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That certainly sucks, but also kind of makes sense? Once they had the additional data that another company evaluated them as trustworthy, their trustworthiness
by LeafItAlone 3y ago
That certainly sucks, but also kind of makes sense?
Once they had the additional data that another company evaluated them as trustworthy, their trustworthiness to Capital One seems to have gone up. They didn’t want to be the only one bearing risk.
- ClumsyPilot 3y agoBut that’s why competition is important, this only works if many companies are doing their own, independent risk assessment
- hombre_fatal 3y agoMeanwhile Discover’s secured card offering becomes unsecured in six months and they give you periodic updates on how much time is left and how you’re doing. My experience with the Capital One secured card is the same as their story. And the difference between the two companies here is the difference between them in every way. Even little stuff like when I give my info to Discover’s customer support robot before I talk to a human, the human has all the info. Meanwhile when I do the same with Capital One customer support, I usually need to give the same info to the human again.
- KennyBlanken 3y agoThere is no additional risk if the customer offers a higher security deposit to raise their "credit" limit on a secured card. They get the interest on the deposit and lower costs (fewer transfers per month paying off the balance of the card.) They didn't care.