When should I apply for the capital one platinum??

[shalane85]

Just to give some background, I am currently rebuilding and 8 months from BK dismissal. I started rebuilding in December 2015. Started with a Fingerhut 200 SL, now at 600. Opened a capital one secured card with 200 SL and QS1 with 500 SL. I use the QS1 alot and recently got a CLI to 3K . Also last month I was approved for 3 store cards (Amazon 800 SL, Walmart 250 SL, and TJmaxx 300 SL. For now I am done apping and want to grow my current limits. I know I will close my secured cap 1 card in the next month or so as it seems it served its purpose. I would like to avoid apping too soon for the platinum so I dont get another toy limit (<1k). My question is at what point should I app for the Platinum (in 6 months, 1 year, etc..)? Should I wait until I get CLIs on my synch cards? Any advice is much appreciated. 

[greent]

I would say six months. I think you'll be approved (assuming on time payment and a low UTIL on current cards). That way you can head to garden and grown your plants. 

[shalane85]

Sounds solid. How high will the platinum CL go to? Im assuming < 5k. 

[Pway]

If the secured card has done it job then go ahead and close it.  But do that before you app for the Platinum.  Other wise the new app maybe denied because you currently have two rebuilder cards with them.  

The platinum card has no rewards at all, that is something to keep in mind as well.  Since you are waiting to app I would say try to Barclay's Rewards MC as well when you are ready.

[shalane85]

I will definitely close the secured card before I app for the platinum. I was considering the Barclay but I assumed my scores may be too low although they will be improved in 6 months. Also I assumed they like to see a thin file and with 5 cards in 1 year I thought that would scare them off.

[RonM21]

You could be right but it's hard to really tell. IF you don't fell comfortable applying for it, I wouldn't. Usually your instinct is right.

[SouthJamaica]

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@shalane85 wrote:

Just to give some background, I am currently rebuilding and 8 months from BK dismissal. I started rebuilding in December 2015. Started with a Fingerhut 200 SL, now at 600. Opened a capital one secured card with 200 SL and QS1 with 500 SL. I use the QS1 alot and recently got a CLI to 3K . Also last month I was approved for 3 store cards (Amazon 800 SL, Walmart 250 SL, and TJmaxx 300 SL. For now I am done apping and want to grow my current limits. I know I will close my secured cap 1 card in the next month or so as it seems it served its purpose. I would like to avoid apping too soon for the platinum so I dont get another toy limit (<1k). My question is at what point should I app for the Platinum (in 6 months, 1 year, etc..)? Should I wait until I get CLIs on my synch cards? Any advice is much appreciated. 

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Personally I don't know why you should apply for it at all. The Quicksilver is so much better.

[shalane85]

I thought about that honestly but I fell I don't have enough Bank cards and I figured it would be easier to product change to something better once my scores are better.

[SouthJamaica]

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@shalane85 wrote:
I thought about that honestly but I fell I don't have enough Bank cards and I figured it would be easier to product change to something better once my scores are better.

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Well you can check Capital One's prequalification page to see if you are prequalified for a platinum. If so you could apply for it.

I love Capital One, but perhaps you should consider trying for a Barclay Rewards card. I have found that much more useful than my Capital One Platinum card was. And it's not a bad idea to diversify a little.