capital one platinum card pre approval in the mail

[jg1983]

I recently received a pre approval in the mail for a capital one platinum card. I am wondering what credit limit I could expect for this card and my approval odds after a hard pull. I don't want another hard pull unless I am reasonably sure I will be approved and it will help my credit having it. It does say they increase your limit after 5 on time payments. I already have two credit cards so I am unsure how a third might affect my credit.

Here is my credit situation. My Experian FICO is 663 as of today. As of the beginning of this month my Equifax FICO was 630 and TransUnion was 640 (they might have gone up a bit since then). I have my car loan which I refied through DCU back in December with a $14k balance left. I have a DCU credit card with a $1k limit and a NFCU card with a $1600 limit. Both started reporting in January and my utilization is currently at 8%. I had one late car payment 8 months ago when my loan was with Wells Fargo (which I am currently disputing). No other negatives besides that. Should I go ahead and apply for this card or hold off for a while?

[Chris679]

It will not really help your credit and short term could lower your score. You never mentioned if you want the card or if it will be useful. That is what counts.

[TXinandout]

I have to disagree with the statement above since you need at least 3 revolving in order to maximize your FICO score.

If I were you, I will apply for the card. By the way, that mailer you receive is an almost guarantee (99%) approval.

[Chris679]

Three trade lines which he already has

[jg1983]

The card might actually be useful to me other than for credit building purposes if it's not a very low limit (unless it goes up over time). Any idea what limit I could expect from the credit information I provided or is it based on income too? It did say in the letter 3 of every 4 applications are approved.

[Anonymous]

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@jg1983 wrote:
I recently received a pre approval in the mail for a capital one platinum card. I am wondering what credit limit I could expect for this card and my approval odds after a hard pull. I don't want another hard pull unless I am reasonably sure I will be approved and it will help my credit having it. It does say they increase your limit after 5 on time payments. I already have two credit cards so I am unsure how a third might affect my credit.

Here is my credit situation. My Experian FICO is 663 as of today. As of the beginning of this month my Equifax FICO was 630 and TransUnion was 640 (they might have gone up a bit since then). I have my car loan which I refied through DCU back in December with a $14k balance left. I have a DCU credit card with a $1k limit and a NFCU card with a $1600 limit. Both started reporting in January and my utilization is currently at 8%. I had one late car payment 8 months ago when my loan was with Wells Fargo (which I am currently disputing). No other negatives besides that. Should I go ahead and apply for this card or hold off for a while?

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Only guessing because the Platinum is their sub prime card. Typical starting lines $300- $500.

[EAJuggalo]

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@Chris679 wrote:
Three trade lines which he already has

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Three revolving trade lines and one installment is widely viewed here as minimum for max scoring.

The Cap One Plat is not a bad card.  Usually the initial SL isn't all that great but they do go up fairly steadily with soft pull CLI's.  I got one just over a year ago with no credit score and it went from $500-$1500 after three months-$2000 after six months-$2250 after one year.  You can also get it PC'd to a Quicksilver card after a couple months and get 1.5% cash back on everything.

[thummel]

I would check capital ones pre qual and see if it comes up on there. The platinum isn't the best card out there but it's certainly far from the worst. It will grow decent over time as long as you take care of it. Maybe even within a few months you could get it converted and add on rewards like the quicksilver one has.

[jg1983]

I just checked the capital one prequalify website and it says I qualify for the platinum and quicksilver cards. I am wondering if I should try for the quicksilver card right away or try for the platinum and switch to the quicksilver later. Looks like the quicksilver has an annual fee where the platinum doesn't. Also the letter I received says I will have a 0% apr on all purchases until November. Not sure if the quicksilver card has the same promo or not.

[Anonymous]

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@jg1983 wrote:
I just checked the capital one prequalify website and it says I qualify for the platinum and quicksilver cards. I am wondering if I should try for the quicksilver card right away or try for the platinum and switch to the quicksilver later. Looks like the quicksilver has an annual fee where the platinum doesn't. Also the letter I received says I will have a 0% apr on all purchases until November. Not sure if the quicksilver card has the same promo or not.

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Go for the no AF Platinum, then after 2 statements you can PC to the no AF Quicksilver.  If you chose the Quicksilver One which has an AF, that's actually a lot harder to switch to the NO AF QS than a card that's already no AF.

Capital One is a great lender for building or rebuilding - I've been quite successful with them