Capital crap one

[Anonymous]

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@NRB525 wrote:

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@Ups77 wrote:

I had the card for years without a cli.  

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Did you app for any other CapOne cards recently?

Years of positive history with CapOne on "starter limit" cards which frustrated many others here, has lead to "jaw dropping" new CL of $5k, $10k and higher for those who apped for a new Quicksilver or Venture card. 

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I have had a similar experience.  I was denied a CLI last year, leaving my CapOne Platinum at $500.

Last month I got a $30,000 CapOne Venture to go along with my $500 CapOne Platinum and a secured CapOne for $851 (received auto $300 CLI in December).  

So I was denied for a few hundred CLI but approved for a 30K card...go figure.

25K is my next highest and that was only gotten with the 3X CLI thing.  16K was my next highest after that but most are at 12K and lower with a gazilion toy limit cards.

CapOne does seem to give better limits if you already have cards with them.  30K is by far my highest card.

[Anonymous]

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@dk2003 wrote:

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@NRB525 wrote:

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@Ups77 wrote:

I just called capital one to close my account. I had the card for years without a cli. My limit would not even cover my cell phone and monthy gas bill. It was quite eas I didn't even have to talk to a rep. 

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Did you app for any other CapOne cards recently?

Years of positive history with CapOne on "starter limit" cards which frustrated many others here, has lead to "jaw dropping" new CL of $5k, $10k and higher for those who apped for a new Quicksilver or Venture card. CapOne seems to have a hard ceiling on many of their low limit cards. If you don't like that one, they have another for you.

This is especially important if your FICO scores have increased a lot recently. CapOne needs to get a fresh look at your credit file, thus the 3 HP, but the result can be a much improved CL.

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Yes... this was my experience. I had a difficult time getting a CLI. Some cards are not designed to grow with you. You may have been in the Credit Steps program. Did you check into it? I had 2 cards both at a 500 limit and applied for Venture and got a 10k limit... Your history with them means something. Just may not have been the growing type of card. You may ap for Venture... js

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It never amazes me anymore when I see people rail against Cap One and their starter cards and CLIs.  As mentioned, more often than not, you have to do one of a couple of things:

1. Request a CLI

2. PC the card to one that offers higher credit limits

Calling Cap One "Crap One" while souding humorous and cliche doesn't change the fact that there are so many people who are totally unaware of Cap One's business practices when it pertains to credit cards.  Someting tells me that if you had requested a new cards, you'd have gotten something what was better.  This is purely a case of not being knowledgeable of what you could have done.  

[KORN]

Really!?  I'm actually extremely satisfied with Capital One.  I started with a secured CC and was able to establish my credit.  I ended up getting the CapitalOne  QuickSilver One card in October.  I started with $300 in October, now it's March and my limit went to $1,300!  I actually did a CLI about two weeks ago and got $800, so this was a nice little surprise for me.

[Anonymous]

$300 starter card doesn't grow to $30,000. Period.

[Ups77]

im glad you love capital one. im just saying i had problems. i make 6 figures so to be at a 500 limit seems ridiculous and as far as giving 30k limits they are not the only ones. 

[KORN]

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@Ups77 wrote:

im glad you love capital one. im just saying i had problems. i make 6 figures so to be at a 500 limit seems ridiculous and as far as giving 30k limits they are not the only ones. 

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That does sound weird, but I've seen it happen to people here on the board who make a good amount of money and can't seem to get a CLI for their card.  I wonder what pops up on their system.

[Anonymous]

What happens is a form of credit "Typecasting"

Some are able to break the wall and get through but MOST are not. I personally am more apt to believe Capital One in general does not "graduate" people without a new Prime application when the profile supports it.

This forum represents a VERY small slice of consumers. Just because 1/4th of members here have success with Capital One does not an excellent lender make.

[Ups77]

That is true it doesn't by far making them an excellent lender. I worked par time in the 90s in a dealership while serving in the military for 11 years. Capital one would sent out approvals for car loans. The dealership loved this because they didn't have to worry about getting them into the car.  I have my atv and harley loans thru usaa and if the guy with the 30k limits with cap one thinks they can beat usaa well then God bless him.

[Anonymous]

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@Anonymous wrote:
What happens is a form of credit "Typecasting"

Some are able to break the wall and get through but MOST are not. I personally am more apt to believe Capital One in general does not "graduate" people without a new Prime application when the profile supports it.

This forum represents a VERY small slice of consumers. Just because 1/4th of members here have success with Capital One does not an excellent lender make.

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Amen.

I see a lot of suggestions in Cap1 related posts from the 1/4th with all kinds of tips for workarounds and suggestions for understanding the Cap1 business philosophy. The fact that encounters with Cap1 routinely require workarounds and understanding speaks volumes about the quality of said lender. If routine requests require workarounds, what would an actual crisis require (identity theft, fraudulent activity, emergency cash advance, etc.)?

[kdm31091]

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@Anonymous wrote:
What happens is a form of credit "Typecasting"

Some are able to break the wall and get through but MOST are not. I personally am more apt to believe Capital One in general does not "graduate" people without a new Prime application when the profile supports it.

This forum represents a VERY small slice of consumers. Just because 1/4th of members here have success with Capital One does not an excellent lender make.

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That also cuts the other way though; doesn't mean they are a terrible lender or "Crapital" one because some posters aren't as succesful with them. As you said, this is a tiny percent of the population.

I don't think Capital One is bad. I think their starter cards are just that -- starter cards. It is not likely that your tiny limit starter Platinum Cap One will ever grow to $30k, but why would you want it to? Those cards offer no rewards, and by the time it would grow that large, you certainly should have improved your profile and can obtain a better product from them (QS, Venture) and work the limit on that one up, which in my experience, they will grow over time with you on the QS/Venture type cards if you show usage (again, not for everyone, but that's with every lender).

The starter cards serve a purpose. That purpose is not to become some $30k lifetime use card. It's a foot in the door and a credit establishing tool. Once you've improved your credit you can go for one of their better products which IMO are perfectly good but depends what you're looking for.