topic Re: More Capital One Negativity in Credit Cards

More Capital One Negativity

CreditMagic7 — Fri, 20 Jun 2014 14:54:55 GMT

So i facebook msg the C1 EO to request a CLI (ANYTHING) since it's become an absolute annoyance with this card's small limit. Marketing the now BuyPower GM Card with 5% for the first $5000 yearly with a meager $600 SL is ridiculous IMHO. The dam thing is near max on a tank of gas these days and a grocery trip, then rush off to send payment after payment after payment, etc. The card will be at 1 year in Oct.

Since i been gardening there's been some auto CLI's from Synchrony on 2 of my cards so felt it a good time to begin to approach my bank cards. Bad idea with CRAPital One.

Well, after reading about all the constant frustration from several numerous good members here with having to pull teeth with this issuer i gave it a shot of my own. Result? Nothing doing. I blew up inside Absolutely NOT at the poor lady that has to relay the info with us, she is been stellar and even remembered me from the winter the last time i tried (too early then). It was 100% in vain to explain (which i did anyway) how i have several other cards with 5K and up and even Citi CLI me from 800 to $2000 in a mere 3 months time. For reference, my FICO is 715 as of today, Util. 8%, AAoA less 1 year, etc.

I told her please don't apologize, it was the U/W not you who forms their opinion. I hate how they pick these poor ladies to be the ones to relay bad news to us like this. But i did make it very clear that if this card can't produce any CLI by Oct that i WILL be closing it and farewell to my experience with crapital one. It's bad enough they make you have to take the EO route for any CLI consideration to begin with, but to peddle this World Elite Mastercard as some high tier offering and stick you with a limit you can't possibly make any progress with towards the so-called rewards it supposed to offer is VERY BAD MANAGEMENT as i see it.

So folks, that's all, just wanted to share my little trip of the Crapital One EO tour with everyone. No wonder C1 is frowned on by so many in numerous posts that paste to this forum. On the flip side, at least some lucky holders have much better experiences with this lender.

Re: More Capital One Negativity

PlasticOrPlastic — Fri, 20 Jun 2014 14:58:21 GMT

@CreditMagic7 wrote:
So i facebook msg the C1 EO to request a CLI (ANYTHING) since it's become an absolute annoyance with this card's small limit. Marketing the now BuyPower GM Card with 5% for the first $5000 yearly with a meager $600 SL is ridiculous IMHO. The dam thing is near max on a tank of gas these days and a grocery trip, then rush off to send payment after payment after payment, etc. The card will be at 1 year in Oct.
Since i been gardening there's been some auto CLI's from Synchrony on 2 of my cards so felt it a good time to begin to approach my bank cards. Bad idea with CRAPital One.

Well, after reading about all the constant frustration from several numerous good members here with having to pull teeth with this issuer i gave it a shot of my own. Result? Nothing doing. I blew up inside Absolutely NOT at the poor lady that has to relay the info with us, she is been stellar and even remembered me from the winter the last time i tried (too early then). It was 100% in vain to explain (which i did anyway) how i have several other cards with 5K and up and even Citi CLI me from 800 to $2000 in a mere 3 months time. For reference, my FICO is 715 as of today, Util. 8%, AAoA less 1 year, etc.

I told her please don't apologize, it was the U/W not you who forms their opinion. I hate how they pick these poor ladies to be the ones to relay bad news to us like this. But i did make it very clear that if this card can't produce any CLI by Oct that i WILL be closing it and farewell to my experience with crapital one. It's bad enough they make you have to take the EO route for any CLI consideration to begin with, but to peddle this World Elite Mastercard as some high tier offering and stick you with a limit you can't possibly make any progress with towards the so-called rewards it supposed to offer is VERY BAD MANAGEMENT as i see it.

So folks, that's all, just wanted to share my little trip of the Crapital One EO tour with everyone. No wonder C1 is frowned on by so many in numerous posts that paste to this forum. On the flip side, at least some lucky holders have much better experiences with this lender.

Sorry to hear about this but not surprised. I closed both of my C1 cards, and haven't looked back, I agree making a payment every 5-6 days just to use the card is annoying. I'll stick with Discover who took me from $800 to $3000 credit line in just 3 months. Good bye Cap1!

Re: More Capital One Negativity

Anonymous — Fri, 20 Jun 2014 15:43:02 GMT

I plan on keeping Capital One around, even if I only get a "meagar" CL. Capital One was instrumental in getting me restarted on my return to good credit - for that I'm grateful. But loyalty is a rare thing these days. Most are into "what have you done for me lately". There is plenty of room in my sock drawer if Capital One can't find a home in my wallet. Just my 2¢.

Re: More Capital One Negativity

Dw4250 — Fri, 20 Jun 2014 16:01:29 GMT

@Anonymous wrote:
I plan on keeping Capital One around, even if I only get a "meagar" CL. Capital One was instrumental in getting me restarted on my return to good credit - for that I'm grateful. But loyalty is a rare thing these days. Most are into "what have you done for me lately". There is plenty of room in my sock drawer if Capital One can't find a home in my wallet. Just my 2¢.

I'm in a similar boat as you...Capital One stuck with me during the "dark days" and I will always be grateful for that. They will be in my wallet/sock drawer for a long, long time

I think what Creditmagic7 is speaking to is the frustration held by many of us that once we are out of the rebuilding stage, it can be very difficult to grow with Cap One. I know I've repeated this on a couple of other threads, but seriously: How many companies do you know where you have to send a FB message to the CEO's office to get a lousy $500 CLI?!?!?! This seems like an absurd way of doing business and treating customers IMHO. That being said if you look at their balance sheet they make oodles of money, so what do I know....

I believe in loyalty too. But I also have to see what makes financial sense. If other companies are willing to offer me a better deal with "no hassle", I would be a fool not to take it.

Re: More Capital One Negativity

CreditMagic7 — Fri, 20 Jun 2014 16:08:10 GMT

I notice a distinct difference in C1 holders. You can see that most of the Cap One hoopla is very much in line with the devotion to Cap1 as "the only lender" to help build and/or rebuild for many and that's a clear positive anyway one looks at it. I guess i entered this credit card spin later then most and so had no previous history or history otherwise with them to be grateful for in that respect. And it's as it should be expected i suppose.

What bugs the dickens out of a somewhat new cardholder of C1 is this BuyPower Card product. With what i've experienced with them so far in respect to this particular card is it's basement branding limit with little chance to rise from it. It's marketed as a Premier World Elite Mastercard in support of GM class of new vehicles yet they stamp it down with such a minor SL and apparently no interest in bumping it for you to make any serious progress towards the reward structure. I sparred with Crap 1 over this product time and time again before to no avail. Apparently they couldn't care less and frankly given the reputation i read up on them by countless others on here with different card products then this jewel i see the handwriting on the wall. When i do close this card in Oct i certainly don't want anything to do with them again if this is how they operate and i would be sure NOT to recommend them either.

Re: More Capital One Negativity

Anonymous — Fri, 20 Jun 2014 16:23:59 GMT

@Dw4250 wrote:
@Anonymous wrote:
I plan on keeping Capital One around, even if I only get a "meagar" CL. Capital One was instrumental in getting me restarted on my return to good credit - for that I'm grateful. But loyalty is a rare thing these days. Most are into "what have you done for me lately". There is plenty of room in my sock drawer if Capital One can't find a home in my wallet. Just my 2¢.
I'm in a similar boat as you...Capital One stuck with me during the "dark days" and I will always be grateful for that. They will be in my wallet/sock drawer for a long, long time

I think what Creditmagic7 is speaking to is the frustration held by many of us that once we are out of the rebuilding stage, it can be very difficult to grow with Cap One. I know I've repeated this on a couple of other threads, but seriously: How many companies do you know where you have to send a FB message to the CEO's office to get a lousy $500 CLI?!?!?! This seems like an absurd way of doing business and treating customers IMHO. That being said if you look at their balance sheet they make oodles of money, so what do I know....

I believe in loyalty too. But I also have to see what makes financial sense. If other companies are willing to offer me a better deal with "no hassle", I would be a fool not to take it.

I can understand frustration, been there done that. But instead of RECONing CLIs, I don't see many threads about apping for a new Capital One and seeing how that comes out.

Peeps don't want the HPs, also understandable but if someone spends just a little bit of time on this site, they will know that Capital One has a "different" way of doing business. While that may frustrate us as borrowers, their model works for them as creditors. It's just business, no reason to get upset about it.

I think Capital One sees what we have in are wallets with their HPs. They have no intention or deisre to try to keep pace with BoA, Chase, Citi, or Barclay - couldn't do it if they tried so there is no point in reminding them when you are going for a CLI that you have a $20k limit on your Chase =P I'm sure their credit analysis' have pretty nice wallets and nice plastic as well.

I only have a Secured Cap One right now. By next year, I hope for a unsecured version. If I only get $500-$1000, I'll be bumbed out, but I'll take it. That little $500 CL might come in handy for an emergency. Again, just my opinion.

Re: More Capital One Negativity

Anonymous — Fri, 20 Jun 2014 16:32:04 GMT

So sorry to hear about your experience with the EO. I recently sent them a request for a CLI even though my account is only 5 mos old, as I've had a change in income. I'm still waiting for a response, but based upon your experiences and others here, I don't have my hopes up either. As others have mentioned, you may want to try for another card if you wish to give Captial One another chance. My boyfriend was kept at a 3k limit on his first card with them but applied and was approved for a 10k Quicksilver last month.

Re: More Capital One Negativity

Anonymous — Fri, 20 Jun 2014 16:40:15 GMT

@CreditMagic7 wrote:
I notice a distinct difference in C1 holders. You can see that most of the Cap One hoopla is very much in line with the devotion to Cap1 as "the only lender" to help build and/or rebuild for many and that's a clear positive anyway one looks at it. I guess i entered this credit card spin later then most and so had no previous history or history otherwise with them to be grateful for in that respect. And it's as it should be expected i suppose.

What bugs the dickens out of a somewhat new cardholder of C1 is this BuyPower Card product. With what i've experienced with them so far in respect to this particular card is it's basement branding limit with little chance to rise from it. It's marketed as a Premier World Elite Mastercard in support of GM class of new vehicles yet they stamp it down with such a minor SL and apparently no interest in bumping it for you to make any serious progress towards the reward structure. I sparred with Crap 1 over this product time and time again before to no avail. Apparently they couldn't care less and frankly given the reputation i read up on them by countless others on here with different card products then this jewel i see the handwriting on the wall. When i do close this card in Oct i certainly don't want anything to do with them again if this is how they operate and i would be sure NOT to recommend them either.

Again, their business plan works for them. They aren't going to change it for me or you. There is more to C1's credit decission the FICO and utilization. They are big on the average age of accounts. I've had a secured C1 for a total of 5 months. American Express prequalified me at a 730 FICO - Capital One wont touch me and if they did, it would be 22.9% Does this frustrate me? Sure, but I know that's how C1 plays so it doesn't hurt my feelings.

I'll get a C1 card for my portfolio someday, just not today or tomorrow. For now I am hanging on to my secured card and will do so until I get an unsecured one next year - or at least thats the plan.

Re: More Capital One Negativity

PlasticOrPlastic — Fri, 20 Jun 2014 16:42:47 GMT

@Anonymous wrote:
So sorry to hear about your experience with the EO. I recently sent them a request for a CLI even though my account is only 5 mos old, as I've had a change in income. I'm still waiting for a response, but based upon your experiences and others here, I don't have my hopes up either. As others have mentioned, you may want to try for another card if you wish to give Captial One another chance. My boyfriend was kept at a 3k limit on his first card with them but applied and was approved for a 10k Quicksilver last month.

This sucks too though. You have a relationship built with Cap1, regardless of your past need/want for their product, you've rebuilt and grown. I had my card with them for over 3 years, not so much as a single day late or penny over limit. Always paid in full or 8-10x minimum payment. So now I have to re app, take a HP, and a AAoA hit to possibly have a useable limit with them? Seems silly to me, I closed both accounts with them for the simple fact that it wasnt worth the hassle. Barclay and Discover have been nothing but helpful and seem to want my business...fighting to have Capital One in my wallet...just not worth it. At the end of the day, we're still the customer, with many choices in who we spend our money with.

Re: More Capital One Negativity

Anonymous — Fri, 20 Jun 2014 16:48:42 GMT

Exactly the point I'm trying to make. That's Capital One's way. Your bf might be able to get both CL's merged on to the quicksilver for a total of $13k. Personally, I don't think going through a HP for a $10k line of credit is a hassle. But I guess I'm not as much of a baller as some here might be =P

@Anonymous wrote:
So sorry to hear about your experience with the EO. I recently sent them a request for a CLI even though my account is only 5 mos old, as I've had a change in income. I'm still waiting for a response, but based upon your experiences and others here, I don't have my hopes up either. As others have mentioned, you may want to try for another card if you wish to give Captial One another chance. My boyfriend was kept at a 3k limit on his first card with them but applied and was approved for a 10k Quicksilver last month.

Re: More Capital One Negativity

CreditDrama85 — Fri, 20 Jun 2014 17:05:53 GMT

You always have the option to close the account if it is annoying you. IMHO Capital One doesn't give high credit lines to people that have a lot of other cards open. I see in your sig that you have quite a few cards. They are a conservative lender.

Re: More Capital One Negativity

CreditMagic7 — Fri, 20 Jun 2014 17:09:20 GMT

Not so much for my situation because it's but a simple matter for me to easily blow them off in just the same manner as i received from them so far, but you really can't appreciate how they treat their other long time loyal holders and don't for one second believe it's a quality Business Decision like some easily resign to saying to their defense.

I'm one of those who can just move on and be finished with Crapital One and not have to carry the burden of putting up with their lack of customer loyalty that so many others have experienced FAR LONGER then i have, and i sympathize with them greatly. When you are super regular in your payments to them long-mid term and managing well, as in showing lots of useage (i read this one as a denial result), etc. you would think they would come thru with flying colors in return, CLI/Lower APR etc. to solidify this customer base. In addition you would think they would want to BUILD NEW customers to keep. For me so far they have offered no indication of interest in the least but i'm not bitter over it, more perplexed when i stack them up to ALL other lenders in this credit card bank pool. Just one example worth noting maybe among many, I hold of all things Fingerhut & various Comenity Retail Catalog Store Cards where they've already auto-applied 2 consecutive CLI's that make this C1 GM BuyPower Card look like a First Premier subprime lender. And apparently they couldn't care less. If not for the preapproval mailer they sent to me after acquiring Quality lender cards beforehand i wouldn't even be sharing this negative experience about them on the board right now.

Re: More Capital One Negativity

Anonymous — Fri, 20 Jun 2014 17:19:39 GMT

@CreditMagic7 wrote:
Not so much for my situation because it's but a simple matter for me to easily blow them off in just the same manner as i received from them so far, but you really can't appreciate how they treat their other long time loyal holders and don't for one second believe it's a quality Business Decision like some easily resign to saying to their defense.
I'm one of those who can just move on and be finished with Crapital One and not have to carry the burden of putting up with their lack of customer loyalty that so many others have experienced FAR LONGER then i have, and i sympathize with them greatly. When you are super regular in your payments to them long-mid term and managing well, as in showing lots of useage (i read this one as a denial result), etc. you would think they would come thru with flying colors in return, CLI/Lower APR etc. to solidify this customer base. In addition you would think they would want to BUILD NEW customers to keep. For me so far they have offered no indication of interest in the least but i'm not bitter over it, more perplexed when i stack them up to ALL other lenders in this credit card bank pool. Just one example worth noting maybe among many, I hold of all things Fingerhut & various Comenity Retail Catalog Store Cards where they've already auto-applied 2 consecutive CLI's that make this C1 GM BuyPower Card look like a First Premier subprime lender. And apparently they couldn't care less. If not for the preapproval mailer they sent to me after acquiring Quality lender cards beforehand i wouldn't even be sharing this negative experience about them on the board right now.

Well that's awesome that you have so many quality cards in your portfolio. As long as you are happy with your decission to cut ties, that's all that matters. Good luck to you and your credit journey =)

Re: More Capital One Negativity

creditguy-378 — Fri, 20 Jun 2014 17:46:43 GMT

the guy I spoke with at the cap one EO was great! he did say they favor monthly paying on time, multiple transactions, heavy usage and multiple payments every month with having a balance when the statment cuts is how they rate the customers and determinds if they get a cli

Re: More Capital One Negativity

capitalkid — Fri, 20 Jun 2014 17:56:25 GMT

Yeah, they just are not a growth card for most people. I have had 2 CLI's in 7 years. I HAVE to keep them they are now my oldest open account. They just are not going to compete, and thats the bottom line really. I think people have more expectations for the C1 cards than they are capable of.

You can do just the same building with a Kays account or other like product. They just are not advertised as "builder".

There should be a disclaimer when you sing up listing the program limitations stamped to the account.

I have read they will pull all of the big 3 and the small 2 so really thats 5 HP for 1 measly 500$ card. It is a bit disproportionate to what you are getting in return.

Re: More Capital One Negativity

CreditMagic7 — Fri, 20 Jun 2014 18:08:44 GMT

Some might say why bother with them with your current lineup, but let me remind everyone, almost everyone of those cards came after Capital One. Only US Bank, Discover, and Citi were the primes that came before, then C1 preapproval for GM Card. But that's not the point at all that needs pointing to.

C1 for lack of a better term markets (peddles) the now BuyPowerGM Card and is in fact a World Elite Mastercard. Adding to that is the fact it's supposed tp be a card in support of one of America's Big 3 longstanding automakers in General Motors. As previously mentioned it's a 5% cash back reward card which strictly builds (supposedly) toward the purchase or lease of a new GM Vehicle at some point in time. Nothing more, nothing less so far as it's spending rewards go up to $5000 spend annually.

Anyone can do the math and determine it for yourself. Is this a genuine quality card product that contributes to it's lender's/issuer's progress goals? After all, CCC's by nature routinely turn out card products to efficiently benefit their business model for profit and not loss one would think. I forgot to add it's a 12 month 0% APR card too.

At such a mediocre limit with not even a minor CLI away from such a drastic low rate what does it profit C1 to even market it as World Elite Mastercard let alone stamp it's support for GM New Vehicles Market? In fact makes you wonder if they even seriously even examined any reasonable methods to make it profitable for them at all, never mind the cardholder at this point.

And that my friends is the most perplexing part of it to me. IMHO it seems from my experience it would have been better served and marketed as a Rebuilder/Starter Card instead of Crap 1 actually masking it as something that it really isn't in it's current form.

I'm done with my rant, thanks for putting up with it

Re: More Capital One Negativity

iwazl71 — Fri, 20 Jun 2014 18:18:36 GMT

CM7,

I would drop them like a sack of potatoes if I were you. I used to have a 6k Sony card from them and two other C1 cards. Got tired of asking for CLI and having to go through terrible CS, EO, and other crap just for a baby increase. Spend your time and energy somewhere else.

Re: More Capital One Negativity

Cookie2120987 — Fri, 20 Jun 2014 18:33:26 GMT

I "like" Capitol one, but at the same time I've only been buicredit and actually focusing on my credit for 7 months..

IMO though, they are good to START with but much after that its ridiculous. When I got my $300 increase I reconed at a attempt to increase it slightly more, and they said a flat out no, they pretty much stick to the whole 6 months per increase. A ridiculous high rise in salary CAN land you a much higher CL, but only if its within the 6 months. I personally don't think a auto CLI, should be considered your "increase" but as said capitol one is conservative..

Re: More Capital One Negativity

CreditMagic7 — Fri, 20 Jun 2014 18:50:55 GMT

Well then that's the ruling concensus to settle on

Sorry i didn't know having but zero experience with them before now. For those necessary to build and rebuild to establish solid credit (again) they are the hot ticket so to speak. And for those who are expecting C1 to grow, not so much although some customers you read of in here are progressing along quite nicely with them but not without some effort (EO)

At least in my instance it helps to clear the fog about them a lot better now. But it still bugs the crap out of me how they diminish the World Elite Mastercard brand in this way that benefits neither them or their customer's either short or long term and certainly doesn't make for any favors or support for GM.

Re: More Capital One Negativity

One7 — Fri, 20 Jun 2014 18:59:35 GMT

Capital One is terrible. People say they help people in rebuilding stages... yeah kind of. In particular I have a secured version from them that will NEVER unsecure, which in my opinion is ridiculous. Now I have to cancel the card and reapply for a new Cap 1 card which will lower my AAOA if I want to continue with them, and they take 3 HPs! Seriously? There are way better cc companies out there. There are also wayyy better cards that'll help you in rebuilding stages, BofA being the best. Just my opinion. I'll be canceling my Cap 1 just before the second AF hits and then I'm done with them. Not worth 3 HPs to get a crappy low limit card.