Executive Office - Rant

[Skye12329]

This is a rant, and is not directed or targeted at anyone specific. 

So there is always a post(s) asking for EO information, primarily Capital One. Thing of it is thats how we ruined the phone number. I have learned that the phone number listed in the BD thread is still the EO number but you need a security pin. I know this because due to a big security issue i have been needing/dealing with the EO office and letting them know about the issue. 

I am just as guilty because i have done it once last year like i am sure many of us have, but requesting a manual CLI is going to end up getting the email broken too. The phone number and email i am guessing is not common knowledge to the average consumer as it probably shouldnt be. Capital One does not have a wand to just make everything better. They like every other lender will either grant a CLI or Decline it based on numerous factors, one of those including usage and payments. 

I just don't see Chase's EO being called up everytime a CLI was declined, or Amex EO...etc. I think we need to accept the fact that maybe the account isn't eligible after only a few months or less than a year opening. I am guessing they loosened up on the limits being given for their cards possibly due to the fact of everyone requesting a CLI. I mean to them they think your the average consumer and a 10k+ line would be more than sufficient enough. 

My point is we should'nt be calling or emailing for every little thing, not just Capital One but any EO. We have to think like the average consumer or the reasons why were declined for the CLI or whatever it is. I know i shouldn't be eligible due to the fact i do not use mine. 

[Callandra]

While I do agree with your rant and that the EO shouldn't be abused/overused (let's face it, MOST issues can be resolved by frontline CSRs...but when people don't get the answer they like from mommy, they go to daddy), it won't change most peoples' minds. People are very entitled nowadays (don't believe me? Spend some time working in retail...people expect the world when they are a customer) and that's just how it is. 

Of course Cap1 EO's is part of the problem; if they really wanted to deter people from contacting them, they would flat out just repeat what was said by the CSR and leave it at that. If people just get the same answer from the EO as the CSR right away (unless it was something that the EO should be dealing with), that would stop the overuse of it. However, they feel the need to keep their customers happy and try to give them what they want (of course they are not a magic wand and they might still say no but they either do try to overturn it or just wait some time and call you back -- we do this where I work. If it's a no, I tell them I'll try for them and just call back later pretending I tried). 

[kdm31091]

Well the other part of it is that if the system declined you, there's a reason. It may not be one you agree with, but it's not just "they don't like you". It's either too new of an account, too high or low of usage, etc. There's a reason, and EO is not going to magically waive it in every case. There's this perception that "EO overrides the computer" and yes they can but you have to remember -- the computer's programming was done by a human who works at Capital One, so it's going by their standards!

Plenty of people just have sky high expectations for no reason. I'm sorry, but if you just got a $300 QS1, you aren't getting it bumped to 5k just because you call the EO. The limit is telling you something. They want history and usage. Not 2 weeks, not one month.

Credit is very reliant on history which is why every account you open remains for 10 years. Creditors look for the long haul and history. So short term "fixes" like the EO are not going to work.

I am guilty of it too, but I admit it was because of this forum. I have dialed back on the habits though. I no longer call any EO. If the CLI is declined, it's declined. Whatever. I have enough credit. I'm not going to beg for a CLI. When they want to give me one, they will. This forum at first kind of gave me the impression that I could just bypass the system by using EO. But I know that is NOT true. The EO is merely a higher level worker at the company, and if the initial denial makes sense, they will likely uphold it. People just need to dial back their expectations about credit in general bigtime.

The other side effect of calling EO and begging for things is merely drawing attention to your account and that could end up with other negative consequences if you have a ton of new inquiries etc. In short, a phone number or email is NO substitute for time, history and patience and yes, I think the email will stop working sooner or later since almost every Cap One thread starts with "I emailed the CEO..."

[Anonymous]

kdm31091 - great write up. Said a lot! "ENTITLED" certainly is the politically correct view today. I come from an era where you had to submit an application along with a statement of net worth which was manually reviewed by a credit professional who may or may not approve the account so ... you had no place to go and cry as lenders would not listen and yes it was a long time ago.

[Anonymous]

Does reaching out to social media count? As they pass on certain issues to EO?? If so, I am guilty of that.

I was very polite with my requests....my CLI was denied only due to a recent CLI, and my credit has improved enough that I should have a chance at getting one.  It is taking some time, but I think they will get it done. I wanted a chip card, a CLI to 5k, and possibly visa signature, but that VS is NOT a priority. Then in october go for a APR reduction as it starts in at 22.9.

Sure...all of this could EASILY be circumvented by giving in to the bank, and lowering my score even further by adding another 3 inquiries...and then this lessens my chance of growing and going to better banks, and holds me in to capital one's dungeon... Sorry, but I refuse to have a total of 9 inquiries unless they release this game changing new product and throw me a nice limit on a card to help others grow.  Its really not a must for me though, which is why I have yet to jump on the Venture bandwagon.

Dont get me wrong, I admire cap1. They lend way more than the others. And they let you acutally use your whole limit when other banks dont.  But there needs to be some serious changes in how they operate as a persons credit improves.  It should be the responsibility of the consumer to be informed, yes...however having a bank that encourages members to carry multiple cards from that same bank, even duplicates...to me seems kinda shady.

I don't think I have crossed any boundaries yet...

[Anonymous]

I believe in contacting the EO but only for product change. Since my Quicksilver MC is heavily used. My QUICKSILVER VISA (still waitingfor the arrival of my new Quicksilver Platinum VISA) which I will in a few months request a cli to *cross fingers* get $5K and send a letter to the EO demanding the visa signature but in a nice tone

[CreditCuriosity]

I gotta admit I wrote an email to the EO asking them nicely yesterday if they would consider removing some late payments from 4 years ago as my report is pretty dang clean now and the lates were due to losing a job and having to move across the country.  By no means do they have to do this and most they won't but really the EO is the only method to perform this, so in this case I will write them as I had a hardship during this time and had to make a decision of moving and having a roof over my head or missing some payments, guess which one I choose four year ago?  So I am hoping they consider my circumstances that was a very detailed email and willing to GW remove them as I have had perfect payment history the last 4 years with them and multiple new accounts.  Is this a misuse of the EO email?  This can be debatable cause yes I was at fault for the lates, but kinda out of my control.  I can live with them for another 3 years or maybe they will remove them early as a courtesy as others have had some success.  Only one way for me to find out right?  Guess I could of sent them Snail mail for this request, but ultimately it is the same thing, just quicker way of getting ahold of them by email.

I agree about CLI and asking for conversions to Signature card or WMC or what not is what really most likely got the phone # shut off and the likes.

[Anonymous]

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@CreditCuriousity wrote:

I gotta admit I wrote an email to the EO asking them nicely yesterday if they would consider removing some late payments from 4 years ago as my report is pretty dang clean now and the lates were due to losing a job and having to move across the country.  By no means do they have to do this and most they won't but really the EO is the only method to perform this, so in this case I will write them as I had a hardship during this time and had to make a decision of moving and having a roof over my head or missing some payments, guess which one I choose four year ago?  So I am hoping they consider my circumstances that was a very detailed email and willing to GW remove them as I have had perfect payment history the last 4 years with them and multiple new accounts.  Is this a misuse of the EO email?  This can be debatable cause yes I was at fault for the lates, but kinda out of my control.  I can live with them for another 3 years or maybe they will remove them early as a courtesy as others have had some success.  Only one way for me to find out right?  Guess I could of sent them Snail mail for this request, but ultimately it is the same thing, just quicker way of getting ahold of them by email.

I agree about CLI and asking for conversions to Signature card or WMC or what not is what really most likely got the phone # shut off and the likes.

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ummm no. there is nothing wrong at all with writing a goodwill letter.

[Skye12329]

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@Anonymous wrote:

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@CreditCuriousity wrote:

I gotta admit I wrote an email to the EO asking them nicely yesterday if they would consider removing some late payments from 4 years ago as my report is pretty dang clean now and the lates were due to losing a job and having to move across the country.  By no means do they have to do this and most they won't but really the EO is the only method to perform this, so in this case I will write them as I had a hardship during this time and had to make a decision of moving and having a roof over my head or missing some payments, guess which one I choose four year ago?  So I am hoping they consider my circumstances that was a very detailed email and willing to GW remove them as I have had perfect payment history the last 4 years with them and multiple new accounts.  Is this a misuse of the EO email?  This can be debatable cause yes I was at fault for the lates, but kinda out of my control.  I can live with them for another 3 years or maybe they will remove them early as a courtesy as others have had some success.  Only one way for me to find out right?  Guess I could of sent them Snail mail for this request, but ultimately it is the same thing, just quicker way of getting ahold of them by email.

I agree about CLI and asking for conversions to Signature card or WMC or what not is what really most likely got the phone # shut off and the likes.

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ummm no. there is nothing wrong at all with writing a goodwill letter.

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Beat me to it, i mean the big difference here is that a Frontline CSR could not fix that issue only the EO.

but they could attempt to fix a PC or CLI. Thats the difference. Hopefully they remove the lates

[longtimelurker]

In the Cap One case, at least originally the EO became popular (for those in the know) because the CSRs were so unempowered   This can be a sound business approach, all reps read from the same script, "No, sorry we cannot do that"   and only those who really really care eventually reach the EO.   With easy access from forums like these, that changed, and all sorts of stuff gets sent, hence the clamping down.   (Now there is less need, as CSRs do more, and more self-serve is available)