CapOne advice

[RTOrockstar]

I'm fairly new to the whole tracking your credit thing and this site and forum have been so helpful in keeping me straight and helping me play the credit game, now I'm in need of advice.

Last Oct. I got approved for a Capital One secured card (it's @ $200) and I got a car loan in November. In mid-January, I applied for a non-secured Capital One Platinum card online and was told that I needed to fax over some information (ss card & proof of residence) which I did. I called a few days later and was told that they had my information and that I could call back on such-and-such date and find out if I was approved and again I called back and was told they didn't have my information and there was no record of me faxing it in. So after speaking with a supervisor, I re-faxed my information and was told that they recieved it and I would get something in the mail with their decision. A week later I got a rejection with the reason being they could not verify my application information. I don't get it because I already have an account with those guys!

At the bottom of the denial letter there was a line that said if I had any information that would figure in on their decision I could mail it to and it gave an address. I am very frustrated with the whole situation and have already taken the hard pull so my question is should I bother to mail in my information and hope for a recon or should I leave it alone and reapply in a few months?

[LilloEsquilo]

You just dealt with "Peggy". That's just typical of them. Basically they were going to reject you anyway so rather than get right to the point, they jerked you around just for thrills. Now you know first hand of the famous CS Cap One is known for and soon, or at least within a few years, you will know why it is said that CLI and Cap One do not go together.

Welcome to the Cap One family!

[LS2982]

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@RTOrockstar wrote:

I'm fairly new to the whole tracking your credit thing and this site and forum have been so helpful in keeping me straight and helping me play the credit game, now I'm in need of advice.

@Last Oct. I got approved for a Capital One secured card (it's @ $200) and I got a car loan in November. In mid-January, I applied for a non-secured Capital One Platinum card online and was told that I needed to fax over some information (ss card & proof of residence) which I did. I called a few days later and was told that they had my information and that I could call back on such-and-such date and find out if I was approved and again I called back and was told they didn't have my information and there was no record of me faxing it in. So after speaking with a supervisor, I re-faxed my information and was told that they recieved it and I would get something in the mail with their decision. A week later I got a rejection with the reason being they could not verify my application information. I don't get it because I already have an account with those guys!

At the bottom of the denial letter there was a line that said if I had any information that would figure in on their decision I could mail it to and it gave an address. I am very frustrated with the whole situation and have already taken the hard pull so my question is should I bother to mail in my information and hope for a recon or should I leave it alone and reapply in a few months?

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I would you have nothing to lose. The INQ is there and isn't going anywhere for 2 years.

[Anonymous]

They made me jump through all kinds of hoops too. They had my SSN right on one account. not on the other - took me half a dozen tries to get it fixed. Finally, the executive office got it fixed.

I'd suggest trying again a few times, and if they STILL claim not to be able to verify your info, contact the executive office. If they want to deny you they're within their rights, but they should at least have a better reason.

[LS2982]

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@Anonymous wrote:

They made me jump through all kinds of hoops too. They had my SSN right on one account. not on the other - took me half a dozen tries to get it fixed. Finally, the executive office got it fixed.

I'd suggest trying again a few times, and if they STILL claim not to be able to verify your info, contact the executive office. If they want to deny you they're within their rights, but they should at least have a better reason.

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I'd probably go the exec. office route now.

Cap 1: 800-707-0489 (Senior Escalation Account Mgrs.)

[RTOrockstar]

Thanks, guys, I'll give them a call.

[corymcd88]

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@RTOrockstar wrote:

I'm fairly new to the whole tracking your credit thing and this site and forum have been so helpful in keeping me straight and helping me play the credit game, now I'm in need of advice.

@Last Oct. I got approved for a Capital One secured card (it's @ $200) and I got a car loan in November. In mid-January, I applied for a non-secured Capital One Platinum card online and was told that I needed to fax over some information (ss card & proof of residence) which I did. I called a few days later and was told that they had my information and that I could call back on such-and-such date and find out if I was approved and again I called back and was told they didn't have my information and there was no record of me faxing it in. So after speaking with a supervisor, I re-faxed my information and was told that they recieved it and I would get something in the mail with their decision. A week later I got a rejection with the reason being they could not verify my application information. I don't get it because I already have an account with those guys!

At the bottom of the denial letter there was a line that said if I had any information that would figure in on their decision I could mail it to and it gave an address. I am very frustrated with the whole situation and have already taken the hard pull so my question is should I bother to mail in my information and hope for a recon or should I leave it alone and reapply in a few months?

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I friend of mine had that happen to him and three day later he got his card. I don't care what anyone saids I like Capital One.

[Gollum]

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@RTOrockstar wrote:

I'm fairly new to the whole tracking your credit thing and this site and forum have been so helpful in keeping me straight and helping me play the credit game, now I'm in need of advice.

@Last Oct. I got approved for a Capital One secured card (it's @ $200) and I got a car loan in November. In mid-January, I applied for a non-secured Capital One Platinum card online and was told that I needed to fax over some information (ss card & proof of residence) which I did. I called a few days later and was told that they had my information and that I could call back on such-and-such date and find out if I was approved and again I called back and was told they didn't have my information and there was no record of me faxing it in. So after speaking with a supervisor, I re-faxed my information and was told that they recieved it and I would get something in the mail with their decision. A week later I got a rejection with the reason being they could not verify my application information. I don't get it because I already have an account with those guys!

At the bottom of the denial letter there was a line that said if I had any information that would figure in on their decision I could mail it to and it gave an address. I am very frustrated with the whole situation and have already taken the hard pull so my question is should I bother to mail in my information and hope for a recon or should I leave it alone and reapply in a few months?

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Before you make your decision, google for

cap one credit trap

Even if you could get Capital One to approve you for a non-secured card, it is probably going to be another high-interest-rate, low-credit-limit card.

I think you are better off not being approved for the Capital One non-secured card that you applied for.  Having more than one subprime card increases the odds of getting into trouble.

Your car loan is probably also high-interest, but the good news is that the car loan will help you increase your FICO scores (if you make the payments on time) more than a second subprime credit card would (because the car loan is an installment loan, it adds to your types of credit).

My advice:

1.) Let your Capital One non-secured card application just fade away.

2.) Treat your secured Capital One credit card as an investment in your future credit rating, not as a source of credit.

 2.a.) Use your secured Capital One credit card only once per month.

 2.b.) Charge only one normal, small expense that you could pay in cash (I recommend five dollars for gasoline).

 2.c.) Put that amount of cash in your sock drawer, then leave that cash there until after you pay your credit card bill.

 2.d.) Repeat.

Opt out of pre-approved credit card offers for five years so you are not tempted before you are ready to choose your credit card:

https://www.optoutprescreen.com/?rf=t

Don't apply for credit cards until after you have improved your FICO scores by making payments on your car loan and your secured Capital One credit card for one year.

Your FICO scores should have greatly improved by then, so you should have many more options for credit than you do now.  It's only one year.

[LilloEsquilo]

5 dollars for gasoline? That might be gas for the lawnmower, and could be over his credit limit on a Cap One card

[RTOrockstar]

Funny stuff.

Anyways, I call the number and spoke to a nice lady who listened to my situation and for some reason could not help me so she transferred me over to another dept. Where I had to repeat my situation. Long story short, they told me I'd have to re-apply if I wanted re-consideration(is that a word?). No way! I've already taken the hit on the first one and got shafted.

As a side note, an hour later I get an email from CapOne explaining the benefits of a secured card and a link to apply online. Sheesh!