Capital One Disappointment

[BmoreBull]

I know that they allow you to product change a regular Platinum into a Qs. Do they offer this once you’ve had your secure Platinum for a long time? Or is this not possible? That’s the one way you could get your money back and keep the account open that I can think of.

[GApeachy]

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@PicoFico wrote:

I agree with OP on the matter...

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@GApeachy wrote:

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@Anonymous wrote:

The only way to change this is to hold them to it through other agencies, but that would require multiple people to push back.

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Push back what though?  You can't really argue an "if".

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You can't? "If" implies "could" and "could" isn't true. It should say won't, can't, never, etc. Pretty misleading imo.

I also agree CO should be a last resort and also fell for the ability to graduate. There's better options available.

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It should not be in the T&C "if" Cap1 will not unsecure 1 person ever, not a part of their policy any longer. (eta: Also in T&C: I will receive the Capital One Customer Agreement, which includes a Security Agreement. I am bound by its terms and all future revisions.)  So you can try to argue "if"......but why?  You'd spend more $ and waste more time trying to prove Cap1's intention(s) and proving they've never unsecured anyone within a certain timeframe and prove their intention is not to ever unsecure in the future. (policy)  Plus to get to their T&C you'd have to explain why you ignored the online product description, which does not mention "unsecuring" at all and their process for you to get your deposit back. 

So I don't see how you can "push back" successfully and argue an "if".  Btw, "If" implies a lot of things/conditions- If a bullfrog had wings he wouldn't bump his......

[sourpuss29]

@Anonymous 

When you say you were "stuck" in the credit steps program, do you mind my asking how long that was for?

[Anonymous]

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@sourpuss29 wrote:

@Anonymous 

When you say you were "stuck" in the credit steps program, do you mind my asking how long that was for?

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Stuck for eight years. Finally closed the account. Did not know about this site where I could have learned that applying for a regular card may work and so on. Started with a Cap1 CL of $250, a few months later they increased the CL to $500 and with a few more months it was at $750 for the remaining card life. After closing it the credit reporting stayed on my CBs for a little over ten years (positive report too).

Normally if a card/lender and I don't click I close and seek other financials. Not every lender likes every profile ... learned that on the Myfico Forum too. Bank of America going back to 1973 never liked my profile ... hanged if I know why (never had any problems with them or anybody else) and the highest limit over all those years was $2,500 so ??? Closed them out and moved on.

[Remedios]

I kinda always "lol" at triple pull talk, given how many lenders will do a double pull, but no one complaints when Chase or Citi does it. 

As far as triple pull not being "stellar", well, when we need secured cards, we're not exactly in stellar position. 

First Premier is unsecured, the fees on it for a year will exceede credit limit. But hey, single pull.

Open Sky. No pull. Great, right? Except, there is nothing to PC to (unlike Cap One), so no rewards, and the only way to get your money back is to close. 

US Bank, Citi, WF...will graduate when they graduate. In fact, most people actually close them because no set in stone date. 

I'm just really not sure what the agony is all about. If you have other cards, grab your money and run. 

If you dont have other cards, keep it till you do. 

If you applied when "graduation" was promised,  card graduated. If the application happened past that window, it is what it is. 

[CreditCrusader]

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@Remedios wrote:

I kinda always "lol" at triple pull talk, given how many lenders will do a double pull, but no one complaints when Chase or Citi does it. 

As far as triple pull not being "stellar", well, when we need secured cards, we're not exactly in stellar position. 

First Premier is unsecured, the fees on it for a year will exceede credit limit. But hey, single pull.

Open Sky. No pull. Great, right? Except, there is nothing to PC to (unlike Cap One), so no rewards, and the only way to get your money back is to close. 

US Bank, Citi, WF...will graduate when they graduate. In fact, most people actually close them because no set in stone date. 

I'm just really not sure what the agony is all about. If you have other cards, grab your money and run. 

If you dont have other cards, keep it till you do. 

If you applied when "graduation" was promised,  card graduated. If the application happened past that window, it is what it is. 

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You hit the nail on the head.

What fascinates me about this board the most is the complaining about individual CC lenders, as though there would EVER be one best option...or a lender on the planet without discontented customers.

Case in point: Credit One Bank, everyone's favorite MyFico punching bag.

This largely sub-prime lender has been drilled on this board for its "predatory" practices and exorbitant fees. People throw virtual parties announcing that they have closed the card and told Credit One to pound sand.

What is NOT mentioned nearly as frequently is that Credit One was one of the few CC lenders to give a rebuilder an unsecured card that actually earns rewards, reports promptly to multiple bureaus, and even grows a little (without fees most of the time circa 2020)...and that their terms are willingly agreed upon without coercion by those who use their products.

As a DP, my sister snagged the Platinum Rewards Visa with the $95 AF and 5% cash back on groceries, gas, etc. (up to $250 cash back annually) and 1% on everything else (no limit). She uses that card all the time and pays it off via bank bill pay all month long. Right now, she's on pace to earn over $500 a year in rewards to more than offset the AF. She LOVES that card.

The point here is not to prop up Credit One. The point is, one person's nightmare lender is another's ideal. For me, lenders like Discover and AMEX are nothing close to ideal, but they ARE ideal to others. As Remedios pointed out, jettison the less-than-ideal and move forward with the ideal for you.

[sourpuss29]

@Anonymous 

Thank you so much for the response.

I don't want to hijack OP's thread; but what you stated coupled with a few other things I have read regarding Capital One is going to help make my decision to dump them a LOT easier!

[recoveringfrombk7]

I don't understand why we cannot discuss pros and cons without people piling on.  It's fine if you don't find something to be a con that someone else does and it seems fine to state your case why it is not.  But, some of the triple pulls are not a big deal posts come off really aggressive.