Discussion in 'Credit Talk' started by CCMax, Feb 22, 2001.

  1. CCMax

    CCMax Guest

    Isn't it ironic how one can be approved for a prime rate mortgage but not be eligible for more than $200 on a Cap One Gold card? I have to check my score, but this was the absurd news I got today. (It's snowing here and the roads are a mess-so I'm in a rather foul mood as well:-<

    First of all, they have this practice of not letting you know what your limit is until after you activate. I think that should be a borderline illegal practice. I would have never activated the card had I known what kind of limit they were offering. Also, given they now do this $6 mo. membership fee to make $72 a year more palatable--that would make my annual credit a whole $128!!! What crap! I've been willing to endure subprime slime as long as I have to but this is insulting and ridiculous.

    I called to see what could be done about it,and I get this schpeel about the interest rate is negotiable, telling me all this BS about rates falling elsewhere. (The interest rate is zero on this intro promo-so it means absolutely NOTHING right now. They basically meant in SIX MONTHS, instead of going to 19% I could get 15%) Of course, since I just got the card,they aren't willing to do anything on the limit. I closed.

    Interesting side note, they had this card reporting since Jan., even though I had not gotten a card. What's more I was never going to get one, since their system stopped my card from being sent because my married name is too long. I had to call and complain because nobody called me. I got the card today. I closed today.

    The sad thing is I thought Cap One would be my ticket out of subprime slime, but this is just insulting. I've got other nongold cards with higher limits. What does a paltry $200 for me? Nothing, especially when the fee is $72. Sorry for rambling...Comments?

  2. dave

    dave Well-Known Member

    I feel your pain. I had a secured card with Capital One and they refused to unsecure it after six years despite an excellent payment record with them and a vast improvement in credit history generally. About a month after I closed the account, they offered me a $500 CL increase for $99! My other card with them was a $300 classic with a 20+ APR. No CL increase after a year. I trashed both cards last summer.

    Time to move on. There are better offers out there. As a homeowner, you will undoubtedly come across something much better.
  3. sam

    sam Well-Known Member

    wierd. they've been super pleasurable to do business with. They must treat some customers different.

    My secured limit is $1100 now, $0 annual fee.

    my gold unsecured is $600 , $24/yearly fee.

    I'm going to start using the gold, and quit using my citi and secured, in hopes to raise
    the gold up higher quickly.

    we'll see. I dont have a use for the secured card anymore, but since it's $0 annual fee, i might as well keep it until my gold is old enough to merge the products.
  4. Larry

    Larry Guest

    RE: Cap1 (long)

    Next month, my Cap1 secured visa will be 20 months old. Calling retention (1800-889-9939) on Jan & Feb several times has bear NO results (as per Marie).

    However, Cap1 has promised to unsecure my card, we'll see what happens. After unsecuring, I plan to combine my other Cap1 unsecure visa into the classic. to up my CL (I know, I know I only get half Sam).

    Then I'll have 4 positive tradelines:
    Cap1 unsecure visa $600 (20 months)
    NextCard unsecure visa $600 (8 months)
    CitiAA (gold) mc $7500 (3 months)
    Auto Loan (CharterOne)(3 months)

    I then plan to apply for a Discover in June (my Auto loan will have matured by 6 months). My ultimate goal is to obtain an AMEX Blue in 16 months.

    What else can I do to improve my credit?? should I apply for retail cards?? How about Gas cards?? Does VoiceStream reports??

  5. dave

    dave Well-Known Member

    RE: Cap1 (long)

    Sounds to me like waiting until June to apply for the Discover is a good idea since the Cap.1 will be two years old.

    Having one retail is a credit score enhancer according to what I've read but getting more than one would not be helpful. Just make sure that the card you apply for reports to all 3 CRAs.

    Good luck!
  6. Erik

    Erik Well-Known Member

    "They must treat some customers different."

    You can count on that. Here's a good read about Capital One from a couple years ago:

    "Last year [1998], the company [Capital One] performed 28,000 experiments -- 28,000 tests of new products, new advertising approaches, new markets, new business models. As a result, it can deliver the right product, at the right price, to the right customer, at the right time. It offers 6,000 kinds of credit cards, each with slightly different terms, requirements, and benefits, and each requiring a slightly different monthly statement."
  7. sam

    sam Well-Known Member

    RE: good

    I think thats good. Obviously, my product, has performed both well for cap 1 and myself. It makes more sense to custom tailor each credit card for the lifestyle, and abilities of each customer, than blanket sell one product, and share the costs and risks across the board.
  8. Marie

    Marie Well-Known Member

    RE: Cap1 (long)

    Perhaps they have different guidelines for secured vs unsecured. All my cap1 cards are unsecured and so they've been pretty good about increasing credit lines when I ask for them. Maybe it also goes to the 28000 product offerings they have.

    We're here trying to compare apples to apples and we may have VERY different card types with different limitations regarding increases.
  9. RichGuy

    RichGuy Guest

    Retail Cards

    If having too many retail cards lowers your score, then you would want some of your retail cards NOT to report to all 3 CRA's.

    For example, if each of 3 retail cards reported to only a single CRA, and each to a different CRA, then your score with 3 cards would still be favorable.
  10. Jim

    Jim Well-Known Member

    If you had a BK

    don't apply for the gas cards. I got denied by Chevron and Mobil. I really believe the moment a BK is seen on the credit file, they deny you.

    In fairness, Chevron said they only deny for 5 years after a BK.

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