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What's so great about Capital One?

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Community Leader
Super Contributor

Re: What's so great about Capital One?


@NRB525 wrote:

@macedwar wrote:

I honestly do not like capital one at all. If it were not for them being my two oldest cards I would've gotten rid of them by now. Triple hard pulls, stingy with increases, hard/impossible to PC, and generally not anything special with rewards. Idk maybe its just me.


Your experience is quite common: “My oldest non-predatory card”. 

Think about why CapOne is so common as an oldest card.  Because for thin or rebuilding profiles, CapOne is prepared to provide some reasonable credit options. 

 

After other credit options become available, some cardholders lose track of the earlier struggles to get credit, forget the joy, relief, when that first Capital One card was approved. 

 

And for many people, their volume of spend gets a decent return on a Quicksilver, which is only slightly improved by other reward structures from their other cards.  


+1


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 131 of 138
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Frequent Contributor

Re: What's so great about Capital One?

I love Capital One! BIG FAN!

 

30 Days out of BK 7 they gave me an opportunity with a QS1 $300 cl.

 

6 months later they financed my work vehicle at 4.27% @ 72 months.

 

Today (5+ years after) I have the following:

 

QS - $24,000 cl

QS - $15,750 cl

Venture - $12,000 cl

 

Like I said I'm a BIG FAN!

Message 132 of 138
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Community Leader
Super Contributor

Re: What's so great about Capital One?


@steelers1 wrote:

I love Capital One! BIG FAN!

 

30 Days out of BK 7 they gave me an opportunity with a QS1 $300 cl.

 

6 months later they financed my work vehicle at 4.27% @ 72 months.

 

Today (5+ years after) I have the following:

 

QS - $24,000 cl

QS - $15,750 cl

Venture - $12,000 cl

 

Like I said I'm a BIG FAN!


Thank you Steelers1 for sharing your Cap1 success story. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 133 of 138
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Valued Contributor

Re: What's so great about Capital One?


@NRB525 wrote:

 ... for many people, their volume of spend gets a decent return on a Quicksilver, which is only slightly improved by other reward structures from their other cards.  

True.  Which is one reason why I have been slow to get a 2% or better card.  It is a marginal bonus from my 1.5% options and they all have their quirks such as minimum redemptions, new banking accounts, fees, etc.

 

QS is simple and hard to beat when it comes to cashback.  No games, no delays.  Flat 1.5% on everything and available to redeem for statement credit for any amount as soon as the charges clear.  Capital One has been easy to work with on fraud prevention and other issues. 



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 134 of 138
Highlighted
Valued Contributor

Re: What's so great about Capital One?

Most every lender has their ups and downs. Cap One is no exception.

 

Pro's:

- All cards are no FTF

- Willing to give 2nd, 3rd, and even 4th chances as seen here on MF

- Easy to use web and app interface.

- Once you get in and prove yourself, they generally give great SL's

- Fairly honest pre-qual page.

- While Venture may never beat UR and MR in value, Cap One is evolving Venture further towards being a true travel card.

- Very liberal definition of "entertainment" on the Savor card.

- Generally bullet proof when it counts, regarding cards being declined when you're out of your normal geographic footprint.

- SP CLI's happen and can be requested (but typically are far from generous).

- Not easily spooked by high utilization. Heavy use tends to yield CLI rewards (when you're not in a bucket.)

- Easy peasey to dispute fraudulent use.

 

Con's

- Bucketed cards are a thing, and it sucks not being able to make that decade old Quicksilver grow to something useful.

- HAL 9000 controls everything. Don't expect customer service to tell you anything different from what the screen in front of you says.

- 3 hard pulls for one card. Cap One loves to mark their territory on your CR's.

- Branches are few and far between where you can talk to someone face to face and even then, they have to make a call to HAL 9000.

- PPMC > QS. As long as you never have to deal with a human at Synch.

- Once an AF, always an AF... Never start out with the QS1. Go Platinum and upgrade to QS when you get the chance.

- Business cards report to consumer CRA's, essentially taking away one of the main points of a business card.

- Product changes are restrictive and moving CL's around seems to be a thing of the past.

 

While Cap One may be full of quirks and hangups when you first start your relationship with them, they do tend to open the door for just about anyone. Once you graduate into Savor or Venture territory, they're a pretty solid lender that will give you a card that can be depended on when you need it.

 

Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($22.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K), PenFed PCR ($3500), Bank of the West CB MC ($3K)
Message 135 of 138
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Regular Contributor

Re: What's so great about Capital One?

I have to add in a little bit of positivity for Capital One here, and want to second a few things that have been said.

 

My first positive experience with CapOne was shortly after I started my credit journey...maybe only three months or so. I only had one card with a $5,000.00 credit limit. Three months later, they quickly approved me for a Venture card with $10,000.00 limits. I used the card a ton, gathered a ton of miles, and used them to knock off a ton of travel I had charged to the card. That card is now the Quick Silver you see in my profile. Which brings me to my second point.

 

I like the simplicity of the Quick Silver, as others have said. Most of my spend goes into accruing MRs, but I love having a simple cash back card (and a Visa) as well. Have never had a single issue with it, and while 1.5% may be an "average" return, having a super simple card that lets your redeem at any time is nice when cash back is your secondary focus, not your primary focus. 

 

Finally, I think the Savor is a solid card. If I weren't focusing on MR, it'd make sense for me even with the AF as a disproportionate amount of my spend is on food. If I ever do move out of points and into cash back, it'll be the first card I apply for.

 

I agree that 3 hard pulls is a bit extreme, especially for what some of their cards offer, and probably isn't worth it for someone with a good profile unless they're thinking Venture or Savor. Having to jump through a ton of hoops to get to customer service is also a pain, with the caveat that their automated system works well enough to accomplish a lot. I think that's the part I have the toughest time getting over, as I've had nothing but positive experiences with American Express customer service and appreciate it. 

Scores: (9/2/20) EQ: 765, EX: 774, TU: 755
Message 136 of 138
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Senior Contributor

Re: What's so great about Capital One?


@steelers1 wrote:

I love Capital One! BIG FAN!

 

30 Days out of BK 7 they gave me an opportunity with a QS1 $300 cl.

 

6 months later they financed my work vehicle at 4.27% @ 72 months.

 

Today (5+ years after) I have the following:

 

QS - $24,000 cl

QS - $15,750 cl

Venture - $12,000 cl

 

Like I said I'm a BIG FAN!


Well, I save my love for more animate things, for banks & creditors it's if I like them for being mutually beneficial. But yeah, Capital One has been very good to me. I included a couple of their cards in my 2010 BK7, so post BK I avoided them and other major creditors, Chase & Citi. Well advised for Chase & Citi, but when I found MyFico in 2014 I quickly learned Cap One is much more forgiving and gave them try, and almost fell out of my chair at the instant approval for Quicksilver w/$10k CL. Now that is $20k CL by combining another QS to it, and $8k on Spark One and $7k on Savor One, soon to be $10k on Waalamrt store card.

 

I think people do forget how accommodating Cap One can be at getting you started on a credit rebuild. And my experience is Cap One likes to approve you for new credit much more than than they do for CLIs or PC'ing old sub prime cards. I can't tell you how many CLI declines I got for that original QS card before getting approved for $10k for a second one.


Message 137 of 138
Highlighted
Community Leader
Super Contributor

Re: What's so great about Capital One?


@DaveInAZ wrote:

@steelers1 wrote:

I love Capital One! BIG FAN!

 

30 Days out of BK 7 they gave me an opportunity with a QS1 $300 cl.

 

6 months later they financed my work vehicle at 4.27% @ 72 months.

 

Today (5+ years after) I have the following:

 

QS - $24,000 cl

QS - $15,750 cl

Venture - $12,000 cl

 

Like I said I'm a BIG FAN!


Well, I save my love for more animate things, for banks & creditors it's if I like them for being mutually beneficial. But yeah, Capital One has been very good to me. I included a couple of their cards in my 2010 BK7, so post BK I avoided them and other major creditors, Chase & Citi. Well advised for Chase & Citi, but when I found MyFico in 2014 I quickly learned Cap One is much more forgiving and gave them try, and almost fell out of my chair at the instant approval for Quicksilver w/$10k CL. Now that is $20k CL by combining another QS to it, and $8k on Spark One and $7k on Savor One, soon to be $10k on Waalamrt store card.

 

I think people do forget how accommodating Cap One can be at getting you started on a credit rebuild. And my experience is Cap One likes to approve you for new credit much more than than they do for CLIs or PC'ing old sub prime cards. I can't tell you how many CLI declines I got for that original QS card before getting approved for $10k for a second one.


+1.

Thanks DaveInAZ for sharing. I so enjoy reading the success stories. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 138 of 138
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