@MarcinXP wrote:
I think the frustrations comes from being a loyal customer during rebuild phase and having a low limit $500-$750 card that after credit steps does not really grow anymore and then after few years and getting your scores to be in 700s..being told not only this card won't grow with you but also being told that you can apply for a new one and they will pull 3 HPs from each credit to see if you can get one...there should be some sort of a PC to a better card. GE does that with their store cards to Discover...CAPONE should do that..I for one won't be risking 3 HPs again...once my scores are great I will go to different banks and will not give CAPONE my business if they are going to treat me as someone who is brand new to them.
That's the way it should be, once your score and history improves move on but don't hate the one that made it possible in the first place. Rebuilders or starter cards are just that, credit on "training wheels", once you no longer need the training wheels get a bigger bike. I'm just amazed how many posts on this forum dump on the "good rebuilders" once they no longer need the stepping stones.
Credit One and First Premier are "rebuilder cards" (I use that term broadly because these cards should be called payday loans) that take advantage of the millions of consumers that have no other choice. HSBC has the Orchard Card for rebuilding, the standard HSBC once you improve (still with low limits in my experience). Capital One by all measures offers the best starter-rebuilder cards without raping their customers (see First Premier or Credit One terms) and offer a set learning/experience CL increase program in their steps system. GEMB, Barclays, Citi, etc all have so called premier cards that charge higher interest vs. Capital One even on their premier vs. sub-prime rates (various examples of course).
I do NOT have any interest in Capital One (stock, investment, etc) although I do have a low limit Visa ($1500), a checking account and several CD's that pay twice the rate my CU pays. I do watch the financial markets (trends, SEC filings, etc) and Capital One is a well run bank, that happens to have grown by issuing sub-prime cards. Capital One is now getting more into main stream banking after buying Chevy Chase Bank, INC online bank and HSBC Credit Card operations, etc.
I know that "Peggy" lives at Capital One, but frankly she/he lives at a lot of oncall centers (over seas and here), CRA's are low level contacts that deal with whinny complaining customers all day-everyday over and over day after day. CRA's do not set policy and have little power to change a thing, and yes they are the front line impression we get when calling "customer support". CapOne's 3X HP for a new card? I don't agree either but GEICO, State Farm and Allstate did that to me when I was shopping car for insurance.
Lenders spend millions to develop programs and marketing of their wares, but the color of the plastic in your wallet doesn't mean a thing other than to juice your ego. I PIF every month, if I can't I don't spend the money other than major purchases and in those cases I look for 0% financing such as Amazon or intro rates from MC/V. I don't pay AF's , but I would if I had to for rebuilding within reason. Credit cards are tools of convenience nothing more, certainly NOT a way to measure personal worth.
Note MarcinXP - this response is directed more at the tread than towards you (you just had the last entry).
