What's in your wallet? Not Capital One.

I was listening to the radio this morning and a commercial caught my ear. It reminded me why I will not go near Capital One.

Many years ago, I was the founding director of a new, small school and while we were able to open a basic checking account, we could not have a credit card. So I looked around, and opened an account in my name with my details with Capital One with no fees and a good rewards program.

Over the next five years, we put through around $8 - 10,000 a month. Of course, we always paid in fall each month so they received no interest from us, but I am sure they still made money from the interchange fees. We sent several teachers to out-of-state conferences and courses using the rewards.

After about five years, the school changed banks and the package included a credit card so I cancelled the Capital One card. Although it had been used 100% for school transactions, it had been in my name and appeared against my credit card and credit score.

About five years after that, one of my children was heading off to college and I wanted to give her a low-limit credit card, perhaps $500, so she could learn to use credit responsibly, and if things went wrong, I could afford the $500. The account would of course be in my name, and she would be an additional cardholder. Again, I looked around and Capital One appeared to meet my needs. It was free, rewards went from double to five times and I could set the limit.

I applied online, hit enter, and was declined. This was a surprise since my Equifax and Experian scores are over 800, I have never been late in making payments, I have a low percentage of credit use, good equity etc. So I appealed, and a week later I received a letter telling me that I do not meet the Capital One "customer profile".

The only reason I can think of is that I closed the previous account, in which case the decision can only be retributive. And that is why I will never have a Capital One product. I have no interest in a corporation whose values include taking revenge on a customer who left them. What's in my wallet? Two credit cards, several storecards, and no Capital One.

**Questions or comments below. Let me know what you think.**