Capital One Product Change Questions (among other things)

[ticalc2014]

Hello,
I've been lurking in the shadows for the past few weeks, trying to pick up some tips on improving my credit, best cards for different uses, etc, and have been impressed with the number of people taking time to share their stories so that their experiences may help others, as well as sharing their knowledge with others who aren't quite sure what to do. About 2 months ago, I decided that the time was right to begin straightening out my finances, as I'm still carrying credit card debt from college several years ago, and if anything, have been adding to it. For the past 7 years or so, I've been in the buy now, pay later mindset, and through one misguided move or another, by the time the "pay later" began to rear its ugly head, there wasn't much to pay with. After I created a spreadsheet with all of my income and expenses, it was sickening to see how much I could save up in a year, let alone the past 3 1/2 that I've been foolishly squandering my money. I started off, just planning to pay off my credit card debt (about $11k) over the next 12 months, but then looked into Prosper/Lending Club. Things didn't pan out there, as Prosper was offering a higher APR than I was paying on my cards, and Lending Club was taking 3 days to review a document, asking for another. Another 3 days to review (despite submitting it 8 minutes after being requested; hey, I could hope they would have as fast of a turnaround as I did, right?), another document request. I finally gave up, and ended up borrowing the money from a family friend instead. I'll still have $2500 in 0% balance transfers to pay off over the next 12 months, but then I will only have my mountain of student loan debt to contend with.

At this point, while still having room to grow, my TU score provided by CapitalOne has grown from 637 to 726, and should move a bit higher once the rest of the reduced balances are reflected on my reports. MyFICO is showing 732/733 for Experian (6/4) and Equifax (6/18) respectively. Once my remaining balances are paid off, I would expect those to move to around 750. I don't have any immediate need for a good credit score, but it'll be nice by this time next year to be seeing 750's with my only remaining debt being student loans (that I'll be stuck with until the day I die, or so it seems). Not that I needed the credit or anything, but thanks to one of the threads here, I saw the Amazon Rewards Visa promotion for a $60 gift card for signing up. Applied, was approved for $2k, got the $60 gift card, installed the Amazon 1 Button app or whatever on Chrome, saw a $20 off coupon for a Norelco Electric Razor that was already $20 off from $110 to $90. After all was said and done, I paid about $10 for it, at the cost of an inquiry. Something I've been meaning to try out for a while, but was never really ready to spend the money on it, but thanks to the forums here, finally got a chance to pick one up. Anyway, before I get too far off track, I'll move on to my main question.

When you request a product change, are there any general guidelines as to what changes, and what stays the same from the original account? For example, I have had a Capital One Platinum card since I got home from my Freshman year of college (June 2007). At the time of my application, I received a fixed rate, 13.9%, as I had no credit history at the time. To this day, that remains my best interest rate. I see a lot of people talking about the Quicksilver card, so just for this example, if I decided to request a product change down the road, would the interest rate be locked in with the original product, or would I end up with a new, variable rate? Are any added benefits of the Quicksilver card going to make all that much of a difference to the non-traveling consumer? I'm sorry it took so many words to ask a few basic questions, but sometimes I tend to carry on, and on, and on, and .......

I appreciate any responses you have to offer.

[capitalkid]

Your post is very well though out and organized this is going to go along way during your rebuilding process. 

Just start with the smallest balance first and work away at it until its gone.  Make as good a chunk payments as you can until its widdles down, try not to look too far in the future because it will start to be discouraging and may cause hopelessness which is counter productive in your quest for rebuilding. 

I think you are well organized enough to tackle it.  These boards are a mightily help as well.

On to the PC Q.  Not all issuers will PC. 

AFAIK, Issuers that will PC:

BOA

Citi

Chase

Discover

USAA

AMEX

Issuers that are not known for doing PC

GECRB

Capone

Barclay

WFFB/Comenity

HSBC

Wells Fargo

UNK

U.S. Bancorp

PNC

First National

Occasionally Capone will send out little mailers that say they are PCing your card to quicksilver one or something, in actuality they just add on a rewards program to the existing line and call it a PC.  You have the same account number you always had and it is still a platinum MC.  Capone will also not move you to visa signature nor to a world mc if you were not issued one to begin with, pretty much anything you MIGHT accomplish is done through the Executive Office , the number is floating around here somewhere, I have called them and got no where in over 7 years.  I dont expect much it is cap one after all. 

The lender as well as the type of card you have directly determines its ability to grow.  Each program is written according to certain program rules and guidelines with CL caps, program restrictions and limitations.  Surf around here and you can gather your info on the cards youd like to app for and make grow in the garden. 

I spent 5 years watering cards that were set not to grow past 750$ ever.  Man I felt sheepish when I finally found  out. 

Anyway Good luck and as always Your Mileage May Vary!

[BluePoodle]

I would just call Cap1 and ask. I and many others here have PC'd their Platinum card to the rewards Quicksilver card.  I would assume your interest would remain the same but you would have to ask. Call first, if that doesn't get you any results then you can call the EO (numbers are posted somewhere here on the forum) or send a PM via Facebook and make your request. Good luck and let us know what happens.

[ACG23]

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@ticalc2014 wrote:

When you request a product change, are there any general guidelines as to what changes, and what stays the same from the original account? For example, I have had a Capital One Platinum card since I got home from my Freshman year of college (June 2007). At the time of my application, I received a fixed rate, 13.9%, as I had no credit history at the time. To this day, that remains my best interest rate. I see a lot of people talking about the Quicksilver card, so just for this example, if I decided to request a product change down the road, would the interest rate be locked in with the original product, or would I end up with a new, variable rate? Are any added benefits of the Quicksilver card going to make all that much of a difference to the non-traveling consumer? I'm sorry it took so many words to ask a few basic questions, but sometimes I tend to carry on, and on, and on, and .......

I appreciate any responses you have to offer.

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When I did a Product Change from Platinum to Quicksilver, my APR and all other terms, including CL, stayed the same. 

[coldnmn]

Welcome to the forum 1 1/2 % rewards on purchases versus 0% with your current platinum would make a product change worth while. Call the number on the back of your card and see if there are any product upgrades avaliable for your account. If not contact them through Facebook or google ceo email for Cap1 and email your request.

[ACG23]

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@coldnmn wrote:

Welcome to the forum 1 1/2 % rewards on purchases versus 0% with your current platinum would make a product change worth while. Call the number on the back of your card and see if there are any product upgrades avaliable for your account. If not contact them through Facebook or google ceo email for Cap1 and email your request.

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Or chat. That's how I got my PC. 

[ticalc2014]

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@coldnmn wrote:

Welcome to the forum 1 1/2 % rewards on purchases versus 0% with your current platinum would make a product change worth while. Call the number on the back of your card and see if there are any product upgrades avaliable for your account. If not contact them through Facebook or google ceo email for Cap1 and email your request.

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Thank you for the response. The Capital One was more used as an example to try to understand more about the PC process. As for the 1.5% rewards, my Visa Platinum actually has a 1.25% reward rate so if that's the only real difference between the two, it wouldn't really be worth it to request the PC in the future. Still, if I find myself using the card more, I may do it to save a few dollars if I'm not hardpressed for the available inquiries.

[ticalc2014]

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@ACG23 wrote:

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@ticalc2014 wrote:

When you request a product change, are there any general guidelines as to what changes, and what stays the same from the original account? For example, I have had a Capital One Platinum card since I got home from my Freshman year of college (June 2007). At the time of my application, I received a fixed rate, 13.9%, as I had no credit history at the time. To this day, that remains my best interest rate. I see a lot of people talking about the Quicksilver card, so just for this example, if I decided to request a product change down the road, would the interest rate be locked in with the original product, or would I end up with a new, variable rate? Are any added benefits of the Quicksilver card going to make all that much of a difference to the non-traveling consumer? I'm sorry it took so many words to ask a few basic questions, but sometimes I tend to carry on, and on, and on, and .......

I appreciate any responses you have to offer.

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When I did a Product Change from Platinum to Quicksilver, my APR and all other terms, including CL, stayed the same. 

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Thanks, that's good to know if I decide to request a PC in the future, that I could keep my original terms. I know it's never a guarantee, but this is exactly the kind of past experiences I was looking for in my example, thanks!

[CWL]

I used web chat they PC'd from Plat to QS1

[ACG23]

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@CWL wrote:

I used web chat they PC'd from Plat to QS1

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I wonder how they decide between QS and QS1. Our stats are basically the same, and I got the one without the fee.