Re: Why Avoid Capital One? I think I see a difference. Flyingifr told the truth about his income. ....
Re: Why Avoid Capital One? What breeze said. Anybody who reads this thread will benefit from the full flavor of the negatives and positives associated with Capital One. I liked them, and then I tried to like them forever, and then I hated them. I'm just glad I didn't go with Cross Country Bank instead during my subprime period. So Cap One has its place, and I love their advertising (I know, I know, I'm a sucker) -- I just wish the accounts could have truly grown with my credit rating and that they reported full LOCs. Doc
Re: Why Avoid Capital One? I have some sort of psychosis that manifests itself in a love hate relationship with Cap1.
Re: Why Avoid Capital One? That would be a neurosis, unless of course you are hallucinating images of Mr. Cooke, in which case "psychosis" would be an apt metadiagnosis. Doc
Re: Why Avoid Capital One? The general sense I get when reading this very informative thread (which I think should be required reading for anyone starting credit repair) is that cap1 is willing to take a greater risk up front by giving a card in the first place, and usually (I may be the exception here) balances that risk by holding back on CLI's on the back end. Nothing wrong about that. I do know for a fact that cap1 pulls a soft inquiry on EXP every month, so any weakness in credit quality will be met with an instant cutback in line and probable rate jacking. That too is consistent with the upfront risk and subsequent caution. True, cap1 carries an annual fee and a high interest rate, but the OTHER subprime cards are a lot worse - they have fees designed to eat up all but about $20 of your credit limit the second you activate the card. Not every card is right for everyone. I personally have never had a desire or reason to carry AMEX, and I have never had that card (or Diners or any other T & E Card). I just took out my first auto loan in 11 years this weekend (with GMAC - a repeat customer there). Cap1 serves a purpose, and that purpose is to show that a persopn can rebuild credit and cap1 is willing to take that risk. If cap1 cannot or will not grow with you as you repair your credit, that is their decision. If you feel your creditworthiness has outgrown cap1 that is your decision. But to blanketly state that one should avoid cap1 I believe is a big mistake. Not one person in this thread has denied that cap1 refused to take a chance on them when all others wouldn't. For whaever reason, we all put our credit in the dumpster. Cap1 is the common denominator we all share in our way out.
Re: Why Avoid Capital One? Hope no one reading this thread works for Cap One...then they will have no need for opinion surveys..... Well, back in 96 when I deserved to be subprime, Cap One was only card to give me reasonable terms, $20 annual fee, $300 CL up front 19.99 interest (at the time was 'marginally acceptable') and it was 'secured'. For every $100 they would give me a $300 CL increase (for the first 12 mos). After that, it was 150 for every 100. Along the way, as my credit with them remained perfect, they loosened their belt and gave me special offers. All told, my CL was up to $4400 and I only gave them $1100 secured. In 99, they send me a check with interest, made the card unsecured and lowered the interest to 14.5. But that is as far as they would go. Since 99, I have no CL increases, no interest drop and after contacting them several times, they always claim they will 'review' the rate and I am at 'max limit for this type of card'. Still have perfect credit with them. The moral here is if your'e subprime, they will lengthen the leash. When you're prime, they yank the collar. All told, they helped improve my credit despite the many limitations documented here. Vaild arguments can be made from both sides about this card. But we've only been dwelling upon Cap One. How many other threads have been deliberating and scrutinizing over other cards like this one, regardless of the tier? I am sure every cardholder has a personal experience for them as well, and -probably- far worse things have happened. While I will most likely not invest in Cap One going forward, they did help my situation, and I have to praise them for giving me a chance to rebound, regardless of backyard politics.
Re: Why Avoid Capital One? Good observation. Unfortunately, the really great threads on CN are always kind of serenidipitous - unstaged, unannounced, off the cuff, and it's not possible to duplicate them. People try sometimes, but the result is contrived, and nowhere near as helpful as these extemporaneous outpourings of feelings and information. These are the threads that made CN great.
Re: Re: Why Avoid Capital One? I hope they do then perhaps they will be better able to reflect on what customers desires drive there business model. Think about this what a wonderful gem of customerâ??s history they have that may have been sub prime but are now prime. If they can provide service that is reflective of Prime behavior Prime customers would be happy and as some of their less than perfect score customers grow they would grow with Cap1 and keep them instead of ditching them as fast as they can. What a wonderful business model this would be, they benefit consumers benefit. They need to get out of the mold of monitor and control to a point where relationship means nothing. Case in point I can revolve over $15,000 on my Amex in a month without them blinking an eye but if I did that at Cap1 you can be sure that I would find my CRA reports full of AR's. When I call BofA or Chase retention they tell me what the best rate is instead of what you can negotiate. PS: Doc, thanks now i know what I have.
Advice for Capital One This is the advice I would give Capital One : 1. Concentrate on LONG term relationships as your advertisement suggests. Don't overemphasize SHORT TERM relationships by keeping LONG STANDING customers in sub-prime hell who will dump your card the minute they become PRIME customers. a. REPORT the CREDIT LIMIT. Don't make people play games to get the high limit to be as close to your credit limit. b. Tell the truth about the old green marble account. You have to play games with Capital One - not all of which is Capital One's fault - by getting multiple accounts- Reason for multiple accounts is that accounts are PRICED OUT TO THE SECONDARY MARKET WHICH IS OUTSIDE OF CAPITAL ONE'S CONTROL - on your fico score when you opened up the account. c. Don't pull 3 HARD's when your LONG STANDING customers qualify for prime treatment. 2. Consider offer a REAL SECURED credit card in the area of $5K.
Re: Re: Why Avoid Capital One? This has been posted about twice a year on this board for as long as I can remember, so I don't think I'm breaking some longstanding confidence. As usual, treat this information intelligently (i.e., not for general customer service inquiries): Office of the Consumer Advocate 1-800-955-1455 Doc
Re: Re: Re: Why Avoid Capital One? Does anyone here have more than 3 Capital One accounts currently open? At this time I have 3 and just received this offer in the mail. Pre-approved Lowe's Visa Plat CL $400-$5000 APR 14.9 No annual Fee Has anyone else gave this one a shot? Is it really BK friendly? I don't think it is to bad of an offer 2 yrs out of BK Any ideas?
Re: Re: Re: Why Avoid Capital One? J Vick, Don't take that Lowes Cap. 1 offer. It stinks and you'll end up gravely disappointed. Take the cards you already have and combine them. I've gotten the same offer and frankly, find no use for it whatsoever.
Re: Re: Re: Why Avoid Capital One? Personally I was not planning on it. A 4 hour drive would be the closest Lowe's to me. Basically it was a general question to see the results of anyone who has applied for it. Thanks though.
Re: Why Avoid Capital One? now see that is exactly my point, not so uch that crap 1 should be considered prime.... that has been my only point.... for subprime they are the best of the rest and yes george has a great deal through crap 1 ....yesterday as I got my quicken for biz card an app from crap 1 was in my box the terms were not that bad 0% on everything for a year then 7.99 fixed with no fees, but didn't want three hards on reports and 20,000 dollars does me no good if it doesn't report .......anyway thats it....
Re: Re: Why Avoid Capital One? WHAT ARE YOU TALKING ABOUT???? I just had an E-MAIL from MR EUGENE COOKE earlier this month about our interest rate and credit limit (PFB)
Re: Re: Re: Why Avoid Capital One? George, try doing a PFB to Cap1 now. You'll get an email back telling you that they do not wish to communicate via email. AThey'll tell you to call the main customer service number. Im not talking about PFBs entered last week/month/year.
