topic Re: Cap 1 in Credit Cards

Cap 1

Anonymous — Sun, 09 Sep 2007 20:30:34 GMT

does anyone know if you can have more than 1 cap one card at a time?

Re: Cap 1

Anonymous — Sun, 09 Sep 2007 20:33:11 GMT

yes you can

Re: Cap 1

Anonymous — Sun, 09 Sep 2007 21:11:06 GMT

But why would you want to take three hard inquiry hits for one so-so card

Re: Cap 1

Anonymous — Sun, 09 Sep 2007 21:21:41 GMT

yes i still have my 2 cap cards

Cl visa-$1500

CL mastercard $5500

had them for years..called to cancel this year and they raised my limits. kept the cards

Re: Cap 1

CreditDrama85 — Sun, 09 Sep 2007 22:44:28 GMT

im kind of surprised at some of the reviews i have read that bash capital one. i have 4 cap one credit cards and received them a few years apart. they seem to have a wide range of products and as a person's credit changes--the offers they receive change.

capital one will always stay in my wallet for a few reasons:

-offer a wide range of products

-they DO NOT practice universal default like most

-offer products based on financial strenght, assests, overcoming past overextensions of credit, vs. a persons credit score alone

-almost never close accts at their request

Re: Cap 1

Anonymous — Sun, 09 Sep 2007 23:12:19 GMT

CreditDrama85 wrote:

im kind of surprised at some of the reviews i have read that bash capital one. i have 4 cap one credit cards and received them a few years apart. they seem to have a wide range of products and as a person's credit changes--the offers they receive change.

capital one will always stay in my wallet for a few reasons:

-offer a wide range of products

-they DO NOT practice universal default like most

-offer products based on financial strenght, assests, overcoming past overextensions of credit, vs. a persons credit score alone

-almost never close accts at their request

Well I won't argue with that logic. The non-UD clause is one reason I applied but the down side of the cards are as follows.

1. Will not convert from one card to another

2. Notorious low limits causing cnsumers to have to have many cards to secure a decent creditline on the combined cards resulting in more likelihood of denial from other limits for the old 'Too many open revolving accounts line.'

3. Tendacny to deny CLIs but approve additiona l low loimit cards to the same user for same reasons stated above.

4. Does not grow with the consumer. Say you have one of our wonderful posters here, recovering from bankruptcy. They have worked hard for however many years to rebuild their scores, paid on time onevery account but recived the needs improvement card. The limit on that card will never increase above the 3K max an more than likely will never get there causing that customer to have to app again (three hard hits for one card) jsut to get a card from an issuer that they have already proven themselves to.

CapOne does NOT have its customers in mind

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 00:02:58 GMT

I can see the pros and cons as it relates to Cap One.

I had them while the BK still showed on my CRs. I had lower Cl of $500 on both cards.

I called to cancel and I got a $5K CL just like that. Since they are some of my oldest lines Credit I have kept the cards.

I never thought they would give me that much of a increase

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 00:13:01 GMT

ragcajun wrote:
I can see the pros and cons as it relates to Cap One.

I had them while the BK still showed on my CRs. I had lower Cl of $500 on both cards.

I called to cancel and I got a $5K CL just like that. Since they are some of my oldest lines Credit I have kept the cards.
I never thought they would give me that much of a increase

I can see sticking with them after a CLI like that. Hopefully, the type of card you have is one that Capital One is changing the policy on and reporting the CL. This could help your score somewhat if your utils lowered because of it. Best of luck to you.

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 00:19:01 GMT

I can see that happening. The first time I got an increase from these guys was when I threatened not to activate it. I have seen people hold this card for years with no LUV. But the point is , why should a consumer haveto threaten to take their business elsewhere for LUV? What made me more credit worthy than I was five minutes ago?

But I will admit that within two months of the first increase they gave me another one tripling my original credit line... unasked for

Message Edited by Brammy on 09-09-2007 08:19 PM

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 00:18:26 GMT

Brammy wrote:
I can see that happening. The first time I got an increase from these guys was when I threatened not to activate it. I have seen people hold this card for years with no LUV. But the point is , why should a consumer haveto threaten to take their business elsewhere for LUV? What made me more credit worthy than I was five minutes ago?

Very good point. We want more consumer friendly lenders. LOL

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 00:21:16 GMT

I have two that I have had for a while that I consider VERY consumer friendly. Of course its getting old but WaMu tops my list. (Just wait next week they will do horrible things to me). CB&T visa is great but only fortheir rates. They seem to think they are the old AMEX

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 00:28:07 GMT

Brammy wrote:
I have two that I have had for a while that I consider VERY consumer friendly. Of course its getting old but WaMu tops my list. (Just wait next week they will do horrible things to me). CB&T visa is great but only fortheir rates. They seem to think they are the old AMEX

I have WAMU, but it is too new to expect much yet. Never tried CB&T? They must be BK friendly?

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 00:30:33 GMT

sleigh17 wrote:

Brammy wrote:

I have two that I have had for a while that I consider VERY consumer friendly. Of course its getting old but WaMu tops my list. (Just wait next week they will do horrible things to me). CB&T visa is great but only fortheir rates. They seem to think they are the old AMEX

I have WAMU, but it is too new to expect much yet. Never tried CB&T? They must be BK friendly?

Not at all BK friendly. Luck would have it that I was once an employee of the parent company and knew someone. They actually uber-prime in their standards.

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 01:55:21 GMT

Brammy wrote:

sleigh17 wrote:

Brammy wrote:
I have two that I have had for a while that I consider VERY consumer friendly. Of course its getting old but WaMu tops my list. (Just wait next week they will do horrible things to me). CB&T visa is great but only fortheir rates. They seem to think they are the old AMEX

I have WAMU, but it is too new to expect much yet. Never tried CB&T? They must be BK friendly?

Not at all BK friendly. Luck would have it that I was once an employee of the parent company and knew someone. They actually uber-prime in their standards.

Well, maybe in about 5 yrs then, but not until! LOL

Re: Cap 1

cgmiller63 — Mon, 10 Sep 2007 03:08:27 GMT

I've had a Cap One platinum for years. Never had any problems, they increased my CL on a regular basis without my asking. It has an annual fee but they usually waive it when I call to complain about it. Unfortunately a couple of months ago, I got a letter from them stating they were raising their finance charges to prime +11% WTF??? I've never been late with them or any of my other accounts. I was able to find out on-line that Cap One was doing this to many of their customers (I guess they are loosing money in the sub-prime mortgage market). I'm paying off the card next week and closing the account. I may keep the card but I'll only use it for my gym dues to keep the card reporting.

Re: Cap 1

George2037 — Mon, 10 Sep 2007 11:37:32 GMT

I've had a Cap 1 Plat for about 1 year, just got a No Hassles last week both with a $500 limit. When I called to activate the card I asked to combine the two and they did giving me a No Hassles Card with a $1000 limit. Yes there is a $29 ann fee, but I'll just sock drawer it and pay the fee to keep it active and maintain a $0 balance.

My advice would be if you have several card, try combining them....but I think you have to have a $0 balance to do so.

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 11:50:24 GMT

George2037 wrote:

I've had a Cap 1 Plat for about 1 year, just got a No Hassles last week both with a $500 limit. When I called to activate the card I asked to combine the two and they did giving me a No Hassles Card with a $1000 limit. Yes there is a $29 ann fee, but I'll just sock drawer it and pay the fee to keep it active and maintain a $0 balance.

My advice would be if you have several card, try combining them....but I think you have to have a $0 balance to do so.

But that's the point George. If you are not eligible for a credit limit increase what makes you eligible for a new card. Applying for the new card simply give them pp to pull all three of your bureaus again. No reputable lender has so many built ins to screw with your credit and take points from you.

Again I say...why bother

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 21:17:30 GMT

To be fair Capital one does have it's pro's .

1. They are quick to offer credit & help reestablish low fico scores etc.. to people with BAD credit.

2. They don't practice universal default like other crditcards do .

Now however the cons:

1. Capital One usually only gives out low lines of credit ,if you want more ,then apply for more cards from them LOL .

2. Capital One doesn't show credit limits with CRA's ,yes they claim they're going to but I'll believe it when I see it !

3. Capital One has a disturbing history of jacking interest rates WAY up on it's customers ,even good ones .

4. Capitol One has been the subject of literally dozens of lawsuits,the Attorney General for West Virginia is currently suing Cap 1 now for fraud/deceptive business practices. (Not a good sign for any business moral integrity)

5. If somehow you fall behind in payments to them ,Capitol One is VERY hard to negotiate with . They WON'T accept PFD or GW so anyone please don't waste your time.

A common nasty trick of theirs is to report the cards as closed by credit grantor to the CRA's but continue reporting said accnt's as revolving lines of credit instead of collection accnt's (which they honestly are now )

This causes your credit utilization % to quickly go over 100 % thus destroying your fico score for possibly for 7.5 yrs unless you pay the debt or reach a settlement with them (other bank cards don't behave this way)

6. Capital One has landed into trouble with being caught purposely posting payments as late ,giving them a legal excuse to again raise interst rates WAY WAY up !

There are many other reasons I

Re: Cap 1

Anonymous — Mon, 10 Sep 2007 21:20:04 GMT

To be fair Capital one does have it's pro's .

1. They are quick to offer credit & help reestablish low fico scores etc.. to people with BAD credit.

2. They don't practice universal default like other crditcards do .

Now however the cons:

1. Capital One usually only gives out low lines of credit ,if you want more ,then apply for more cards from them LOL .

2. Capital One doesn't show credit limits with CRA's ,yes they claim they're going to but I'll believe it when I see it !

3. Capital One has a disturbing history of jacking interest rates WAY up on it's customers ,even good ones .

5. If somehow you fall behind in payments to them ,Capitol One is VERY hard to negotiate with . They WON'T accept PFD or GW so anyone please don't waste your time.

6. Capital One has landed into trouble with being caught purposely posting payments as late ,giving them a legal excuse to again raise interst rates WAY WAY up !

There are many other reasons I can list showing why so many people here are enraged over Cap 1 but this is already long enough post lol .

Some people think Capital One is a gift from Heaven & always will ,this is their choice ,many others think it's a curse from the other direction .

Message Edited by KNIGHTWING on 09-10-2007 02:20 PM

Re: Cap 1

George2037 — Tue, 11 Sep 2007 13:08:03 GMT

When I called to get a CLI on my Plat card they said it was an automatic thing they check every 3 months and can't approve one on request. Now I know that sounds like crap, but if I was in business I would try to automate as much of my business as possible to save expense. So I figured why not work the system, and got the No Hassles, then spoke to Habib-Ba-Bo in India and combined the two, Now I have a $1000 CL with 0% UTL, and shows it's been open for 2 years.

It's true lot's of people have been screwed by Cap 1 and lots of people with screwed credit have been helped by Cap1. I'm neither a proponate or against Cap 1, I needed the TL to help my credit score and it worked. Either a $500 CL or $500,000 CL, a Paid TL with 1-9% UTL helps and I figure a Cap 1 Card looks much better to creditors than the other Joe Blow sub-prime CC's out there.

Oh doing the same thing with Chase and HSBC, they wont raise CL so I got new cards with Higher CL's and will combine them as well. Going this route I've went from $3000 worth of CL to $22,000 CL, my UTL went from aprox 35-40% to 18.5% just with the new and combined TL's. Yeah it's a game but if I had paid my bills on time 5 years ago I wouldn't be playing it......