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What are the reasons Capitol One is called Crap 1?


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Crap1 is called Crap1 because they keep good records - DO NOT DEFAULT with them - they seem to sue easily, not settle for much, GW does not work with them, they don't do CLIs very much (allegedly)

That being said - i found they are forgiving as well. CO from them still on my reports - this Jan I got a new card - 300 CL bumped up to 500 a few months ago.

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I had a CO with them as well about 4 years ago and they tried to sue and I paid it was soon as I got court papers and they let me pay and dropped and did not charge me court or serving costs(Although on a $300, I had to pay $800 in interest, totaling to $1100, so I guess I paid enough fees already). 2 months later I got a letter inviting me back and got a $300 CL in July and 3 months later they increased me to $500. I can not say anything bad, since everything was my fault in the beginning.

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Cap1 gave me my very first TL back when I was just out of high school. $150 CL :lol: With all the crap I've done to my credit, I've always managed to keep my head above water with that account. Partially due to the low CL (at the time) and a refusal to let my first ever credit account be taken from me. They bumped the CL up to $700, I dunno.... maybe three years ago? I still use it as my primary card.

However, I also got a separate account ($5k CL) with them about 4 years after opening that first account. Dumbest thing I ever did. Was laid off, unemployment was running out, and I decide to apply for the card so I could help fund an Internet startup I was planning. That fell through and my credit went into the crapper. I defaulted on them which started another saga in my life. In my experience, they only used their in-house collectors, which means that the FDCPA didn't apply to them. Which is unfortunate because they employed some *very* sleazy collection tactics. They used to call my parents (whom I hadn't lived with in years) almost daily and to verbally harass them. Had my mother in tears on occasion. :<img src=:'> They sued, got a default judgment (which I am currently fighting), and then vanished from my life. Oddly enough though, I still have that original account with them, so it's not like they don't know how to locate me.

Moral of the story: Cap1 isn't that bad... as long as your don't default on them. Then there's there's absolute hell to pay. xxHellxx

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Lets see..

$250 CL with $99 deposit...you are late once and they jack the rate to 29%..u req the act closed...they keep it open for 8 mos adding fees and INT...dep is never applied and finally, acct is CO'ed

5 years later act is now at $1200 and they are updating every month poisoining your scores.

Refuse to settle for a reasonable amount, Keep good records....

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Lets see..

$250 CL with $99 deposit...you are late once and they jack the rate to 29%..u req the act closed...they keep it open for 8 mos adding fees and INT...dep is never applied and finally, acct is CO'ed

5 years later act is now at $1200 and they are updating every month poisoining your scores.

Refuse to settle for a reasonable amount, Keep good records....

Completely interesting!:shock:

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They gave me my first NEW CL in September, after I started my repair in July.

They were there to bail me out last month when I had to make two last minute flights out of town on family emergencies. On top of that, my employer-issued JP Morgan/Chase travel card was closed while my background investigation was underway; (I just got my new one Friday!!!) I had work related travel and had to use my Capitol One card for air, lodging and per diem expenses, then wait for my employer to reimburse. (There's a thread in here where I discussed the trials of my background investigation and my crappy credit at the time)

I figure their goodwill is there for me to screw up... BUT IT WON'T HAPPEN.

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They gave me my first NEW CL in September, after I started my repair in July.

They were there to bail me out last month when I had to make two last minute flights out of town on family emergencies. On top of that, my employer-issued JP Morgan/Chase travel card was closed while my background investigation was underway; (I just got my new one Friday!!!) I had work related travel and had to use my Capitol One card for air, lodging and per diem expenses, then wait for my employer to reimburse. (There's a thread in here where I discussed the trials of my background investigation and my crappy credit at the time)

I figure their goodwill is there for me to screw up... BUT IT WON'T HAPPEN.

Yeah if I get this card or any for that matter I have to make sure everything is paid on time. I never want to go through this credit repair stuff again. Just want to focus on keeping a good score; after I clean the rest up. So I understand exactly where you are coming from.

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I happen to love CapOne. I burned them for about $7.5K in a BK. 2 years out of BK they gave me a car loan. Then they gave me two credit cards with $1K limit. Five years after my BK they gave me an interest free unsecured health care loan and a $5K Visa.

-r

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Although this is certainly not true of all Crap1 accounts, they do tend to be in the "we make our money off of universal default, rate-jacking, and over-limit penalty" category. Their practice of issuing multiple $300-500 CL cards to the same individual is evidence, as is their practice of approving credit for people with less than stellar past performance. They're encouraging people to screw up, and/or betting on their life circumstances falling apart (again).

Like razr says, there are people that have been able to avoid their pitfalls, but, beleive me, Crap1 isn't offering him credit because Crap1 has his best interests at heart.

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I happen to love CapOne. I burned them for about $7.5K in a BK. 2 years out of BK they gave me a car loan. Then they gave me two credit cards with $1K limit. Five years after my BK they gave me an interest free unsecured health care loan and a $5K Visa.

-r

Thank you Razor! Great to hear from you!:D

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Although this is certainly not true of all Crap1 accounts, they do tend to be in the "we make our money off of universal default, rate-jacking, and over-limit penalty" category. Their practice of issuing multiple $300-500 CL cards to the same individual is evidence, as is their practice of approving credit for people with less than stellar past performance. They're encouraging people to screw up, and/or betting on their life circumstances falling apart (again).

Like razr says, there are people that have been able to avoid their pitfalls, but, beleive me, Crap1 isn't offering him credit because Crap1 has his best interests at heart.

:)++ Willingtocope,

Thank you for the detailed explaination. Very interesting.

What would your advise be on which card to get?

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IMHO, the absolute best card to have is plain old AMEX blue. You've got plastic that you can carry around instead of cash, but you've got to pay it in full each month so you can't fall into the CC traps.

Me, personally right now, I have an Orchard MC...which I pay much more than minimum on each month and pay off when I can. The reason I chose Orchard is I have my car loan through HSBC (their parent) and they approved me. Its the only card I've got, and I use it strickly for buying over the internet and/or emergencies.

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IMHO, the absolute best card to have is plain old AMEX blue. You've got plastic that you can carry around instead of cash, but you've got to pay it in full each month so you can't fall into the CC traps.

Me, personally right now, I have an Orchard MC...which I pay much more than minimum on each month and pay off when I can. The reason I chose Orchard is I have my car loan through HSBC (their parent) and they approved me. Its the only card I've got, and I use it strickly for buying over the internet and/or emergencies.

Is the AMEX Blue like the original AMEX green from like 20 years ago? I had a Amex green plain looking card a long time ago. I paid it off at the end of the month also. This was a long time ago when I was 18.

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MHO here!

I cannot stand Crap1. In my very first posts here I explained how "I believe" they committed fraud. They opened up a card and they transferred the charged off balance of an old card I had with them to this "new" card without my knowledge. Not to mention that old CO was about to fall off my reports. Then they charged that one off too! They gave themselves a tax write-off and they added a negative TL to my report and in essence reagged my old CO! :evil: I only found this out when I pulled my credit report. They claimed I called them I know I was not around when they say I placed this call to them. :? I had complaints out to FTC, Federal Reserve Bank, AG's for VA and IL. Cap One eventually took both accounts off my account but they never proved that I called them! They kept sending my info on my 1st card and all the statements for the new card, which I never saw before this complaint, only had the charged off balance and interest fees! Oh and of course I never saw this so called new card! :evil: Anyway, Jason, don't want to have to rehash all this. Eventually, they were told by my AG that it was ID theft, which it was, but by THEM!! So, that is why I don't like Capital one, to me they were deceptive! :hmph: Good luck with your apps Jason! :)++

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MHO here!

I cannot stand Crap1. In my very first posts here I explained how "I believe" they committed fraud. They opened up a card and they transferred the charged off balance of an old card I had with them to this "new" card without my knowledge. Not to mention that old CO was about to fall off my reports. Then they charged that one off too! They gave themselves a tax write-off and they added a negative TL to my report and in essence reagged my old CO! :evil: I only found this out when I pulled my credit report. They claimed I called them I know I was not around when they say I placed this call to them. :? I had complaints out to FTC, Federal Reserve Bank, AG's for VA and IL. Cap One eventually took both accounts off my account but they never proved that I called them! They kept sending my info on my 1st card and all the statements for the new card, which I never saw before this complaint, only had the charged off balance and interest fees! Oh and of course I never saw this so called new card! :evil: Anyway, Jason, don't want to have to rehash all this. Eventually, they were told by my AG that it was ID theft, which it was, but by THEM!! So, that is why I don't like Capital one, to me they were deceptive! :hmph: Good luck with your apps Jason! :)++

Incredible! Yeah I thought about it and I am going to stay far away from them! You are very kind to reply and help me out here. I really appreciate it! Thank you very much!

I feel bad you and others had to go through all this crap with crap 1! What a mess!

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I agree I really do think everything happens for a reason. We are learning from our mistakes. I am thinking that I should not be afraid of any credit cards at all. I have to make sure I never fall into the situations I have. It is just plain aweful. But I do not want to go to Crap 1because the way people have been treated trying to settle, the tactics theY throw to people ,ect. I was just reading about problems with B of A and their secured cards. So we all have to learn from each other; like we are now.

Well have a good night.:)++

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