Capital One® Cash Rewards Review
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Written by: sniker on 2012-04-04

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sniker's review: Callout Comment Capital One describes "Excellent Credit" as (1) having not been more than 60 days late on any credit card, medical bill, or loan in the last year; AND (2) having never declared bankruptcy or defaulted on a loan; AND (3) having had a loan or credit card for 3 years or more with a credit limit above $5,000.

I met this criteria. My (big 3) scores are in the 700s. I've been a Capital One customer for more than eight years.


Comment 1 by derek1061
Re: Declined User Icon on 2012-04-04

Remarks Wow, Capital one sucks. I recently closed my Capital One Platinum card, because my credit got to good to have to pay an annual fee, and Capital One refused to upgrade me to another card.
Comment 2 by sniker
Re: Declined User Icon on 2012-04-04

Remarks I too have the Capital One Platinum card. The CL has been the same for for eight years and I've been paying an annual fee. I use the card monthly and PIF each month, but I can not seem to figure out what works with Capital One. I am perhaps most disappointed because my credit scores and payment performance do not seem to matter to the organization. What a bummer...
Comment 3 by wanderer
Re: Declined User Icon on 2012-04-04

Remarks Found the same thing for me. What scares me is Capital One is absorbing more credit cards and companies. Knowing what we do, how do we deal with them? They are not in the real world!
Comment 4 by patrick12
Re: Declined User Icon on 2012-04-05

Remarks Sorry to hear about your luck, I have found getting away from Capital One and high fee's has really helped enhance my credit profile! They served me a great purpose for rebuilding, but beyond that, they can't come close to matching the service and treatment I have recieved for my community bank and credit union I do business with now. The credit game changes almost constantly, being in the know is whats keeping most of us ahead of the storm. There is always a great product out there, its getting to it thats a challenge! Good luck in your journey!
Comment 5 by sniker
Re: Declined User Icon on 2012-04-07

Remarks I received the denial letter from CapitalOne regarding the CapitalOne Cash Rewards card. It states that my revolving credit balances are too high.

CRA: Equifax

Scenario: My computations (based on CR) reveal that I have no individual revolving credit balance in excess of 30% utilization and my overall utilization is at 22%.

I certainly hope this information is useful to the FG community.
Comment 6 by wanderer
Re: Declined User Icon on 2012-04-08

Remarks Your decline based on utilization is interesting. I found some information about seven weeks ago that said the truth is lenders like to see utilization around 1% to 3%. Now that said, I went into one of my credit analysis programs and ran the numbers. For my credit reports the max points was attained at 1%. I know, we have all been told forever the magic number is 30% of utilization. That is what the article said too. In truth it is way less than that. Interesting...?! Example would be if my total available revolving credit lines equaled $35,000 then using 1% I should not have more outstanding credit utilization than $350... go figure? As a test, I checked my current utilzation at 3% and the scores went up when I paid more off. Note, everybody's credit reports are unique to them and what happens on mine might be a little different on someone else's. Further, "average age of account" and "oldest account" have significant implications on calculating points.
Comment 7 by sniker
Re: Declined User Icon on 2012-04-10

Remarks Wow... Wanderer, thanks. You provide a very interesting insight on this topic. While I do understand the inverse effect that paying down credit balances will have on credit scores, maintaining a 1% - 3% utilization seems challenging--especially for those with low credit limits. What tool(s) are you using to perform your credit analysis? It would be nice to be able to conduct a Monte Carlo analysis to model the correlation between credit balances and credit scores.

Thanks again for presenting this insight.
Comment 8 by wanderer
Re: Declined User Icon on 2012-04-10

Remarks Tools I use are the Citi Bank "Identity Monitor" credit analysis and the USAA Federal Savings Bank FSB "Credit Check Monitoring" program from Experian. As it relates to small credit lines and 1% to 3%... you are quite right. Near impossible. What you do is do what you have to do to live and hope with time your credit lines will grow. In my case, it took at least six years but note, each of us has different time lines due to our past credit history.
Comment 9 by sniker
Re: Declined User Icon on 2012-04-11

Remarks Thanks. I will check out the Experian product since I subscribe to "Credit Check Monitoring" through USAA.
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