48 Month Rule Anti-Churning

From Doctor of Credit: https://www.doctorofcredit.com/capital- ... igibility/ Capital One had previously had a very vague language surrounding their sign up bonuses. The new update solidifies the sign up bonuses to 48 months since receiving a previous bonus. This seems really similar to many other banks so it doesn't come as a surprise but is good the language is solidified as previous wording said "existing or previous cardmembers may not be eligible". Capital One also already has some rules that could be seen as anti-churning including 6 months between cards and pulling all 3 reports (not specifically anti-churning but has similar affects).

ToxikPH wrote: ↑Wed Aug 16, 2023 9:51 am From Doctor of Credit: https://www.doctorofcredit.com/capital- ... igibility/ Capital One had previously had a very vague language surrounding their sign up bonuses. The new update solidifies the sign up bonuses to 48 months since receiving a previous bonus. This seems really similar to many other banks so it doesn't come as a surprise but is good the language is solidified as previous wording said "existing or previous cardmembers may not be eligible". Capital One also already has some rules that could be seen as anti-churning including 6 months between cards and pulling all 3 reports (not specifically anti-churning but has similar affects).

It is not 6 months between cards, it is 6 months between any credit product they offer I found that out when I tried to get a car loan... that triple pull is just abusive behavior in my mind designed to lock you into using their products, I know people like Capital One, I just see them as a subprime lender, that managed to get some name recognition and a catchy slogan.

Beefy wrote: ↑Thu Aug 17, 2023 6:21 am

ToxikPH wrote: ↑Wed Aug 16, 2023 9:51 am From Doctor of Credit: https://www.doctorofcredit.com/capital- ... igibility/ Capital One had previously had a very vague language surrounding their sign up bonuses. The new update solidifies the sign up bonuses to 48 months since receiving a previous bonus. This seems really similar to many other banks so it doesn't come as a surprise but is good the language is solidified as previous wording said "existing or previous cardmembers may not be eligible". Capital One also already has some rules that could be seen as anti-churning including 6 months between cards and pulling all 3 reports (not specifically anti-churning but has similar affects).

It is not 6 months between cards, it is 6 months between any credit product they offer I found that out when I tried to get a car loan... that triple pull is just abusive behavior in my mind designed to lock you into using their products, I know people like Capital One, I just see them as a subprime lender, that managed to get some name recognition and a catchy slogan.

Capital One gives credit to people who can't get credit from anyone else without much worse terms so I don't care about the triple pull and neither do the vast majority of people who receive it. Before Capital One sent me the offer for the $300 Platinum card (with no AF, 18.9%, and with a 25 day grace period) I was only getting offers from companies like Credit One (with an AF, forgot the APR, and no grace period so any time I use it I would be charged interest). In fact I got approved for Credit One and then re-read the terms and the only good thing I can say about them is that when I called, the lady canceled the application completely, and it didn't even show up on my credit report beyond the inquiry. That Capital One card was converted to a QS and grew to $8250 before they slashed it to $2K during the pandemic (I had gotten so many new cards it went from my main spend card to my SD card) and they also were the first to give me a $10K limit with my SavorOne approval in 2019. I'll also say that I had to dispute charges with them twice and both times they made it very easy and found in my favor even though neither was outright fraud. They also are one of the only issuers with virtual card numbers and they were one of the first to give you your rewards when charges post with no minimum redemption threshold.

Beefy wrote: ↑Thu Aug 17, 2023 6:21 am It is not 6 months between cards, it is 6 months between any credit product they offer I found that out when I tried to get a car loan... that triple pull is just abusive behavior in my mind designed to lock you into using their products, I know people like Capital One, I just see them as a subprime lender, that managed to get some name recognition and a catchy slogan.

The 6 month rule isn't absolute. There are a few DPs of people being approved for a second capital one card with less than 6 months between applications.

Saeren wrote: ↑Thu Aug 17, 2023 2:01 pm

Beefy wrote: ↑Thu Aug 17, 2023 6:21 am

ToxikPH wrote: ↑Wed Aug 16, 2023 9:51 am From Doctor of Credit: https://www.doctorofcredit.com/capital- ... igibility/ Capital One had previously had a very vague language surrounding their sign up bonuses. The new update solidifies the sign up bonuses to 48 months since receiving a previous bonus. This seems really similar to many other banks so it doesn't come as a surprise but is good the language is solidified as previous wording said "existing or previous cardmembers may not be eligible". Capital One also already has some rules that could be seen as anti-churning including 6 months between cards and pulling all 3 reports (not specifically anti-churning but has similar affects).

It is not 6 months between cards, it is 6 months between any credit product they offer I found that out when I tried to get a car loan... that triple pull is just abusive behavior in my mind designed to lock you into using their products, I know people like Capital One, I just see them as a subprime lender, that managed to get some name recognition and a catchy slogan.

Capital One gives credit to people who can't get credit from anyone else without much worse terms so I don't care about the triple pull and neither do the vast majority of people who receive it. Before Capital One sent me the offer for the $300 Platinum card (with no AF, 18.9%, and with a 25 day grace period) I was only getting offers from companies like Credit One (with an AF, forgot the APR, and no grace period so any time I use it I would be charged interest). In fact I got approved for Credit One and then re-read the terms and the only good thing I can say about them is that when I called, the lady canceled the application completely, and it didn't even show up on my credit report beyond the inquiry. That Capital One card was converted to a QS and grew to $8250 before they slashed it to $2K during the pandemic (I had gotten so many new cards it went from my main spend card to my SD card) and they also were the first to give me a $10K limit with my SavorOne approval in 2019. I'll also say that I had to dispute charges with them twice and both times they made it very easy and found in my favor even though neither was outright fraud. They also are one of the only issuers with virtual card numbers and they were one of the first to give you your rewards when charges post with no minimum redemption threshold.

Well having both a credit and capital one card both no AF, both a grace period, both before I had a fico score credit one has been better to me than capital one. The virtual number is a non feature for me, but I care about that triple pull. At this point both are small subscriptions just to keep them active, but I could close both and not care. In the end no amount of online commentary trumps personal experience and what matters to you right?

Beefy wrote: ↑Thu Aug 17, 2023 8:03 pm

Saeren wrote: ↑Thu Aug 17, 2023 2:01 pm

Beefy wrote: ↑Thu Aug 17, 2023 6:21 am It is not 6 months between cards, it is 6 months between any credit product they offer I found that out when I tried to get a car loan... that triple pull is just abusive behavior in my mind designed to lock you into using their products, I know people like Capital One, I just see them as a subprime lender, that managed to get some name recognition and a catchy slogan.

Capital One gives credit to people who can't get credit from anyone else without much worse terms so I don't care about the triple pull and neither do the vast majority of people who receive it. Before Capital One sent me the offer for the $300 Platinum card (with no AF, 18.9%, and with a 25 day grace period) I was only getting offers from companies like Credit One (with an AF, forgot the APR, and no grace period so any time I use it I would be charged interest). In fact I got approved for Credit One and then re-read the terms and the only good thing I can say about them is that when I called, the lady canceled the application completely, and it didn't even show up on my credit report beyond the inquiry. That Capital One card was converted to a QS and grew to $8250 before they slashed it to $2K during the pandemic (I had gotten so many new cards it went from my main spend card to my SD card) and they also were the first to give me a $10K limit with my SavorOne approval in 2019. I'll also say that I had to dispute charges with them twice and both times they made it very easy and found in my favor even though neither was outright fraud. They also are one of the only issuers with virtual card numbers and they were one of the first to give you your rewards when charges post with no minimum redemption threshold.

Well having both a credit and capital one card both no AF, both a grace period, both before I had a fico score credit one has been better to me than capital one. The virtual number is a non feature for me, but I care about that triple pull. At this point both are small subscriptions just to keep them active, but I could close both and not care. In the end no amount of online commentary trumps personal experience and what matters to you right?

There is a huge difference between not having a credit score and having an insanely bad one which is what my situation was and that's where Credit One and other subprime lenders tend to rake you over the coals. I had to file for BK in 2010 and in 2014 when I got both offers I had nothing but more bad debt added thanks to medical collections and Verizon plus me swearing I would never get credit again anyway (the reason I did was because when I got my disability backpay I had $48K in the bank and I didn't want to have my roommate go grocery shopping with my debit card and have access to all that money). To say I was shocked when Capital One sent me that offer and then approved me would be an understatement. I've seen far more complaints about Credit One than Capital One despite the fact that Capital One is huge so I would lean towards your experience being more of an outlier. You are probably the third person who has ever told me they didn't regret going with Credit One but it's nice to hear they were good for you. As for VCCs... If my cash back wasn't so good on some of my other cards I'd only use cards that have them. I especially love Citi's version that allows me to set absolute daily limits so companies can't overcharge me. I've also had to replace my VCCs on sites twice this year due to breaches and that's far less of a headache than ordering a new card altogether.

I always get downvoted to hell and shunned every time I say it, but I take absolutely no issue with Capital One's "triple pull" and think EVERY lender should triple pull. The only reason Capital One gets shit for it is because they're basically the only one that does it... but IMO, they do it right. The entire purpose of a hard inquiry placed on your reports is to show you applied for credit. Whether a lender looks at EX or TU or EQ, they should be able to see that application for credit. It's just silly to me that someone can have (say) 3 inquires on TU, 5 on EQ and 8 on EX. The number should be the same for all 3B. I completely concede to the fact that I'm in the tiny minority when I present that mindset and that it significantly goes against the grain of the norm.

BrutalBodyShots wrote: ↑Fri Aug 18, 2023 1:11 am I always get downvoted to hell and shunned every time I say it, but I take absolutely no issue with Capital One's "triple pull" and think EVERY lender should triple pull. The only reason Capital One gets shit for it is because they're basically the only one that does it... but IMO, they do it right. The entire purpose of a hard inquiry placed on your reports is to show you applied for credit. Whether a lender looks at EX or TU or EQ, they should be able to see that application for credit. It's just silly to me that someone can have (say) 3 inquires on TU, 5 on EQ and 8 on EX. The number should be the same for all 3B. I completely concede to the fact that I'm in the tiny minority when I present that mindset and that it significantly goes against the grain of the norm.

Yep and even Capital One has been known to let you game that system by freezing one of them - EX I believe.

BrutalBodyShots wrote: ↑Fri Aug 18, 2023 1:11 am I always get downvoted to hell and shunned every time I say it, but I take absolutely no issue with Capital One's "triple pull" and think EVERY lender should triple pull. The only reason Capital One gets shit for it is because they're basically the only one that does it... but IMO, they do it right. The entire purpose of a hard inquiry placed on your reports is to show you applied for credit. Whether a lender looks at EX or TU or EQ, they should be able to see that application for credit. It's just silly to me that someone can have (say) 3 inquires on TU, 5 on EQ and 8 on EX. The number should be the same for all 3B. I completely concede to the fact that I'm in the tiny minority when I present that mindset and that it significantly goes against the grain of the norm.

Oh I think they should as well, but I also think they shouldn't be as punitive, if everyone did it, it wouldn't be an issue it would be the norm, but what should and what is are not the same thing.

Beefy wrote: ↑Fri Aug 18, 2023 2:54 am

BrutalBodyShots wrote: ↑Fri Aug 18, 2023 1:11 am I always get downvoted to hell and shunned every time I say it, but I take absolutely no issue with Capital One's "triple pull" and think EVERY lender should triple pull. The only reason Capital One gets shit for it is because they're basically the only one that does it... but IMO, they do it right. The entire purpose of a hard inquiry placed on your reports is to show you applied for credit. Whether a lender looks at EX or TU or EQ, they should be able to see that application for credit. It's just silly to me that someone can have (say) 3 inquires on TU, 5 on EQ and 8 on EX. The number should be the same for all 3B. I completely concede to the fact that I'm in the tiny minority when I present that mindset and that it significantly goes against the grain of the norm.

Oh I think they should as well, but I also think they shouldn't be as punitive, if everyone did it, it wouldn't be an issue it would be the norm, but what should and what is are not the same thing.

How reports and scores are priced for lenders would have to change for that to happen. Lenders pay for each one, so a triple pull is going to cost more than a single pull. The lenders that do pulls on more than one bureau have decided that the extra risk mitigation from seeing multiple reports is worth the extra cost, but a lot of lenders, especially smaller ones, aren't going to do that.

How does the cost compare between a HP and a SP for a lender?

BrutalBodyShots wrote: ↑Fri Aug 18, 2023 2:19 pm How does the cost compare between a HP and a SP for a lender?

That's a question above my paygrade, but I think it depends on what the lender has negotiated with that particular bureau for costs and what kind of SP they're paying for.

All I know is Cap1 gives me 5% cash back everytime I order using my Walmart+. Who else is gonna do that?