Question regarding Cap One

[Anonymous]

Hey, not looking to app for any more cards right now but did have a question. Back in July I apped for QS & QS1, and now for giggles I just did cap 1 pre qual and its showing I pre qual for Venture @ 17.99, Venture 1 @ 16.99 and QS @ 17.99 and my question is if I hold off on going for any of them will the chance of be getting an even lower APR in a few months down the line?

I'm currently still in 0% promo period on my QS 1 and QS but I still PIF each week pretty much. So not really looking for a card to carry any sort of a balance, but it would also be nice to end up having a card that doesn't have 20%+ like my current CAP 1 cards for emergencies. Thanks everyone, wouldn't have made it this far without all of the great info on this board!

To bad that I burned CAP 1 originally in BK back in 2011, my cards then with them were all around 7% lol

[Anonymous]

I would assume that if your credit improves enough in that time they would offer you a lower APR. 

[UncleB]

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@Anonymous wrote:

@Anonymous, not looking to app for any more cards right now but did have a question. Back in July I apped for QS & QS1, and now for giggles I just did cap 1 pre qual and its showing I pre qual for Venture @ 17.99, Venture 1 @ 16.99 and QS @ 17.99 and my question is if I hold off on going for any of them will the chance of be getting an even lower APR in a few months down the line?

I'm currently still in 0% promo period on my QS 1 and QS but I still PIF each week pretty much. So not really looking for a card to carry any sort of a balance, but it would also be nice to end up having a card that doesn't have 20%+ like my current CAP 1 cards for emergencies. Thanks everyone, wouldn't have made it this far without all of the great info on this board!

To bad that I burned CAP 1 originally in BK back in 2011, my cards then with them were all around 7% lol

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+1

I'm in almost the exact situation.  I have a legacy HSBC/Orchard card that was PC'd against my will to a Quicksilver One card (they kept the $79 fee and nerfed my 2% cash back to 1.5%).  The card is now 8 years old, and the APR is 14.9%, which is respectable for my profile.

I app'd and was approved for a Quicksilver Signature Visa back in March, with an APR of 17.9% once the promo is over in December (I had nearly the same offers as you, with Venture also at 17.9% and the no-AF platinum MC at 15.9%).

My hope is that once my last two baddies fall off next spring/summer, I'll be able to apply again and get a new account with a lower APR.  I also usually PIF each month, but if I were to have the need, I would like to be able to carry a balance without paying a high rate.  I would then 'merge' the old accounts into the new one to retain my current credit limits.

Hopefully when the time comes, the pre-qual offer will be better for both of us!

[takeshi74]

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@Anonymous wrote:

my question is if I hold off on going for any of them will the chance of be getting an even lower APR in a few months down the line?

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It's not simply a matter of time.  What you qualify for depends on your credit.  If it improves sufficiently in that timeframe then you could possibly qualify for a lower APR.

[UncleB]

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@takeshi74 wrote:

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@Anonymous wrote:

my question is if I hold off on going for any of them will the chance of be getting an even lower APR in a few months down the line?

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It's not simply a matter of time.  What you qualify for depends on your credit.  If it improves sufficiently in that timeframe then you could possibly qualify for a lower APR.

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For some of us, it actually is simply a matter of time. 

In a few months, my last two negative accounts will age off my credit reports, which will give my own credit score a significant boost, very likely making me eligible for lower APRs than I've enjoyed in years. 

The OP seems to be in a similar situation due to having a bankruptcy reporting.  As his positive accounts mature and the bankruptcy is further in the past, his score will continue to be higher as well. 

[tntexans72]

If the prequalified comes back with a set APR % than I would say you are very likely to be approved. As always ymmv. 

[OmarGB9]

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@UncleB wrote:

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@takeshi74 wrote:

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@Anonymous wrote:

my question is if I hold off on going for any of them will the chance of be getting an even lower APR in a few months down the line?

---

It's not simply a matter of time.  What you qualify for depends on your credit.  If it improves sufficiently in that timeframe then you could possibly qualify for a lower APR.

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For some of us, it actually is simply a matter of time. 

In a few months, my last two negative accounts will age off my credit reports, which will give my own credit score a significant boost, very likely making me eligible for lower APRs than I've enjoyed in years. 

The OP seems to be in a similar situation due to having a bankruptcy reporting.  As his positive accounts mature and the bankruptcy is further in the past, his score will continue to be higher as well. 

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True, but scores aren't everything. As takeshi would say, it depends on what one's income and profile qualify for.

[UncleB]

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@OmarGB9 wrote:

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@UncleB wrote:

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@takeshi74 wrote:

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@Anonymous wrote:

my question is if I hold off on going for any of them will the chance of be getting an even lower APR in a few months down the line?

---

It's not simply a matter of time.  What you qualify for depends on your credit.  If it improves sufficiently in that timeframe then you could possibly qualify for a lower APR.

---

For some of us, it actually is simply a matter of time. 

In a few months, my last two negative accounts will age off my credit reports, which will give my own credit score a significant boost, very likely making me eligible for lower APRs than I've enjoyed in years. 

The OP seems to be in a similar situation due to having a bankruptcy reporting.  As his positive accounts mature and the bankruptcy is further in the past, his score will continue to be higher as well. 

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True, but scores aren't everything. As takeshi would say, it depends on what one's income and profile qualify for.

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Actually Omar, with Capital One it is mostly the score.  I agree that someone who is destitute won't get a huge credit line, but we're talking APR here, not credit limits. 

Think about it, if this wasn't true, the pre-qual would ask for your income, but it doesn't... yet it's able to tell you what APR you'll get if you apply with only a score from a SP.  And as many folks have repeatedly said, "Capital One offers are generally solid".  If the credit score wasn't the primary driver, this wouldn't be the case.

This isn't just my opinion, it's my personal experience, and it mirrors the experience of many others on here.

Edited to add:  Remember also that the profile generally drives the score, so generally as the profile improves the score does as well, but if there are 'baddies' (like the OP has) time is the primary 'cure', assuming all other accounts are kept current.

[OmarGB9]

Oh I know that when it comes to cap1 scores matter. I'm not denying that. What I'm saying is that it's not the only factor. I've also seen people on here who have platinum cards with cap1 that refuse to grow as the individual's credit profile grows. They acquire new TLs with limits in the five figures yet their platinum cards refuse to grow past $1k for example. Even though the profile has gotten better and scores have improved tremendously from when they first applied.

Also, I haven't seen too many success stories as far as APR reductions with cap1.

[UncleB]

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@OmarGB9 wrote:

Oh I know that when it comes to cap1 scores matter. I'm not denying that. What I'm saying is that it's not the only factor. I've also seen people on here who have platinum cards with cap1 that refuse to grow as the individual's credit profile grows. They acquire new TLs with limits in the five figures yet their platinum cards refuse to grow past $1k for example. Even though the profile has gotten better and scores have improved tremendously from when they first applied.

Also, I haven't seen too many success stories as far as APR reductions with cap1.

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Exactly.  With Capital One, it's (usually) not possible to get an APR reduction without going the EO route (I say "usually" since if you look hard enough, you might find an exception but for most folks this is the 'reality').

That's why most folks (like myself) will simply just get a new card with a lower APR.  The OP seems to be aware of this, since he mentioned he isn't interesting in applying for a new card at this time, and also currently has a 0% APR promo on his current Capital One card. 

You are also right about some Capital One cards not growing... I have one myself (my QS1).  On the other hand, my QS Visa Signature is growing nicely, and I haven't even had it for a year yet.  My 'stunted' QS1 card is eight years old.

So you're right, it's not the score that impacts existing Capital One accounts... they are generally 'bucketed' when they are opened (again, this isn't a hard 'rule', but is the case for most folks here).  This is why people like me who have credit profiles and scores that are about to be improving significantly will usually wait for the score bump, then just app for a new card with better terms than the one we already have.

For myself and the OP, what's holding back our scores (and profile) is history.  The only way to correct or 'cure' history is time.

Edit: typo