to be the consensus, they won't PC. One needs to apply for the prime card and close / SD the 'platinum".

Re: Crap1 finally (a little bit of) success

Anonymous — Thu, 08 Dec 2011 15:50:49 GMT

Heard that. I just didn't want the inquires and really didn't need the cards; the ones I had or the new ones I was asking for.

They would have added little to my overall credit picture and I tend to not get cards just because I can. Had they agreed to a product change it would be good, but otherwise why bother eh?

I am way happy with my Citi Diamond Preferred and my Chase Freedom.

I just figured I would give it a shot since I have done business with them for so long.

Re: Crap1 finally (a little bit of) success

pizzadude — Thu, 08 Dec 2011 16:25:00 GMT

A $3K CL with Cap1 is about the max that you can get on a non-prime card, and honestly, its not really a bad CL compared to where many, many people are with Cap1.

If you don't need the CL to help your Util%, just close the card and move on.

Re: Crap1 finally (a little bit of) success

Anonymous — Thu, 08 Dec 2011 18:45:03 GMT

@pizzadude wrote:

A $3K CL with Cap1 is about the max that you can get on a non-prime card, and honestly, its not really a bad CL compared to where many, many people are with Cap1.

If you don't need the CL to help your Util%, just close the card and move on.

I'll trade you my 'stuck at $750 CL card' for your $3,000 card any day I'd be satisfied with a $25 increase just to KNOW that they're reviewing my account regularly

Re: Crap1 finally (a little bit of) success

lithium78 — Thu, 08 Dec 2011 21:48:30 GMT

My Capital One Platinum card has been stuck at $1800 for two years now. After the first year, they tacked on a $3/month "membership fee." I don't really use the card anymore, because I have prime cards now which offer rewards. It's a shame that Capital One isn't interested in retaining customers by allowing PC.

Re: Crap1 finally (a little bit of) success

LS2982 — Fri, 09 Dec 2011 01:27:05 GMT

@lithium78 wrote:
My Capital One Platinum card has been stuck at $1800 for two years now. After the first year, they tacked on a $3/month "membership fee." I don't really use the card anymore, because I have prime cards now which offer rewards. It's a shame that Capital One isn't interested in retaining customers by allowing PC.

That's some FP shenanigans there, definetely grouds for the shredder!

Re: Crap1 finally (a little bit of) success

Anonymous — Fri, 09 Dec 2011 13:03:48 GMT

@SevenNEW wrote:
While I am impressed with your achievements braving the notorius Cap 1 "customer service", I wonder if it would not have been a better idea just to apply for one of their prime cards and SD the "platinum" forever...

I appreciate your input, but that wasn't the point. I have no reason to offer Crap1 more of my business, while taking three hard inquiries on my report to apply for a different Crap1 card. I already have one, with no AF, and it is SD'd. I got rewards offered on that "non-prime" card.

Re: Crap1 finally (a little bit of) success

Anonymous — Fri, 09 Dec 2011 13:06:04 GMT

@pizzadude wrote:

If you don't need the CL to help your Util%, just close the card and move on.

Same thing... There is no reason to close the card and move on. There is no AF, and now it has cash rewards. I guess I should have re-worded my original post... I meant this as a message to people unsatisfied with their current Cap1 card with no rewards... give them a call and see if they will add them, even if the online "my features" thingy doesn't offer it.