Cap1 breakup...zero resistance

[SwarthyOgre]

So up until about 3 years ago I never really had/wanted a credit card or paid much attention to or thought I had much control over my credit. I did have  Sears card at one point (still reports) but didn't manage it very well so it was charged off. I was never taught about credit or how to manage it and thought I could get by without it. 

Back to 2015...tired of sitting on the sidelines with my at the time high 500s score (divorce and out of sight out of mind attitude) I got myself a secured Cap1 Plat MC and began my rebuilding journey. Six months later I got an unsecured QS1 with a SL of 500. Chase joined the crew at one year in and gave me 2.2k (at the time i was floored) which was recently blessed with a rare as hens teeth auto cli. In the past 3 years I have been accepted by the likes of AMEX, Discover and Citi but the rebuilder Cap1 cards have stayed just that. I closed the Plat which topped at 750 and kept the QS1 around despite having given it a dozen chances and half a dozen phone calls for ANY love.

Today I called to cancel my QS1. It's 1.9k limit, high interest and AF just don't fit my profile these days thanks in big part to these forums...you guys and gals rock. My only gripe is that the automated system had my account closed in under 2 minutes...no offer of lower interest rate, a cli, a PC or even apping for a new card...just "bye". Ouch.

[Caught750]

It's definitely rough that they didn't value your history with them enough to try to keep you around but I'm looking forward to eventually closing my first Cap1 cards as I'm sure they're in the same bucket yours were. Look on the bright side though, other lenders do value you as a customer! It's sad that EVERYTHING at Cap1 is computer controlled and there is no human element to it.

Awesome job on the rebuild. I hope to be where you are soon!

[Anonymous]

You can cancel your Capital One  card online. No need to call in.

[Peteyglad]

Same here. I had a Cap One Venture card for 2 years with a $32k credit limit. Called in to close and the robolady had it closed immedately. To be fair, quite a few of my recent account closures have been done this way so it is nothing to do strictly with Cap One. It has happened on my Citi DC as well as an Amex BCP. 

[UpperNwGuy]

You should be happy that the card closure went so smoothly.  Retention offers merely delay the inevitable.  Better to get the breakup over quickly instead of dragging it out.

[UncleB]

Congrats on shedding the dead weight! 

FWIW, even if you had spoken to a human there's an excellent chance your account would have been closed just as "efficiently". 

I had that experience with them several years back with a $300 rebuilder with a high AF.  I had been calling in yearly saying I wanted to cancel, and they would always either waive the fee or waive half of it, until that last time... the card was closed before I could really process what was happening! 

Thankfully I was fine with that outcome in any case, but I've always mentioned to people not to play 'chicken' with Capital One (or any lender, really) unless you're genuinely OK with the account being closed (like you were in this case). 

[pipeguy]

Congrats on closing the "no longer useful" Cap-1 card. My DW has excellent credit (790 to 810) and had a Cap-1 Venture - one card "stuck" at $8000 CL, which is fine, but it had a high apr and all her other cards are in the $15k to $25k CL range, she recently asked for a CLI and they said no so we closed it online - the difference is that I was happy to do it online without talking to a CSR that may or may not try to talk her out of it, it was dead weight and was not going to be used again, so a couple of clicks and its done. 

Our rule is as you get better cards, get rid of the ones you don't need or the ones that annoy you (high apr, low limit,  don't act like they want your business). Cap-1 doesn't care, why should you?

[kdm31091]

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@UpperNwGuy wrote:

You should be happy that the card closure went so smoothly.  Retention offers merely delay the inevitable.  Better to get the breakup over quickly instead of dragging it out.

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This exactly. Most people in the general population (i.e. not concerned with retention offers) want the process quick and simple, which is why some issuers have it fully automated now. People don't want to hassle with someone trying to convince them to keep the card.

QS1 is basically a rebuilding card; it did its job for you, so it was time to move on.

[SwarthyOgre]

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@Anonymous wrote:

You can cancel your Capital One  card online. No need to call in.

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Very true and I had utilized that very approach with the secured PlatMC late last year I was just wanting to give them the opportunity to keep me as a customer one more time. Robo dude gave me the old "bye Felicia" and here we are. I am grateful for the rebuilding boost but it's on to bigger and better now.

[K-in-Boston]

This reminds me that I need to go online and close my FrankenVentureOne at some point.  I just wish I could share my joy with a CapOne employee on ending a 20+ year relationship with them for good.