Goodbye Capital One

Discussion in 'Credit Talk' started by AustinGuy, Aug 5, 2003.

  1. AustinGuy

    AustinGuy Well-Known Member

    I called to cancel my card today. I clearly am a nobody to them as I didn't even get a human being. The automated system closed my account. I'm sure they're going to call and annoy me though. I say good riddance.
  2. RichGuy

    RichGuy Well-Known Member

    I may have to go that route myself. I've done fairly well with them, and never expected anything great, but those annual fees are truly obnoxious.

    If retention or Mr. Cooke refuse to eliminate or at least waive the annual fees, I can't get sentimental about keeping old accounts...
  3. miles

    miles Well-Known Member

    Don't feel alone. I had the same experience. The automated system closed my account too. No one even tried to save me as a customer. I had the account for over 4 years. No lates or overlimits. I used the card heavily, balance transferred and carried a balance on occasion so they could make some money.
    I did not have a deposit on the account, but started subprime. I believe when you start subprime, that is how they will always view you. I could never convert my account to the Platinum No Hassle, even through Mr. Cooke. In the end, I had no baddies, all FICOs over 700, Platinum cards and an Amex card. They obviously didn't care. They really need to assess their account holders better. Everyone who starts subprime will not always be subprime. Many can be very valuable customers. I use credit cards for EVERYTHING. I pay on time with large payments and carry a balance on occasion.
    Funny thing, NOW they are sending me pre-approvals for the No Hassle card with 4.9% apr and credit limits up to $30,000. It is a great rate, but offers no rewards and I can get great transfer rates with my current accounts if I wish.
    Sorry Captial One. I practically begged before to be upgraded. Too late!! LOL Feels good to be in control. :-D

    Amex, Bank of America and Chase have treated me very well. Citibank has been remarkable too. My credit limit with them has been increased by $5,000 in just over a year.

    BELIEVE ME, Capital One will definately start sending you pre-approvals eventually when the realize what a good customer they lost. You will get satisfaction shredding their offers. Besides, 3 hards for a new account with your history starting all over again? Not reporting the correct limits? Not worth it in my opinion. :)
  4. AustinGuy

    AustinGuy Well-Known Member


    You're saying all of the things I've been saying for a long time. My credit line increases on my Citi card over the past 10 months are almost bigger then my entire Cap1 CL.

    I won't miss them a bit.
  5. Brad J

    Brad J Well-Known Member

    Truth is, start out as subprime and your destined to say there until you close it. Closing your subprime account is in the best interest of Cap. 1.

    Why? They no longer need to carry your balance/limit on their books as subprime and therefore carry reserve on it, which affects profits.

    If you are a well paying profitable customer, you'll be solicited again and most likely approved. Now, your a prime cardholder for which Cap. 1 need not carry such a heavy reserve against and you'll enjoy the perks and nice pricing that comes with being on the prime books.
  6. catnap1972

    catnap1972 Well-Known Member

    Re: Re: Goodbye Capital One

    Oooh yeah...a PRIME Crapital one Platinum with a $500 limit and a 14.9% APR! And it ONLY costs you three hards (one on each).

    Don't everyone hurry to apply...I don't think their servers could handle it! (snickers)
  7. Hedwig

    Hedwig Well-Known Member

    Re: Re: Goodbye Capital One

    Why can't they just find a way to convert you to a prime product when you've been paying well and your credit report says you're prime material?

    I closed my Cap One before I ever found this board, it was one of the best things I've ever done. And mine wasn't subprime. But they just won't do anything to make the account better. That's what you applied for, that's all you can get.

    I never even applied with Cap One. I had a card that was bought by them. When I had several bad experiences with their CSRs I was gone.
  8. Brad J

    Brad J Well-Known Member

    Re: Re: Goodbye Capital One

    Actually, I was implying that the prime capital one cards start at $5000 and never above 9.9%, everything else is subprime. Like you said, 14.9 and $500 is not prime, just like a TOY :)

    GEORGE Well-Known Member

  10. Mirage

    Mirage Well-Known Member

    Re: Re: Goodbye Capital One

    I am a prime example of this Crap 1 garbage. I've been a Cap 1 customer for 6+ years with a perfect payment history. I started as a secured sub-prime and today I am only a unsecured sub-prime.

    Never received an offer for other Crap 1 products, maybe a blessing in disquise.

    I asked Mr. Cooke last summer to convert my account into a prime Plat card. What I got was a $300.00 boost and three hard ones on my CR.

    I have never called Cap 1 for a increase since than. I have max the cl and now carry a zero balance. If this was not my oldest TL, it would have been adios a long time ago.

    Best regards,
  11. 8004me

    8004me Well-Known Member

    Re: Re: Goodbye Capital One

    I have one of each the sub prime and the Prime.
    Get great increases and offers on the prime and a few hundred $ on the sub prime.
    PFB for better service.
    So have to think whats in my wallet prime or sub prime... hmmm

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