Cap1 and rebuilder cards

[Anonymous]

I have a cap1 secured for almost 2 months now and just got approved for a platnium ( which i received today) but was denied QS1 when i applied at the same time. Now ive been reading that i can only have 2 rebuilder or subprime cards, is this true? Also now that i have my platinium in hand should i cancel the secured? will it hurt me? also how soon can i apply for QS1 once i cancell the card??

[Anonymous]

I would not cancel your secured yet. I had a secured and both platinum (now a QS)  and QS1 so im not sure if its true for everyone that they only let you have 2 subprime cards. You may be able to call the reconsideration line and they will be able to tell you more as to why you were declined the QS1. 

[RonM21]

I agree I wouldn't cancel the secured yet

[Anonymous]

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@Anonymous wrote:

I would not cancel your secured yet. I had a secured and both platinum (now a QS)  and QS1 so im not sure if its true for everyone that they only let you have 2 subprime cards. You may be able to call the reconsideration line and they will be able to tell you more as to why you were declined the QS1. 

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Actually, its clearly stated in their disclosures. For the Platinum and QS1 cards, you are disqualified if you have 2 or more current capital one accounts of any kind. The Venture, VentureOne and QuickSilver cards have a five existing account limit. Now, having said that - there DOES seem to be a "glitch" of some kind in their app system that it sometimes does not seem to "see" the secured account. How or why this occurs is unknown, but it seems to happen frequently. If you HAVE been denied for two existing accounts, that is probably NOT going to change. I've yet to hear of anyone being denied for two accounts, then subsequently getting approved without first closing the secured card.

I would close the secured card at the six month mark. You'll be able to apply a day or two after closing it.

[Anonymous]

Im surprised they didnt close one of the accounts then. I just recieved a $300 increase on my secured card as well. Does my QS now count as a prime card in this case? That would put me back at 2 subprime cards and a prime. 

[Anonymous]

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@Anonymous wrote:

Im surprised they didnt close one of the accounts then. I just recieved a $300 increase on my secured card as well. Does my QS now count as a prime card in this case? That would put me back at 2 subprime cards and a prime. 

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No they don't seem to notice (or care about) the glitch when it occurs. Existing accounts being prime/sub-prime makes no difference - its not the type of card you HAVE its the type you are APPLYING for that sets the limit. Read their disclosures and its quite clear:

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By applying, I understand that I am not eligible for this offer if:

• My application is received after this offer has expired, is missing required information or the information is unreadable, inaccurate or cannot be verified.
• My address is: a) outside of the 50 United States, Washington, D.C., or a U.S. military location; b) a correctional institution.
• My monthly income does not exceed my monthly rent/mortgage payment by at least $425 (my monthly income is my disclosed total annual income divided by 12) or I am otherwise determined to be unable to make my monthly payments based on income, estimated living expenses and other debt I am responsible for.
• I am under 18 years of age or do not have a valid Social Security Number or Individual Taxpayer Identification Number.
• I have previously applied for a Capital One credit card 2 or more times in the last 30 days.
• I have 2 or more open credit card accounts with Capital One.
• I have a Capital One credit card that is past due.
• I am over my credit line on a Capital One credit card.
• I have had a Capital One credit card that has charged off within the past year.
• I have a non-discharged bankruptcy (one that is still unresolved).

Capital One credit card may refer to any card issued by Capital One, including co-brand and retail cards.

[Anonymous]

Idk I have a secure cap 1 that's still open and was approved for the plat & QS1 in the same day. My secure still isn't closed I've had the other two for a few weeks now #Kanyeshrug

[Anonymous]

very interesting, i might just wait it out till the 6 month mark