@CreditCrusader wrote:
@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.
Don't get me wrong, I am no fan of the triple pull thing either. That said, the SavorOne, and especially the Savor are in pretty rarified air with regards to their overall mix of rewards and benefits. For those of us not chasing card after card after card, having one like the Savor card covers a whole lot of bases. Like I wrote earlier in this thread (I think it was this thread), with last year being the single exception ( when I applied for 7 cards), I rather doubt I'll ever in my life apply for more than one, possibly two cards in a single year and, once again with the exception of things like company travel cards and HSA cards, I rather doubt I'll ever want to have more than 6 cards total in m wallet. With those criteria in mine, I can easily afford to burn 3 hard pulls in a single year.
Capital one and Navy ( the Amex card, not accepted everywhere) never failed me using it overseas I have been using it roughly for the last 7 months without any issues vs penfed every other transaction gets declined and I have to call the fraud department, even with travel notification still not the card you want to depend on. so Capital one gets a +1.
@TekkenQQ7 wrote:Capital one and Navy ( the Amex card, not accepted everywhere) never failed me using it overseas I have been using it roughly for the last 7 months without any issues vs penfed every other transaction gets declined and I have to call the fraud department, even with travel notification still not the card you want to depend on. so Capital one gets a +1.
Good to know!
I'm new to PenFed, I'll see how it goes in Romania later this year. Agreed on Navy for sure. Never got out of toy limits with cap one, so I couldn't say.
I prequalify for all of the cards they offer on their prequalification tool. But, don't want any of them, or any other core Cap 1 card. The only one I'd consider would be Savor, but I have an Altitude Go, so no need. I am not sure why they are as popular as they are. They do have a good app and web site, though.
