Should I Dump my Cap1 Secured before Apping for Plat?

[Anonymous]

I was able to apply and receive the QS1 and platinum about a month after getting my secured card through them. No need to close it. 

[Anonymous]

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@GirlMelanie89 wrote:

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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.

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You can have 5 cards with Capital One. I asked the online rep the last time I talked to them. I now have 4 cards with Capital one. 2 QuicksilverOnes (planning to combine soon), a VentureOne and a secured card.

[KSK1912]

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@Anonymous wrote:
KSK, as I mentioned way above, the QS1 MC is in the starter, rebuilder, sub-prime card. However, the prior poster asked about a QS1 VISA. It's not a current offering and I've never seen or heard of anyone having one.

I was trying to ask if it's a really old card or has been product changed or maybe even issued by an old bank that Capital One purchased and converted? Maybe someone else has a QS1 issued as a VISA that might know.

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My bad i never realised until now that certain products come VS and certain ones MC only. Thanks for pointing it out. I don't have cap one except secured, so i am not that knowledgable when it comes to their cards, except what read from people here. So thanks again, now one more thing i learnt and pay attention to

[Anonymous]

I have 4 subprime Cap One cards, as well as a BuyPower. I applied for all 4 in Oct and Nov within 3 weeks of each other, 2 plats, and 2 QS1, with the plan to combine them all once they get their credit steps increase. I'm not sure if the only 2 subprime cards rule applies only when you have a secured, or if I somehow slipped through the cracks. If you apply and are denied for having too many Cap One accounts they don't pull your credit. You could apply for both, and if denied for too many accounts close the secured and app again.

[Anonymous]

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@Anonymous wrote:
I have never seen or heard mention of a QS1 Visa, only the QS. Hmmmm, that's a first.

No idea if that's a rebuilder - hasn't ever undergone a PC? What was it originally?

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It was a prior Orchard Bank/HSBC so it's likely sub-prime, but it seems to kind of float in the breeze and not get the same treatment as other QS1 products. I did manage to get them to waive the annual fee last month and the limit is now 4800. I can't get them to PC it for anything.

I was only curious because you were talking about how many cards a person could have at one time of the various types. I don't plan to get more, but it's always good info to have.