Choosing bf's first CC Cap One advice

[Anonymous]

My fiance pre-qualifies for Cap One platinum and quicksilver one with $39 annual fee. Originally, he didn't have much credit and only qualified for a secured card until I added him as an AU to my Cap One quicksilver card. 

I have only had a card for about 15 mo. It started out platinum $750, after 5 on time payments, went up to $1250. After having it a year they offered to upgrade it to quicksilver. Because of the 1.5% cash back I utilized the card for everyday expenses and tried for a CLI (online) and to my surprise they increased it by $2000.

Originally, I was going have my fiance apply for the platinum (since there is no annual fee), put monthly netflix on it to keep it active, and continue to use my card for the reward. However, it occurred to me that perhaps I got such a nice CLI because of my activity. Would it be in his best interest to get the quicksilver one and split the daily expenses between our two cards?

[Anonymous]

get the platinum then ask for it to be upgraded to quicksilver.

[Anonymous]

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@Anonymous wrote:

get the platinum then ask for it to be upgraded to quicksilver.

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+1 The $39 isn't worth it when they'll upgrade 2-3 months later. It should get more usage than Netflix though for a good CLI so you may still want to co-spend with it.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

get the platinum then ask for it to be upgraded to quicksilver.

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+1 The $39 isn't worth it when they'll upgrade 2-3 months later. It should get more usage than Netflix though for a good CLI so you may still want to co-spend with it.

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Hmmm..I didn't realize he could be upgraded that quickly. Mine wasn't until a year later, but then it wasn't at my own request. Not to doubt you, but i know they only do a CLI but every 6 mo. Are you sure there is the possibility to be able to upgrade in as soon as 2-3 months? And would that be because of the fact that he is already pre-qualified for the quicksilver one, and so it would be easier for him to upgrade more quickly? I'm sorry, I am very new to this and am basically in charge of both of our credit health. I really do greatly appreciate your insight!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

get the platinum then ask for it to be upgraded to quicksilver.

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+1 The $39 isn't worth it when they'll upgrade 2-3 months later. It should get more usage than Netflix though for a good CLI so you may still want to co-spend with it.

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Hmmm..I didn't realize he could be upgraded that quickly. Mine wasn't until a year later, but then it wasn't at my own request. Not to doubt you, but i know they only do a CLI but every 6 mo. Are you sure there is the possibility to be able to upgrade in as soon as 2-3 months? And would that be because of the fact that he is already pre-qualified for the quicksilver one, and so it would be easier for him to upgrade more quickly? I'm sorry, I am very new to this and am basically in charge of both of our credit health. I really do greatly appreciate your insight!

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The PC is always YMMV, but there's a lot of people that cannot get a QS1 upgraded. I was one of them. I then opened a platinum, got a CLI at 2 months, PC to quicksilver at 3 months, and combined my QS1 into it later. 

I've been helping my fella and his cousin with both of their rebuilds and they were both able to PC to a QS  & get a pre-steps CLI before steps kicked in...one at 3 months and 1 at 4 I think. For data points, both profiles were in mid 600s and the spend was heavy (well, as heavy as it can be with $500 cards!)

[Credit_hawk]

Trust us. Go with Platinum. After a few months of payment history call Cap One and ask for a product change to QuickSilver. It's the best most efficient way. You have better odds of getting stuck at a QS1 than a Platinum.

[Anonymous]

Thanks guys!! I really do appreciate it. Very helpful advice!

[cuthatcard]

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@Credit_hawk wrote:

Trust us. Go with Platinum. After a few months of payment history call Cap One and ask for a product change to QuickSilver. It's the best most efficient way. You have better odds of getting stuck at a QS1 than a Platinum.

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Wish I'd known this before taking the QS1 a couple months ago ! 

I had the choice between the 2, took the QS1 ,  been using and paying heavy on the $2000.00 SL hoping for a CLI at the 3rd month or so then getting rid of the fee at the end of "steps" ! 

I done the pre-equals , today and Cap-1 says I can app for the Venture and Venture 1 BUT....as we know...no new apps but every 6 months !  

Good info here !! 

[Anonymous]

Very nice thing your doing hope they appreciated 

UPDATE us when you can..

[Anonymous]

I think it's important to point out that the QS1 has 0% apr for the first 9 months but the Platinum DOES NOT. It's one of the main reasons I chose to go with the QS1 (and then PC it to a Quicksilver). That might not be of interest to some but it was a big selling point for me.