topic Re: Think I Can Get the Quicksilver??? in Credit Card Applications

Think I Can Get the Quicksilver???

Anonymous — Mon, 24 Jul 2017 14:07:38 GMT

Hi, guys. I want to apply for the Capital One Quicksilver but I do not know whether or not I have a good chance of approval. I can't use the prequal tool because I am under twenty-one. Right now, I only have a Discover card (2 years old) with a limit of $2000 and five student loans that are deferred for the time being. AAoA is 1 year and 4 months. I make $60k annually and my Discover credit limit just got bumped up from $1300 to $2000 about a week ago but I do not think that that has been reported to the bureaus yet. So I think that they see the $1300 limit with 31% utilization from June. This month's statement just closed with the $2000 CL and a 7% utilization. According to Discover, my FICO is a 715. I am not sure about my EX and EQ scores but I do know that I have 1 HP on TU, 1 HP on EQ and 2 HPs on EX (one of which falls off in August).

The hard pulls across all three bureaus are from when I applied and got denied for the Venture about four months ago, but things were different back then. CO gave me these reasons for my denial:

Based on your application information, income is insufficient for requested credit

Based on your credit report from TU, proportion of account balance(s) to credit limit or high credit is too high

Based on your credit report from TU, insufficient experience with high lines of credit or credit amounts

Based on your credit report from EQ, insufficient experience with high lines oif credit or credit amounts

Back then, I had a $200 credit limit, my utilization was crazy high and I only made a third of what I make now because I was finishing up school. Do you think that the changes I've made will be enough to score me a Quicksilver or is this card out of my league? I want it for the promo APR and no FTFs since I am going to be out of the country for the first half of next year.

Thanks!

Re: Quicksilver App

simplynoir — Thu, 20 Jul 2017 17:21:02 GMT

Get your free FICO 08 EX credit report from creditscore.com just to make sure there isn't any surprises this time around before applying; or if you want to check all three bureaus get the $1 trial report from Credit Check Total. If the new balance hasn't been reported yet I would wait til it does since you'll be at that key <10% utilization to maximize your chances.

With all that you should be looking good to getting the QS; Venture is harder to get only because Venture is a minimum $5k SL and Capital One like to see experience with those types of limits first but you MIGHT be able to get it if you wanna take the chance. Way I figure it experience with a $2k limit is different from $200 limit.

Re: Quicksilver App

Anonymous — Thu, 20 Jul 2017 18:48:01 GMT

I checked all of my reports today and it looks like everything is still just as I said. My new utilization hasn't been reported on any of them yet but I just got my statement from my last billing cycle today.

Re: Quicksilver App

Anonymous — Thu, 20 Jul 2017 22:35:41 GMT

I think you should be alright. I don't think Quicksilver is that hard to get. Venture would be harder. To be safer, I'd wait for the new CL to report so you not only have a higher limit on file, but you also will have a lower utilization.

Re: Quicksilver App

JR_TX — Thu, 20 Jul 2017 23:06:23 GMT

I think CapOne requires applicants to be 21 and above. Can someone correct me on this one?

Re: Quicksilver App

simplynoir — Thu, 20 Jul 2017 23:17:05 GMT

You just have to be 18 yrs old and have a SSN. Checked and they have that under the disclosures portion of application.

Re: Quicksilver App

Anonymous — Fri, 21 Jul 2017 08:52:40 GMT

@Anonymous wrote:
Hi, guys. I want to apply for the Capital One Quicksilver but I do not know whether or not I have a good chance of approval. I can't use the prequal tool because I am under twenty-one. Right now, I only have a Discover card (2 years old) with a limit of $2000 and five student loans that are deferred for the time being. AAoA is 1 year and 4 months. I make $60k annually and my Discover credit limit just got bumped up from $1300 to $2000 about a week ago but I do not think that that has been reported to the bureaus yet. So I think that they see the $1300 limit with 31% utilization from June. This month's statement just closed with the $2000 CL and a 7% utilization. According to Discover, my FICO is a 715. I am not sure about my EX and EQ scores but I do know that I have 1 HP on TU, 1 HP on EQ and 2 HPs on EX (one of which falls off in August).

The hard pulls across all three bureaus are from when I applied and got denied for the Venture about four months ago, but things were different back then. CO gave me these reasons for my denial:

Based on your application information, income is insufficient for requested credit
Based on your credit report from TU, proportion of account balance(s) to credit limit or high credit is too high
Based on your credit report from TU, insufficient experience with high lines of credit or credit amounts
Based on your credit report from EQ, insufficient experience with high lines oif credit or credit amounts

Back then, I had a $200 credit limit, my utilization was crazy high and I only made a third of what I make now because I was finishing up school. Do you think that the changes I've made will be enough to score me a Quicksilver or is this card out of my league? I want it for the promo APR and no FTFs since I am going to be out of the country for the first half of next year.

Thanks!

The only question I'd have at all would be how much deferred student loans would have an effect on things, but I dont think enough to deny you. Otherwise, you sound golden, and I have a sneaky feeling you will look back on your post and smile at your concern, sooner than later. Of course you will want to wait until your new SL and utilization report.

One thing to note though, Capital One pulls from all 3 bureaus, and Equifax for me sometimes lags behind by about a week when it comes to reporting new information. Others may have theories on what kind of an effect it would have if you applied before it updated on all 3 bureaus, but I'm not going to venture a guess(no pun intended). I do think you may end up pleasantly surprised with the outcome/spending limit, compared to your initial concerns. Best wishes, let us know how it goes.

Re: Quicksilver App

Anonymous — Mon, 24 Jul 2017 14:10:38 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi, guys. I want to apply for the Capital One Quicksilver but I do not know whether or not I have a good chance of approval. I can't use the prequal tool because I am under twenty-one. Right now, I only have a Discover card (2 years old) with a limit of $2000 and five student loans that are deferred for the time being. AAoA is 1 year and 4 months. I make $60k annually and my Discover credit limit just got bumped up from $1300 to $2000 about a week ago but I do not think that that has been reported to the bureaus yet. So I think that they see the $1300 limit with 31% utilization from June. This month's statement just closed with the $2000 CL and a 7% utilization. According to Discover, my FICO is a 715. I am not sure about my EX and EQ scores but I do know that I have 1 HP on TU, 1 HP on EQ and 2 HPs on EX (one of which falls off in August).

The hard pulls across all three bureaus are from when I applied and got denied for the Venture about four months ago, but things were different back then. CO gave me these reasons for my denial:

Based on your application information, income is insufficient for requested credit
Based on your credit report from TU, proportion of account balance(s) to credit limit or high credit is too high
Based on your credit report from TU, insufficient experience with high lines of credit or credit amounts
Based on your credit report from EQ, insufficient experience with high lines oif credit or credit amounts

Back then, I had a $200 credit limit, my utilization was crazy high and I only made a third of what I make now because I was finishing up school. Do you think that the changes I've made will be enough to score me a Quicksilver or is this card out of my league? I want it for the promo APR and no FTFs since I am going to be out of the country for the first half of next year.

Thanks!
The only question I'd have at all would be how much deferred student loans would have an effect on things, but I dont think enough to deny you. Otherwise, you sound golden, and I have a sneaky feeling you will look back on your post and smile at your concern, sooner than later. Of course you will want to wait until your new SL and utilization report.

One thing to note though, Capital One pulls from all 3 bureaus, and Equifax for me sometimes lags behind by about a week when it comes to reporting new information. Others may have theories on what kind of an effect it would have if you applied before it updated on all 3 bureaus, but I'm not going to venture a guess(no pun intended). I do think you may end up pleasantly surprised with the outcome/spending limit, compared to your initial concerns. Best wishes, let us know how it goes.

I have $16,000 in student loans. I just checked my EX report through Discover scorecard. They've reported my new limit and utilization and my score is a 747 which was a pleasant surprise!

Re: Quicksilver App

simplynoir — Mon, 24 Jul 2017 15:14:40 GMT

Yeah. the utilization probably helped a great deal especially since it's your only open line of credit on your report for the moment.

Re: Quicksilver App

Anonymous — Mon, 24 Jul 2017 15:38:39 GMT

747 is a very good EX score so early in your credit career, and you have a good TU score too; I don't know if you're able to get at your EQ score - think about CCT if you haven't already signed up for the $1 trial - but it shouldn't be too far off from your other two FICO scores. I suggest you check the Cap One prequalification page, which is one of the more reliable prequal sites, to see if any offers come up. You want to see a single-figure APR offer or at the least an APR offer with no more than 3% - 4% between the high and low ends.

Re: Quicksilver App

simplynoir — Mon, 24 Jul 2017 16:04:10 GMT

He already mentioned he can't use the prequal tool since he is under 21 but regardless I agree he should pull the trigger and apply when he's ready.

Re: Quicksilver App

Anonymous — Mon, 24 Jul 2017 17:50:56 GMT

Okay so I went on credit check total and my new CL and utilization are reported across all 3 bureus.

EX 747 TU 740 EQ 727

Also, I'm a girl lol

Re: Quicksilver App

Anonymous — Mon, 24 Jul 2017 20:38:36 GMT

After hearing all of that information, I would say you're golden. My recent feedback with deferred student loans(which was my last remaining question here) just came back good. Youre Quicksilver odds sound great($3,000 wouldnt surprise me), so if it's something you want, I no longer see any reasonable benefit in waiting. I also wouldnt be shocked if you would be approved for a Venture at this point, but dont want to suggest anything that you havent already suggested yourself, just in case. Will you let us know what happens?

(If you'd want both cards, you could always apply for the Venture in 6 months....if you're 21 by then, you can check for prequalification online and potentially render us humans devoid of use!)

@Anonymous wrote:
Okay so I went on credit check total and my new CL and utilization are reported across all 3 bureus.
EX 747 TU 740 EQ 727
Also, I'm a girl lol

It's ok, they're not allowed to discriminate against that!

Re: Quicksilver App

Anonymous — Mon, 24 Jul 2017 21:02:33 GMT

I was saying I was a girl because of all the hes in the last post.

Sigh. I applied just now and got the 7-10 day message. What now? I just wait?

Re: Think I Can Get the Quicksilver???

Anonymous — Mon, 24 Jul 2017 21:31:44 GMT

I’m really surprised you weren’t instantly approved. It may be just be a verification issue. You could call and check the status of your app and see if they need anything from you.

Re: Think I Can Get the Quicksilver???

Anonymous — Mon, 24 Jul 2017 21:42:51 GMT

I haven't gotten an email from them saying that I applied or that they'll be in touch or anything. That's weird... I think I checked to make sure that my email was spelled correctly?

Re: Think I Can Get the Quicksilver???

Anonymous — Tue, 25 Jul 2017 01:19:54 GMT

@Anonymous wrote:
I haven't gotten an email from them saying that I applied or that they'll be in touch or anything. That's weird... I think I checked to make sure that my email was spelled correctly?

You may wish to call them and ask if there is anything they need from you. As was previously mentioned, it's often just a verification issue. Ive seen a number of people state they were called by the fraud department to make sure it was them, but they also mention calling Cap One back after a number of days and being approved. If you're worried about seeming pushy, you wont when you word it like the previous poster said, asking if they need anything from you. I've only been mocked(with a different company) after I called a 2nd time, after I think it might have been suggested on here that it was worthwhile, and even that was mild, seems infrequent, and didn't seem to effect the process. WIth that company(AMEX), I had to wait over a week just to be told I needed address verification. This will likely not be the case with Capital One, or the mockery, ugh, lol.

Also, there is another lesser known issue for manual review(vs the automatic, computer generated variety), which may also be a bit less common. If you are on the cusp of a credit limit level, a human being sometimes has to look things over to decide your credit limit. With your scores and income, this certainly is not out of the question. I don't want to elevate your hopes too high by giving hypothetical examples though(like 3k vs 5k vs 10k), so I'll leave it at that.

It could be either, both, neither, a combination of any of those and something else, but I think it's more likely than not at least one of those(verification/credit limit cusp).

If I were antsy at all, I'd give them a ring and ask if there was anything they needed from me. You may need to do so within certain business hours, or may not, but the sooner you call the sooner you will know. Best wishes!

Re: Quicksilver App

simplynoir — Tue, 25 Jul 2017 02:25:20 GMT

@Anonymous wrote:
I was saying I was a girl because of all the hes in the last post.
Sigh. I applied just now and got the 7-10 day message. What now? I just wait?

My apologies there and call them to see if they need anymore info from you like app/identification verification.

Re: Think I Can Get the Quicksilver???

Anonymous — Tue, 25 Jul 2017 03:08:31 GMT

It's all good. I'll call tomorrow and hope that they just need some verification

Re: Think I Can Get the Quicksilver???

Anonymous — Mon, 21 Aug 2017 22:38:21 GMT

I finally turned 21 today and in the mail came a nice surprise letter from Capital One saying that I had been approved for 10k! An awesome birthday surprise.

They just needed income verification.