Discouraged by Capital One

Discussion in 'Credit Talk' started by Chad, Apr 19, 2000.

  1. Chad

    Chad Guest

    Capital One bought a $300 old department store debt of mine from 1991 in 1998. They then told me that they would issue me an unsecure card for the same amount if I would only pay them the $300 - all at once, or over time. I ignored the offer, and it came again. Six months later, my financial situation changed, I got a new job, and needed a credit card. I wrote them a letter telling them that I previously had received an invitation. They wrote back with a toll free number and an identification number I was to use when I called. I was approved almost instantly and asked for a $99 deposit for a $500 limit. A year later Capital One offered to increase my limit three times whatever I deposited, up to $2,100. Now I have a $2,000 Visa Card and I use it alot, maxing it out, and usually paying it back in a month or month and a half. Capital One typically makes about $22 - $36 a month in interest on me according to my statements. This in addition to the annual fee of $29. I am using the card because I want to earn Capital One's trust so they not only desecure the card (which is not a really big deal because the money is always ours, like a savings) but more importantly so I can get my hands on a Platinum Card from them. Now with all the cynicism about being permanently scarred by Capital One I'm getting very discouraged and thinking of canceling my account altogether. Capital One specifically said in writing that they would periodically review my account for increases and based on my performance drop the security funds requirment altogether.
  2. Len

    Len Guest

    That is the same specific promise concerning unsecuring my account that I received from Capital One.
    They _have_ reviewed my account, every six months, when I requested, but always refuse unsecured status. Although my history with Capital One has been fine for 5 years, they always cite my TRW file and credit problems I had before I applied with Capital One.
    If they trusted me with credit 2X my security deposit five years ago, when my poor credit history was so recent, why not trust me with unsecured status after I've actually proven myself with them for so long?
    I do not get it.
  3. Steven Z

    Steven Z Guest

    This ungrateful company will be singing a different tune the day your negatives are purged. But I have no doubt you'll have long since dumped them by then and you'll be shredding their unwanted, unsolicited offers (or burning them in the bathtub a la Doris K) and picking and choosing a more honorable company.

    While its true that as a sub-prime client they could care less about you since this is such a growing field. Same cannot be said for the prime market where banks are fighting tooth and nail to hold on to their clients and spending lots of $$ to obtain or steal new ones. But then they'll have lost you and others their treating like "untouchables" for good.
  4. John Debto

    John Debto Guest

    WHY should Cap 1 return the deposit? It would be a bad business decision for them to do that.

    The only reason I can think if is to make the customer happy. You ought to expect never to have the deposit returned. I say, if you want the card unsecured, close the account, tell them you only want an unsecured card. Maybe they will mail you an offer.
  5. mba

    mba Well-Known Member

    RE: Discouraged/Encouraged by

    I have discovered that Capital One may offer an unsecured card with a low credit limit and charge an annual fee for having the card,

    and then, instead of offering to raise the credit limit on the card, they offer a second card, again with a low credit limit and again with an annual fee.

    It might appear to a disinterested third party that this bank is in the "annual membership fee" business.
  6. Len

    Len Guest

    RE: Discouraged/Encouraged by

    That's an interesting point. I have two low-limit Capital One cards with yearly fees. The interest on my balances has been a couple of dollars each per month, but the fees total $138 a year.

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