When to App for another Capital One

[FinStar]

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@Anonymous wrote:

They give small limits. Compare capital one credit lines compared to other rewards cards on this website, they're mostly considerably smaller. And also not much point in getting 2 cards from issuer and cancelling 1, that hurts your credit history and score. Only venture gives higher limits but it has an annual fee and not great rewards. There's much better cards out there, chase, discover, etc.

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Again, did you take a poll for every single Capital One customer?  Or are you just basing this on MF threads alone?  Lots of individuals have been approved for decent SLs on either QS and/or Venture, similarly for others who got VentureOne (i.e. for those who perfer no AF).

Better cards is really subjective.  It is up to each individual to decide what is best for them.  Your spending habits and lifestyle are not going to be the same for others.  Besides, I enjoy the purchase eraser feature on Venture which can really add up miles-wise depending on travel and usage.  And, for the record, getting approved for these cards (IME) did not hurt my history or scores.  That in it of itself will vary for everyone (including applying for Cahse, Discover, etc.).  Oh, I'll also add that the strategy that baller4life recommended worked yielding 1 HP per CR (single triple).  No regrets.

[Anonymous]

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@Anonymous wrote:

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@FinStar wrote:

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@Anonymous wrote:

Never. Capital one credit cards are starter cards, there's not much point in getting more than one as it's the same benefits. Apply for a different card issuer.

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@Last July, I got approved for not one but 2 - each @ $50,000 - Venture and QS (12.9% APR).  Can you explain your logic on how these would be starter cards?

Now, for someone who is starting out in their credit journey, I can see that maybe a secured or Platinum options would be on the starting front and for others perhaps expanding their portfolio to a QS1 (or similar).  Capital One, in general, offers a wide array of products that are not necessarily "starter cards".

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Look at OP's credit score and denial for Capital One Platinum. S/he is not going to getting anything except small limits from Capital One for many years, maybe even 10s of years, but s/he could get higher limit cards elsewhere.

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oh no he didn't

[Anonymous]

^ lmfao. excuse my harsh language but that was well deserving of a good chuckle

[Anonymous]

back to the OQ. i would wait a few months and see if you can prequal for one of those subprime QS or venture cards. whichever way you wanna go

[FinStar]

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@Anonymous wrote:
so FinStar's $50k QS is smaller than other banks would issue? he'd get more from chase, discover, etc? highly doubt that.

and sure, the getting multiples and cancelling is just a game people play to get $30k+ CLs when they have sub 700 scores because cap1 will allow it but it doesn't hurt your credit THAT bad. AAoA is only 15% of the fico. nothing major.

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I agree.  The fact that Capital One offers this feature in essence allows the cards to grow whereas previously individuals would have to manage multiple CCs or close them.  But, there are plenty of individuals with scores below 700 who get approved for pretty high SLs. 

As far as for the OP, sure it will take some time to get there but it's not an impossible feat.  The key is having a long term strategy.  Besides, even with Discover or Chase, the same situation can play out in which someone with similar scores or profiles would still net $1K-$3K approvals, for example.

[FinStar]

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@Anonymous wrote:

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@Anonymous wrote:

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@FinStar wrote:

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@Anonymous wrote:

Never. Capital one credit cards are starter cards, there's not much point in getting more than one as it's the same benefits. Apply for a different card issuer.

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@Last July, I got approved for not one but 2 - each @ $50,000 - Venture and QS (12.9% APR).  Can you explain your logic on how these would be starter cards?

Now, for someone who is starting out in their credit journey, I can see that maybe a secured or Platinum options would be on the starting front and for others perhaps expanding their portfolio to a QS1 (or similar).  Capital One, in general, offers a wide array of products that are not necessarily "starter cards".

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Look at OP's credit score and denial for Capital One Platinum. S/he is not going to getting anything except small limits from Capital One for many years, maybe even 10s of years, but s/he could get higher limit cards elsewhere.

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@Anonymous wrote:

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@FinStar wrote:

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@Anonymous wrote:

Never. Capital one credit cards are starter cards, there's not much point in getting more than one as it's the same benefits. Apply for a different card issuer.

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@Last July, I got approved for not one but 2 - each @ $50,000 - Venture and QS (12.9% APR).  Can you explain your logic on how these would be starter cards?

Now, for someone who is starting out in their credit journey, I can see that maybe a secured or Platinum options would be on the starting front and for others perhaps expanding their portfolio to a QS1 (or similar).  Capital One, in general, offers a wide array of products that are not necessarily "starter cards".

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Look at OP's credit score and denial for Capital One Platinum. S/he is not going to getting anything except small limits from Capital One for many years, maybe even 10s of years, but s/he could get higher limit cards elsewhere.

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oh no he didn't

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[Anonymous]

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@Anonymous wrote:

They give small limits. Compare capital one credit lines compared to other rewards cards on this website, they're mostly considerably smaller. And also not much point in getting 2 cards from issuer and cancelling 1, that hurts your credit history and score. Only venture gives higher limits but it has an annual fee and not great rewards. There's much better cards out there, chase, discover, etc.

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Perhaps it's just me, but it seems as though a lot of people around here carry a QS as a general spend card, even if some of the other issuers offer slightly better rewards for an everyday spend card, because of the ease of redemption and generally higher CLs.  Like Double Cash, for example notoriously offers smaller starting limits and the rewards redemption isn't as straightforward (Fidelity has this same thing re: less straightforward rewards redemptions) whereas some people have been absolutely floored by higher starting limits on Cap One products once you qualify for said product based on scoring, income, etc.  A half percent difference is barely noticible for a lot of people, particularly in the first year with the signup bonus on a QS.

Please explain how the rewards are not all that great?  Granted, they aren't the best of the bunch by any means but they aren't just horrible for general spend cards mostly because of how easy and straightforward they are to deal with in regards to actually redeeming said rewards.  Depending on how you value things the signup bonus for a QS is the same as most others in a similar category (obviously, points for different programs could be valued differently and Freedom could be a little different if you pair with a CSP but that's getting into another conversation all together).  The only signup bonus that actually beats a QS right now if we're just talking about straight cash, interestingly enough, is a Discover referral signup bonus because it doesn't have a minimum spend, it's $50 at first spend and $50 at the year's anniversary when cashback doubles, so $100 without a $500 introductory spend requirement, just split up a bit. Obviously when Freedom occasionally offers a $200 signup bonus it wins, of course -- but with Freedom and Discover you'll have to decide whether or not the rotating categories add value for you.

[Anonymous]

Folks,

I'm not saying Capital one has horrible rewards or anything. I had a capital one platinum card for over 10 years, product changed to quicksilver not too long ago. 1.5% rewards is great, and although I started out with a tiny starting credit line, it grew over time. It's still not very high now, but I'm fine with that. On the other hand, I've had a chase card for the same amount of time as a capital one card, and it has more than doubled my capital one credit limit. I've had Discover for just over a year, and it has more than tripled my capital one credit line. I know I'm not the only one, I've seen posts here, elsewhere, and on other websites that shows other cards generally give higher limits. Of course I havn't taken any surveys of people or anything, but I'm following general patterns here.

Since OP's goal is to get a higher credit line, I think she or he should look elsewhere. OP already has QS1, she or he is getting 1.5% rewards already. What's the point of getting Venure when you have to pay an annual fee and it's not that much better than quicksilver (for business travelers it could be better, but OP said nothing about traveling a lot). If she or he gets another small credit line, then the spending limit is going to outweigh the amount of rewards that one could earn compared to the annual fees one would pay for QS1 and Venture.

Also there are other cards earning 2% or 5% on rotating categories. Some cards give real Fico scores, other cards give different benefits. These could be beneficial to OP. OP already gets credit tracker from capital one and no foregin transaction fees from Capital One. Why not look elsewhere to expand benefits?

[Anonymous]

That's weird. When I got my QS1 I got my platinum back to back. Capital one is the best!! I started my rebuild with them. Started with a 200 secured. Got a car loan with them a month later. After that waited for secured to increase in limit. Applied for QS1 and platinum and got 500 SL for each. Used for a month. 6 weeks of so later QS1 limit increased to 3000 and platinum to 2000 and a month after platinum got upgraded to QS. After that when my score in the 685s I applied for a venture and got 15000 CL and a QS for 8000 limit. Started with 200 limit and now I'm at almost 30k with them another 5 months in going to roll everything in the QS if I can

[Anonymous]

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@Anonymous wrote:

Folks,

I'm not saying Capital one has horrible rewards or anything. I had a capital one platinum card for over 10 years, product changed to quicksilver not too long ago. 1.5% rewards is great, and although I started out with a tiny starting credit line, it grew over time. It's still not very high now, but I'm fine with that. On the other hand, I've had a chase card for the same amount of time as a capital one card, and it has more than doubled my capital one credit limit. I've had Discover for just over a year, and it has more than tripled my capital one credit line. I know I'm not the only one, I've seen posts here, elsewhere, and on other websites that shows other cards generally give higher limits. Of course I havn't taken any surveys of people or anything, but I'm following general patterns here.

Since OP's goal is to get a higher credit line, I think she or he should look elsewhere. OP already has QS1, she or he is getting 1.5% rewards already. What's the point of getting Venure when you have to pay an annual fee and it's not that much better than quicksilver (for business travelers it could be better, but OP said nothing about traveling a lot). If she or he gets another small credit line, then the spending limit is going to outweigh the amount of rewards that one could earn compared to the annual fees one would pay for QS1 and Venture.

Also there are other cards earning 2% or 5% on rotating categories. Some cards give real Fico scores, other cards give different benefits. These could be beneficial to OP. OP already gets credit tracker from capital one and no foregin transaction fees from Capital One. Why not look elsewhere to expand benefits?

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If you get a venture your limit isn't going to be below 5000 SL. Also you can combine your CL between capital one cards