CapOne advice? New card?

Anonymous · ‎08-23-2016

I applied and was approved for a CapOne QS1 in mid-July after improving my scores to around 620. In the past month I've raised my scores to around 700 and have opened several prime accounts (AmEx BCE, Chase SW, Discover IT, PenFed Promise) with much higher limits. I know I won't be eligible to raise my credit limit on my CapOne until after 90 days, but after talking with the CSR he said I was in the CSP and that I'm slated for an increase in three months all the way to ... 750. I've already ran about $1500 through the card, paying the entire balance in full at least once per week.

My question is whether or not I should just app for a new CO account and combine the two later? If so, do I app the no AF QS or the Venture?

My scores are between 690-710, AAoA is 3.75 years, oldest acct is 11 years, two lates still reporting, Inq's are between 5-8 depending on acct.

Am I being impatient? My perspective is that I don't want to garden a card with a small limit and an AF for the next year if I could get approved for a much better card today. Since I've gone on this app spree I'd rather do another HP now so they all come off around the same time down the road.

bourgogne · ‎08-23-2016

Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.

Anonymous · ‎08-23-2016

Sage advice, Bourgogne. My PenFed & Discover certainly have the best limits, I chose the Chase SW because that's primarily what we fly & the AmEx BCE has the best Cash Back for groceries, gas, etc. With their 3x CLI program, I'm hoping to get the AmEx to $18k within 6 mos and build from there. The Amazon Card makes sense only because of how much we spend on Amazon.

I do run a significant amount of business expenses through my cards and get reimbursed weekly, so I should be able to put close to $10k on cards monthly and I always PIF. My take on this whole thing is that I actually like these cards I have, I know there are more prestigious cards out there, but I'm not sure the rewards would offset the AFs compared to what I have now.

That said, since I have "invested" six pulls this month, I thought it might make sense to just bite the bullet and try and fix my situation with QS now. I see you have the QS Card as a WMC with $10k+ ... That's essentially what I'm working to build up to. Thoughts?

Btw, I assume you're a fan of bourgogne? Any Grand Crus in your collection?

@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.

bourgogne · ‎08-23-2016

@Anonymous wrote:
Sage advice, Bourgogne. My PenFed & Discover certainly have the best limits, I chose the Chase SW because that's primarily what we fly & the AmEx BCE has the best Cash Back for groceries, gas, etc. With their 3x CLI program, I'm hoping to get the AmEx to $18k within 6 mos and build from there. The Amazon Card makes sense only because of how much we spend on Amazon.

I do run a significant amount of business expenses through my cards and get reimbursed weekly, so I should be able to put close to $10k on cards monthly and I always PIF. My take on this whole thing is that I actually like these cards I have, I know there are more prestigious cards out there, but I'm not sure the rewards would offset the AFs compared to what I have now.

That said, since I have "invested" six pulls this month, I thought it might make sense to just bite the bullet and try and fix my situation with QS now. I see you have the QS Card as a WMC with $10k+ ... That's essentially what I'm working to build up to. Thoughts?

Btw, I assume you're a fan of bourgogne? Any Grand Crus in your collection?
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.

@Anonymous that is a lot more info…my 12.3K chase was $ 300 two years ago and my scores were in the mid-500s. Obviously with your scores climbing the way they are you don’t have the issues I do. If you can forgo the mileage benefits for a while you can do amazing things. If you forget everything but the cap1, assuming it is not in steps and play and pif it to death you will grow it 3-5K every 6 months. At one year pre qual and I bet you will see a venture offer. Take it. You will get a sl for 20K+ - cli it @ 3 months, wait another 3 and cli your qs, then cash out the venture, combine the qs and close and then pc the venture for a qs sig and have a mother card. verify it report properly and then get a nfcu card for 25K+and you are done. You should join the cu now via the navy league unless you have a military affiliation that will allow you to do it later. Easier to start with a good sl rather than cli it. Wish I knew what I knew now, I would have gone the nfcu route earlier. Building with cap1 is a no-brainer for most. Looks like you are pretty much all set to have what you want in 1.5 years

Yeah, I love burgs – leaving for amsterdam on 9/1 for 4 nights, picking up bikes from a buddy of mine in paris - https://www.yelp.com/biz/paris-bike-co-malakoff great guy btw should you ever need a bike or tour guy or anything bike related, then cycling and drinking in burg for 4 nights, loire for 3 and back to paris for 2 weeks. Pretty much walking, drinking, cycling, eating and museums. I also like rioja and barolo or pretty much anything from the piedmont area. I like traditional wines. What about you? Feel free to pm me

Anonymous · ‎08-23-2016

Seriously good advice, thanks for taking the time. A few things stand out here that I don't know about, forgive my ignorance.

First, QS Sig > Venture ?

Signature CCs report differently to CBs?

NFCU > PenFed? Or just utilize both? Do you prefer one over the other for other banking needs? Auto loan & mortgage are both on the horizon (9-18mos out).

I was already joining considering NFCU, but I should wait to app for CC products until I get everything else lined up? Should I open a savings acct or something in the meantime or just get membership & sit?

Finally, I did find out my QS1 is in the "steps" program and that my expected CLI after 90 days will be to a measly $750. I also found out I shouldn't app for a new CO acct until at least 6mos after my new QS1. Should I still just try and grow this one account until it's a year old and then prequal for the Venture?

Jealous of your trip. Wines from the Loire are truly underappreciated. My fiancee & I are hoping to do an Italian honeymoon, so drinking our way through Northern Italy will be a must. Barolo might be my favorite wine, but of course it depends on the time of year. I do love Burgundy but the market has gone so wild the past few years, it's hard to afford them anymore.

Well that is a lot more info…my 12.3K chase was $ 300 two years ago and my scores were in the mid-500s. Obviously with your scores climbing the way they are you don’t have the issues I do. If you can forgo the mileage benefits for a while you can do amazing things. If you forget everything but the cap1, assuming it is not in steps and play and pif it to death you will grow it 3-5K every 6 months. At one year pre qual and I bet you will see a venture offer. Take it. You will get a sl for 20K+ - cli it @ 3 months, wait another 3 and cli your qs, then cash out the venture, combine the qs and close and then pc the venture for a qs sig and have a mother card. verify it report properly and then get a nfcu card for 25K+and you are done. You should join the cu now via the navy league unless you have a military affiliation that will allow you to do it later. Easier to start with a good sl rather than cli it. Wish I knew what I knew now, I would have gone the nfcu route earlier. Building with cap1 is a no-brainer for most. Looks like you are pretty much all set to have what you want in 1.5 years

Yeah, I love burgs – leaving for amsterdam on 9/1 for 4 nights, picking up bikes from a buddy of mine in paris - https://www.yelp.com/biz/paris-bike-co-malakoff great guy btw should you ever need a bike or tour guy or anything bike related, then cycling and drinking in burg for 4 nights, loire for 3 and back to paris for 2 weeks. Pretty much walking, drinking, cycling, eating and museums. I also like rioja and barolo or pretty much anything from the piedmont area. I like traditional wines. What about you? Feel free to pm me

Anonymous · ‎08-23-2016

The Venture is pointless to have if you're looking for a 2% cash back card (which is essentially what it is). There are cards out there that'll give you 2% back with no annual fee, a first late fee waiver (you never know), and trip interruption and cancellation insurance, so you're better off with those cards instead. Why would you pay a $59 annual fee for the same rewards structure and less in terms of benefits?

The Venture One isn't worth having either. 1.25% back on all purchases? No thanks, especially if I'm required to have "excellent" credit to get it.

I know some people love Capital One, and yes I agree, it's great that they won't pull the rug out from underneath you during financial hardship, but they really are a sub-prime lender, and the OP's post is a great example of that... Almost all of CO's cards aren't capable of growing with you. You'll find very few people with large credit lines through Capital One, and they're mostly a rebuilding or building lender.

Anonymous · ‎08-23-2016

@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.

I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?

Anonymous · ‎08-23-2016

I think his point was that they are Prime accts, but not Prime CLs. Three of my "prime" cards have limits of 2500 or less. His point was to wait in order to get a much higher starting limit instead of trying to grow them for a couple years.

@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?

Anonymous · ‎08-23-2016

@Anonymous wrote:
I think his point was that they are Prime accts, but not Prime CLs. Three of my "prime" cards have limits of 2500 or less. His point was to wait in order to get a much higher starting limit instead of trying to grow them for a couple years.
@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?

In my opinion, a 'prime' limit varies by lender and card. I know Citi is a conservative lender, and even more conservative on some particular cards, such as the Double Cash for example. And then you have Chase on the other hand who would be more than happy to extend you enough credit to last a year without having to work on their top tier cards no matter if you have a 705 or an 825 score.

bourgogne · ‎08-23-2016

@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?

Sure – just like we each give the meaning to our life the meaning of a real card, a prime cl to me is a cl of 20K+. I used to have a wallet full of them a decade ago and that is my goal – ~100K over 4 cards. mine goal only. It obvious that everyone is on their own journey here which makes it interesting. Just now finished a nice pre-90 day appeal to penfed to review my account and give me the sp cl I deserve lol.