Complaint Review: Capital One - McLean Virginia

Of course most business that access your credit files (legally or illegally) would not want you to know about that. The fact is the weight of an inquiry has a float. Based on flawed statistical probabilities and analysis, Fair Isaacs, Inc. has packaged this and marketed as a solution to reducing "risk" associated in lending credit. Businesses were quick to adopt this philosophy because they claim the decision was based on information from a CRA. Therefore, they hid behind the pretense that they can't be held liable for the decision because it was based on the CRA. The CRA's hid behind the pretense that they only report what is reported to them. Therefore, you can't hold them liable because they only report what is reported to them. Furthermore, they claim they aren't the ones who made the decision. Finally, I would like to add that they also have limited liability in the courts because they have bought off the politicians from enacting some real consumer protection that prevent most of the problems that consumer's have in this country with these crook and inept monopolies. That leaves consumer's to go back to each company reporting the flawed data, and these companies find it most "cost-effective" to do nothing about fixing problems because of their mistakes. Although the US is a very litigious society, the is really no money in consumer protection so try to find an attorney to take dispute with a CRA, boiler room collector, or company on a disputed billing issue. The fact is, consumers in this country get f**ked by everyone and has no real recourse. As far as my 22-point decline based on Capital One's inquiry; I can document that. I subscribe to Credit Expert and I have a printed version of my credit report dated the 2 days before and the day after the inquiry. The reports are identical as far as account balances. They only variation in the two is the inquiry. Unless you can explain 22 points from any lack of activity on the credit report, I am would rally be interested in hearing it. Please post any explanation you can present.

1. When one applies for credit, you sign an agreement which authorizes the creditor to pull a credit report (which reduces one's credit score) and also monitor your credit on a regular basis (these "looks" are clearly identified and do not cost you points). If you ask for a credit line increase, the creditor is allowed to ding you for points. 2. It is inconceivable that your score dropped 22 points for an inquiry. Two to five is more likely. 3. Capital One has a very secretive management structure. They isolate the decision-makers with a ladder of yes people who are trained to say no. I asked a specialist in the Executive Offices for the name of her supervisor, and she said she reports directly to the Board of Director. I find this very implausible. Another subordinate told me the company didn't have a president. According to Capital One's investor website, the company president is one Nigel Morris. 4. My experience is that the company uses deceitful marketing practices, and isn't customer-friendly if they're not interested in doing business with you. I guess they can pick and choose who they do business with -- they have 46 million accounts.

I DID ask to speak to a supervisor and was told there were no supervisors. What is your next suggestion ?

I CURRENTLY WORK FOR CAPITAL ONE'S CREDIT DEPARTMENT. THERE ARE TWO TYPES OF INQUIRIES LISTED ON A CREDIT BUREAU REPORT. ONE LIST IS FOR ALL INQUIRIES MADE TO DETERMINE CREDIT APPROVAL....THE OTHER LIST IS ONLY VIEWABLE ON A CONSUMER'S CREDIT BUREAU REPORT TO SHOW ANY COMPANY THAT OBTAINS PREDETERMINING CREDIT INFORMATION BEFORE SENDING A SOLICITATION OR TO SHOW ANY COMPANY THAT HAS POSTED & RETRIEVED INFORMATION FOR CURRENT OPEN ACCOUNTS. WHAT YOU ARE VIEWING ON YOUR CREDIT BUREAU REPORT...OTHER COMPANIES THAT YOU APPLY WITH CANNOT SEE. EACH MONTH CAPITAL ONE ADVISES THE CREDIT BUREAUS OF YOUR ACCOUNT STANDING, BALANCE, MINIMUM PAYMENT, ETC. WHEN THIS INFORMATION IS REPORTED A "SNAP SHOT" OF YOUR OTHER INFORMATION IS SENT BACK TO CAPITAL ONE. THIS KEEPS CAPITAL ONE UP TO DATE ON YOUR CREDIT STANDING & ALSO HELPS YOU NOT HAVE ADDITIONAL "REAL" INQUIRIES WHEN REQUESTING CREDIT LIMIT INCREASES, LOWER APR OR UPGRADE REQUESTS. I DO NOT APPROVE OF EVERYTHING CAPITAL ONE DOES. "BIG BUSINESSES" CAN BE DECEITFUL & I WOULD DEFINATELY PAY CLOSE ATTENTION TO ALL CORRESPONDENCE CAPITAL ONE SENDS TO YOU. WHAT I HAVE DISCOVERED IN MY FIVE YEARS WITH CAPITAL ONE IS THAT IF YOU READ EVERYTHING....AND I DO MEAN EVERYTHING (STATEMENT INSERTS, SEPARATE MAILINGS, STATEMENT MESSAGES)...YOU'LL KNOW BEFORE ANYTHING CHANGES & YOUR RELATIONSHIP WITH CAPITAL ONE WILL BE GOOD. I HEAR ALOT OF HORRIBLE THINGS ABOUT ALL CREDIT CARD COMPANIES FROM ALL TYPES OF CUSTOMERS & I BELIEVE MOST (NOT ALL) PROBLEMS CAN BE AVOIDED IF THE CUSTOMER IS EDUCATED. IF YOU HAVE ANY QUESTIONS...CALL...ASK THEM...IF YOU FEEL THAT YOU ARE BEING RUSHED OFF THE PHONE OR BEING GIVEN THE "RUN AROUND", ASK FOR A SUPERVISOR. I HOPE THIS HELPS.