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Discussion in 'Credit Talk' started by Daniel, Apr 18, 2000.
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yea, I tried to cancel my card and they really give you a hassle about it. They even said they would cancel my annual fee if I would stay on, I finally agreed but later I find out that they actually just reduced the fee rather than cancel it.
My agreement with Capitol One states that after 30 months they would review my account for unsecured status. I've had the card for nearly 5 years with $2500 on deposit and all my requests to have it unsecured have been politely refused for very vague reasons.
I THINK THAT CAPITOL ONE SHOULD BE ON THE HIT LIST OF CARDS THAT ARE GOOD UNTIL YOU GET TO KNOW THEM!!
Right after I posted I noticed a letter in today's mail from Capitol One. They increased the limit on my unsecured Mastercard $100! After two years I have an unsecured Capital One card with a $400 limit! Yipee! In 12 years, maybe it will be up to a thousand, in 24 years, two thousand! And I'll still have my secured card in 24 years, too!
At least Capital One has been honest.
After 2 years of paying on time my request for an increase was declined. I subsequently closed my account.
The way I see it the Capital One Secured card follows the same policy as the Providian sub-prime classic card in that they will not convert it into a prime card rather you have to cancel that account and re-apply for the decent card.
Len, you'll have to refresh my memory. Did you file a Chapter 7 bankruptcy? If not, regardless of your previous bad credit the end is nigh in about 1 - 1 1/2 years right and you can tell all these sub-prime and secured card companies to stick it.
It is beyond me why you have stuck it out so incredibly long with a company that has made it clear that they will never and I mean NEVER unsecure this card, a $100 limit after 5 years puhleeze give me a break.
How is it that you have not long since dumped this useless account in favor of say Orchard, where they have demonstrated that they will upgrade your account in due time. Or Western Security Bank where the 5.9% interest is sure sweet.
Steven, I have just gotten the Orchard card with a $2000 limit and Aria just raised my limit to $2000 and lowered my interest rate after six months with them. I've only stuck with Capital One because they are honest and I always hoped they would eventually realize what a responsible, trustworthy, and nice person I've become in the last 5 years and unsecure my $5000 limit card, returning my $2500 deposit with a note of congratulations on my sincere efforts toward rehabilitation.
Unfortunately, they seem to have written "loser" on my account in indelible ink back in 1995 and consider me dangerous with any credit increase more than $100.
I am requesting unsecured status again in June, with a clean credit history for 56 months. If I'm refused, I will give up and leave with my deposit.
I should mention that my bank, Wells Fargo, offered me a student Visa with a $2000 limit this past January when I mentioned to a teller that I was returning to college for my MS. At 48, I was surprised and thrilled to get a "real" credit card again.. So, I think my need for a secured Capital One card may finally have passed.
You mean you've had your account open a whopping 5 months and they won't lower your APR? Come on. Be realistic. NO company is going to lower your APR in that short of time. They need to make sure you are not a risky customer before they start offering you better deals. And as far as unsecuring accounts, I had my secured account with Capital One become unsecured after about 2 years, so it is possible.
Heather, please let me in on your secret to having your card unsecured. After five years with Capital One and never a late payment, I'm mystified and would appreciate your insights.
I will give you a Break. CAPITOL ONE DOES NOT UNSECURE THEIR SECURED CARDS. THIS IS WHAT THE CUSTOMER SERVICE REP. SPECIFICALLY TOLD ME. IT WILL NOT HAPPEN. ANYWAY, I HAVE A BETTER CARD WITH USAA, THAT HAS A LOWER INTEREST RATE AND IS UNSECURED!! AFTER ONLY HAVING A CHECKING ACCOUNT FOR 8 MONTHS. SO CONSIDER YOUR BREAK IN ANOTHER LOCATION. BOTTOM LINE THEY SUCK!!
Daniel - contrary to what you believe,
Capital One does "unsecure" cards. I know
that they have raised the credit limit to an
amount higher than the secured amount.
Now this is total speculation on my part since I am not an officer of Capital One, but I feel that their are two criteria which would probably make Capital One unsecure a secured card against their "official policy".
1. All negatives are purged from the individuals credit history thus leading to the conclusion on Cap 1's part that this individual is in a position to obtain any "prime" card and they had better unsecure it to retain his business.
2. For whatever reason the individual has obtained a prime card from another bank even though there are still negatives on the credit history. Fearing (with some justification) that with this prime card the cancellation of their card by the individual is imminent they unsecure the card.
Perhaps Heather could offer some info as to her own current credit situation.
Several years ago, when I was in my very early 20's, I ruined my credit. For the past 4 years, I have not had one late payment on my credit report. As far as Capital One, I have never been over the limit by even 1 cent nor have I been even 1 day late. I have both a Providian and a Capital One card. I have had no problems with either one of them. I have had the Providian card for about 16 months. I started at $1000 with 23.9%. Now I have a $3500 limit with 16%. I read ALL the fine print on any applications I receive and both of these companies have treated me fairly.
Let me first start off by saying that credit is a privilege, not a right. Consider yourselves lucky to have a credit card at all. Secondly, if you want to be treated like a "prime" customer then get your credit report to read like one. Your credit limit is a direct reflection of the company's belief in your risk factor. Credit repair/improvement is a SLOW process. Four or five months is nothing compared to four or five years of positive history. Those of you complaing about not getting your cards unsecured are missing a vital point. You're making money without doing a thing! That's right. Take the time to read over your savings account statement. Every day your deposit sits there YOU ARE MAKING MONEY!!! So quit whining. It seems that a lot of messages on this board are directed at the companies that took a chance on offering you credit in the first place. Please! Get a life. Be glad that you were given the chance to build your credit file. As for Cap1, if they hadn't focused on the sub-prime customers in the first place this board would be a lot smaller. Keep in mind that a lot of the other companies that are extending you all higher limits and lower rates are losing money left and right. Check out Providian's stock performance and charge off rates. You'll see a vastly different view of the company than the creit line they offer you. In conclusion, you make your own credit, period. Make it good or shut your mouth.
P.S. Daniel is a bitter man.
Collector, maybe you should know that my credit is not that bad. I just had limited credit. Now that i am with a new and better bank, i have a unsecured card that has a limit that by far out paces Capitol One. Maybe everyone was not born with a silver spoon in there mouths as yourself. So please by all means dont knock a person until you have walked a mile in their shoes. I have everything that i need and want in life. Money is not all that matters to me, or a credit card. Before i had credit, i was purchasing everything with cash. This sounds like a great practice to go back to. Credit is not a privledge!! They want our money. So i see it as a one for one swap. So Daniel is not bitter. In fact i will appreciate all of your replies!!