"Capital One Is The Worst!"

Comment 1 by colonative

Capital One on 2008-12-07

That is too bad that they contacted you and did a hard inquiry only to deny you; however, this is a good bank.

I have been with them for almost 11 years (it will be 11 in January) and they have never done me wrong. They give so many people a chance when nobody else will.

I don't blame you for being upset, but also look at the positive aspects of the bank.

Comment 2 by meya

Wow on 2008-12-07

Sorry to hear that. Have a question, how did you rate them while having your first cap 1 card? My reason for saying this is because there are plenty of people denied for the second card but still receive love form the first card. I know you will take a hard hit if you apply for a second card with them because it is like saying you are asking to apply for credit. It is different if they were to upgrade you on their own, I don't think you would have taken a hard hit then.

Comment 3 by hjm331

RE: on 2008-12-07

Honestly, I don't know why you're going angry. A pre-approval is never a guaranteed approval. Pre-approvals are just another way for a creditor to gain business because they are marketing their products to potential customers. Also, I don't know why you would apply over the phone. There's a reservation number on the pre-approval letter along with a link for you to apply on-line.

It would've been the same thing with any other creditor. There's no such as a guaranteed approval. A creditor will pull your credit report when you apply and may or may not approve your application. That doesn't mean that they're the worst creditor on the planet. The reason why Capital One is so popular is because they give everyone a second chance at building credit and it allows consumers to build credit so they can buy the house of their dreams, buy/lease the car they've always wanted, etc.

Comment 4 by arod

Here I Agree HJM331 on 2008-12-07

And with all due respect this one of the better banks out there read all the review of the love for this bank. That tells you they know what there doing... If I were you I would check my credit report again I think you missed something.



But I wont say anything there can be changes coming but I disagree that this bank is the worst.

Alex

Comment 5 by meya

Good Feedback on 2008-12-07

I agree with you both!

Comment 6 by cireone

CAP 1 on 2008-12-07

Given the current economic state, maybe CapitalOne is being a little careful of how they approve new accounts. All banks have to. But I have to say that they don't do the universal default rate and arent notorious for CLDs and mysterious rate jackings.

Comment 7 by brian23

I'm Surprised... on 2008-12-07

That you have a negative review about this card. I have nothing but nice things to say about Cap1 and most reviewers on this site feel the same way. But, I have to agree, all banks need to take extra precautions in the current economic state.

Comment 8 by thomas1

Cap One on 2008-12-07

Like Hjm331 said, pre-approval means "PRE" which means you have met the qualifications from whom you were soliCitied from at the time of bureau info. It never means approved. You still must pass their lending criteria at time of application.

Something puzzles me though, with 99% available and high lines and you're being denied tells me a possible of two things: You have excessive inquiries on your reports, or your accounts lie inactive, or maybe third, something is negatively affecting your reports. It may be a good idea to not only look at the score, but look at whats inside your reports that they may look at. Most issuers look at FICO scores, but will automatically decline, first when their system picks up any judgment items, and then collection items. Maybe some of your tradelines are fresh with high lines? I would utilize all of your lines, keep low, but exercise them. If they don't see any payment activity on newly applied lines of credit, they may consider you "maxed" out credit to income wise.

Each has their own methods for this. Also, economically speaking, the way the banks have frozen/decreased/closed down credit lines, Capital One is an excellent lender giving those with subprime scores a chance when no one but fee based banks would take a chance on them. They, too, are also watching their purse strings until this mess is resolved. Welcome to the 21st century of credit. I would not even apply for anymore cards for a solid year.

I recall several posts regarding new accounts from you, and this is my gut feeling that you were denied whether from Capital One of from someone else.

We can't all bust on a bank because we were denied. Be thankful for ALL that you have now.

Comment 9 by mtj2150

Respectful Disagreement on 2008-12-08

Cabana,

I want to add my voice also and respectfully disagree with the conclusion that Capital One is a bad bank.

If you haven;t already done so, read my review 2 or 3 entries before yours on the Cap1 Cash Back Rewards card.

Like you, I have 99% of my credit open and am a PIF person, religiously, monthly. Unlike you however, my scores are as of this morning

EQ 660 EX 642 TU 656

(for those of you keeping score, yes they went up a few points once the new Hooters and Cap1's hit my reports)

The point - I was approved with LOWER scores than yours (he said jealously). I therefore also agree that you should go over your MYFICO.com reports intensely and carefully. Make sure you don't have any hidden surprises in there. Mistakes happen. Disputes do work if need be.

I strongly hope you will try again with them in 6-12 months. In general, Cap1 really does treat its customers well. They are one of the very few good banks out there. As we are all so painfully aware, times are tough. I was EXTREMELY surprised to get their offer... And to get approved... In the middle of this financial mess. I am not at all surprised (although I am truly sorry) to hear from others that their experiences are less exCiting.

I wish you all the best. Keep the faith.

Comment 10 by ashes

Mixed Feelings on 2008-12-08

I have a Capital One Card for 5 years with a $6.3k limit on and use it once a year. It started off with 800 then to 2.3k (18 months later) and 18 months later they sent me a letter as to why I don't use it, they got me to 6.3k. I like it because they give you a second chance but all in all it is not the same brand in my opinion as Citi, Chase, Am Ex and BofA.

Now my brother has had the card since 2001, his first one in college and got a $500 CL in 2001. In 2008, his CL is still $500! Yes $500 only. They have never bothered to give him a CLI after 7 years with them and he has perfect credit. He wanted to close the card but I told him it is his oldest card so don't close it. 7 years of perfect credit, multiple cards, never late and still at $500. He has not bothered them either asking for a CLI because he believes CC companies should do it themselves. So it lies in his drawer.

Capital One is for sure conservative but they aren't the best nor the worst. For a prime bank, they give you a second chance so you can take it and build something with it.

You have to ask yourself where you stand, do you need it or not. I am keeping this open since this is one of my oldest cards but 5 years down the road, I will probably cancel it because all my other cards will be old as well.

Comment 11 by casey

Mixed Feelings Too... on 2008-12-09

Cabana7, I feel your pain... I have had issues in the past with Capital One, I actually posted them here telling everyone what they did to me last year(major CLD cause THEY made a mistake when they opened my account...$1500 CLD on my Visa)

No one really seemed to care, all I hear is how great they are... But somehow I have managed to gain back $1000 of the CLD... It took a while. It just left a bad taste in my mouth about them...

Also They absolutely REFUSE to CLI me at all on my MasterCard, been at $2500 for 3 years now, no change... Tried back door # many times, same old bull..."Capital One is a conservative company. We will periodically review your account for a CLI. When you qualify, we will notify you by a seperate promotional letter or on your statement. Thank you for being a valued Capital One cardholder... But your request is denied. Perfect account, never a problem, under 30% untilization... No new accounts recently opened, focusing on what a have, still nothing.

So everyone, capital One is NOT so great to all of us, so I tend to agree with the negative review.

I am sure I'll get lots of feedback about this, that I am wrong, but their are CERTAINLY other banks out their who treat me better than Capital One...

Comment 12 by rsty99

Cap One on 2008-12-09

Well they have not been too bad and credit step was on time as they said it would be. I have a new account with them and now at $750. And yes pre approval means nothing as others have stated.

Comment 13 by dhaz

Capital One on 2008-12-09

I must admit, our family has had mixed feelings toward Cap1. DW has had a card with them for six or seven years. I got one about the same time. Cap1 went through a "dark" period, where they jacked both of our rates to well over double what it was without any provocation and scores over 780. DW kept hers and I got rid of mine. Cap1 has since readjusted her card back to a very reasonable rate and upgraded her without her requesting it. Because of that, I decided to give Cap1 a whirl again. I got the Plat Prestige with 10K CL a little over a year ago. They have since upgraded my card with cash rewards AND the rate still stays.25% under prime. Any contact I have had with them has been top rate, and no funny business with either of ours for a long time.

Comment 14 by mskiwi

9 Inquiries on 2008-12-09

I just counted on another page and saw 9 inquiries for cc's by you in the last month or so. I would bet that this is the reason you were denied. This is not meant as a criticism. It's just that a bank would look at this as you being desperate for credit. Right now is not the time for an ap spree. 9 inquiries in a short time would scare any bank. Give it a year and apply again.

Comment 15 by meya

Yup on 2008-12-09

I have to give you full credit on that comment Mskiwi. Inq, and new apps are not what banks want to see right now especially if you have by passed cld's and closed accounts. We have to play it the banks way and do exactly what they want us to do in order to keep decent credit.

Comment 16 by cabana7

Cap One on 2008-12-10

I have already checked with myFICO and everything there is all good... As a matter of fact the rep at Cap One said I had excellent credit... Sometimes it's simply the luck of the draw you get a good credit rep things go well... Maybe you get someone who already had a bad day your stuck... But I stick with my opinion of Cap One until they prove otherwise

Comment 17 by jake9999

Request A Reconsideration on 2008-12-10

If I were you, I would wait until I receive the letter stating why you were declined and them call them or write and ask them for a reconsideration. You already took the hit for the inquiry. What do you have to loose. I have heard that this usually will work if you are willing to show the bank that they are not taking a chance on you by approving you.

Comment 18 by cabana7

Update on 2008-12-13

Cap One sent me a $50.00 check for the experience so that is an A+ for improvement...

Comment 19 by hawk

Capital One Gave Me A Chance on 2008-12-13

As with many other people here my credit took a Hit some years back. I had excellent credit but I was laid off right before Cristmas my credit took a hit and like others I was in over my head. A year and a half ago I needed a new Van my old one was not doing well. I decided to attempt to purchase a new car. After several pulls on my Credit report only one Bank gave me a shot... It was Capital One I can count at least 12 to 15 different lenders that the car dealership used all said NO! I paid all payments on time and within a few months HSBC'S orchard and household bank gave me a shot 300 cl but it was my first chanse in about 4 years. I can't fault them they also look at income, type of income if you are a realitor and the housing market is slow they will take that into consideration as well as other factors. I would like to Add that the Cap one auto loan was refinanced through another lender after a year so that I could get a lower interest rate.

Comment 20 by meya

Cool on 2008-12-13

That is good news to hear cabana7, I swear, this card shows so much love to it's customers. I am so happy and proud to have this card.

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