topic Re: Why? Cap 1 Question in Credit Cards

Why? Cap 1 Question

Tonya-E — Tue, 13 Mar 2012 18:28:32 GMT

Hello all,

I am just wondering why Cap 1 gets so much criticism. I have heard so many good reviews about their cash rewards card from online reviews. I am not intending to app but I am always curious for future reference.

Re: Why? Cap 1 Question

Anonymous — Tue, 13 Mar 2012 18:31:47 GMT

@tonyaether wrote:
Hello all,

I am just wondering why Cap 1 gets so much criticism. I have heard so many good reviews about their cash rewards card from online reviews. I am not intending to app but I am always curious for future reference.

Call their customer service and it will become very clear.

Also, I'm sure it has to do with their sub prime cards too. Unlike Chase, Discover, Amex, etc, they offer subprime cards. They are stingy on these cards and will never increase limits or change the product. I hear their service is better on their prime cards, but I wouldn't know.

Re: Why? Cap 1 Question

Anonymous — Tue, 13 Mar 2012 18:34:01 GMT

And the monkey button.

Re: Why? Cap 1 Question

Tonya-E — Tue, 13 Mar 2012 18:35:13 GMT

I always like to ask and that is the one card that I couldn't really figure it out on. It just seems accepted that they are put down but I couldn't find the actual reasons as it seems it dates back a ways....I don't see a lot of "I heart Cap 1" posts.

Re: Why? Cap 1 Question

Anonymous — Tue, 13 Mar 2012 18:35:23 GMT

@Anonymous wrote:
And the monkey button.

Yes, how could I forget this! I feel like a sap and I have only pushed it about 5 times in 8 months. I'm sure I'll push it even more over the next 8 months though, ugh.

Re: Why? Cap 1 Question

Tonya-E — Tue, 13 Mar 2012 18:36:26 GMT

Ok Frugal you got me there....What is a monkey button??? Do tell, because the visual I get isn't pretty.

Re: Why? Cap 1 Question

Anonymous — Tue, 13 Mar 2012 18:38:09 GMT

@tonyaether wrote:
Ok Frugal you got me there....What is a monkey button??? Do tell, because the visual I get isn't pretty.

When logged in to your account, there is an option to check for feature upgrades. When you click on it, it opens a new window with another button to check for account upgrades. Every single time, for every single person, it always says there are no upgrades for your account at this time. But yet, like monkeys, we keep pushing the button.

Re: Why? Cap 1 Question

bichonmom — Tue, 13 Mar 2012 18:40:14 GMT

#1, Their rebuilder cards don't grow with you. Once you reach the CL they have pre-assigned for that card (usually in the step program), that's it. No matter what you do or how long you have the card, it will always be stuck at the toy-card limit.

#2, Their CS isn't very good. And I'm being nice there. I have been told SO much erroneous and contradictory information from them, that it's ludicrous. Frankly, if a Cap One rep told me the sky was blue, I'd have to look outside to be sure. I just can't believe a thing they tell me anymore, because every rep gives me a different answer to the same question. To say it's frustrating is an understatement.

#3, Personally, I don't like the 3 HP thing. They seem to be the only one (that I know of anyway) that pulls all 3 CR for a CC. It just seems unnecessarily punitive, since inq affect our FICO and future possible approvals.

#4, They are very inflexible. I got a plat rebuilder from a mail offer. It was my first rebuilder card and I knew nothing about what I was doing. It was before I found this forum. After I found the forum, I realized that many people had rebuilders with them that had rewards. So, I called and asked if I could add reward or change my cards to one with rewards. Their reply was that my card wasn't eligible for that, but I could apply for another CC (with 3 HP, of course!). No thank you. They don't PC. They don't waive AF (IME). They don't seem very customer-service oriented at all. I have even spoken with their retention dept. and they couldn't care less if I kept my CC open or not. And many others here have posted similar experiences.

Just my 2c.

Re: Why? Cap 1 Question

Tonya-E — Tue, 13 Mar 2012 18:41:25 GMT

Wow ok! Now this is definitely a first for me to hear that one! LOL! But now I get it.

Re: Why? Cap 1 Question

Anonymous — Tue, 13 Mar 2012 18:43:52 GMT

@bichonmom wrote:
#1, Their rebuilder cards don't grow with you. Once you reach the CL they have pre-assigned for that card (usually in the step program), that's it. No matter what you do or how long you have the card, it will always be stuck at the toy-card limit.

#2, Their CS isn't very good. And I'm being nice there. I have been told SO much erroneous and contradictory information from them, that it's ludicrous. Frankly, if a Cap One rep told me the sky was blue, I'd have to look outside to be sure. I just can't believe a thing they tell me anymore, because every rep gives me a different answer to the same question. To say it's frustrating is an understatement.

#3, Personally, I don't like the 3 HP thing. They seem to be the only one (that I know of anyway) that pulls all 3 CR for a CC. It just seems unnecessarily punitive, since inq affect our FICO and future possible approvals.

#4, They are very inflexible. I got a plat rebuilder from a mail offer. It was my first rebuilder card and I knew nothing about what I was doing. It was before I found this forum. After I found the forum, I realized that many people had rebuilders with them that had rewards. So, I called and asked if I could add reward or change my cards to one with rewards. Their reply was that my card wasn't eligible for that, but I could apply for another CC (with 3 HP, of course!). No thank you. They don't PC. They don't waive AF (IME). They don't seem very customer-service oriented at all. I have even spoken with their retention dept. and they couldn't care less if I kept my CC open or not. And many others here have posted similar experiences.

Just my 2c.

+1 Couldn't have said it better.

Re: Why? Cap 1 Question

Tonya-E — Tue, 13 Mar 2012 18:54:23 GMT

@bichonmom wrote:
#1, Their rebuilder cards don't grow with you. Once you reach the CL they have pre-assigned for that card (usually in the step program), that's it. No matter what you do or how long you have the card, it will always be stuck at the toy-card limit.

#2, Their CS isn't very good. And I'm being nice there. I have been told SO much erroneous and contradictory information from them, that it's ludicrous. Frankly, if a Cap One rep told me the sky was blue, I'd have to look outside to be sure. I just can't believe a thing they tell me anymore, because every rep gives me a different answer to the same question. To say it's frustrating is an understatement.

#3, Personally, I don't like the 3 HP thing. They seem to be the only one (that I know of anyway) that pulls all 3 CR for a CC. It just seems unnecessarily punitive, since inq affect our FICO and future possible approvals.

#4, They are very inflexible. I got a plat rebuilder from a mail offer. It was my first rebuilder card and I knew nothing about what I was doing. It was before I found this forum. After I found the forum, I realized that many people had rebuilders with them that had rewards. So, I called and asked if I could add reward or change my cards to one with rewards. Their reply was that my card wasn't eligible for that, but I could apply for another CC (with 3 HP, of course!). No thank you. They don't PC. They don't waive AF (IME). They don't seem very customer-service oriented at all. I have even spoken with their retention dept. and they couldn't care less if I kept my CC open or not. And many others here have posted similar experiences.

Just my 2c.
.

Now that makes it abundantly clear! They seem like how HSBC is on their rebuilders. They won't budge or offer any CLIs. If they do it's like $100 or something like that. I just don't understand why these companies don't understand that a large majority of people with credit issues whether it be not enough credit, past problems, etc. eventually improve their scores and finances. Why wouldn't they make a card that change/grow with their customers? I don't get it. But I guess the clincher is in making you apply again after all is said and done. Although I don't understand what benefit comes from that.

Re: Why? Cap 1 Question

LS2982 — Tue, 13 Mar 2012 18:54:33 GMT

I think Cap1 gets most of their negativity for not working with a rebuilder once they have crossed from rebuilding to prime again. Their rebuilder cards are just that, rebuilders. And most custmers cant seem to grasp that and let them go at the appropriate time and move on to greener pastures.

Re: Why? Cap 1 Question

Anonymous — Tue, 13 Mar 2012 18:56:13 GMT

For me, Capital One has been the best for rebuilding.

I got a secured card with them in June 2010 and built the deposit to $2200 in six months. They added $300 unsecured CLI on month 7. In July 2011, I applied for Cash back rewards card. I got approved $39 AF, $3000 CL and 9 months 0%APR. I then closed the secured card. In January this year, CL was raised to $3500 unscolicited.

So I like Capital One.

Re: Why? Cap 1 Question

Tonya-E — Tue, 13 Mar 2012 19:15:39 GMT

Thanks Wolf. It's always good to hear the positives and negatives when evaluating. Maybe there will in fact be an "I heart Cap1" post.

I kept trying to weed through old posts to get down to the details on the negative associations....So far I see though the reason behind that though. And now I am getting a bit of the good too.

Re: Why? Cap 1 Question

pipeguy — Tue, 13 Mar 2012 19:17:44 GMT

@LS2982 wrote:
I think Cap1 gets most of their negativity for not working with a rebuilder once they have crossed from rebuilding to prime again. Their rebuilder cards are just that, rebuilders. And most custmers cant seem to grasp that and let them go at the appropriate time and move on to greener pastures.

+1 Exactly !

Re: Why? Cap 1 Question

Anonymous — Tue, 13 Mar 2012 19:17:55 GMT

@tonyaether wrote:
Maybe there will in fact be an "I heart Cap1" post.

Legend has it that this happens once every 5 years, at about 3:37 AM during a full moon, when someone has had enough wine and wrote "Capital 1" instead of "Discover".

Re: Why? Cap 1 Question

Tonya-E — Tue, 13 Mar 2012 19:19:00 GMT

Lol @ Frugal!!!!

Re: Why? Cap 1 Question

LS2982 — Tue, 13 Mar 2012 19:22:37 GMT

lmao @ FR!

Re: Why? Cap 1 Question

Anonymous — Tue, 13 Mar 2012 20:07:40 GMT

@LS2982 wrote:
I think Cap1 gets most of their negativity for not working with a rebuilder once they have crossed from rebuilding to prime again. Their rebuilder cards are just that, rebuilders. And most custmers cant seem to grasp that and let them go at the appropriate time and move on to greener pastures.

This is definitely true. I just don't understand Capital One's motivation for this. I am grateful for them giving me a card when nobody else would. But why would they want to lose my business when I become a prime applicant? They should be able to soft me and offer me PCs and CLIs when my credit situation has improved. Instead, they ask you to reapply, and ding you with 3 INQs to do so. No thanks. Once I get my one more prime card, Cap One will be sockdrawered until they cancel it. (I have a no AF rebuilder, or at least that's what they are telling me, so I probably won't cancel on my own). But I certainly won't ever use it when I can get cash back on my Chase card, other rewards on my future Amex or 9% interest on PSECU.

Re: Why? Cap 1 Question

Anonymous — Tue, 13 Mar 2012 20:20:21 GMT

@Anonymous wrote:
For me, Capital One has been the best for rebuilding.

I got a secured card with them in June 2010 and built the deposit to $2200 in six months. They added $300 unsecured CLI on month 7. In July 2011, I applied for Cash back rewards card. I got approved $39 AF, $3000 CL and 9 months 0%APR. I then closed the secured card. In January this year, CL was raised to $3500 unscolicited.

So I like Capital One.

I agree with you on this. I think that Cap1 has been a good choice for rebuilding. I was able to get their No Hassle Cash Rewards MC with scores that were just below 600. Sure, it only had a $500 CL. And, even though it got up to $750 with their CS program, it will probably stay there until the end of time. But, it only had a $39 AF, which is very reasonable for a rebuilder, and I was able to make much more than that back over the course of a year -- cash, not points. Compared to Orchard or First Premier, this card has been the prime of the subprime.

It's true that I do intend to move on to better cards, but I think that the Cap1 cards need to be appreciated for what they are and not compared against the prime cards. Would it make sense for Cap1 to have a way of graduating these to prime versions of their cards? Yes, I would think so. But, they are what they are, and for that, I can't complain. So, I have no problem coming out and stating that I like Capital One.