Capital one stupidity?

[antdave93]

Let me say this first- I am grateful that capital one gave me a second chance at credit.

But in nine months since opening a secured card for 300 with them I have received a 500 line from express- 800 from Barclays- 12500 from nfcu and 15000 cloc from nfcu. But still no cheesy offer from cap one. Im not upset, but I just think they are leaving a lot of potential money on the table. The CFO over there should fired. 

[yudeology101]

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@antdave93 wrote:

Let me say this first- I am grateful that capital one gave me a second chance at credit.

But in nine months since opening a secured card for 300 with them I have received a 500 line from express- 800 from Barclays- 12500 from nfcu and 15000 cloc from nfcu. But still no cheesy offer from cap one. Im not upset, but I just think they are leaving a lot of potential money on the table. The CFO over there should fired. 

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Cap1 seems to be conservative in CLIs most of the time, but keep in mind that you did mentioned that Cap1 has given you a second chance at credit, as they did the same for me, too.  And that since Cap1 seems to be generous in approving many credit rebuilders w/ low scores,  they can be more conservative in giving CLIs...just being cautious.   I've been with Cap1 for 2.5years and my starting limit was $500 (Journey), and a Secured ($300) and now the limits are $1.5k & $1k respectively.  I'm hoping that I can get a CLI soon w/ them, but I think they definitely want to see a great history w/ them like any other lenders. 

::edited for typo::

[antdave93]

I agree with most of what you just said 101, but I still think cap one is used like a farm system for other lenders and creditors

While cap one is nursing and raising us until we are strong and healthy other creditor are purging from them.

[CreditMagic7]

Wow, these similar like posts are spread not only here but all over other forums too. They sure didn't take a chance on me. I took the chance on them "after" Primeland won my business via paper mail approvals. They only came along second to last with the 600 GM Card (I took the bait), last was our heralded First Premier bloodhound.
I expressed interest to the EO over that toy limit and i will say they are very receptive and willing to meet halfway, I say are instead of were because just like Discover, they insist on another HP which i must decline until further notice. App spree in progress

Thanks for Sharing and hopefully the EO route will help improve that card for you.

[wHiTeSoL]

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@antdave93 wrote:

Let me say this first- I am grateful that capital one gave me a second chance at credit.

But in nine months since opening a secured card for 300 with them I have received a 500 line from express- 800 from Barclays- 12500 from nfcu and 15000 cloc from nfcu. But still no cheesy offer from cap one. Im not upset, but I just think they are leaving a lot of potential money on the table. The CFO over there should fired. 

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I don't think what they are doing are out of line with your current credit situation. You have to discount NFCU products as they are known for bucking the trends and high limits, juding from the other cards you have a $300 secured product is not way off. Maybe when you hit the year mark they might take more notice. Like most other companys the are not going to make a move right away just becuase you're getting other cards at slightly higher limits. You're doing awesome as it is and maybe it's time for that thing to hit the SD

[gdale6]

As others have suggested contact the EO and see what they will do for you. Good luck

[longtimelurker]

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@antdave93 wrote:

Let me say this first- I am grateful that capital one gave me a second chance at credit.

But in nine months since opening a secured card for 300 with them I have received a 500 line from express- 800 from Barclays- 12500 from nfcu and 15000 cloc from nfcu. But still no cheesy offer from cap one. Im not upset, but I just think they are leaving a lot of potential money on the table. The CFO over there should fired. 

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Well, firing based on not giving CLIs on demand might be a bit strong!

http://online.wsj.com/news/articles/SB10001424052702304603704579324900752795832

Both Cap One and Amex increased profits, both fell short of WS expectations.   The charge off data is interesting though: 

Capital One's net charge-off rate, which measures loans lenders deem uncollectable, for its U.S. credit cards was 3.89%, down from 4.35% a year earlier but up from 3.67% in the third quarter

AmEx said its net charge-off rate for U.S. card loans was 1.5%, down from 2% a year earlier and 1.7% in the third quarter

So, not much incentive for Cap One to be less conservative in limits, as their population is much more risky.

[blondy250]

x1000.

[BRlaw]

Crap one will always be a subprime lender...

[antdave93]

To Whitesol- i understand your points regarding nfcu bucking the trend at giving out generous credit lines, but they still are in the business to make money. So in the end nfcu and Barclays are making more money from me because i am using there card more.

The only money cap one is making from me is their 29.00 annual fee.