More Capital One Negativity

[wacdenney]

Capital One is the best sub-prime lender in the business, but I think there comes a time when it just makes sense to move on.  When I closed my first Cap1 card I struggled with the descision because I wanted to give back to the company that had been there for me, but the bottom line is that they just don't care so I don't think we should either.  It's just business and their business model works for them and you have to make your business model work for you.  I think that simply means once you are out of sub-prime territory you drop the sub-prime lenders and move on. 

[bobbay]

Why all the negativity?  The card is less than a year old?  Your AAoA < 1yr?  It is widely known cap one will make you work for your higher limit use it for what it is.  Also what guidelines has GM given cap one for underwriting?  I am not sure how much money was lost on the HSBC GM cards but they may be being a little more conservative(GM).  Also,  IMO, the big  benefit are the gross up opportunities and award certificates when you are close to ready to purchase a new vehicle.  I would say, use it, let it grow, and get another everyday card and not waste the energy pushing on a string.

just my thoughts.

[CreditMagic7]

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@bobbay wrote:

Why all the negativity?  The card is less than a year old?  Your AAoA < 1yr?  It is widely known cap one will make you work for your higher limit use it for what it is.  Also what guidelines has GM given cap one for underwriting?  I am not sure how much money was lost on the HSBC GM cards but they may be being a little more conservative(GM).  Also,  IMO, the big  benefit are the gross up opportunities and award certificates when you are close to ready to purchase a new vehicle.  I would say, use it, let it grow, and get another everyday card and not waste the energy pushing on a string.

just my thoughts.

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That's right, then again Citibank & Cap1 approved at the same exact date. Citibank upon personal request approved a CLI X3 in only 3 months sparking increased loyalty and useage. By the same token Crap 1 acts like they can't handle meeting even meager expectations for a CLI at this length of time while most all CC's after them don't have any difficulty. Even asked Crap 1 EO $100 beats a blank denial for a HP on EQ but do you think they would budge? Why even offer the dam thing (WEMC) supporting GM if they're only doing mediocre SL's and misrepresenting that product as some progressive prime product when it's not even close to living up to it's HYPE!

But enough said. It was a learning lesson to avoid Crap 1 at all costs in the future and never recommend them in good conscience.

[junior88]

I do not care for C1 at all but I did just recently get approved for the GM Card (extended family version) with a CL of $3000 and an EQ score of 645 is what their letter showed. EQ is my worse score by a long shot. The rest are over 700. Issue with EQ is a closed Auto note keeps reporting and has been closed since March. Makes me look like I am paying on 2 expensive cars.

[NY2014]

Mohel li my name is NY2014 and I am a CAP'A HOLIC ! New Thread Coming soon After my relapse

[ways2go]

Next month,  i'll have my cap 1 account for 2 years.  It was my first card, after getting back  in the cc game after 22 years.  My initial cl was 300 and then went to a final 1200.  It sat there for way over a year until I  hit the luv button that increased it to 3300 last feb.  It is coming up for its yearly renewal.  It  is now  1 out of 2 cards with a AF, the other is a Chase IHG rewards. I'm not going to close that, for the free night at any IHG hotel, the AF is worth it. I'm torn between canceling or renewing it out of loyalty.  I rarely use it.  I only have my monthly tivo subscription on it.  I'm torn because it allowed me to get other credit from Chase, BOA, Discover, WM discover, NFCU, to my two Amex cards,  with limits from 1500 to 12000.

[PandiferBear]

Just to put it out there.....  We are the outliers here.  What they do works for them with the majority of their clientele.  We -- here -- are more informed consumers and know better.  So we work the system to get better.  Is it right?  No, there should be an easier way.  But, does it work for 99% of their cases, probably.  We forget that many people do not have the knowledge we get here, and they may end up in that boat forever.  I do like my 1.5% though.  Don't take it personally.  Remember that we are outliers not the typical case they deal with.

[noobody]

after 2 accounts both with 14 years history with capital one, been denied CLI number times because of the lacking of usage, finally I decide email to EO, got a call back next business day, ask some basic info and how much CL i want, i was was approved what i asked, CLI from 4200 to 5K, CLI 1200 to 10K, i am sure if i ask more i would be approved also, but 15K QS is more than i ever need.

all these years, my accounts go from 48AF cards to no AF cards, no reward cards to capital one cash then to no fee quicksilver, i am fairly happy with them, it might be my main card if i cancel or PC my arrival+ next year when annual fee is due.

[bigblue7722]

I like capital one a lot. The 1.5% qs card is great and better than a fid Amex if you ask me. I went in just over a years time from a 1300 secured card to a 3500 unsecured qs with the af removed by the eo. Also,  I got 2 cli one from credit steps and one from eo. I don't mind having to go thru them I find it kinda fun. Boa eo on the other hand is terrible I think they have the worst customer service I've ever dealt with. 

[One7]

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@wacdenney wrote:

Capital One is the best sub-prime lender in the business, but I think there comes a time when it just makes sense to move on.  When I closed my first Cap1 card I struggled with the descision because I wanted to give back to the company that had been there for me, but the bottom line is that they just don't care so I don't think we should either.  It's just business and their business model works for them and you have to make your business model work for you.  I think that simply means once you are out of sub-prime territory you drop the sub-prime lenders and move on. 

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+1