A recent CapitalOne credit card offer via email convinced me that they prevaricate frequently and misrepresent what they know about their potential card holder’s credit worthiness. As you can see in the snail mail solicitation, they included a fake card with the cornball name Lee M Cardholder. I guess there are people who are impressed with such fake gimmicks, but they probably live in the backwoods of Arkansas or Mississippi.
This particular credit card promotion stated We recently reviewed your credit information and designed an offer that we believe is the right one for you. They then wrote that if I made the first five payments on time, they would increase their microscopically low credit limit.
How do I know they could not have reviewed my credit history with Experian or another credit bureau? I have an $8000 credit limit card with Sam’s Club which would qualify me for much better deal without the BS of having to make 5 consecutive on time payments. I can see the necessity of that requirement for somebody who had never had a credit card before or has bad credit, but not somebody with a solid and long credit history.
I paid for a secured CapitalOne credit card a long time ago. They wanted $200 down. They sent me a piece of crap card with only a $300 credit limit. I paid on time for 6 months and they NEVER upgraded my credit limit past $300. I had just moved to the United States and needed to build a credit history in order to raise my credit score. I got a better offer from Sam’s Club Master Card, making average monthly payments of over $1200! They kept raising my credit limit without me asking. This is great because you won’t get your credit dinged by hard inquiries like with BankAmerica Visa card.
So I cut up my CaptialOne card and will never use them again. My credit score has gone through the roof because of my always on time payments with a much better Master Card than the one they offered.