Should I apply for the Quicksilver?

[Bandit5160]

To apply or not to apply, that is the question...

A bit of background.  I once had a regular Capital One Platinum credit card with no rewards.  Since I had improved my credit score from the low 600s to the mid 700s, I decided to try for an upgrade to Quicksilvernwith their 1.5% cash rewards on all purchases.  They told me yes, I could upgrade.  But they gave me a Quicksilver ONE and I then found out that this was a less desirable card than the Quicksilver as it is geared towards average credit and carries an annual fee that wipes out a portion of the rewards you earn.  I guess it is my fault for not doing my homework before and seeing that the QS and QS1 are on (to me) vastly different levels.  I do not consider my credit score, which is around 740-750, to be AVERAGE!  I consider it to be Quicksilver caliber, not QS1 caliber!  But every time I contact Capital One they tell me I cannot upgrade my QS1.  About five to six months ago, I applied for and got a Premiere Dining Rewards card from these guys (it is now called Savor) because I travel and eat out a lot.  This is a “World Elite” card with no annual fee and they gave me a generous $10,000 CL on this card.  But they still won’t upgrade my QS1 with only a $2,750 CL on the phone...CRAZY!  And there is no upgrade link available for my QS1 online either.  I even clicked that Capital One card upgrade link shared on this website...nada! 

So now I’m thinking maybe I should just apply for a Quicksilver.  I could then just combine the QS1 credit limit into the new QS, closing the QS1 in the process.  But I’m worried about being declined and wasting a hard pull on all three credit bureaus too...because there’s no guarantee they’ll approve me.  What do you guys think.  Should I apply for a QS card now?  Or should I just bide my time for now?

[Anonymous]

Personally, I find 1.5% cards to be useless with so many 2% options out there, my 7 months old QS has been sitting in the drawer since I got my 2% Penfed. That said, your score is above the qualification level for the QS, the UW is probably the same for both QS and the Dinning Card, just make sure you don't apply until you're 6 months out from the Dinning Card approval.

[simplynoir]

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@Anonymous wrote:
Personally, I find 1.5% cards to be useless with so many 2% options out there, my 7 months old QS has been sitting in the drawer since I got my 2% Penfed. That said, your score is above the qualification level for the QS, the UW is probably the same for both QS and the Dinning Card, just make sure you don't apply until you're 6 months out from the Dinning Card approval.

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+1 But I wish all cashback earnings/redemptions worked like CapOne.

[Anonymous]

I'd wait until you prequal for Venture (not VentureOne) -- the sign-up bonus is massive.  Use it for a year (no AF first year) then see if you can downgrade/PC to a QS.

[SomewhereIn505]

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@Bandit5160 wrote:

To apply or not to apply, that is the question...

A bit of background.  I once had a regular Capital One Platinum credit card with no rewards.  Since I had improved my credit score from the low 600s to the mid 700s, I decided to try for an upgrade to Quicksilvernwith their 1.5% cash rewards on all purchases.  They told me yes, I could upgrade.  But they gave me a Quicksilver ONE and I then found out that this was a less desirable card than the Quicksilver as it is geared towards average credit and carries an annual fee that wipes out a portion of the rewards you earn.  I guess it is my fault for not doing my homework before and seeing that the QS and QS1 are on (to me) vastly different levels.  I do not consider my credit score, which is around 740-750, to be AVERAGE!  I consider it to be Quicksilver caliber, not QS1 caliber!  But every time I contact Capital One they tell me I cannot upgrade my QS1.  About five to six months ago, I applied for and got a Premiere Dining Rewards card from these guys (it is now called Savor) because I travel and eat out a lot.  This is a “World Elite” card with no annual fee and they gave me a generous $10,000 CL on this card.  But they still won’t upgrade my QS1 with only a $2,750 CL on the phone...CRAZY!  And there is no upgrade link available for my QS1 online either.  I even clicked that Capital One card upgrade link shared on this website...nada! 

So now I’m thinking maybe I should just apply for a Quicksilver.  I could then just combine the QS1 credit limit into the new QS, closing the QS1 in the process.  But I’m worried about being declined and wasting a hard pull on all three credit bureaus too...because there’s no guarantee they’ll approve me.  What do you guys think.  Should I apply for a QS card now?  Or should I just bide my time for now?

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Looking at your siggy, I think you can get a better cash rewards card. What are you going to be using this card for? If its every day stuff, perhaps BCP would be better or search Disco Deals for the higher rewards. If in doubt, and you have had your QS1 over 6 months and you're set on QS, then prequal the Cap One site.

[Bandit5160]

Well, I’m afraid this story did not have a happy ending.  I went ahead and applied for a Quicksilver.  I was declined.  I guess I’ll find out exactly why in 7-10 days.  But it isn’t my credit score.  The Creditwise Feature of Capital One’s own website shows my score as a 795.  I think I have simply opened too many cards within 2017.  At least I haven’t gotten any notices that a credit inquiry was done from any of the bureaus.  I don’t think they did a hard pull- they just declined me without a credit check.  Oh well, it’s not like I’m really hurting for more credit.  I’ll get over it.

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@SomewhereIn505 wrote:

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@Bandit5160 wrote:

To apply or not to apply, that is the question...

A bit of background.  I once had a regular Capital One Platinum credit card with no rewards.  Since I had improved my credit score from the low 600s to the mid 700s, I decided to try for an upgrade to Quicksilvernwith their 1.5% cash rewards on all purchases.  They told me yes, I could upgrade.  But they gave me a Quicksilver ONE and I then found out that this was a less desirable card than the Quicksilver as it is geared towards average credit and carries an annual fee that wipes out a portion of the rewards you earn.  I guess it is my fault for not doing my homework before and seeing that the QS and QS1 are on (to me) vastly different levels.  I do not consider my credit score, which is around 740-750, to be AVERAGE!  I consider it to be Quicksilver caliber, not QS1 caliber!  But every time I contact Capital One they tell me I cannot upgrade my QS1.  About five to six months ago, I applied for and got a Premiere Dining Rewards card from these guys (it is now called Savor) because I travel and eat out a lot.  This is a “World Elite” card with no annual fee and they gave me a generous $10,000 CL on this card.  But they still won’t upgrade my QS1 with only a $2,750 CL on the phone...CRAZY!  And there is no upgrade link available for my QS1 online either.  I even clicked that Capital One card upgrade link shared on this website...nada! 

So now I’m thinking maybe I should just apply for a Quicksilver.  I could then just combine the QS1 credit limit into the new QS, closing the QS1 in the process.  But I’m worried about being declined and wasting a hard pull on all three credit bureaus too...because there’s no guarantee they’ll approve me.  What do you guys think.  Should I apply for a QS card now?  Or should I just bide my time for now?

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Looking at your siggy, I think you can get a better cash rewards card. What are you going to be using this card for? If its every day stuff, perhaps BCP would be better or search Disco Deals for the higher rewards. If in doubt, and you have had your QS1 over 6 months and you're set on QS, then prequal the Cap One site.

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[Anonymous]

You said you were approved for the dinning card 5 to 6 months ago, is it 5 or 6? You can only be approved for 1 Cap One card per 6 months period. Also, CreditWise score is Vantage Score, not FICO, I would find out what your true FICO score is.

[Anonymous]

^^^+1 that's definitely it

When it's been less than 6 months since your last cap1 approval you'll get an automatic decline and they won't do the HPs

It'll tell you for sure in the email obviously (it'll probably include something along the lines of 'rest assured your credit score was not affected' or 'this decision was not based on credit score' or something like that), double check your CRs to make sure you still don't have any new inquiries but I'm just about certain that's the issue

[CreditCuriosity]

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@Anonymous wrote:
You said you were approved for the dinning card 5 to 6 months ago, is it 5 or 6? You can only be approved for 1 Cap One card per 6 months period. Also, CreditWise score is Vantage Score, not FICO, I would find out what your true FICO score is.

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+1 what he said.. one Cap1 card every 6 months

[Bandit5160]

Looking back, I found that I was approved for the Premiere Dining Rewards (Savor) on July 4, 2017.  So that’s it.  I must wait until January 5, 2018 to re-apply.  AndI found that my true FICO is a 728...not quite as high as I thought but still respectable.

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