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Here is what I wrote to Capital One

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Anonymous
Not applicable

Here is what I wrote to Capital One

Hey Guys,

Hope your holiday season is going strong.

I thought I would share the email I sent to Capital One to share my disdain for this awful company.

 

 

Hello Richard,

 
Thank you for taking the time to read this message.
I have had an ongoing issue with Capital One. Ideally, I just want to share my strong opinions about Capital One so that you are aware of the situation I am in and hopefully will prevent others from falling into it.
 
Ultimately, I am extremely frustrated with my account. I opened a secured card a few years back and it was my first account. Thank you for the opportunity of extending a credit line to me. Since then my credit profile has grown significantly. 
However, my Capital One account has not grown at all except for being graduated. I am at the same $500 limit and I have previously (twice) written to you to get some help in regards to my credit line issue. 
The executive office recommended personally that I apply for a new line of credit.
 
That is absolutely absurd! I need my current line and Capital One to grow with me and become a part of my financial success, together. I know you are not in the credit bureau business, but I don't think you realize these procedures have impacts on lives. I am looking to get a home loan in coming months and taking a credit pull from all three bureaus and just haphazardly opening up new accounts is ludicrous. Even if I were not looking for a home, I am not interested. The system in place at Capital One does not give a **bleep** about me. 
 
I have accounts with just about every other bank. Discover, Amex, Bank of America, Citi, Chase, Comenity, TD Bank etc. There is a clear difference in how these banks handle their clients and I am compelled now to end all future banking with Capital One. Simply because there is much better out there. 
 
I tried to be loyal and reach out. I did this two times and the resolution was to apply for a new account or play spending and utilization games with my card to activate the system. Honestly sir that is just insane. I understand that my card originally sat in a sub-prime category and I also understand that my good credit score and history helps with your SEC filings to boost the statistics including default rate, avg credit score, length of time and other credentials in those sub-prime categories. However sometimes you need to take one for the team. Especially when I have now 3 times gone out of my way to tell you I am not happy. 
 
I don't care for any contact. I am compelled it will go nowhere. I just want you to know that I care a lot about my finances and credit report and since Capital One doesn't care, I don't care to do future business with Capital One. .
 
Rhetorical side note:  Why the hell is it so hard for someone to go in and manually increase a credit limit, even for the good customers?
 
Please have a merry holiday with your family. Thank you for your time. 
 
Once Loyal,
(mfrizz92)
26 REPLIES 26
Kree
Established Contributor

Re: Here is what I wrote to Capital One

I'd write them the same as they've kept me at a low limit for the better part of a decade, but my Oldest account is a C1 LOC that I want to keep.

 

Message 2 of 27
Anonymous
Not applicable

Re: Here is what I wrote to Capital One

I would have used my real name to add more weight to it.
Message 3 of 27
Anonymous
Not applicable

Re: Here is what I wrote to Capital One


@Anonymous wrote:
I would have used my real name to add more weight to it.

I did, I edited it for this posting haha. I tried to hint that with the (). 

Message 4 of 27
Anonymous
Not applicable

Re: Here is what I wrote to Capital One

i think that sounds great! i also wrote to them myself a few months back.. got a phone call back and everything.. didn't get what i wanted but still it was the satisfaction knowing that they didn't just blow me off lol.. good luck!

Message 5 of 27
SBR249
Established Contributor

Re: Here is what I wrote to Capital One



I am compelled it will go nowhere.

hate to be a stickler but I don't think compel is the verb that you are looking for here. 

Message 6 of 27
longtimelurker
Epic Contributor

Re: Here is what I wrote to Capital One

And to be a real downer, why should you or they care?

 

Losing your business means absolutely nothing to them, and you, as you say in the letter, have great accounts with other banks so you don't need them.    Personally, I wouldn't waste the time communicating.

Message 7 of 27
Anonymous
Not applicable

Re: Here is what I wrote to Capital One

Don't waste your time with a lender who doesn't appreciate your business. Certain lenders like you more than others because they all have different ways of looking at your profile. Just spend on the cards who treat you the best and show you that they want your business. I applied for a Discover and US Bank on the same day. I have no history with both lenders. Discover approved me for 4k and I asked for more they came back with 5k (something is better than nothing), US Bank on the other hand approved me for 500, I asked for more, and they said no. US Bank has given me the lowest SL of my credit journey, so naturally once I get the spend bonus it's going in the drawer.  Just focus your attention on the lenders who like you, and not the ones who don't. 

 

Side note: I have had a QS for 5k since 2015, I maxed it out and paid it off with no lates. I got the card when I was in the low 600s. I was never given and increase, I only got an APR reduction once. I applied for the Savor, and was approved for 10k. They just lock certain cards in tiers, and I think I'll end up combining cards later on.

Message 8 of 27
Anonymous
Not applicable

Re: Here is what I wrote to Capital One

Idk, I have a tough time supporting the notion that a company should somehow be compelled to increase credit limits simply because someone has requested them. It's well known that many banks will limit a product or some members based on their initial applications. It's a business based on risk and you can't be surprised when they implement processes to try and mitigate a bit of their exposure.

 

I began my rebuild with USAA. They approved me for a $250 secured card, which you're allowed to add to to increase your limit. There is literally zero need to ask for any form of graduation because they flat-out refuse to regardless of how your situation and/or scores have changed. The only way up with them is to apply for another card and then close the secured card out and get your money back from the CD. You don't really hear anyone complaining about them because it's well-known that there are no handouts. I did some time with the secured card and was then invited to apply for the Limitless and my DW did some time with a secured card and then picked up a $7k CB Rewards card. No amount of hoping, asking, or complaining was going to negate that HP into a new product no matter how entitled we may have felt we were after getting some decent limits elsewhere first.

Message 9 of 27
SBR249
Established Contributor

Re: Here is what I wrote to Capital One

I'm with the OP here. While I agree that lenders have no obligation to grant CLI just because you asked for it, you also aren't obligated to maintain a continuing relationship with the bank. If their refusal to grant CLI means that the existing relationship is no longer fit for purpose then a consumer is absolutely justified in ending that relationship. The OP is merely communicating to the bank that based on his evaluation of how the bank treated him, he no longer wishes to do business with them. I think that's fair enough. 

 

Also, I realize that little may come of this. But I think of it as catharsis. Best case scenario is that the company receives feedback and actually listens. The worst case scenario is that the OP feels better. 

Message 10 of 27
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