Well, I called Mr. Cook today regarding the insulting $200 increase I received. He was very nice & understanding. He checked to see if there was anything else he could do. There was nothing he could offer me. I think he knows how frustrated I am that I cannot get a $5,000 limit so I can upgrade to the "No hassles" card. He recommended that I apply online for that card. He was pretty sure I would not receive the same subprime product I have now. However, I don't feel I should have to reapply for a new account as opposed to upgrading my current one. They pull from all three bureaus. It's not worth it. He also stated he may be able to help me in another 6-8 months ( and that's not in stone)? I don't think so. I will not be put in another Providian position- waiting for over 5 years hoping to receive a Platinum card offer that never materialized. I was only keeping this account for age purposes. I just transferred the balance to my Citi account since it is 0% and no transfer charges until August 2003. As soon as the payment posts to Capital One, I am going to close the account. It's kind of sad that with all the account reviews they do, they can't see that I have over a 750 FICO score on all of my reports, bills are paid on time and I actually use my accounts regularly. You would think they would try harder to keep me since they know how far I have come from my original account opening. Capital One has been good to me, but it looks like their recent problems are really going to affect current customers, regardless of how they manage their accounts. Oh well, I had an enjoyable experience with them. I still think Mr. Cook is great, but I think the tools he had in the past to help cardholders are going to be limited in the future.
Re: Called Mr. Cooke COOKE If they do "SOFT" every month...WHY DO THEY NEED "HARDS"??? They should do one or the other!!!
Re: Called Mr. Cooke My sentiments exactly, George. BTW, thanks for correcting my spelling error. As much as he has been discussed around here, that's embarrassing. :-D
Sorry to hear the news. Doesn't sound good for the rest of us subprime people. Sounds like they are restricting the subprime accounts and discouraging their use. Wanting you to apply for a new card would serve their interests by adding another prime account. Did you tell him you were going to close the account for good?
Yes, he knows that I have been planning on closing my account ( I have spoken to him several times). He did reiterate that I have been a good customer for almost 4 years and they would hate to lose me. I think that's why he stated he would try to do something at a later time (6-8 months) and recommended that I apply for the "No hassles" card if I am not able to wait that long (or possibly longer). He has never guaranteed anything and I do believe he has tried very hard to assist me, but even he is obviously limited.
Sounds like his hands are tied. He normally could have done that. Heck it was only an $800 increase. i wonder if you hadn't recieved the $200 increase if he could have done it. Maybe they are limiting the increases to 1 per 6-8 months. Remember for every subprime account they have to have more reserves now so. If you would have recieved the card you wanted, would it have moved you out of the subprime catagory?
In the past, I thought it would have. However, from our conversation, I am having second thoughts. He stated that if he could help me (in 6-8 months) with the limit I am looking for, he may be able to move me to another card "product" (?) and maybe help me in getting a lower interest rate (not specifically stating the 8.9% rate). Now that I think about it, I don't think he was alluding to the actual "No hassles" card. Maybe they are no longer able to change a subprime account to prime? Another reason for me to abandon ship. :-D Things really seem to be getting tough for subprime cardholders to convert to prime. Looks like if you start subprime, they will always look at you as subprime. Too bad for them. Not all of us will remain in that territory and the other prime issuers will be getting the business Capital One could have had.
That's the issue with Cap One, If you have good credit why sit there and beg these people for their piddly increases. Mr Cooke is a good man, but it's not like he's doing back flips to keep anybodies business (I'll see what I can do in 6 to 8 months?) Yeah right.....I know his hands are probably tie...but I'm glad I jumped ship along time ago with this company.
miles, consider applying for a no hassle card AND TRANSFER A BALANCE when you do it. I bet good money that with your scores and payment history with C1, you'll get it. Sure it's 1 inq each CRA, but if you get a decent no hassle line, it'll be worth it. I got a $20.5K plat line 2 months ago with scores no higher than yours (probably a little lower), and the key was I BT's 14.5K right on the application. Good luck either way! You deserve it.
Thanks, DaveH. I am not going to apply for the "No hassles" card. It's kind of "just the principle" type thing with me. LOL I don't feel I should have to waste 3 inquiries with a company I already do business with and have for almost 4 years. Doesn't seem fair. Besides, I really don't need the account anyway. It's not like they're reporting the credit limit or anything to help my ratios. :-D I really have enough accounts already and I love the support & benefits I receive from them. So I'm happy. I only wanted the Platinum account if I were to keep the current account for age purposes. Capital One has great customer service and I would still recommend them. They really did help me. It's just becoming apparent that subprime will stay subprime and prime customers will have no problems getting what they deserve. Maybe it's just me? Other cardholders shouldn't give up. Maybe you will have better luck with increases and account upgrades. Good luck everyone!!
Hi miles, It's not just you. Recently I closed my Gold account with them. I called Mr. Cook and asked for upgrade to "No Hassle" Platinum. He was unable to do it but promised some help in the future. I said- no way. I am not gonna wait for another century to get your best product. I already have with Citibank,Chase,MBNA,Bank of America and Discover their best products. He closed my account personally. That's some kind of satisfaction for me.
Re: Called Mr. Cooke Miles, I can see why you're pissed, but don't close your oldest account! I'd take his advice and either wait the 8 months or reapply. JMHO. Saar
