I've never had any luck with Capital One ever. But, then again, for the most part, their cards blow. The only possible upside is the no foreign transactions fee.
I opened a checking account with Cap1 in 2017. They closed it within a week and kept all my money. It took me two months and complaints with the BBB and OCC to get my money. Good thing it was under $200.
They said I was preapproved in 2019. I applied. Turned down.
They said I was preapproved in November 2020. I applied, and they accepted with a pathetic $1000 SL. Then, they froze my account and demanded to see my tax returns. So, I uploaded my tax returns and signed their 4506-T form. Then they said, "Well, that still won't give us your tax returns because it was a joint filing." So, I uploaded my tax returns again, showing them the info on my wife, pointed out that my wife has a Cap1 card with them, and inviting them to send the docusign to her as well.
But they were like... nah... we're not doing that. So, I closed the frozen account in disgust.
Then, in 2023, they said, "Hey! You're preapproved. So I applied on 10/13/2023. They ran all three of my credit reports and said... nah..."
@rgd51If you have a well established credit profile with strong scores Capital One wants to be your main squeeze. If you're a PIF person and their algorithm doesn't determine you're likely to give that card heavy usage you'll likely get denied or only offered the no sub version. With C1 there's 4 types of ppl they like IMO (in no particular order). 1. New to credit. 2 Rebuilders. 3 Established credit with no serious derogatories,but carry a balance frequently, 4. PIF but make them your main squeeze (tends to be ppl with good scores that aren't new to credit, but are still early-ish in their overall credit journey.
@rgd51 wrote:That makes sense about the customers they like. What kinds of customers do Amex and Chase usually like? Asking since most my cards are with those 2 lenders.
AMEX used to like me before the recession as I virtually always PIFed their cards; I assume they'll like me again in the future if/when they ever let me back in. Chase also seems to like me; they let me back in the door with a CSP at $11,700, which I used and PIFed every month, and then six months later they bestowed a CFU on me with a $23,600 limit.
