I've been here awhile now, and I've seen alot of posts in regards to Capital One. To all those who are new to credit, avoid this creditor ! They are extrordinarly aggressive at reporting late payments, charge outrageous late fees, and are extremely hard-line when it comes to goodwill removals. I think Capital One sucks. It is a terrible company.
Oh yeah, I forgot to add that these idiots seem to have cut themselves off from PFB. They send you an email saying to call 1 800-955-7070. Problem is that's there front-line customer service number. In other words, if you have a goodwill issue, you're out in the cold.
Do a search, the executive offices are very helpful.. the number is out here if you look, I love cap 1, I pay my bill on time and don't put myself in a position to get caught with fees.
Cap1 has been pretty fair w/me. Even though they were included on my Ch7, a year after filing they sent me an offer for an unsecured card. I took the card and after a year, they raised me from $300 to $1200. Nope, not huge limits, but being just 2 years after a BK, I can't complain. I've gotten them to waive their annual fees. Using PFB I was able to get an update issued on my old account that was more accurate- it said Ch7 and NOT 120+ days late. I've never expected Cap1 to treat me like Amex, Chase, BofA or Citi. Had I qualified for those cards, I would not have a Cap1 card. Realistically, it's the best I can do right now so I'll take it, use it and leverage it.
I recently PFB'd Cap1 asking why they could not see fit to increase my line above $2250 for one card but agreed to give me a second card with a second fee and a line of $4000. Today Cap 1 increased (without a fight or any arguments) my $2250 line to $3450 AND transfered in my $4000 line from the second card, giving me a $7450 line on one card!!!! Not too shabby since a year ago I opened the account with a $500 line. Account used and paid in full each month. For those who have problems with Cap1, I cannot help but wonder if some of those problems may have been self-created. Those who have been reading these boards for the past year know full well that I have no timidity when a creditor deserves to be lambasted and I have always beena staunch advocate of debtors' rights. It is possible, however, that sometimes the creditor is NOT the one who screwed up.
Yeah I have to disagree on this one as well... When my credit was horrible Cap1 gave me a chance and through capital one I was able to run my scores from the sub 500s to the mid 700 score... I made sure I paid my card in full everymonth and didn;t even give them a chance to charge me a finance fee.. It served me very well.. I cancelled it only because they don't report credit limits .. I think any card would be bad if you are not responsible with it... just my 2cents
I have NOT had any problems with CAPITAL ONE...except they "THINK" combining two accounts into one and closing one is a CLI...so you must wait like 6 months or more!!! ...AND I asked for their BEST INTEREST RATE OF 4.99% MR COOKE SAID OUR 3.90% BT and 5.90% PURCHASES IS GOOD ENOUGH FOR NOW. We will deal with it...
I think they treat you ok as long as you pay on time. Getting CL increases is another story. I attempted to PFB Cap 1 recently to CEO (perhaps I should have chosen another from the list to get Mr Cooke?) and received the same reply (call the standard 800 number). I have one card with them for 7 years, never a late payment and a APR of 14.5% $4400 CL. I have another one for 3 years, never a late pament APR 14.7% and CL $2500 How do I get Mr Cooke direct? I think my credit with them is good enough, just don't want to lose history and don't want a hard.
Re: Re: Avoid Capital One ! It has ALWAYS gone direct to MR EUGENE COOKE before... MAYBE THEY ARE OVER-LOADED???
Re: Re: Avoid Capital One ! Wow ! I have to say I have never seen 5 or 6 pro-Capital One responses in a row in the entire time I've spent on this board. I'm impressed ! This had to be a record.
Re: Re: Avoid Capital One ! I canceled my Cap One account several years ago--BUT--I have to say they were reasonable when I had my credit problems. They do charge fees, and the APR can be high, but at least they didn't cancel my account. I think they're a good card for rebuilding. When you get better cards and keep them for long enough to have a good history, get rid of Cap One. But they do serve a purpose. It sure beats something like CCB.
Re: Re: Avoid Capital One ! I have to agree with those in favor of Capital One. I have never had a problem with them. They issued me a card in 2000 ever after including them in my BK in 1997. I have had three cards with Cap1 one, all of which have been combined into one with a credit limit of $14,350 now. I have had success with credit limit increases through the normal customer service. As for combining the cards, Eugene Cooke took care of that after a request through PFB. He also reduced my rate to 9.9% fixed. Kudos to Cap1.
Re: Re: Avoid Capital One ! I gotta say, Cap1 has been pretty good to my hubby also. He has their platinum card, has never paid late, and they put him on the Do not call list when he asked. I think your attitude would be the same, regardless of the creditor who reported your late payments. Do they have to report you right away? No, and if they don't it's out of courtesy. Just like extending you credit was a courtesy. You should focus more on managing your money better.
I've had my Capital One Carnival Mastercard for 2 yrs now and have had NO problems whatsoever. BUT I do pay my bills online and on time every month too so that seems to help me when I ask for something. And I can't fault them for reporting you late when if you are indeed late in payment.
Why Avoid Capital One? As much as I hate banks in general, I'd never be one to jump on a bank's bandwagon just for the sake of going with the crowd. But this is one case where I pretty much agree with the crowd. Cap One has been OK with me. Few years back I received a pre-approved for a Cap One Platinum. At the time I did not have high hopes for much of a credit limit, as my highest limit card at the time was a $300 Orchard MasterCard. I was pleasantly surprised when they sent me a $5K Plat. I like the online payment with the ability to go online in the morning and actually see the credit post on the same day's business! Now mind you, they've never increased that $5K Plat CL, but they have sent me offers for new additional cards. I've been hesitant to add more cards with new fees, but now that I am learning the rules of the game from hanging out here. I'm thinking about asking to see what they can do to bump up the line, or reduce the fees.
Re: Re: Re: Avoid Capital One ! So how does that show up on the CR? 2 closed accounts? Does the high balances show a combination of accounts? Does the account now assume the age of the oldest open account? I have been thinking of asking to get 2 accounts combined, but I would like to get a better idea of what affect that would have on my CR.
Why Avoid Capital One? Not True. I'm sorry I can't let that one go by. While I may be in subprime land right now, during my life time I have had Amex, Discover, MC and Visa issued by numerous banks, and a dozen different flavors of store cards and gas cards. I've dealt with debit cards from banks and brokerage houses. I've also had my share of billing screw ups, ignorant customer service reps, and assorted other issues with banks and billing systems. When I say I dislike Banks, and I am not one to just jump on the bandwagon, but Cap One has been OK with me, it is not simply because I am grateful they are one of the first organizations to trust me post BK, it is based on 20 years of experiences with a wide variety of financial institutions.
Capital One Carnival is my only capital one card and it's 9% rate...I have Chase and Citibank also at 7% and 9%...... Capital One is not only subprime! I only use my Carnival capital one for cruising since it gets me points towards future cruises with Carnival.
