@Anonymous wrote:
@CS800 wrote:So a while back, I closed my Cap One with $500 CL and a $60 AF since it didnt want to grow and I got fed up with Cap one's attitude how it's a great card with no foreign transaction fee etc.
Just got a call from Cap One marketing I guess asking me if I would like to apply for a Venture card. Needless to say I declined since I don't want a HP on each credit bureau just to get probably a $1000 CL.
That's funny, Cap1 calling and asking hey are you willing to take 3 HP's for a possible 1K CL.
You never know, they may actually give you a decent CL with the Venture if you were to be approved, but in my book, not worth 3 HP's for one CC unless the CL was 25K+, then maybe.
I agree wtih Mustang -- the Venture is a different kind of product and from what I have read they do behave differently, especially in terms of CLIs. I am planning to go for it next fall. Also, few people reported in this forum that Cap 1 only pulled one HP when applying for their prime cards. IMO in this forum we have a great wealth of collective knowledge about their builder / rebuilder cards, but we know much less about their prime cards -- as it's been already remarked.
This said, I understand that people who had their Platinum of secured cards would want to move on to new logos...
4.2K 
10K 
24.6K 
@Anonymous wrote:
@CS800 wrote:
@Anonymous wrote:
@CS800 wrote:So a while back, I closed my Cap One with $500 CL and a $60 AF since it didnt want to grow and I got fed up with Cap one's attitude how it's a great card with no foreign transaction fee etc.
Just got a call from Cap One marketing I guess asking me if I would like to apply for a Venture card. Needless to say I declined since I don't want a HP on each credit bureau just to get probably a $1000 CL.
That's funny, Cap1 calling and asking hey are you willing to take 3 HP's for a possible 1K CL.
You never know, they may actually give you a decent CL with the Venture if you were to be approved, but in my book, not worth 3 HP's for one CC unless the CL was 25K+, then maybe.
Ok the crazy part is that the card with the $39 has a ceiling of $3000 which they didn't even give me. They stuck me at $500. Now they offer me to apply for a venture. I mean how insane is that?
They could have offered me a PC to the Venture or even waive the AF? I mean so many things that they could have done to retain a customer. Instead, I closed the account because they had noting for me. I wonder sometimes who runs the department in those companies.
You know, honestly, I still to this day can not understand Cap1's perspective on things.
It's like once you have only their re-builder cards they offer nothing no matter what (just take me for example, I have two Cap1 cards I apped for when I was rebuilding early last year, 600ish FICO when I apped, now I'm 200 points higher and Cap1 AR's my EQ report EVERY month, and they see the improvement I've made but yet still offer me not one thing) and believe me when I tell you, I have had many of conversations with Cap1 regarding my low limit cards. And why they won't offer me an upgrade, you would think they want some of my business too.
I told the last Acct Manager I spoke with that as long as you guys keep me held down with these low limit cards I will never run one more dollar thru these cards until 1) I close the accounts before the AF hits this year. 2) you close the cards due to inactivity. Period!
Cap1 owes me nothing, but this is business, and you would think when they look at my score/report during their AR's on EQ (every month) they would say wow, this guy has been flawless on all his accounts, let's get in on this. But nope, nodda.
So I guess all in all Cap1 has served it's purpose for me and I'll just have to close both cards come AF time this year.
I don't know how Capital One stays in business. Since they are both a sub-prime and prime lender, they have the ability to get in early with people rebuilding their credit and then profit handsomely from these customers as their credit improves and they move on to better cards. Instead, Cap One chooses to alienate these customers and they lose them to competitors. It's a heck of a terrible way to do business.
I appreciate that Cap One gave me a chance when my scores prevented me from getting cards from most lenders, but since they won't let me grow with them, I'm going to have to kick them to the curb. It's nothing personal against them, but I need to look out for my own interests and they don't want to keep me as a customer.
Starting Score: TU: 566
Cap One makes enough from the sub prime customers with their fees and AF that they dont worry about account closures. In this economy, they get sub prime customers everyday maybe by the 100's.
@lithium78 wrote:
@Anonymous wrote:
@CS800 wrote:
@Anonymous wrote:
@CS800 wrote:So a while back, I closed my Cap One with $500 CL and a $60 AF since it didnt want to grow and I got fed up with Cap one's attitude how it's a great card with no foreign transaction fee etc.
Just got a call from Cap One marketing I guess asking me if I would like to apply for a Venture card. Needless to say I declined since I don't want a HP on each credit bureau just to get probably a $1000 CL.
That's funny, Cap1 calling and asking hey are you willing to take 3 HP's for a possible 1K CL.
You never know, they may actually give you a decent CL with the Venture if you were to be approved, but in my book, not worth 3 HP's for one CC unless the CL was 25K+, then maybe.
Ok the crazy part is that the card with the $39 has a ceiling of $3000 which they didn't even give me. They stuck me at $500. Now they offer me to apply for a venture. I mean how insane is that?
They could have offered me a PC to the Venture or even waive the AF? I mean so many things that they could have done to retain a customer. Instead, I closed the account because they had noting for me. I wonder sometimes who runs the department in those companies.
You know, honestly, I still to this day can not understand Cap1's perspective on things.
It's like once you have only their re-builder cards they offer nothing no matter what (just take me for example, I have two Cap1 cards I apped for when I was rebuilding early last year, 600ish FICO when I apped, now I'm 200 points higher and Cap1 AR's my EQ report EVERY month, and they see the improvement I've made but yet still offer me not one thing) and believe me when I tell you, I have had many of conversations with Cap1 regarding my low limit cards. And why they won't offer me an upgrade, you would think they want some of my business too.
I told the last Acct Manager I spoke with that as long as you guys keep me held down with these low limit cards I will never run one more dollar thru these cards until 1) I close the accounts before the AF hits this year. 2) you close the cards due to inactivity. Period!
Cap1 owes me nothing, but this is business, and you would think when they look at my score/report during their AR's on EQ (every month) they would say wow, this guy has been flawless on all his accounts, let's get in on this. But nope, nodda.
So I guess all in all Cap1 has served it's purpose for me and I'll just have to close both cards come AF time this year.
I don't know how Capital One stays in business. Since they are both a sub-prime and prime lender, they have the ability to get in early with people rebuilding their credit and then profit handsomely from these customers as their credit improves and they move on to better cards. Instead, Cap One chooses to alienate these customers and they lose them to competitors. It's a heck of a terrible way to do business.
I appreciate that Cap One gave me a chance when my scores prevented me from getting cards from most lenders, but since they won't let me grow with them, I'm going to have to kick them to the curb. It's nothing personal against them, but I need to look out for my own interests and they don't want to keep me as a customer.
+1
And also their severe lack of good CS on the front line.
Just to put things in perspective (I'm not defending them by any means, I haven't had enough time with them yet to know how bad they can be), consumer lending is all they do. They're called a "monoline" lender for this reason. Their extreme conservatism with credit probably explains how they haven't collapsed in the recent credit crunch.
