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Valued Member
CMoney91
Posts: 36
Registered: ‎01-14-2013
0

Should I Apply For Capital One QuickSilver?

Hello everyone; this is my first post on the forum, but I have been reading the boards for a while (and learning a ton)!

 

I recently graduated college, and am trying to essentially replace all of my crappy cards with ones that offer benefits and/or cash back.  I found the Capital One QuickSilver card (the one without the annual fee), and am very interested in it for its 1.5% cash back on all purchases.  I haven't been pre approved or received an offer though, so I don't want to have them do a hard inquiry (and I understand they triple pull) unless I'm absolutely certain I'm going to get it.

 

Here's my situation: 

 

I got my first credit card when I was 18 just under four years ago... First Financial Bank USA (crappy card, but helped me establish credit).  My CL with them is up to 4K.

I opened up a Capital One Platinum Mastercard a few months later... Very low credit limit.  I just got it increased from 750 to 1250 2 days ago.

I got the Discover More card a year or so later, and it had a credit limit of 2k.  I just got it increased to 3.5k and upgraded to the Discover IT 2 days ago.

 

1.5 weeks ago, I applied for credit with Rooms to Go to buy furniture interest free for 3 years, and got 4K of credit.  I'm kind of regretting doing this, because I know it won't look good that this card is maxed out for a while.  As of right now, I have a 0 dollar balance on the card since the furnture hasn't shipped.

 

1 week ago, I applied for the Bank of America Cash Rewards card and was approved for 5k of credit.

 

_______________________

 

Before the last two inquiries, I believe my credit score was somewhere between 720 and 750.  Reason I'm afraid of the Capital One is that I'd hate to be rejected on my third pull in so little time.  My brother got rejected for a Capital One card a while ago despite great credit, but it might have been because he didn't really have an income.  I have a full time job and am making good pay considering I just graduated college.  I'm not sure if it's custom to be rejected by Capital One without a pre approval or offer code.

 

Resaon I want the card is because I think it will complement my other reward cards perfectly.  5% cash back in rotating categories on Discover, 3% Gas / 2% Groceries for Bank of America, and then I would use Cap One to get 1.5% on everything else.

 

Do you think based on this information that I would be approved if I applied for the card?  Do you think it's a good idea for me to do it, or should I just roll with what I have for now and not be too greedy?  

 

If you've made it this far, thank you so much for reading.  I'm having trouble making this decision, and definitely appreciate hearing from people that also have a lot of knowledge with credit scores!

Sallie Mae BarclayCard - $3000 (6 Months) | Chase Freedom - $3500 (6 Months)
Capital One Quicksilver - $6000 (9 Months) | Bank of America Better Balance - $5000 (9 Months)
Rooms to Go GECapital - $6600 (9 Months) | Discover IT - $4300 (2+ Years)
Subprime Accounts: 1FBUSA - $5500 (4+ Years) | Capital One Platinum MC - $1250 (4+ Years)
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013
0

Re: Should I Apply For Capital One QuickSilver?

There's a capitalone online pre-approval tool that you can try.
If your furniture card has yet to report the maxed out balance onto your CR, you should be fine, seeing that you already have been a cap1 customer for a while as well.

If you are interested in that card, why not consider the fidelity American Express or the fidelity visa signature card? I'm not too sure about the underwriting requirements, but those 2 cards are 2% cashback and 1.5% for first 15k, followed by 2% for everything else after that. So rewards wise I think they are better.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Mega Contributor
Creditaddict
Posts: 19,422
Registered: ‎10-23-2007
0

Re: Should I Apply For Capital One QuickSilver?

1. Call Credit Solutions and ask for an increase on your rooms to go for $10k - it's GE if I'm not mistaken... they will probably give you the increase and it is a SP and then won't be maxed!

2. I would go ahead and apply for the capital one card... IF you get denied or don't get a good approval.. I'm private messaging you the email for the executive office... just send them an email and you will probably be contacted within 2 days... i bet your approved!

Fico Scores: EQ 657 Cabelas, TU 662 Walmart, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 40 Cards in between :smileytongue:
Valued Member
CMoney91
Posts: 36
Registered: ‎01-14-2013
0

Re: Should I Apply For Capital One QuickSilver?

Thanks a lot guys!

 

I noticed the Fidelity VISA card, but the benefits for me probably will not be different than Capital One.  I doubt I will ever put more than 15k/year on the card to get the 2% bonus, and I like that I already have an account with Cap One and no foreign transaction fees.

Sallie Mae BarclayCard - $3000 (6 Months) | Chase Freedom - $3500 (6 Months)
Capital One Quicksilver - $6000 (9 Months) | Bank of America Better Balance - $5000 (9 Months)
Rooms to Go GECapital - $6600 (9 Months) | Discover IT - $4300 (2+ Years)
Subprime Accounts: 1FBUSA - $5500 (4+ Years) | Capital One Platinum MC - $1250 (4+ Years)
Senior Contributor
Open123
Posts: 4,089
Registered: ‎02-23-2011
0

Re: Should I Apply For Capital One QuickSilver?

When it comes to pure cash rewards cards, I think this is one of the best ones out there.  Fid Amex has lesser acceptance and forces to open up a brokerage account.  Priceline 2% is no longer available, and has statement credit increment restrictions.  JCB is 3%, but only in CA or HI, and limited to the Discover network.

 

The Quicksilver is more convenient than all of them, in my view.  1.5% cashback on all purchases, no annual fee, no forex fee, and with no redemption restrictions (like the $50 increments of Discover) makes this an extremely compelling option for non-bonus category spending.  This is a vast improvement over the old one awarded the 50% bonus only at year's end.

 

At some point, I will app for this card, or request a PC into it.  Sounds like you would qualify, except Cap One defines "excellent" credit as having a $5K TL for 3 years.  I've noticed you have $4k, but I'm not sure how sternly Cap One adhere's to their definition.

 

Good luck!  This card is most assuredly worth having in anyone's portfolio, in my estimation.

Moderator
09Lexie
Posts: 24,907
Registered: ‎09-13-2012
0

Re: Should I Apply For Capital One QuickSilver?

@Open123

Wonder if they consider mtg, auto or SLs as a $5k TL?
Frequent Contributor
LawStudentCivilis
Posts: 311
Registered: ‎06-14-2013
0

Re: Should I Apply For Capital One QuickSilver?


Open123 wrote:

When it comes to pure cash rewards cards, I think this is one of the best ones out there.  Fid Amex has lesser acceptance and forces to open up a brokerage account.  Priceline 2% is no longer available, and has statement credit increment restrictions.  JCB is 3%, but only in CA or HI, and limited to the Discover network.

 

The Quicksilver is more convenient than all of them, in my view.  1.5% cashback on all purchases, no annual fee, no forex fee, and with no redemption restrictions (like the $50 increments of Discover) makes this an extremely compelling option for non-bonus category spending.  This is a vast improvement over the old one awarded the 50% bonus only at year's end.

 

At some point, I will app for this card, or request a PC into it.  Sounds like you would qualify, except Cap One defines "excellent" credit as having a $5K TL for 3 years.  I've noticed you have $4k, but I'm not sure how sternly Cap One adhere's to their definition.

 

Good luck!  This card is most assuredly worth having in anyone's portfolio, in my estimation.


Hi Open, I didn't have a 5k card and I qualified for their "excellent credit."  I suppose it's a case by case basis.

Senior Contributor
Open123
Posts: 4,089
Registered: ‎02-23-2011
0

Re: Should I Apply For Capital One QuickSilver?


09Lexie wrote:
@Open123

Wonder if they consider mtg, auto or SLs as a $5k TL?

They should, since they stipulate "loan or credit card."  

Moderator
09Lexie
Posts: 24,907
Registered: ‎09-13-2012
0

Re: Should I Apply For Capital One QuickSilver?

Senior Contributor
Open123
Posts: 4,089
Registered: ‎02-23-2011
0

Re: Should I Apply For Capital One QuickSilver?


LawStudentCivilis wrote:

At some point, I will app for this card, or request a PC into it.  Sounds like you would qualify, except Cap One defines "excellent" credit as having a $5K TL for 3 years.  I've noticed you have $4k, but I'm not sure how sternly Cap One adhere's to their definition.

 

Good luck!  This card is most assuredly worth having in anyone's portfolio, in my estimation.


Hi Open, I didn't have a 5k card and I qualified for their "excellent credit."  I suppose it's a case by case basis.


Good data point.  In this case, I think the OP should app for it.  


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