Cap One has no interest in me 🤣

[Taurus22]

---

@Anonymous wrote:

With so many card options out there, I've decided not to bother with triple-pull applications. Cap1 is a no-go for me, but I was curious, so I tried it out. I got a little splash screen with animated confetti, followed by an invitation to open a . . . secured mastercard.

I live in Virginia, where Cap1 has branch locations. Actually, they're "Capital One Cafes" (basically a full Peet's Coffee shop with a couple tellers at the back and a 50% discount when paying with a Cap1 card). I kind of wish that I liked Capital One. I just don't. And maybe it's mutual

---

This.  I also agree that CapOne is one single step above predatory.  Sure, for those rebuilding or starting their credit journey, maybe these cards really do get their foot in the door. But honestly, when I started out of the gate, I simply opened a secured card with my personal bank. (It's the First Citizens card in my siggy) Only took a single HP. And I'm not bucketed.....but my bank does require another HP for CLI, so I just don't bother. In 2 more years I'm probably going to close that starter card anyway, as it won't hurt my overall AAoA by then.

There are 3 card-issuers I will likely never ever have any cards with.....Comenity, Synchrony, & Capitol One.  CapOne would have to make one very special card for me to break my rule and take 3 HP's into a possible bucket, and they haven't done that yet.

[Horseshoez]

---

@Taurus22 wrote:
CapOne would have to make one very special card for me to break my rule and take 3 HP's into a possible bucket, and they haven't done that yet.

---

I have a different view on the whole 3 HP thing...

I currently have all of the cards I *need*, and when I start traveling again (primarily for work), I'll have a corporate card for that activity.  With that in mind, I don't see myself ever applying for more than one or two cards per year, possibly for the rest of my life, so whether it is 2 HPs (two non-CapOne cards) or 4 HPs (one CapOne card and one not), the number of HPs in any one year is pretty much irrelevant from a credit score perspective.  Said another way, if the right card for me is a CapOne card (I've been eyeing a Savor card for a while now), then HPs be damned, I'm applying for that card.

[Brian_Earl_Spilner]

I always find it interesting when I see cap1 get bashed or called things like sub-prime or almost predatory because of low limits and slow growth. Replace the name with a lender that is highly regarded or has more desirable products and they'll simply be called conservative. 🤷

[CreditCrusader]

---

@Brian_Earl_Spilner wrote:

I always find it interesting when I see cap1 get bashed or called things like sub-prime or almost predatory because of low limits and slow growth. Replace the name with a lender that is highly regarded or has more desirable products and they'll simply be called conservative. 🤷

---

Here's the other thing:

I hate to state the obvious, but Capital One is a business.

They have stumbled upon a successful business model...one that relies substantively on secured debts as opposed to more risky unsecured debts.

Are we to talk down about them just because they are making prudent business decisions?

And just so folks don't think it's entirely self-serving, consider the following:

A decent portion of Capital One's portfolio consists of auto loans that have been refinanced from predatory, high-risk sub-prime lenders.

In my case, as I was rebuilding many years ago, I had to swallow 18% interest on an automobile that, shall we say, wasn't exactly the cat's meow. As I scratched the 600 FICO score surface, Capital One not only pre-approved me for a better automobile, but at a rate that was around 8%...meaning I was able to trade in the lesser automobile and drive off the lot with a newer, better and more reliable vehicle...and with a great monthly payment.

Moral of this long story: If Cap 1 isn't for you, so be it. Credit needs and products to match them are overtly personal. But let's not cast them down with the bottom feeders of credit just because they don't give you what you want. Their business model works for them and millions of their partners and customers.

[PicoFico]

The intent wasn't to bash them and a view of where they lie in the lending food chain is just observational, but regardless, it is as I said, interesting, that after 2 years of flawless use and payment history, the best business they can offer is secured.

I guess my sense of humor is different than most, it made me laugh. Sorry I wasn't really trying to disect Cap One.

I'll remain grateful for the opportunity to rebuild with them and share that positive experience with others about it, also.

[Taurus22]

@CreditCrusader  Just had a very similar post recently....and you are entirely correct. CapOne, like all other lenders are in the business of making money. They are not there to cater to myFICO'ers, their model works on those who feel like they have no "choice" (key word here) but to apply for their card, which is why their approval criteria is more lax.....or those who have damaged their credit history or starting their credit journey.  And evidently, they helped you out of a difficult position which is fantastic. The model works for CapOne and it worked for you.

But, at the risk of a circular argument, I stand by my comments. For a lender that requires 3 pulls (which puts the applicant in an INQ hole to start with) for a $500 limit (if they're lucky) then buckets them with a 29% APR so they can't grow....which then puts them in a position in the future to make a choice of closing that account (which again, forces the applicant to close a credit line...not ideal) or sock-drawer it, which affects the applicant's average CL across cards, which other lenders sometimes use to base future SL's.

This is why CapOne sits as a bottom-feeder among lenders (and almost predatory) in my "opinion".  Honestly, they are just a bad choice when there are better options available. Nothing they offer makes good credit sense to me.  Again, opinion.

[Horseshoez]

---

@Taurus22 wrote:

@CreditCrusader  Just had a very similar post recently....and you are entirely correct. CapOne, like all other lenders are in the business of making money. They are not there to cater to myFICO'ers, their model works on those who feel like they have no "choice" (key word here) but to apply for their card, which is why their approval criteria is more lax.....or those who have damaged their credit history or starting their credit journey.  And evidently, they helped you out of a difficult position which is fantastic. The model works for CapOne and it worked for you.

But, at the risk of a circular argument, I stand by my comments. For a lender that requires 3 pulls (which puts the applicant in an INQ hole to start with) for a $500 limit (if they're lucky) then buckets them with a 29% APR so they can't grow....which then puts them in a position in the future to make a choice of closing that account (which again, forces the applicant to close a credit line...not ideal) or sock-drawer it, which affects the applicant's average CL across cards, which other lenders sometimes use to base future SL's.

This is why CapOne sits as a bottom-feeder among lenders (and almost predatory) in my "opinion".  Honestly, they are just a bad choice when there are better options available. Nothing they offer makes good credit sense to me.  Again, opinion.

---

The only comment I have is, reading your post would lead the unaware to assume the only cards offered by CapOne are build/rebuilding cards, however, as we all know, they cover the spectrum, build/rebuilder cards, middle tier (maybe "near-prime"?) cards, and reasonably high end cards like Savor and Venture.  I currently have a middle tier Quicksilver and there is a fair bet I'll apply for a Savor when I come out of the garden some time next year.

[toddc]

 Mod edit - not here capital one. Their fraud detection alerts are annoying af nobody else locks down my cards like capital one.   They never increase my cls either.   So now I just sock drawered both cards with them and will put zero spend through them.    

[Taurus22]

@Horseshoez  That's a good point.  I don't want to be misleading. CapOne does offer more than just rebuild cards, which is what the OP was specifically talking about, so I was speaking more in regards to those. But honestly, now that you mention it, the other cards like QS and Savor don't really have an appeal to me personally either....certainly not worth the triple-pull. But again, that's a "choice" factor and personal opinion.  I know many have had good experiences with QS, Savor and SavorOne. I had even considered SavorOne at one time early in my profile until I did further reading on the forums.....just did the math and research for myself and CapOne just doesn't float my boat. Doesn't take away from the fact it's a successful business model....it obviously works, for some. 

[CreditCrusader]

---

@Taurus22 wrote:

@CreditCrusader  Just had a very similar post recently....and you are entirely correct. CapOne, like all other lenders are in the business of making money. They are not there to cater to myFICO'ers, their model works on those who feel like they have no "choice" (key word here) but to apply for their card, which is why their approval criteria is more lax.....or those who have damaged their credit history or starting their credit journey.  And evidently, they helped you out of a difficult position which is fantastic. The model works for CapOne and it worked for you.

But, at the risk of a circular argument, I stand by my comments. For a lender that requires 3 pulls (which puts the applicant in an INQ hole to start with) for a $500 limit (if they're lucky) then buckets them with a 29% APR so they can't grow....which then puts them in a position in the future to make a choice of closing that account (which again, forces the applicant to close a credit line...not ideal) or sock-drawer it, which affects the applicant's average CL across cards, which other lenders sometimes use to base future SL's.

This is why CapOne sits as a bottom-feeder among lenders (and almost predatory) in my "opinion".  Honestly, they are just a bad choice when there are better options available. Nothing they offer makes good credit sense to me.  Again, opinion.

---

Hey, diverse experiences and opinions are a hallmark of this board. Thanks for sharing yours!

By the way, we find common ground on one thing: The triple pull <thumbs down>

I get why they do it, but I think reasonable people who disagree can agree to agree that it's probably needless overkill.