Question
Ok Capital One keeps denying me a credit card even though my credit score is 778. I have 10 open accounts total. The only reason i am even applying for a capital one card is because of the lack of a foreign transaction fee. Has anyone else had troubles getting a card from crapital one?
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Last I checked, credit card companies are obligated to tell you WHY you've been denied for credit. First thing I would do, before accumulating any more hard pulls on your credit account, would be to call CO and find out why they won't give you a card.
I've never tried to apply for one of their cards, so I couldn't tell you whether or not they are particularly picky.
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I sure wish Capitol One did not like my wife and me. We have each received (and this is NOT an exaggeration) at least one invitation every week for at least the last three months. We don't even have the same last names but we always get two together on the same days. It is truly aggravating. Whatever their fees are it must be partially as a result of an enormous and enormously wasteful advertise-by-mail budget. If you combined all the other credit card advertising mailings we've ever received they would not come close to matching the volume of the Capitol One mailings. The final irony would be if we actually did apply and were turned down as was the OP. I would have assumed they'd take anyone!
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Which card were you applying for? Do you have a mortgage? I was denied one of their rewards credit cards because I do not have a mortgage though I have an unblemished credit history. Supposedly CapOne will give you a no reward card without any problems, but the reward cards they require a mortgage for some reason. Doesn't make much sense to me.
Anyway, I personally won't deal with them again. This is just stupid, and they do a hard inquiry with all 3 major credit reporting agencies!
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You may wish to consider the Merrill+ Visa, issued by MBNA. No annual fee, no foreign transaction fee. Earn one point per dollar. 5000 points can be tranferred to 5000 British Airways miles.
The only reason i am even applying for a capital one card is because of the lack of a foreign transaction fee.
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Crapital One sucks. I think they are purposely looking for people with less than excellent credit. My own experience is that they constantly sent (are sending still, in fact) me solicitations. The one time I tried to take them up on it, I was denied. Excellent credit, mortgage, didn't matter. (I think they decided "too many inquiries" from my Experian report. Whatever.) I turned right around and got a card from someone else, and have subsequently gotten others. I have no desire to do business with Crap One anymore. (At the time, the offer was for a balance transfer at 2.99% until paid off, and falling to 1.99% after the first year. Cheap money forever, but they can keep it.)
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from Crapital one before. I think it was for the mail was for the tiered cash back rewards program. The reason they gave me last time was too many credit cards open. Excess credit cards hasn't hurt my FICO score.
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Crapital One sucks. I think they are purposely looking for people with less than excellent credit. My own experience is that they constantly sent (are sending still, in fact) me solicitations. The one time I tried to take them up on it, I was denied. Excellent credit, mortgage, didn't matter. (I think they decided "too many inquiries" from my Experian report. Whatever.) I turned right around and got a card from someone else, and have subsequently gotten others. I have no desire to do business with Crap One anymore. (At the time, the offer was for a balance transfer at 2.99% until paid off, and falling to 1.99% after the first year. Cheap money forever, but they can keep it.)
I don't understand this comment. I've heard complaints before, but in this case you applied and were denied. That's it. How does that make them crappy? If you actually did business with them and had a bad experience, let us know.
P.S. I use Capital One only for foreign purchases. No foreign transaction fee and they absorb the 1% that MasterCard charges to me. Not too crappy.
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I don't understand this comment. I've heard complaints before, but in this case you applied and were denied. That's it. How does that make them crappy? If you actually did business with them and had a bad experience, let us know.
P.S. I use Capital One only for foreign purchases. No foreign transaction fee and they absorb the 1% that MasterCard charges to me. Not too crappy.
I did business by default with their auto finance operation, which became a division of Capital One after they purchased PeopleFirst, which is who I chose to do business with. I didn't exactly have to contact them. They sent the title when I paid off the loan. I wouldn't call it any experience. It worked like it should, so it wasn't bad.
As for the credit card operation, it makes them crappy because of the progression of events. Apparently some part of their system continually tries to solicit my business. These solicitations are based at least somewhat on preliminary credit numbers. I have excellent credit (not just saying that, I know the numbers, know my history, and I'm a low risk). So when after all the tries at soliciting they finally got an app from me, they should be happy to have someone who is a low risk accept one of their cards, right? Wrong! They denied instead. And if you dig around the web as I did after this happened, it's clear I'm far from the only one with this experience.
This may not be indicative of the service that they have once you are a credit card customer. But if you look at the original post of this thread, it was about being denied with excellent credit. So I shared my same experience. In the context of this thread, Capital One is crap.
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I have had a credit card with Capital One for around 7 years and the experience has been pretty good. I like their fairness:
1. All of their policies and fees are explicit and upfront
2. No universal default policy. (This is a garbage policy. If a different creditor reports invalid or valid information, it allows a credit card company to change their terms with you).
3. No foreign transaction fee
Recently I thought about closing my Capital One account. They responded by giving me a rockbottom variable interest rate (not a promotional rate) and an increased credit limit. I do not carry a balance, but I like their philosophy on doing business and keeping a customer. So, I decided not to close my account.
There are a couple of things that I do not like which don't affect me enough to close my account:
1. They will not let you change cards. (They introduced their rewards and visa signature products after I got my card. I am unable to switch to either of these products.)
2. They do not report your credit limit to credit bureaus. This can adversely affect your credit score in some situations (e.g. you always charge $2k a month. It will show as a maxed out card with a high balance of $2k. Even if your limit is $10k. If you later charge it up to $10k, and then only charge $2k per month then it will correct this problem.)
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P.S. I use Capital One only for foreign purchases. No foreign transaction fee and they absorb the 1% that MasterCard charges to me. Not too crappy.
That is precisely the reason that I finally apply for one today. In the online app, it did not even ask for mortgage information.
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Ok Capital One gave me a card. I didn't get an immediate response so I assumed they had denied me again, but guess I was wrong. I still don't have a mortgage so that can't be THAT much of a factor.
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I have had a credit card with Capital One for around 7 years and the experience has been pretty good. I like their fairness:
1. All of their policies and fees are explicit and upfront
2. No universal default policy. (This is a garbage policy. If a different creditor reports invalid or valid information, it allows a credit card company to change their terms with you).
3. No foreign transaction fee
Recently I thought about closing my Capital One account. They responded by giving me a rockbottom variable interest rate (not a promotional rate) and an increased credit limit. I do not carry a balance, but I like their philosophy on doing business and keeping a customer. So, I decided not to close my account.
There are a couple of things that I do not like which don't affect me enough to close my account:
1. They will not let you change cards. (They introduced their rewards and visa signature products after I got my card. I am unable to switch to either of these products.)
2. They do not report your credit limit to credit bureaus. This can adversely affect your credit score in some situations (e.g. you always charge $2k a month. It will show as a maxed out card with a high balance of $2k. Even if your limit is $10k. If you later charge it up to $10k, and then only charge $2k per month then it will correct this problem.)
All credit company are federally regulated and have to disclose everything up front.
Everyone credit company gives out a card member agreement, just some people CHOOSE not to read it and then call and say, You did not tell me about so and so
When I get a credit card I read EVERYTHING.
By law they have to disclose everything to you
I had a capital one credit card for 5 years and when I paid them off, I swore I would never use them again
I am one if I dont have the cash for it I dont need it
I have 2 credit cards and I like it that way.
I paid off my 10 acres of land and My house, dont want debit and Dont need it
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You may wish to consider the Merrill+ Visa, issued by MBNA. No annual fee, no foreign transaction fee.with Merrill +, MBNA passes along the 1% FOREX fee that MC or VISA charges them. Capital One absorbs that 1% for now, but that cannot last forever.
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All credit company are federally regulated and have to disclose everything up front.
Everyone credit company gives out a card member agreement, just some people CHOOSE not to read it and then call and say, You did not tell me about so and so
When I get a credit card I read EVERYTHING.
By law they have to disclose everything to you
I had a capital one credit card for 5 years and when I paid them off, I swore I would never use them again
I am one if I dont have the cash for it I dont need it
I have 2 credit cards and I like it that way.
I paid off my 10 acres of land and My house, dont want debit and Dont need it
All of them must disclose their terms. However many have universal default terms that allow companies to manipulate credit lines and interest rates pretty much at will. Capital One does not engage in universal default. It is annoying however that they do not report your credit limit.
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All of them must disclose their terms. However many have universal default terms that allow companies to manipulate credit lines and interest rates pretty much at will. Capital One does not engage in universal default. It is annoying however that they do not report your credit limit.
I agree with you
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Your best bet is to open a credit card account with a credit union. Virtually all credit unions charge only a 1% foreign transaction fee on CC transactions, and they have far better customer service than the big banks.
If you don't already belong to a credit union, it's not hard to find one. Some parts of the country (like Virginia) have many "community" credit unions that are open to all residents of a particular county or region. If not, you may be eligible for a CU membership through your employer, line of work, or that of a parent or spouse. And if that fails, check creditboards.com for info on the NASA credit union or Digital Credit Union cards (you can join either by paying a small membership fee into some sort of society, and then apply for the credit card).
For everyday banking, I ditched B of A and Wachovia for a local credit union that offers free ATM transactions on a large nationwide network and shared branch access with CUs in other states, plus relatively high interest rates even on my checking account. The 1% currency conversion fee for credit cards is just icing on the cake. Only inconvenience is, I do have to notify my CU every time I travel abroad; they automatically freeze the card for international use otherwise, as they can't absorb losses due to fraud as easily as the big CC companies.
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Your best bet is to open a credit card account with a credit union. Virtually all credit unions charge only a 1% foreign transaction fee on CC transactions, and they have far better customer service than the big banks.
If you don't already belong to a credit union, it's not hard to find one. Some parts of the country (like Virginia) have many "community" credit unions that are open to all residents of a particular county or region. If not, you may be eligible for a CU membership through your employer, line of work, or that of a parent or spouse. And if that fails, check creditboards.com for info on the NASA credit union or Digital Credit Union cards (you can join either by paying a small membership fee into some sort of society, and then apply for the credit card).
For everyday banking, I ditched B of A and Wachovia for a local credit union that offers free ATM transactions on a large nationwide network and shared branch access with CUs in other states, plus relatively high interest rates even on my checking account. The 1% currency conversion fee for credit cards is just icing on the cake. Only inconvenience is, I do have to notify my CU every time I travel abroad; they automatically freeze the card for international use otherwise, as they can't absorb losses due to fraud as easily as the big CC companies.
Hmmm... read the thread. Cap One does not have a fee. That is one of the reasons that the thread was started. They are not included in your statement about "Virtually all Banks".
Why pay anything when CapOne or Merrill-Lynch absorbs the entire fee? I would have agreed that Credit Unions had their day. However the big banks offer better opportunities now:
Capital One
- No foreign tranx fee
ML
- No foreign tranx fee
Citibank
- 5.0% interest on savings accounts
- Many accounts offer automatic reimbursement for atm charges, free checks, rewards points, etc.
I still have a CU account from the old days. I use it to clear paper-checks only. They cannot touch the perks of Citi.
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I sure wish Capitol One did not like my wife and me. We have each received (and this is NOT an exaggeration) at least one invitation every week for at least the last three months. We don't even have the same last names but we always get two together on the same days. It is truly aggravating. Whatever their fees are it must be partially as a result of an enormous and enormously wasteful advertise-by-mail budget. If you combined all the other credit card advertising mailings we've ever received they would not come close to matching the volume of the Capitol One mailings. The final irony would be if we actually did apply and were turned down as was the OP. I would have assumed they'd take anyone!
SAME HERE !!! I sure wish they would take me off their list....
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Had my Capital One card for years. In the last renewal, they changed to no hassle points(?). Haven't used it much since I get a cashback deal from my credit union. Around 2003, two unauthorized charges overseas appeared. I called right away and they were very quick in closing the account and getting me a new card. It may not be my primary, but I will always keep it around.
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Ok Capital One keeps denying me a credit card even though my credit score is 778. I have 10 open accounts total. The only reason i am even applying for a capital one card is because of the lack of a foreign transaction fee. Has anyone else had troubles getting a card from crapital one?
Why care? IF their service is as tacky as their marketing you couldn't be missing much. I've never been solicited by them and certainly couldn't care less!!