After much thought, and a few chats with Capital One, I have finally closed my first credit card: Capital One Secured MasterCard. The annual fee just hit and secured cards are not eligible for account combination. Looking forward to getting my deposit back!
Once the account was closed, I clicked on the pre-qualify link. I'm pre-qualified for Quicksilver Rewards at 17.9% (the middle tier). One-time $100 bonus when you spend $500. 0% until April 2016.
How is Capital One with APR reductions? I might take this offer, but only if I'll be able to work the APR down to 12.9% (lowest tier) or lower. Have you been successful with an APR reduction from Capital One? Have you read about an APR reduction from Capital One on myFICO? Thanks!
Since you are going to get hit with 3HP. CO pulls from all three bureaus you might as well apply for two cards Go for the QuickSilver and Venture One or Venture depending on your current scores. Then in 6 months you can consolidate the cards depending on your preferences. During that time you can work with CO on getting an APR reduction. They will most likley want to see some usage before lowering your APR.
@SunriseEarth wrote:I was able to reduce my QS from its HBSC-legacy APR of 19.9% to 17.9% recently through the EO.
Thanks, SunriseEarth! I hear it's quite difficult to contact the EO these days. 
@morgacj2004 wrote:Since you are going to get hit with 3HP. CO pulls from all three bureaus you might as well apply for two cards Go for the QuickSilver and Venture One or Venture depending on your current scores. Then in 6 months you can consolidate the cards depending on your preferences. During that time you can work with CO on getting an APR reduction. They will most likley want to see some usage before lowering your APR.
Great advice! I might just do that once I pre-qualifty for the lowest APR on QuickSilver. I really like the ability to redeem the cash back rewards at any threshold.
@WLRK11 wrote:
@SunriseEarth wrote:I was able to reduce my QS from its HBSC-legacy APR of 19.9% to 17.9% recently through the EO.
Thanks, SunriseEarth! I hear it's quite difficult to contact the EO these days.
Not to mention the fact of having to hassle with them to get a 2% APR reduction whereas with Discover or Amex it's a five minute chat process if you are eligible.
I like Capital One and the QS I really do. But APR reductions I don't think are really simple with them on the frontline level. I haven't tried it yet myself though. I am not going to jump through hoops with the EO over an APR on a card that I have SD anyway.
@Anonymous wrote:That's a big moment, congrats!
Thank you! It took a lot of encouragement from a fellow myFICO member. This is a great community.
@kdm31091 wrote:To me, instead of applying for what you know will be 17.9% and then hoping to "work it down", you should just wait, build your profile and apply later and get that lower APR in the first place.
Particularly with Capital One because although I love their Quicksilver rewards system I will not lie to you and say that every request is simple with them. APR reductions are mostly like pulling teeth with them from what I have heard, involving emailing EO, etc. Many only end up getting temp reductions. The frontline CSRs can reduce APRs, but how often they actually do it is a whole different story. The point is that if you are focused on the APR it would behoove you to just wait and apply when the prequal says it will be lower in the first place.
This is what I needed to hear/read! I am focused on APR, but only for the game. I don't revolve balances. A high credit limit is my top priority. Glad that you enjoy the Quicksilver rewards system; I'm looking forward to a VISA Signature from CO.