QS, QS1, Platinum and Secured card help

[Anonymous]

Does using the love button result in a hard pull? Also does pc or combing result in hardpulls?

[Anonymous]

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@Anonymous wrote:
Does using the love button result in a hard pull? Also does pc or combing result in hardpulls?

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Not with Cap One. They do regular soft pulls, and they simply reference their last soft pull.

[Anonymous]

Thank you!

[EAJuggalo]

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@Anonymous wrote:

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@EAJuggalo wrote:

Differences in the cards and the level of them goes like this:

Platinum. lowest beginner card.  No rewards and generally no annual fee. Subprime

QS1, next step up.  $39 annual fee with 1.5% cash back. Subprime

QS, lowest of the prime cards.  No annual fee and 1.5% cash back.  Prime

Venture One, next step on prime cards.  No annual fee and 1.25 miles per dollar.  Prime

Venture, top of the list.  $59 annual fee and 2 miles per dollar. Prime

If you prequalled for the platinum and QS1 I would app the QS1, then the platinum.

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That's great info EAJuggalo but I disagree with the last part. IMO, you should always app the Platinum first BECAUSE it can be PC'd to a QS so quickly and will become a Rewards card (which is what you are getting at with the QS1 first app).

So in my scenario, You would always app the Plat and then if approved turn around and app the QS1. I like them both (obviously) but the Plat will turn around so much faster while you are still enrolled in the STEPS program and can request an early CLI and get the AUTO one at 6mths.

Just my thoughts though.

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But you're still going to have a card with no rewards for that month or two, assuming the OP's experience is the same as yours which anecdotally is hit and miss with the PC time frame.  Since the OP has a Cap One secured they may only get approved for one of the two, I'd rather have that 1.5% cash back for the first month before applying for the Platinum.  Either way you still have to pay the QS1 AF one time.

[Anonymous]

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@EAJuggalo wrote:

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@Anonymous wrote:

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@EAJuggalo wrote:

Differences in the cards and the level of them goes like this:

Platinum. lowest beginner card.  No rewards and generally no annual fee. Subprime

QS1, next step up.  $39 annual fee with 1.5% cash back. Subprime

QS, lowest of the prime cards.  No annual fee and 1.5% cash back.  Prime

Venture One, next step on prime cards.  No annual fee and 1.25 miles per dollar.  Prime

Venture, top of the list.  $59 annual fee and 2 miles per dollar. Prime

If you prequalled for the platinum and QS1 I would app the QS1, then the platinum.

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That's great info EAJuggalo but I disagree with the last part. IMO, you should always app the Platinum first BECAUSE it can be PC'd to a QS so quickly and will become a Rewards card (which is what you are getting at with the QS1 first app).

So in my scenario, You would always app the Plat and then if approved turn around and app the QS1. I like them both (obviously) but the Plat will turn around so much faster while you are still enrolled in the STEPS program and can request an early CLI and get the AUTO one at 6mths.

Just my thoughts though.

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But you're still going to have a card with no rewards for that month or two, assuming the OP's experience is the same as yours which anecdotally is hit and miss with the PC time frame.  Since the OP has a Cap One secured they may only get approved for one of the two, I'd rather have that 1.5% cash back for the first month before applying for the Platinum.  Either way you still have to pay the QS1 AF one time.

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I'll grant you that but I submit that the hit and miss on the Plat PC has mostly been on our part and not Cap1's. I just got through  reading a post where a newbie got a Plat on 2/18 and had it PC'd then app'd/approved for another Plat on 3/28, arrived on 4/4 and was unused and got it PC'd today. That's 2 Platinum CC's hot and PC'd in 50 days. 

Also, I'm not knocking either. In fact, I may be the biggest proponent and loudest voice on here lately about these 2 CC's BUT you would be very hard pressed to push enough money through the QS1 in that month to compensate for the AF while with the Plat you are already in Prime Territory very quickly. The QS1 is a 6mth card no matter how you look at it while the Plat plays very well with others.

I admit it can come down to preference and I'll be the last one here to argue with anyone over how they play their own credit game. I make comments (and sometimes push a little) for people to be their own best pupil and advocate.

And I try to offer the best info I can based on the fact that I first logged in here on 1/8/16 and since I have;

Total Page Views	16293
Total Messages Read	56311
Topics Started	29

and spent

Total Minutes Online

22241

That's over 370hrs on here studying, asking and replying.

Besides that I've gotten over $40K in NEW credit and CLI's from $0 and had only a very few denials along the way.

Gosh, when I put it like that it sounds like I'm bragging but I'm not trying to do that. It is meant to be credentials, if you will. My goal here is to help as many and for that reason I sidestep many posts where I don't have any answer and try not to speculate little.

Soooooooo, now I'm taking my ball and going home. BLEH!

[Anonymous]

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@Anonymous wrote:

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@EAJuggalo wrote:

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@Anonymous wrote:

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@EAJuggalo wrote:

Differences in the cards and the level of them goes like this:

Platinum. lowest beginner card.  No rewards and generally no annual fee. Subprime

QS1, next step up.  $39 annual fee with 1.5% cash back. Subprime

QS, lowest of the prime cards.  No annual fee and 1.5% cash back.  Prime

Venture One, next step on prime cards.  No annual fee and 1.25 miles per dollar.  Prime

Venture, top of the list.  $59 annual fee and 2 miles per dollar. Prime

If you prequalled for the platinum and QS1 I would app the QS1, then the platinum.

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That's great info EAJuggalo but I disagree with the last part. IMO, you should always app the Platinum first BECAUSE it can be PC'd to a QS so quickly and will become a Rewards card (which is what you are getting at with the QS1 first app).

So in my scenario, You would always app the Plat and then if approved turn around and app the QS1. I like them both (obviously) but the Plat will turn around so much faster while you are still enrolled in the STEPS program and can request an early CLI and get the AUTO one at 6mths.

Just my thoughts though.

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But you're still going to have a card with no rewards for that month or two, assuming the OP's experience is the same as yours which anecdotally is hit and miss with the PC time frame.  Since the OP has a Cap One secured they may only get approved for one of the two, I'd rather have that 1.5% cash back for the first month before applying for the Platinum.  Either way you still have to pay the QS1 AF one time.

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I'll grant you that but I submit that the hit and miss on the Plat PC has mostly been on our part and not Cap1's. I just got through  reading a post where a newbie got a Plat on 2/18 and had it PC'd then app'd/approved for another Plat on 3/28, arrived on 4/4 and was unused and got it PC'd today. That's 2 Platinum CC's hot and PC'd in 50 days. (http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/I-have-3-Capital-One-cards-now-A-Platinum-a-QS1-and-a-QS/td-p/4517805)

Also, I'm not knocking either. In fact, I may be the biggest proponent and loudest voice on here lately about these 2 CC's BUT you would be very hard pressed to push enough money through the QS1 in that month to compensate for the AF while with the Plat you are already in Prime Territory very quickly. The QS1 is a 6mth card no matter how you look at it while the Plat plays very well with others.

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The QS1 will grow just as quickly - I've been able to get the early CLI and the Credit steps increase on my wifes QS1. As long as you are getting both in the same time frame, I don't see that it really matters which one you get first, as long as you get two cards, so you can combine them later on.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@EAJuggalo wrote:

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@Anonymous wrote:

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@EAJuggalo wrote:

Differences in the cards and the level of them goes like this:

Platinum. lowest beginner card.  No rewards and generally no annual fee. Subprime

QS1, next step up.  $39 annual fee with 1.5% cash back. Subprime

QS, lowest of the prime cards.  No annual fee and 1.5% cash back.  Prime

Venture One, next step on prime cards.  No annual fee and 1.25 miles per dollar.  Prime

Venture, top of the list.  $59 annual fee and 2 miles per dollar. Prime

If you prequalled for the platinum and QS1 I would app the QS1, then the platinum.

---

That's great info EAJuggalo but I disagree with the last part. IMO, you should always app the Platinum first BECAUSE it can be PC'd to a QS so quickly and will become a Rewards card (which is what you are getting at with the QS1 first app).

So in my scenario, You would always app the Plat and then if approved turn around and app the QS1. I like them both (obviously) but the Plat will turn around so much faster while you are still enrolled in the STEPS program and can request an early CLI and get the AUTO one at 6mths.

Just my thoughts though.

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But you're still going to have a card with no rewards for that month or two, assuming the OP's experience is the same as yours which anecdotally is hit and miss with the PC time frame.  Since the OP has a Cap One secured they may only get approved for one of the two, I'd rather have that 1.5% cash back for the first month before applying for the Platinum.  Either way you still have to pay the QS1 AF one time.

---

I'll grant you that but I submit that the hit and miss on the Plat PC has mostly been on our part and not Cap1's. I just got through  reading a post where a newbie got a Plat on 2/18 and had it PC'd then app'd/approved for another Plat on 3/28, arrived on 4/4 and was unused and got it PC'd today. That's 2 Platinum CC's hot and PC'd in 50 days. (http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/I-have-3-Capital-One-cards-now-A-Platinum-a-QS1-and-a-QS/td-p/4517805)

Also, I'm not knocking either. In fact, I may be the biggest proponent and loudest voice on here lately about these 2 CC's BUT you would be very hard pressed to push enough money through the QS1 in that month to compensate for the AF while with the Plat you are already in Prime Territory very quickly. The QS1 is a 6mth card no matter how you look at it while the Plat plays very well with others.

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The QS1 will grow just as quickly - I've been able to get the early CLI and the Credit steps increase on my wifes QS1. As long as you are getting both in the same time frame, I don't see that it really matters which one you get first, as long as you get two cards, so you can combine them later on.

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I agree Norman, they both get the same CLI opportunities with the STEPS program and am in no way denigrating either card. This all started when I made a personal judgement call based on the fact that the applicant would only get 1 of the 2 CC's and I am in favor of getting the Plat in that case. I have made this case a couple of times and put "IMO" in there.

In the Cap1 tier system it goes Secured, Plat, QS1, QS MC, QS Rewards Visa, ect. No matter what may be said about if or how this can affect one's credit goals, for me personally, I want to climb every ladder as quickly as I can. If one CC is rated as a lower tier card then I want out of it ASAP. Anecdotally speaking, I started getting better offers after I PC'd the Plat. Probably coincidence but I want every card to fall my way. "Getting begets better Getting" is my motto. Shortly after I PC'd the Plat I found an "OFFER" for the Rewards Visa and got it with a $3K SL from Cap1. Again, anecdotal (and that story contains other data as well) but it is what it is.

I went from a Cap1 loather (I would literally change the channel when their commercials came on) to an absolute LOVER of their products. But more importantly, I love the people I see on here just coming to forums like these and yet struggling to get their financial future under control. To that end, I don't take questions like "What should I do?" lightly and want to provide quality info like you did with me when I first got here.

I still have the QS1, paid the AF and to be honest, since I got the QS MC the QS1 has been SD'd with a small monthly bill running on it, even with the same limits as the QS MC. It is just waiting for the 6mth point to be combined into my QS.

[Anonymous]

Ive been following this thread for a few days and it has been very informational. I appreciate all that shared their input!!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I did it! I did QS1 first and was approved $500, then 1 minute later did the Platiunum and was also approved for $500. Low amounts, but it's a start! 

Now, some people on here say you should do a product change on the Platinum? When and how and to what? Also, at what point do you ask for CLI? And when do I consolidate the two cards into one? 

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Congrats.  Around the 3rd statement is when you can request an increase.  If you put the same amount into the QS1 as the secured card, you should see a nice increase.  It takes about 2 months for Cap 1 to report, so hold unto the secured card for now.  Once it reports, look at your scores then.  Since it will be May,  and you reported that you planned to take care of your baddies, then June will be the time to re-evaluate what you next step will be. 

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kaykay,

I have 14 of my 16 baddies paid. They should start to report in 20-45 days. #15 will be paid by Tuesday and #16 may take 60 days due to repo not being able to prove deficiency. This should have a positive impact on my CLI correct? Also, I am averaging about $500 every 10-12 days through both cards. I'd really like to get these cards combined after 6 months with at least $3K. With $3K limit it will be easier for me to run about $5K a month through the card. It's tough with a current $500. I am paying almost twice a week currently on both cards. As soon as items post, I pay. Luckily Cap1 isn't like CreditOne where you are limited to 4 payments a month. Or, atleast I have not seen to have found a payment limit. I have made as many as 9 payments in a month on my Secured. If I have all baddies paid, what do you think it will take to get a Venture with +$5K limit? Or, get a the QS I am working towards to have a $5K limit?

My scores are all over he place as I paydown and disputes were settled. I range from 573 to 633. The 633 just went up as 3 baddies went away and are not reflected on 573(TU) yet. I have 1 year with my secured in great standing and I have Creditone for almost a year in great shape. I also took out a car note and paid it in 12 months instead of 72, which I think was a mistake. I think I should have stretched it to two years. I may need to buy another car for the installment loan value on my CR. But, I am not really sure. Any thoughts?

Norman, did you read this by chance? Any thoughts?

[Anonymous]

So did you have to cancel your secured to get the second one? My husband has 2 secured and doesn't want to cancel them because they are his oldest accounts. Should he just go ahead and apply for a platinum or QS1? And if it helps anyone, I just got my platinum Feb 5th and it was PC'd into a QS yesterday.