Capital One Journey

[adoak]

Good morning!

I recently received an offer in the mail for a Capital One "Journey" card. I currently hold a Capital One platinum mastercard which is almost 2 years old. Beyond the Capital One platinum MC, I have a few retail CCs (e.g. Macys, Bloomingdales, Nordstrom, Target). I am slowly trying to build my credit profile after not using credit at all for several years. This year I've generated many inquiries on account of obtaining retail cards, all of which were opened in the past 12 months.

Also, this past month I joined the PenFed credit union, based on information from the forum, this seemed to be one of the best credit unions to join.

If I'm invited to apply for a credit card, does that generate a HP or a SP?  Is a Capital One Journey card even worth it?

My goal is to enter "gardening" in November 2013, in preparation to try to buy a condo/home next year.

[nick125]

If I recall correctly, the Journey is CapOne's card for college students -- it returns something like 1.25% cashback. Just remember that you'll get hit with 3 HPs for any Cap One card -- even if you're "invited" to apply. 

[coldnmn]

Cap1 will do a hard inquiry on all three reports. In my opinion do a product change on your platinum card via Eo, Facebook or twitter. Look for something better as always YMMV.

[adoak]

I did a little research this morning and it does appear that Capital One "Journey" is targeted to students. I am not a student. Perhaps because I have a "thin" credit history, I'm being offered this card?  I definitely have an interest in opening another CC, since Capital One is my only one. However, my credit scores are still low, so I'm afraid of attempting to open any other MC or Visa. My most recent experian credit score was 596 I think. 

[adoak]

This will reveal how much of a "newbie" I am.  What does it mean to do a product change?

[longtimelurker]

Product Change (usually here "PC") just means that you get the issuer of your card to change it from one type to another (e.g. Cap One Platinum to Cap One Quicksilver).

The pros are that you avoid another inquiry on your account (which impacts your score) and avoids creating a new account (which impacts your score).  The con is that you usually are not going to get the sign up bonus associated with the new card, because it is not a new application.

Note, issuers don't have to do it, you ask and they may or may not agree.

Edit: should have explained that you keep the opening date of the old account, so it looks like the same account to the credit agencies, which helps your score.

[adoak]

Thanks for the explanation!

So, I think I'm going to reach out to C1 today and ask for a product change to the C1 "Quicksilver".  Crossing my fingers, I'll have luck!

[coldnmn]

Call Cap1 and see if you have any offers for a product change to the Quicksilver card 1 1/2 % on all spending. If there is no offers contact Cap1 on their Facebook, Twitter page or contact Cap1 through Executive Office get the Email or phone number asking someone to personal message it to you. I don't have it or I would. Tell them you really like their card but without rewards it's not what you can really use. If they tell you to apply tell them you don't want multiple cards from the same company.  Be courteous and good luck.

Forgot to add if you have to contact the executive office or Facebook, Twitter forwards to them ask for CLI (credit limit increase) at the same time

[adoak]

I reached out to C1 via the "chat live" option when I log into my account.  The agent just said "I reviewed your account and see that you have an option to upgrade your account to Quick silver card."  Woo hoo!!!

Agent said by upgrading my C1 platninum to a C1 Quiksilver today, I am not eligible for any special offers from C1 for 6 months like credit limit increase, lower apr and upgrade offer.  I am fine with this :-)

Happy I reached out to the forum this morning. I had no clue I could request a product change and upgrade to a better C1 card. Happy :-)

[coldnmn]

Congrats!