Has anyone heard news of Cap 1 being in financial trouble? I'm getting bad vibes here. Tried to get an automated increase and was denied. Then I read where they are being investigated for having too many sub-prime accounts. Next I read they were making it easier to close out accounts, and someone on this board said they called retention and was told they'd be happy to just cancel the card in lieu of granting a line increase. This does not sound too good to me. What's the word on these guys and Mr. Cooke? They're my best card, and I sure don't want them to have problems like Nextcard and Providian. Calmest_LA
Hi, I was the one that posted about it was easy to close an account. I am worried with you because it too is my best and oldest account. I am waiting to hear anything also..........
I found this recent article from Bloomberg. Capital One CEO Richard Fairbank comments on new regulatory guidelines. Please read as it contains good info. http://quote.bloomberg.com/fgcgi.cgi?T=marketsquote99_news.ht&s=APUHgmRblQ2FwaXRh
Hi, Jr, That was a great link, and a great article. Especially: They are not joking, they are tight with lines and increases. Fanatical is the correct word
With both the failure of Next Bank and the impending BK reform bill, all the sub prime credit card lenders are going to start being a lot pickier. I have not been able to get a rise in my Providian account since last October. This is one of the reasons I got a Target Visa card. Target is not a sub prime lender so they will be able to give out credit line increases. Cap one stock chart http://bigcharts.marketwatch.com/intchart/frames/frames.asp?symb=cof&time=8&freq=1 Providian stock chart" http://bigcharts.marketwatch.com/intchart/frames/frames.asp?symb=pvn&time=8&freq=1
They used to claim fear of competition as the reason for keeping their customer demographics private, so people assumed their books looked good. Not so anymore: http://www.thestreet.com/markets/detox/10032305.html
I called Cap 1 on Friday (7/26/02) and requested a cl increase. I was granted a $200 increase. Last increase was 01/2002. This is my lowest increase with Cap 1. The account was opened in 1996 as a secured account and unsecured via Mr. Miller in 2000. Current line with the new $200 cl is $3200.00 Perfect payment history. As for Providian, just got mine annual increase for $60.00!!!!! Current line $6860 at this point. The $60.00 increase is my lowest since I opened the account in 6/2000 Appears to me that Cap 1 and Providian are getting tighter to granting increases. While my Target Visa gave me automatic increase of $900.00 at the end of mine 6 th billing cycel. Best regards, Mirage
They can't be doing that bad. The Washington Post last week issued a section on the 100 richest executives in the DC area. Capital One's CEO (Fairbanks?) was the highest paid including total salary, stock options, etc. at $105 million. Plus they finished building their little 12 story building near Tysons Corner right off I-495. I am sure they are being investigated, but I highly doubt they are going anywhere. Dani
