QS1 and platinum card deal

Anonymous · ‎02-12-2016

i was referred here for a question I had about rebuilding my wife's credit...

basically, she has 1 collection on her account that should be falling off within this year or next. Her Credit Karma TU score is 641 and her EQ score is a 655 (I believe).

Just st wanting more information on this deal. Does Cap1 HP only once for multiple apps? How does this deal work exactly?

Thanks in advance

Anonymous · ‎02-12-2016

If you ally back to back they use 1 set of hard pulls (all 3 credit bureaus). I do know it has to be within the same day, but not sure how long in between it can be, it might be within 1 hour or could be up to 10. And just to let you know, Credit Karma scores are Vantage 3 scores, which very few lenders use and are notoriously inaccurate. Mine and hubby's CK scores are about 100 points lower than our FICO scores and some people have found that their CK scores are higher than their FICO scores. Try the Cap1 prequal page and see if you get an offer. Make sure the APR is a solid number not a range of numbers.

Anonymous · ‎02-12-2016

@Anonymous wrote:
i was referred here for a question I had about rebuilding my wife's credit...

basically, she has 1 collection on her account that should be falling off within this year or next. Her Credit Karma TU score is 641 and her EQ score is a 655 (I believe).

Just st wanting more information on this deal. Does Cap1 HP only once for multiple apps? How does this deal work exactly?

Thanks in advance

12RingKing,

First, you need to be working with the real #'s and info. Go to annualcreditreport.com for both of you and pull your full credit reports. You need info like the DoFD for the collection. There are things you can do to minamize the impact of that baddie and might even be able to try an EE if it is due to drop within the next few months.

Next, sign both of you up for CreditCheckTotal.com. You will get your true FICO8 score for each of you. They have a $1-7days offer and you would each get it for $1. If you can afford it keep it for both of you then call to cancel within the 7day period and they will offer you a 50% off deal at $15 mnth for 5yrs.

Credit Karma is good to monitor your credit. It will let you know any alert that happens ie. new accts, inq's, report changes like baddies falling off and so forth.

IF your TU FICO8 score is high 500's or better then go to https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_ONE_V01.aspx.

If the Platinum and Quick Silver One cards come up app for the QS1 and if you're approved app the Plat. immediately. You will get both cards for 1 HP (on each bureau).

You seem concerned about how many Inq's she has. Inq's are part of growing credit. It is near impossible to get your scores up without getting HP's for the trade lines (SCT aside) so early on & with a very mature CR and great scores everyone gets HP's when they fill out a full application. What you don't want to do is go off half cocked and app a bunch of stuff that you don't qualify for and you have a ton of HP's and denials to go along with them.

Be credit savvy about your reports and scores and you will get more bang for your buck...

Anonymous · ‎02-12-2016

That's really good information! I really appreciate it..

So I did what you asked, looks like she has 6 negative reports, 5 reported late payments and a collection. The collection won't fall off until March 2018!!! Yikes.

Her fico8 score is 654.

654/646/658 across the 3 bureaus.

i think I'm going to get her to double app the capital1 quicksilver one and platinum at the same time

Anonymous · ‎02-12-2016

Also, I went to the site to find my card on cap1, both the platinum and QS1 come up, so I should app for the QS1 and then immediately App for the platinum? 1 HP for all 3 bureaus?

crrredit · ‎02-12-2016

I apped for QS1 and QS one after the other and just one hard pull showed up on each bureau's report. I think it's not Cap One, but the bureaus who make the decision to just report one pull when they see multiple pulls from the same creditor. It helps them avoid reporting accidental multiple pulls.

Anonymous · ‎02-12-2016

@Anonymous wrote:
If you ally back to back they use 1 set of hard pulls (all 3 credit bureaus). I do know it has to be within the same day, but not sure how long in between it can be, it might be within 1 hour or could be up to 10. And just to let you know, Credit Karma scores are Vantage 3 scores, which very few lenders use and are notoriously inaccurate. Mine and hubby's CK scores are about 100 points lower than our FICO scores and some people have found that their CK scores are higher than their FICO scores. Try the Cap1 prequal page and see if you get an offer. Make sure the APR is a solid number not a range of numbers.

I agree about the firm APR thing EXCEPT with Cap One's MasterCards. Their MasterCards all have firm APRs and do not offer a range based on creditworthiness. The Visas, on the other hand, do offer the range (with the exception of the Journey, which just has one APR for everybody).

Anonymous · ‎02-12-2016

That's great information, however APR isn't a huge concern for us. We always pay the card off in full usually multiple times a month.

Is there any other reason to want a low apr?

Anonymous · ‎02-12-2016

@Anonymous wrote:
That's great information, however APR isn't a huge concern for us. We always pay the card off in full usually multiple times a month.

Is there any other reason to want a low apr?

That's the real reason, if you're gonna carry a balance. But in a pre-approval or pre-qualification page, if the page gives you back a small range (like 15.99-18.99 or something) or a hard APR rather than a full range (like 13.99-22.99 or something similar) then it's a better indication that you'll qualify for the card when you actually app. Sites like BofA and Discover will almost always give someone a 'recommendation' but it's not a good prequal or preapproval if it shows the full gambit of the APRs they offer based on creditworthiness. With Discover, for example, you can put in Scooby Doo and 1234 as the last four of the social and get a recommendation for a Discover It or It Chrome if you call Scoob a student just like real information will.

The caveat with this is that Cap One DOES give good prequals for their Visas if they offer one if the APR is firm and all of that, but their MasterCards don't offer range APRs so it may recommend something that's a MasterCard but you can't look at the APR for validation. However, the wording on the page does indicate whether they found an offer for you.

Anonymous · ‎02-12-2016

On the Cap1 pre qualification site it gives me a firm interest rate on the QS1. It gives a firm ape for the platinum as well, no range, but says variable.

They are both apr's higher than giraffe ears though. 23ish%