@Anonymous wrote:
But if you don't start out subprime, they are fine. QS is a very good card.
Actually I heard a story tonight from my dad about his experience with Cap One…I was over at his house watching the Heat-Spurs game and of course one of those Sam Jackson ads came on. I remembered my dad had a Capital One card and asked him if he was still using it.
Well short answer is no. A little background…my dad is 62; makes ~$250K/year; has stellar credit (790’s); has a mortgage that is basically paid off; not much debt, etc, etc. He likes to joke that he has not missed a payment since Reagan was President…lol. He has 4-5 other credit cards all with limits of $20K+.
Anyway, he told me he had his Cap One card since the early 90’s. His credit limit had been stuck on $5000 for as long as he could remember. He admitted he did not use it very often (because of the low CL). My mom and him are both retiring at the end of this year and planning on doing some int’l traveling. A couple of months ago while they were doing some trip planning, he remembered Cap One was the only card they have that does not have a FTF. So he decided to call them to see if he could bump up his CL to around $20K so they could use it as their primary card while abroad. He told me even though he asked for 20K, he would have settled for $15K.
The CSR came back and told him congratulations…he was approved for a $500 credit increase! He was so ticked he hung up the phone.
The next day he called his guy at Bank of America and asked what they could do for him. 5 minutes later…instant approval for the BOA Travel Rewards Visa Signature…$25K. The same day he went online and applied for the Chase Hyatt Visa card. Instant approval…$15K.
After that he called Cap One and closed the account.
Moral of the story…don’t pi** off my dad…lol. The other moral is Capital One is apparently not set up to deal with customers like my dad. He is not the kind of person who would know about or bother to send a FB message to EO. The shame is my mom and dad were certain to use the Cap One card, and had they been granted a decent CL would never have bothered to look elsewhere. My guess is they would only give him a modest increase because he wasn’t using the card enough. The old chicken and egg story I guess…
Maybe Cap One could give a crap about my dad or the swipe fees they would gain from him. But that was certain business they let slip away. BOA and Chase are happy to fill the void.
@Anonymous wrote:
@lajntx wrote:
@Anonymous wrote:
Sure, you lose some dissatisfied customers, but a) there are always more, and b) the losses are anyway cheaper than having to have empowered staff.
That`s exactly what they they thought about me until they realised I was pulling EVERYTHING out of their bank due to those practices. Several crooked digits to the left of the decimal point leaving your bank does leave a painful bite that turns into a big scar that causes some senior & junior level staff to NOT make bonuses.
Soon thereafter it seems they did put the CLI request on the website.
Coincidence? Who cares - SCREW `EM!
Maybe. But the bank has assets of $200B+ so while it may or may not have impacted some branch staff, not catastrophic. And against that, they didn't have to expend effort dealing with the tens of thousands of people will very small accounts, so it is probably still a net plus.
And is the replacement bank really much better in all its practices?
I cant complain. A 20K credit card, 2 really great seasoned investment bankers with access to some rather large investment firms. I`m sure C-1`s regional VP felt the same way as you do until he came in that day and found out he ( and only he ) could sign that check allowing me to take that money out because nobody locally was authorized to sign for checks in that amount.
Even then it took 3 days of telling Capital One " NO" to get it. 
@Dw4250 wrote:
The CSR came back and told him congratulations…he was approved for a $500 credit increase! He was so ticked he hung up the phone.
The next day he called his guy at Bank of America and asked what they could do for him. 5 minutes later…instant approval for the BOA Travel Rewards Visa Signature…$25K. The same day he went online and applied for the Chase Hyatt Visa card. Instant approval…$15K.
After that he called Cap One and closed the account.
Moral of the story…don’t pi** off my dad…lol. The other moral is Capital One is apparently not set up to deal with customers like my dad. He is not the kind of person who would know about or bother to send a FB message to EO. The shame is my mom and dad were certain to use the Cap One card, and had they been granted a decent CL would never have bothered to look elsewhere. My guess is they would only give him a modest increase because he wasn’t using the card enough. The old chicken and egg story I guess…
Maybe Cap One could give a crap about my dad or the swipe fees they would gain from him. But that was certain business they let slip away. BOA and Chase are happy to fill the void.
They offered him a $500 CLI???????????? 
I wasnt even offered a red cent, and given the" blah blah blah blah " script lines.
I`ll bet those other guys went home singing & dancing because opening those new lines like that no doubt went a very long ways towards exceeding their monthly goals and being bonus eligible.
It is amazing exactly how much money Capital One leaves laying around on the floor that would be theirs if they simply would just "pick it up"
I guess " 200B " makes a company complacent. Sucks to be a shareholder there.
@lajntx wrote:
It is amazing exactly how much money Capital One leaves laying around on the floor that would be theirs if they simply would just "pick it up"
I guess " 200B " makes a company complacent. Sucks to be a shareholder there.
Again, you need to look at the costs of getting that money, it's not just picking it up. It's having trained, empowered staff who make decisions, and with bigger credit lines come the risk of bigger default, customers will switch anyway. Not saying that they couldn't necessarily do better, but losing some customers with lower costs might still be ok.
5 year graph on http://www.marketwatch.com/investing/stock/cof looks fine compared to indices, analysts are bullish, two (Morgan Stanley and Nomura) upgrading the stock today. Don't worry about shareholders.
