Cap One .... IS There a EO Email Still?

[Anonymous]

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@kdm31091 wrote:

Finally, even for those who have gotten a manual review in the past from the EO, the results have been pretty small. People have fought tooth and nail and ended up with tiny increases or 1-2% APR reductions. Is it really worth it? Just apply for a new account, either with Capital One or elsewhere.

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It amazes me, really.  What an absolutely amazing waste of time for the customer and the EO.

If you have junk credit, Capital One is a godsend.  If you burned Capital One before, they forgive, multiple times, and quickly.

To get angry at a lender who risked their own money AND worked hard to find investors to take a risk on you is ridiculous to me.  The fact is, Capital One likely has no legal recourse to giving CLIs on certain accounts that may be contractually obligated to the investors who backed those limits.

I invest in ABS and I would be hella angry if the bank reduced my profits on folks I invested in.  If my contract on a tranch is for 5 years, then I want that full 5 years.  Sure, customers are welcome to close accounts (part of my contract) but they shouldn't be allowed to jump tranches just because they gamed their FICO scores...  So if I'm risking my money on someone who once had a 500 FICO score, I'd prefer to extract the full value out of them, and they really should be THANKFUL I'm risking part of my retirement fund to give them a second chance.

Capital One Lending is just a middle man between credit seekers and investors.  They don't actually get to dictate credit limits in those contractual obligations, regardless of what your FICO score is.  If your score is better, app a new card and jump tranches.

[Anonymous]

Not sure why a lot of people hate on Cap1. I started with a score of 490 straight out of BK 7 in with a discharge in June. 

Cap1 gave me a QS1 before i was discharged and gave me a Platinum two weeks after discharge. I then got a Cap1 backed card with Kohls. Infact, Cap1 are the only ones who gave me a second chance (didnt want to touch credit one). Because of them i now have scores of 620 and rising. I will never hate on them even when me credit score is above 700 and they still refuse to give me a CLI, as previously mentioned go app for a higher tier card. Not sure why there seems to be a sense of CLI entitlement sometimes, lower tier CAP1 cards are for rebuilding not for high credit limits.

[Anonymous]

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@Anonymous wrote:

Not sure why a lot of people hate on Cap1. I started with a score of 490 straight out of BK 7 in with a discharge in June. 

Cap1 gave me a QS1 before i was discharged and gave me a Platinum two weeks after discharge. I then got a Cap1 backed card with Kohls. Infact, Cap1 are the only ones who gave me a second chance (didnt want to touch credit one). Because of them i now have scores of 620 and rising. I will never hate on them even when me credit score is above 700 and they still refuse to give me a CLI, as previously mentioned go app for a higher tier card. Not sure why there seems to be a sense of CLI entitlement sometimes, lower tier CAP1 cards are for rebuilding not for high credit limits.

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Just a small correction: Capital One didn't give you that credit limit, they brokered that limit for you because investors were willing to finance you and Capital One was the middle man putting us with the investors.

Demanding more CLI on a card that was originated by investors is like going to your mortgage lender and saying "Hey, my credit score is so much better than when I got this mortgage here, I demand you lower my interest rate!!!!!!!!! FOR FREE!!!!!!!"

Life doesn't work that way.  Your mortgage lender's EO would also give you the finger.

[Anonymous]

Oh boy apologies to everyone that took my comment so personally, I did not mean to upset or offend anyone.

Obviously, my experience has been different than others. 

However, I think the point is being overlooked here.

and "Ragequitting" is certainly not what I would call it.

Capital One is a bank like all other banks (they are nothing special) and can set up its systems to either take care of their customers or not.

I did not ask for anything crazy. Just for the account to grow like every other account at every other bank. Normal.

In fact I asked for 500 dollars more, and agreed to partial if they couldnt even do that. 

You're probably wondering, why bother? But it's the principle of the matter. 

If the account is going to "graduate" from secured then it should fall into the normal jurisdictions of other cards. Like lots of other banks.

The fact is that the banks that have this system are far and few in between. 

This is not how they HAVE to operate. They choose to, and I choose to not use them. Simple as that. I did not close the account either.

Also I am a believer in the first amendment and would like to publically voice my opinion of them so that others are aware. 
Furthermore, Capital One is not the only lender that helps rebuild credit.

Many people are frustrated with the service of Capital One and if people speak out then maybe they will change things.. that or lose business.

FInal thought, it is absurd that it is recommended to apply for a new account. You should not have to open multiple accounts to get what you deserve. Its a shame that people just say "that's how it is, suck it up." I feel its wrong and I will stand for what I believe in. 

[Anonymous]

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@Anonymous wrote:

Oh boy apologies to everyone that took my comment so personally, I did not mean to upset or offend anyone.

Obviously, my experience has been different than others. 

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No apologies needed.   Honestly, when I invested in SLABS and ABS stocks, I really wish I could have specifically told the banks "you know what, don't give a dime to anyone airing an entitlement to my money."

Sadly, it's against the law to make those restrictions, so my money that I was risking went to students who really didn't deserve a loan in my opinion, they felt ENTITLED to it.

Same with credit card ABS.  I took huge risks on people who were repeat credit offenders but "needed" a card.  I wouldn't loan a DIME to someone who thinks that a bank who is the middle man between investors and poor credit score borrowers needs to "take care of their customers"

Your experience hasn't been any different from anyone else's.  You were a poor credit score borrower who wanted credit.  Other lenders said "no way" so Capital One steps in, gets investors like me to give you a chance even though the likelihood is that you will renege on your contract and default, and then actually gave you the tool you needed to become a non-risky borrower.  Instead of actually understanding the concept that Capital One works as a middle man between risk-taking investors and risky borrowers, you've got the typical consumer entitlement that "me me me I deserve and have a right to this."

As I said, Capital One likely said good riddance because the cost of occupying the executive office employees for two months was probably in the hundreds of dollars.  They don't need to waste money on entitled customers when they can actually take good care of customers who understand the interaction goes both ways.

For those who don't have this entitlement fixation, here's the path to maximizing Capital One:

1. Those with poor credit or who have scr_w_d over Capital One before?  They forgive.  You can get in with a subprime credit card or two in your first year back in with Capital One.  Just swallow your pride and entitlements and understand that they are not using their own money to open a card for you, they are finding investors to take the risk.  Any card you get while your FICO scores are t_rd level is likely a card that will stay in the pocket of investors who want to make their money back even after your rebuild is done.
2. Once your credit score is better, you can always open new accounts with Capital One -- prime credit cards from them are more likely to be backed by their own funds, NOT third parties.  This means that the starting limits are higher, and the credit limit increases are more likely in the future.
3. If for some reason you are too entitled to actually open new accounts with your now-prime FICO score, the last thing you want to do is hassle the executive office over what is a non-issue.  In fact, I'd suggest not mentioning it to anyone that you're angry that they won't give you more of a limit because then guys like me WILL troll you based on your entitlements.

Amen.

[Anonymous]

There is one problem though.

No entitlement here, I earned it. 

I worked hard on my finances and score and I thank Capital One for helping me start. 

I have worked all my life and am in a successful position of a corporation. In fact I deal with entitled people all the time. 

I know the difference well and I know when I earn or deserve something. 

As petty as a CLI is, (I don't need it). It tells a story of the company. 

Maybe they should take a lesson from someone else.

And maybe I dont get how big banking works, but I dont need to. Just with my experience with multiple banks there is no comparison between them and Capital One. 

[Anonymous]

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@Anonymous wrote:

There is one problem though.

No entitlement here, I earned it. 

I worked hard on my finances and score and I thank Capital One for helping me start. 

I have worked all my life and am in a successful position of a corporation. In fact I deal with entitled people all the time. 

I know the difference well and I know when I earn or deserve something. 

As petty as a CLI is, (I don't ne

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You earned a higher limit on a card that is contractually bound to the private investors who guaranteed the funds?  What?

Lol.  That IS an entitlement, friend.

Would Chase have given a person with putrid FICO score a card?  No.  Would Citi?  No.  BoA?  Nope.  How about Amex?  Not a chance.

Capital One doesn't have to take ANY lessons from anyone because they succeeded at their task here: they profited off of you and then you left willingly.  Good riddance for them, they'll be happy to support others who actually don't have entitlements to someone else's money.

You are no loss to Capital One -- anyone who bugs an EO over petty issues is no loss to the bank that told them no once again.  Customers aren't important to markets: good customers are.  Poor customers who waste the time of customer service are getting kicked to the curb more and more, too.  Not just in lending.  Google "Anthropologie blacklist" for a long list of lols of entitled customers.  Happens more every day, too.

[wacdenney]

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@kdm31091 wrote:

You can find it via Google, to be honest, it's not worth your time. They do not do manual reviews for CLIs or new account approvals anymore. Whatever the computer decides is what you get, and that's all.

You can email and they will call you back; the phone number was shut off due to abuse. Like I said, though, they don't entertain CLI requests anymore so there's not much point in contacting them.

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"the phone number was shut off due to abuse."  As if expecting to call a phone number and recieve standard customer service should be considered "abuse".  We can all read what's on the website.  We don't call in to have someone read it to us.  Calling in to get standard customer service like every other lender provides is a far cry from "abuse".

Capital One is a waste of time.  They have no desire to help you.  They do not care how long you've held your account nor do they care about your payment history.  If you don't mind being treated the way they treat people, you are literally better off taking the three ridiculous HPs and the hit to account age and opening a new account.  However, I would suggest you find another lender who doesn't consider it abuse when you call them expecting normal customer service.

[Anonymous]

Wow two very contrasting viewpoints here. My take is as such. Its true capone will give a $300 card @ 29% with a $40 AF to almost anyone. Its also true (as I just learned) that this is because some group of investors determined that sort of deal is the only way to profit on sub prime customers. Whats also true is that- regardless of the fact both parties entered into a mutually beneficial contract-that does not mean CapOne as a bank and service provider should or can treat said customer as a delinquent child for the next 20yrs. Both parties benefited. After a year or two ONLY Capital One and the investors are benefitting yet their are many cardholders whom capone will not provide CLIs or APR reductions to. This is antithetical to the way businesses should conduct themselves and an abuse of capitalism. Its the attitude that gives banks a bad name. Each party should treat the other well and in kind - no more no less. If someone has the scores and history to justify an upgrade or cli or apr reduction then CapOne as a business would be wise to grant it. I cannot think of any business model which states "even if a customer deserves better, don't give them better". I can't think of a business that has long term success without being fair to consumers. Just fair no more no less. It isnt the cardholders fault that investors dont allow AB or C....it's the reason Ill never get another CapOne card and the reason I will get as many CU cards as I can....because they treat me in kind with how I treat them. Sure CapOne probably makes a nice short term profit but its not RIGHT on a moral or civil level and ultimately not going to help them long term. I wouldn't ever be an executive at a company like that nor would I be part of a group of investors so dumb to not be able to come up with a methodology that creates profit whilst still being able to have customer retention and give account enhancements to deserving consumers (whom youre profiting from)