- Gold Member
- Posts: 30
- Joined: Thu Jul 05, 2012 9:59 am
- Location: NY
The bashing can get a little extreme. And yes, it is easy to bash a company that deals in sub-prime credit and is thus stricter and stingier in general.
My only problem, so far, with Capital One is as follows: They don't grow with you. I applied for a secured card with them not because I had bad credit, just no history. 9 months later, I have an auto loan and a $3,500 Citibank card, but I'm still stuck with a $275 limit on my Capital One.
In addition, I have since learned that many other secured card issuers graduate you to a regular card, or at the very least, give you the option to increase your limit after a set number of months with satisfactory payment.
What is difficult to understand is why Capital One would not encourage me by upgrading me to a regular credit card, or at the very least increasing my limit. And customer service always gives me the same answer - that they decide to grant increases "periodically".
Perhaps my opinion will change, but for now, I plan on giving other issuers my business. Capitol One is fine to start with and great for bad credit, but they are throwing away good customers with their inflexibility. Because they were my first card, it is hard for me to close the account. When people with limited history ask me, I do advise them to stay away from Capital One - not out of spite, and not because you can't use their products successfully, but because you cannot grow your credit profile with them.