Don't get Capital One...

[Anonymous]

Ok, a little backround on me first. I am an auto loan underwriter for one of the larger banks out there. I process and decision credit application all day everyday, so I would think I understand a credit report pretty well. That being said, I don't understand Capital One's decision making process.

After my wife and I seperated, we had to file BK with my income halved and the added expense of a second household. Our BK was discharged in 2009. We both had Capital One accounts that went bad in the BK. 

Fast forward to today. Almost 3 years in. My credit since the BK is PERFECT!. My Ex has had two credit card charge offs (HSBC and FP) and 2 120+ day lates on student loans. The only credit she paid is her car. Her score was down in the 490 range and she was pretty upset by this. 

To me as an analyst I was thinking CO after a BK was the kiss of death. We have two kids together and still are on good terms, so as a short term solution to help raise her credit score I added her as an AU on my Capital One, RZMC, and Barclays account. These had the effect of add three good trades with 10+ months of history to her file. Her score jumped from a 494 to a 582 almost overnight. 

Now when I got my Cap1 card... it was the Platinum Classic 17.9% rate, $39 AF, $1000 credit line (which increased to $1500 with credit steps) 

So last week my former bride applies for a Capital One no hassle rewards card (I thought she was nuts) and she was APPROVED!!! $2,000 credit line. 19.8% rate (0% till Aug 2012) $39 ann fee. Her credit steps bump is to $2750 after 7 months. 

How does she rate a higher credit line AND a rewards card with a credit score 80 points less and baddies after a bk?

[Anonymous]

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@Anonymous wrote:

Ok, a little backround on me first. I am an auto loan underwriter for one of the larger banks out there. I process and decision credit application all day everyday, so I would think I understand a credit report pretty well. That being said, I don't understand Capital One's decision making process.

After my wife and I seperated, we had to file BK with my income halved and the added expense of a second household. Our BK was discharged in 2009. We both had Capital One accounts that went bad in the BK. 

Fast forward to today. Almost 3 years in. My credit since the BK is PERFECT!. My Ex has had two credit card charge offs (HSBC and FP) and 2 120+ day lates on student loans. The only credit she paid is her car. Her score was down in the 490 range and she was pretty upset by this. 

To me as an analyst I was thinking CO after a BK was the kiss of death. We have two kids together and still are on good terms, so as a short term solution to help raise her credit score I added her as an AU on my Capital One, RZMC, and Barclays account. These had the effect of add three good trades with 10+ months of history to her file. Her score jumped from a 494 to a 582 almost overnight. 

Now when I got my Cap1 card... it was the Platinum Classic 17.9% rate, $39 AF, $1000 credit line (which increased to $1500 with credit steps) 

So last week my former bride applies for a Capital One no hassle rewards card (I thought she was nuts) and she was APPROVED!!! $2,000 credit line. 19.8% rate (0% till Aug 2012) $39 ann fee. Her credit steps bump is to $2750 after 7 months. 

How does she rate a higher credit line AND a rewards card with a credit score 80 points less and baddies after a bk?

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The answer to your questions is in red. Seriously, if there's one consistant feature about experiences with Cap One, it's that everything is inconsistant. They just don't make any sense.

[beb86]

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@Anonymous wrote:

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@Anonymous wrote:

Ok, a little backround on me first. I am an auto loan underwriter for one of the larger banks out there. I process and decision credit application all day everyday, so I would think I understand a credit report pretty well. That being said, I don't understand Capital One's decision making process.

After my wife and I seperated, we had to file BK with my income halved and the added expense of a second household. Our BK was discharged in 2009. We both had Capital One accounts that went bad in the BK. 

Fast forward to today. Almost 3 years in. My credit since the BK is PERFECT!. My Ex has had two credit card charge offs (HSBC and FP) and 2 120+ day lates on student loans. The only credit she paid is her car. Her score was down in the 490 range and she was pretty upset by this. 

To me as an analyst I was thinking CO after a BK was the kiss of death. We have two kids together and still are on good terms, so as a short term solution to help raise her credit score I added her as an AU on my Capital One, RZMC, and Barclays account. These had the effect of add three good trades with 10+ months of history to her file. Her score jumped from a 494 to a 582 almost overnight. 

Now when I got my Cap1 card... it was the Platinum Classic 17.9% rate, $39 AF, $1000 credit line (which increased to $1500 with credit steps) 

So last week my former bride applies for a Capital One no hassle rewards card (I thought she was nuts) and she was APPROVED!!! $2,000 credit line. 19.8% rate (0% till Aug 2012) $39 ann fee. Her credit steps bump is to $2750 after 7 months. 

How does she rate a higher credit line AND a rewards card with a credit score 80 points less and baddies after a bk?

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The answer to your questions is in red. Seriously, if there's one consistant feature about experiences with Cap One, it's that everything is inconsistant. They just don't make any sense.

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+100 i just spit my drink out haha

[pipeguy]

Look on the bright side, now that you have helped her reestablish her credit in her name only, you can drop her as an AU on your cards and limit your exposure to any possible future CO. I would think you'd be thrilled....

[Creditaddict]

LOL, as I read $2k and your statement of shock I was starting to boil over my $300 line with 86 points higher score on TU then her I then scrolled down and saw in "Red"

Made me giggle and made my day!!

[improvingmycredit]

+1

LMAO... that is truly funny.  Thanks for the laugh.  I'm with the OP... what gives?  There has to be some reason for the discrepancies in their lending practices.   Very strange!

[Carlile92]

Here I will sum it up for you they look at her as a chance for profit cus she has a higher likelihood of being late and going over the limit and with how those fees are chances are before her account goes into collections they would of made over 2000 dollars off of her in fees interest and other fees even if she does not pay the original 2000 and then they can take her to court and get a little more so it's all about the PROFIT MARGIN for them...... You on the other hand have managed your credit well and capital one has treated you accordingly sticking you at 1000 and having hopes of going beyond 1500 which will not happen...... Sorry that just my opinion of crapital one

[Anonymous]

Reading the comments made me laugh!  However regarding CapitalOne you can never tell with them. Some days they surprise you other days they just flat out aggravate you.

[namvet]

Capital One is as Capital One does!  Most of their decisions are made by computers so trying to get your point across just won't work.  I'm sure their reps handle a ton of phone calls and do their best to give you an answer but probably not the correct answer.  I wouldn't waste mytime trying to figure them out.  They know what they are doing and it appears to work for them.  You can't make everybody happy all the time!

[Creditdreamer]

I have spoken to 6 CapOne reps in the last two days trying to confirm info about my card and I finally got the right answer. At least I think it's the right answer. The consensus about it is better here than from CapOne themselves.