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Tales from a Capital One employee

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Frequent Contributor

Re: Tales from a Capital One employee


@Saeren wrote:

@plaidington wrote:

Dayum. I have a quicksilver card I have been debating about closing. After this. I am. 

It is one thing to be a lender, but the callous attitude twds customers is repugnant. 

 

I work at a community bank, such talk - mood - attitude is frowned upon. 


You mean to tell me you think Chase and AMEX are different in this regard? I might believe it from a credit union but publicly traded banks are trying to squeeze as much profit as they can. Chase and AMEX will both slash your limits and raise your APR when you have trouble way before Capital One would and just cause more problems for you. 


The article shows a subculture at Cap One that is pretty horrific. Do Chase and Amex have the same daibolical sub culture in place? Maybe, but they are not, on the surface, the same as Cap One - who is a known subprime lender and also do business under the name Credit One. 

Amex and Chase are more diffcult to get credit with and do not appear to prey on lower quality borowers in the same way as Cap One. 

 

Smaller banks and credit unions pretty much eliminate such risk through robust underwriting and are therefore a more ethical place in which to obtain credit. Generally speaking.

Personal cards:
Amex Blue Cash Preferred | Capital One Quicksilver VS | Chase Freedom VS | Chase IHG Select WMC | Discover It | NFCU CashRewards MC | US Bank Cash+ VS
Business cards:
Amex Blue Business Cash (Hidden TL)
Total Credit Lines: $150K, DTI: 1%
In the Garden!
July 2020 FICO 8 Scores: EX 808 | EQ 820 | TU 820
Will answer questions about underwriting.
Message 11 of 28
Highlighted
Senior Contributor

Re: Tales from a Capital One employee


@plaidington wrote:

@Saeren wrote:

@plaidington wrote:

Dayum. I have a quicksilver card I have been debating about closing. After this. I am. 

It is one thing to be a lender, but the callous attitude twds customers is repugnant. 

 

I work at a community bank, such talk - mood - attitude is frowned upon. 


You mean to tell me you think Chase and AMEX are different in this regard? I might believe it from a credit union but publicly traded banks are trying to squeeze as much profit as they can. Chase and AMEX will both slash your limits and raise your APR when you have trouble way before Capital One would and just cause more problems for you. 


The article shows a subculture at Cap One that is pretty horrific. Do Chase and Amex have the same daibolical sub culture in place? Maybe, but they are not, on the surface, the same as Cap One - who is a known subprime lender and also do business under the name Credit One

Amex and Chase are more diffcult to get credit with and do not appear to prey on lower quality borowers in the same way as Cap One. 

 

Smaller banks and credit unions pretty much eliminate such risk through robust underwriting and are therefore a more ethical place in which to obtain credit. Generally speaking.


You're misinformed.  Capital One and Credit One are two seperate and distinct companies.

 

I read this article this morning in my doctor's office and personally I think the author is full of it, and is exaggerating.  Why stay 5 years at a company to which you claim you are morally opposed to their business practices and culture?





Message 12 of 28
Highlighted
Moderator

Re: Tales from a Capital One employee

Most of the big banks are like this. Not surprising at all.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 13 of 28
Highlighted
Valued Contributor

Re: Tales from a Capital One employee


@MaizeandBlue wrote:

@plaidington wrote:

@Saeren wrote:

@plaidington wrote:

Dayum. I have a quicksilver card I have been debating about closing. After this. I am. 

It is one thing to be a lender, but the callous attitude twds customers is repugnant. 

 

I work at a community bank, such talk - mood - attitude is frowned upon. 


You mean to tell me you think Chase and AMEX are different in this regard? I might believe it from a credit union but publicly traded banks are trying to squeeze as much profit as they can. Chase and AMEX will both slash your limits and raise your APR when you have trouble way before Capital One would and just cause more problems for you. 


The article shows a subculture at Cap One that is pretty horrific. Do Chase and Amex have the same daibolical sub culture in place? Maybe, but they are not, on the surface, the same as Cap One - who is a known subprime lender and also do business under the name Credit One

Amex and Chase are more diffcult to get credit with and do not appear to prey on lower quality borowers in the same way as Cap One. 

 

Smaller banks and credit unions pretty much eliminate such risk through robust underwriting and are therefore a more ethical place in which to obtain credit. Generally speaking.


You're misinformed.  Capital One and Credit One are two seperate and distinct companies.

 

I read this article this morning in my doctor's office and personally I think the author is full of it, and is exaggerating.  Why stay 5 years at a company to which you claim you are morally opposed to their business practices and culture?


Oh there are a ton of reasons TONS of people do this. I'd say the most important being that it isn't always a choice . .there could be factors like limited opportunity in their geographic area, transportation issues, authorization to work issues, or simply it being the best paying job they can get with their credentials.

 

I've had professional jobs for 20 years and I think that I only worked at one company for 5 years where I fully agreed with their business practices and culture.

 

It often also takes some time away from a company you were so immersed in before you look back and really start seeing it all . . . 

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne - $130,400 total revolving
5% Conventional Mortgage @ 3.25% July 2020
May 2020 - EQ/EX/TU Fico8: 689/688/679 INQ: 4/2/2 Util: 13.7% total, 4 accts reporting $0, 5 accts each under 30%
Message 14 of 28
Highlighted
Regular Contributor

Re: Tales from a Capital One employee


@creds wrote:

i'm curious, do they really give you an immediate automatic CLI if you carry a balace of 50% of your limit? a lot of stuff in this article was exagerated to make it more dramatic and i find that part hard to believe.


I maxed out on two of their cards and didn't receive an auto CLI. They didn't reduct my CL either. I paid down the balances to $0 and was approved for manual CLI though. 

Late to the game but at least I'm getting started.

FICO 08 as of 2/7/20: EX – 712; EQ – 711; TU – 718 – still building
4/9/20: TU: 747 and EX: 730

New Cards:
Discover IT $12k (7/2019) CLI (4/2020): +2k
Uber VISA $7K (10/2019) --- whomp, whomp; SavorOne $10K (12/19) – P2
AMEX BCE $1K (10/2019) CLI (5/2020): +$2k (3x CLI yippee)

Biz Cards:
Chase Ink Business Cash (1/2020)

Back in the garden....

Goal cards:

1) Chase Ink Preferred (ads/shipping)
2) AMEX Blue Cash Preferred (hopefully I receive upgrade offer)
3) AMEX Blue Business Cash - Approved 6/1/20 (late game and after I’m done with Chase SUBs)
Maybe: US Bank Cash + VISA Signature Card (denied in 7/2019 with 2 inquiries) - maybe I'll try again for utilities and gym
Message 15 of 28
Highlighted
Frequent Contributor

Re: Tales from a Capital One employee

 


quote "You're misinformed.  Capital One and Credit One are two seperate and distinct companies."

 

I stand corrected. I am shocked Capital One has not gone after Credit One for logo infringment.

 

Personal cards:
Amex Blue Cash Preferred | Capital One Quicksilver VS | Chase Freedom VS | Chase IHG Select WMC | Discover It | NFCU CashRewards MC | US Bank Cash+ VS
Business cards:
Amex Blue Business Cash (Hidden TL)
Total Credit Lines: $150K, DTI: 1%
In the Garden!
July 2020 FICO 8 Scores: EX 808 | EQ 820 | TU 820
Will answer questions about underwriting.
Message 16 of 28
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Community Leader
Senior Contributor

Re: Tales from a Capital One employee

They can’t - Credit One had it first. CapOne debuted their current mimic logo a couple years after Credit One put it into use.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





TCL $64,850 | Agg. Util under 5%
Message 17 of 28
Highlighted
Moderator

Re: Tales from a Capital One employee

Most lenders could use some improvement in their lending practices but that lady just wanted to write an ode to herself. 

 

I told my teens yesterday I'm done repeating myself. Darwin, take the wheel, please.
Message 18 of 28
Highlighted
Senior Contributor

Re: Tales from a Capital One employee


@ChiTownGirl1 wrote:


I maxed out on two of their cards and didn't receive an auto CLI. They didn't reduct my CL either. I paid down the balances to $0 and was approved for manual CLI though. 


How long did it take you to get the cli?  Also, how long have you had the cards before doing so?  I ask because I decided to max out all three cards this month, over 90%, paid them down to under 20% and asked.....told not enough experience. (seems to be a theme for me across the board) I haven't had the cards over 6 months so....

”MY TAKE HOME PAY DON’T TAKE ME HOME”


Message 19 of 28
Highlighted
Regular Contributor

Re: Tales from a Capital One employee


@GApeachy wrote:


How long did it take you to get the cli?  Also, how long have you had the cards before doing so?  I ask because I decided to max out all three cards this month, over 90%, paid them down to under 20% and asked.....told not enough experience. (seems to be a theme for me across the board) I haven't had the cards over 6 months so....


The CapOne MC Platinum was my first unsecured card and a daily driver for two years before my other, much better cards, took over. The chart shows my CLIs (hopefully it still looks right after I post it). I haven't qualified for LUV in over a year because I don't use the card at all. All DPs I've seen are that CapOne likes swipes more than anything. My last three CLI denials were basically "you don't use this card enough". If you use it a lot, three to six months is what I usually see. I would get the "not enough experience" message usually around the 3-4 month range, and then I'd wait a month before I'd try again.

 

CapOne$2,000$0$2,0002016 Nov
CapOne$2,000$200$2,2002017 Apr
CapOne$2,200$500$2,7002017 May
CapOne$2,700$500$3,2002017 Oct
CapOne$3,200$1,000$4,2002018 June
CapOne$4,200 $4,200 
4/18/16 Starting VS3 Scores: EX: 494, EQ: 531, TU: 495
Current FICO8 Scores: EX: 709, EQ: 706, TU: 727
FICO9 EX: 730

Message 20 of 28
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