I used to love CapitalOne, but after leading me on several wild goose chases, I've become quite irritated. In short, I've had a card with them for 3.5 years with no missed payments. The card was co-signed with my mother, and they refused to take her name off the card (despite what they told me, originally). They said I could apply for a new account, become approved, THEN transfer the history over and close the co-sign account. I applied for a card, was approved, and was then told that I couldn't transfer account history off of the co-sign card because of a 'special' 90-day-same-as-cash feature on it. Ugh. The kicker, however, is what card Cap1 approved me for. With a 760 FICO, they gave me a lovely $300 limit (20% of which must be paid in annual fees), 14.99% APR, and complete refusal to increase the credit line. This is what I get for a 3.5-year flawless history with them and a 760 FICO? It's an insult. A friend of mine just got a $3,000 Limit and 8.9% Fixed APR with absolutely no credit history whatsoever. Something doesn't make sense. All of my FICO scores hover between 740 and 780. AmericanExpress just gave me an 8.9% Blue, and Citibank gave me a 9.9% Cash Dividend Platinum. I don't need CapitalOne at all - should I drop them? How much does a closed account truly hurt your score, if at all? Is there anything I can do to remedy this situation? The rep I talked to made it very clear that a subprime can not graduate to a prime. I don't need this crap 'credit builder' card. I have other cards reporting on my credit report with 8-year flawless histories - Building credit is not an issue, right now. Grrr...
With an AMEX and Citi card why would you even consider Cap1? Come closer so I can punch you in the nose. I hope to have those cards some day and when I do, Cap1 will be the first to go. I have a very old tradeline on my report, which isn't even mine, so I won't miss Cap1s tradeline. Lucky you... or not.
I once closed a Chemical Bank Shell Mastercard on the day after I was approved, because they offered me $200 limit with a $25 annual fee. As I understand it (which may be wrong), FICO looks at the average age of an account on your report. So closing an account shoud have, in the short term, no effect; in the intermediate term, yeah, some drop; and in the long term again, no effect If I were you, close the sucker and be done with it.
Since you have other accounts that are 8 years old, I'd close it and DON'T look back! Good riddance. I've got BofA, Chase, & National City now. After I get Amex Blue, Cap 1 is toast! Providian is already there.
Yeah, that's what I thought. I guess I'll be closing that, very shortly. BTW, I was going through my CapitalOne trials BEFORE being approved for the Citi and AmEx. I applied for the Cap1 for a few reasons. 1.) I really loved Cap1, at the time. 2.) They had told me it was the only way to get my mother's name off of my co-sign Cap1 card. 3.) I didn't know it was that easy for me to get Prime cards - considering that I'm only 20, I was expecting some resistance. Luckily, I found CreditNet at a relatively early age, and have yet to make any mistakes on my credit history. Thanks to the posts on this forum, I've been able to mold a pretty decent image out of a nonexistant credit history.
i still have my ex-secured card. It's a $3200 limit 9.9% APR $0 annual fee. I made mr whats his name do the $0 annual fee. I only pay fee's for cards that give me something back. like a free plane ticket i'd say ditch it, if they wont nuke the annual fee. I havent used my cap 1 in like a year, but they report each month at paid on time. So it is a good thing. Hell i dont have a clue where my cap 1 card probably is in a box in the garage or something. i dont get statements either cause i dont have the card to charge stuff to it lol.
With other cards reporting for 8 years, you DON't need the headached that is Cap.1 and your score will probably stay the same when you close it.
how do you have cards showing 8 year history if you are only 20? authorized user? or did you get cards when you were 12?
Cap 1 is good to excellent for starting out or rebuilding credit , once you qualify for prime cards then it's probably better to move on as it is simply too much work and games - get multiple cards and combine, use pfb and wait for Mr. Cooke, etc. - to get prime treatment. Only logical reason to put up with Cap 1 trials and tribulations is that they probably were the only card issuer that would give you as a subprime customer a credit card and out of LOYALTY to Cap 1 , the now prime customer would like to keep Cap 1. Only YOU can decide whether or not it is worth keeping Cap 1
Got the 8-Year history by becoming authorized user really young (age 13 or 14), then becoming a Joint cardholder at age 18. That's a NationalCity account, 5.99% fixed with a $14k CL.
I dumped Cap 1 back in September and I don't regret it one little bit. I think they've forgotten who the customer is in their relationships and I refuse to genuflect. If you have prime credit (and you do), there is absolutely no compelling reason to keep them. With a scores between 740 and 760, even if your score drops 20 points, who cares? You're still prime!
First of all, once subprime with Cap 1, always subprime. I do not believe that they really want a prime consumer, because they make money off hugh interest rates, overlimit fees, annual fees, etc. and a prime customer does not have to put up with that. Not only does a prime customer want a card, but a card that pays them cash back or miles, etc. Let them go.
That is not true. If you look at Cap.1's earnings, there is a sharp drop in non-interest income and they are not growing in the double digits anymore. This is because they are adding lots of new prime customers who they cannot charge those stupid fees to. In addition, there is alot of voluntary attrition of old subprime customers as they move to better banks.
All I know is that we had 5 sorry C. one cards that didn't add up to one of the new credit lines such as BofA with a 15000 cl. I called to close Lowe's and they ask me if they could change my mind by raising my crummy 1000 limit to 2700. No thanks, just the same. So tell me why so many here have had the same experience. What's the point in getting new prime, while losing long term customers who have paid on times for years. Doesn't seem like a good business model for a company that is now taking on prime customers.
Believe me, I am not defending Cap.1's business practices. I really think when most of their prime customers finally come to their senses, they'll exit stage left from Cap.1
I am sorry about sounding so radical, but that company has caused me personally a lot of grief. I was hospitalized a year at MD Anderson, and was fighting for my life with 4 small children at home. I had a secured Capital One card. At any time they could have just used the security deposit to pay and left me the difference, but instead I paid and paid, and a year later I was more in debt than the year before, with no charges made. I finally gave up and later settled. They would not work with us, or lower interest rates. In Jan next year the chargeoff will be off my last report. I have all scores over 700 and 200,000 in credit lines and Capital One had nothing to do with. That's why I am alittle hostile. Sometimes life happens and you just have to do the best you can. If you aren't from Texas you may no know, but MD Anderson is a cancer hospital.
Closing a Cap 1 account I just closed in the last week via CRRR with the credit card enclosed to Capital One and Cap 1 sent a very polite and cordial letter thanking me for my business and confirming that the account is closed. Always, conduct your business in WRITING and don't trust the phone.
