Whats wrong with Capital One?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3754
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Wed Dec 03, 2014 9:27 pm

They have a reputation for having a lot of customer service reps who are not just inflexible about credit decisions, but are generally unhelpful. The CSRs read from scripts without understanding what a customer is trying to say, and they give customers inaccurate information or do weird things like close an account without being told to. These problems can happen with any bank, but their frequency is higher with Capital One.

One thing that does complicate this is a bit is that they have a lot of customers who are or were financial deadbeats. They are willing to extend credit to a lot of people Amex and Chase will decline. The complaints about CSRs often not knowing what a customer is trying to say are enough to keep me away.

However, Capital One does get some criticism from the semi-recovered deadbeats who have been paying their bills for a few months or a year after a bankruptcy or major default. Those customers often feel they deserve a card with a rewards program or no annual fee. Capital One usually rejects these requests, and the customers get irritated. I don't think Capital One deserves that particular form of criticism, since those customers would not get any comparable card from a bank like Chase or Amex.

Sometimes, though, a fully-recovered former deadbeat customer will try to convert an old card with fees and no rewards into a card with a higher limit, no annual fee, and rewards. This is a customer other banks would be eager to get. Capital One knows that the customer has an extra incentive to keep the account open, since it has a long history. By refusing to stop charging the fees, Capital One can make a lot of money.

I've never had a card with them, so I can't speak from personal experience.

Edit: Capital One does seem to be improving somewhat in their willingness to let old customers switch to better cards or limits.

Also, you can replace 'deadbeat' with 'someone with a very short but clean history who isn't yet able to get a good rewards card' and it will still be accurate.

AlphaOne, renewing one old thread on this topic is generally sufficient to resume discussion. Renewing a second old thread on the topic minutes later can tend to cause confusion.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when


popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Wed Dec 03, 2014 10:28 pm

I really think CapOne depends on who you're talking to. As someone who started out with their student card, I haven't had any problems with them really while understandably a lot of people who stuck with their rebuilder cards had different experiences.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

User avatar
lobbythis
Centurion Member
Centurion Member
 
Posts: 618
Joined: Sun Sep 07, 2014 8:53 pm
Location: usa

Postby lobbythis » Thu Dec 04, 2014 2:34 am

He got approved for $10K. No reason to complain.

popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Thu Dec 04, 2014 7:27 am

lobbythis wrote:He got approved for $10K. No reason to complain.


I couldn't agree more. Complaining about CapOne here no matter what the context is gets really old fast and not really helpful at all IMO. I'd even say they've been more generous to me than Discover has ever been.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3754
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Thu Dec 04, 2014 10:57 am

I wasn't complaining. I've never wanted one of their cards, so I have no place to complain about anything other than their regular mailed ads - which I opted out of a while ago.

I was explaining why a lot of their current and former customers don't like them, in response to a specific question the previous poster asked. I was even pointing out that some of the hate was unfounded.

It is true that they get a lot more complaints than their market share would suggest. I say that having gone over the Socrata complaint database managed by the CFPB. That's a lot of data, not one or two anecdotes.

Edit: Yes, 'your mileage may vary'. It is also true that your 'mileage' may be fairly predictable in some cases. If someone asked me if they were more likely to have credit card problems dealing with Capital One or USAA (which has excellent service), I'd cite the relevant data - not just uselessly say that people have different experiences.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Thu Dec 04, 2014 11:28 am

CarefulBuilder14 wrote:I wasn't complaining. I've never wanted one of their cards, so I have no place to complain about anything other than their regular mailed ads - which I opted out of a while ago.

I was explaining why a lot of their current and former customers don't like them, in response to a specific question the previous poster asked. I was even pointing out that some of the hate was unfounded.

It is true that they get a lot more complaints than their market share would suggest. I say that having gone over the Socrata complaint database managed by the CFPB. That's a lot of data, not one or two anecdotes.

Edit: Yes, 'your mileage may vary'. It is also true that your 'mileage' may be fairly predictable in some cases. If someone asked me if they were more likely to have credit card problems dealing with Capital One or USAA (which has excellent service), I'd cite the relevant data - not just uselessly say that people have different experiences.


I reread your comment and take back what I said there. It's just really hard for me personally to actually have a gripe with CapOne and I'm fully aware of the complaints they've gotten over the years and how stingy can be with credit limits. I will honestly say though that their triple HP method is pretty unnecessary.

I'm very glad that person was able to get a pretty good limit with CapOne regardless of what their reputation is now or what it was in the past and that it seems to be a card that's working for him/her. It was also good of you to acknowledge that in your comment.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

User avatar
lobbythis
Centurion Member
Centurion Member
 
Posts: 618
Joined: Sun Sep 07, 2014 8:53 pm
Location: usa

Postby lobbythis » Thu Dec 04, 2014 12:28 pm

CarefulBuilder14 wrote:I wasn't complaining. I've never wanted one of their cards, so I have no place to complain about anything other than their regular mailed ads - which I opted out of a while ago.


It was a general statement in response to the poster. I didn't mean to direct it at anyone. Was just saying, when a creditor approves you for $10K, I don't see any reason to be upset unless you are used to $30, $40, $50K limits.

popamode72 wrote:I will honestly say though that their triple HP method is pretty unnecessary.


Agreed. When I saw that after getting my Venture, I was a little pissed off.

popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Thu Dec 04, 2014 12:42 pm

lobbythis wrote:It was a general statement in response to the poster. I didn't mean to direct it at anyone. Was just saying, when a creditor approves you for $10K, I don't see any reason to be upset unless you are used to $30, $40, $50K limits.



Agreed. When I saw that after getting my Venture, I was a little pissed off.


I've actually read posts from people who have had success freezing one of their reports and having CapOne just pull the other two bureaus and still get an approval. It seems like their decisions are primarily EQ based. I even saw someone who was able to get a CapOne card on a TU pull only because the other two reports were frozen. I don't know if this would work for everyone but it was a thread I saw over at Credit Boards one time and the GM BuyPower card is exclusively a single EQ pull. Had I known that back then, I would have definitely frozen my EX report for sure to save myself a HP there.

I hope I'm not breaking any forum policies by saying this in any way. I know it's forbidden at MyFico to even talk about matters like this.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3754
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Thu Dec 04, 2014 12:48 pm

I have to admit I feel like a little bit of hypocrite to deviate from my "good customer service issuers only" dogma. CO is bad, but Synchrony's stats are worse, and I got a card from them. At least it's a store card, and that limits the kinds of problems I can have with it.

The inability to link a Synchrony card to Mint or CK is definitely annoying. I've adopted a spreadsheet to track all bills, though, and that helps.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Thu Dec 04, 2014 1:18 pm

I completely agree with that. I can only link one of my Sync Bank cards to my CK account. The others I had to wait until they reported on my TU file basically.

Synchrony is really consistent when it comes to CLIs though and have gotten two CLIs on my Amazon card and two of those on my Paypal card ever since I've had them (so about every 3-4 months given that you let statements generate, make purchases on the cards and PIF). My Amazon card started out at just 600 dollars back when I only had six months of credit history and it's now my fourth highest credit limit.

That's one of the reasons why I have a few myself on top of regularly making purchases at the places where I got the cards from, especially Amazon and Paypal. They were also pretty helpful in helping me get higher limits on my other cards. It has been commonly said that higher limits beget higher limits.

Also I'd argue that Citi has some of the most inconsistent customer service out of all the prime lenders I have cards with. Their normal customer service via the phone can often be really clueless and stupid and even sometimes hard to understand depending on who you get while their EO one is phenomenally much better to deal with. Their chat customer service is okay and sort of middle of the road to me.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 2 guests