Should I Dump my Cap1 Secured before Apping for Plat?

[Anonymous]

I have had a Cap1 secured card for over a year now with no lates and it started with a $200 limit and is now at $500 since about 4 months ago.  My question is, should I close out my secured card before I app for the platinum and QS1 or keep it and close out after I app and hopefully get approved?

[GirlMelanie89]

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@Anonymous wrote:

I have had a Cap1 secured card for over a year now with no lates and it started with a $200 limit and is now at $500 since about 4 months ago.  My question is, should I close out my secured card before I app for the platinum and QS1 or keep it and close out after I app and hopefully get approved?

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There's a logic to this in the forums somewhere and I cannot find it to save my life.  But from what I remember, you cant have more than 2 subprime cards at a time. From my personal experience, I closed my secured card yesterday and then a couple hours later, I apped for the VentureOne and Quicksilver.  I was approved for both but with small limits, $2000 and $1000 respectively. I'm sure they'll grow.  But my secured card has done its job and even though I lost $500 in CL, I gained $3000. I say close it, as long as it isn't your oldest credit card or anything like that.

[Anonymous]

Someone will correct me if I'm wrong, but I'm pretty sure you can only have 2 of those 3 cards, so yes if you want the plat and QS1 you will need to get rid of the secured first for 30 days before hand as I understand it.

[Anonymous]

Thanks for the info, I thought I had remembered reading that somewhere on here, but couldnt find it for the life of me.

[mrcrisp023]

That's good to know, because I was planning on keeping my secured card while I applied for both the QS1 and Venture next week.  I'm actually glad this came up.  I use my card to the full every month and pay it off to under 10% every month.  Do you suggest I pay it down before applying for the QS1 and Venture?  I usually pay it down at the end of the month, but I was going to apply on the 21st or 22nd before paying it down.

[Anonymous]

Not quit sure about Captial One. I applied for the Quicksilver1 and was approved on Monday. Before that I only had a boa secured card with $500 LM. However, when I called boa yesterday about CLI, they not only increased my CL to $1500 but also upgrade my card from secured card to credit card. You may want to try to see if Cap1 does this or no?

[Anonymous]

wait... but QS or isn't a sub-prime card, is it?

[mrcrisp023]

From my understanding, the QS1 is the subprime card and the regular QS is prime.

[mrcrisp023]

Capital ONE told me they don't graduate secured cards to unsecured, though that was through their site chat so I'm not sure how accurate that is.  They do automatic CLI's ever 5-6 months but I havent heard of anyone having success by asking for one.

[Anonymous]

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@mrcrisp023 wrote:

From my understanding, the QS1 is the subprime card and the regular QS is prime.

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that scared me lol... I just got a regular QS a few weeks ago and reading this was like........ uuuuuuuuuuum, did I just get myself into a sub-prime account?