topic Re: Cap 1 Confuses me in Credit Card Applications

Cap 1 Confuses me

Anonymous — Fri, 07 May 2021 17:47:01 GMT

In the last week, I got my NM bumped from 2k to 3.5k, my Bergdorfs from 2k to 4.5k, but for the life of me, I cannot get a CLI on my Quicksilver (which had graduated form Platinum on Credit steps) at 500, or my Walmart Cap 1 I've had at the original SL of 1k for over a year. Absolutely no CLI joy with them except for their retail cards!

Anyone else?

Re: Cap 1 Confuses me

Ficoproblems247 — Fri, 07 May 2021 18:21:16 GMT

Capital one issues cards as asset backed securities (ABS.) That is generally what is believed to be the cause of them bucketing their cards that they issue to sub-prime, or near-prime borrowers. You can find a lot of great info about ABS here. There are enough posts littered across the forums about bucketed Cap1 cards to keep you busy for a very, very long time.

Re: Cap 1 Confuses me

FinStar — Fri, 07 May 2021 18:25:34 GMT

An item to keep in mind, the Private Label (PLCC) side handles UW differently than the core Capital One cards. These portfolios were acquired from HSBC a while ago (including Saks, Menards, etc.), and while Capital One may be the current servicer, those still operate under former legacy UW standards (to a certain extent). The same would apply to Kohl's or other PLCC programs.

Even by comparison, Cabela's, GM BuyPower, Walmart, etc., are handled under different standards.

Re: Cap 1 Confuses me

Anonymous — Fri, 07 May 2021 18:54:54 GMT

@Anonymous wrote:
In the last week, I got my NM bumped from 2k to 3.5k, my Bergdorfs from 2k to 4.5k, but for the life of me, I cannot get a CLI on my Quicksilver (which had graduated form Platinum on Credit steps) at 500, or my Walmart Cap 1 I've had at the original SL of 1k for over a year. Absolutely no CLI joy with them except for their retail cards!

Anyone else?

YES! Literally almost everyone else here with a bucketed card. It is what it is.

Re: Cap 1 Confuses me

OmarGB9 — Sat, 08 May 2021 01:38:32 GMT

Yep, it's Cap One's MO: bucket sub-prime cards and limit CLIs to small/none, to force you to apply for a new card with them if you want a bigger CL.

Re: Cap 1 Confuses me

Anonymous — Sat, 08 May 2021 01:40:43 GMT

May I ask what CC you reccomend above their low-tiered cards (I have Quicksilver & the Walmart MC). If you happen to know...

Re: Cap 1 Confuses me

OmarGB9 — Sat, 08 May 2021 02:23:41 GMT

@Anonymous wrote:
May I ask what CC you reccomend above their low-tiered cards (I have Quicksilver & the Walmart MC). If you happen to know...

Their cards for "excellent credit" (according to their site) would probably be considered upper-tier cards. The Quicksilver for good credit, the Venture, the Savor, the SavorOne Rewards for good credit, and the VentureOne Rewards for good credit.

Re: Cap 1 Confuses me

micvite — Sat, 08 May 2021 05:06:17 GMT

@FinStar wrote:
An item to keep in mind, the Private Label (PLCC) side handles UW differently than the core Capital One cards. These portfolios were acquired from HSBC a while ago (including Saks, Menards, etc.), and while Capital One may be the current servicer, those still operate under former legacy UW standards (to a certain extent). The same would apply to Kohl's or other PLCC programs.

Even by comparison, Cabela's, GM BuyPower, Walmart, etc., are handled under different standards.

So... even though a cc is now a QS, if it originally was an HSBC platinum turned CAP 1 platinum the underwriting is old HSBC underwriting? Guess HSBC is lax with their underwriting or at least was many years ago...

Re: Cap 1 Confuses me

FinStar — Sat, 08 May 2021 05:56:28 GMT

@micvite wrote:
@FinStar wrote:
An item to keep in mind, the Private Label (PLCC) side handles UW differently than the core Capital One cards. These portfolios were acquired from HSBC a while ago (including Saks, Menards, etc.), and while Capital One may be the current servicer, those still operate under former legacy UW standards (to a certain extent). The same would apply to Kohl's or other PLCC programs.

Even by comparison, Cabela's, GM BuyPower, Walmart, etc., are handled under different standards.
So... even though a cc is now a QS, if it originally was an HSBC platinum turned CAP 1 platinum the underwriting is old HSBC underwriting? Guess HSBC is lax with their underwriting or at least was many years ago...

No, my illustrations only apply to PPLCs as far as HSBC goes. If your V/MC card was originally with Orchard Bank and/or HSBC, those accounts were integrated into Capital One's main (product family) platform. So, any CLIs would be subject to similar criteria as that of Platinum, QS1, QS, Venture One, etc. It also depends which tranche your card was aligned during the transition.

Re: Cap 1 Confuses me

micvite — Sat, 08 May 2021 06:12:40 GMT

@FinStar wrote:
@micvite wrote:
@FinStar wrote:
An item to keep in mind, the Private Label (PLCC) side handles UW differently than the core Capital One cards. These portfolios were acquired from HSBC a while ago (including Saks, Menards, etc.), and while Capital One may be the current servicer, those still operate under former legacy UW standards (to a certain extent). The same would apply to Kohl's or other PLCC programs.

Even by comparison, Cabela's, GM BuyPower, Walmart, etc., are handled under different standards.
So... even though a cc is now a QS, if it originally was an HSBC platinum turned CAP 1 platinum the underwriting is old HSBC underwriting? Guess HSBC is lax with their underwriting or at least was many years ago...
No, my illustrations only apply to PPLCs as far as HSBC goes. If your V/MC card was originally with Orchard Bank and/or HSBC, those accounts were integrated into Capital One's main (product family) platform. So, any CLIs would be subject to similar criteria as that of Platinum, QS1, QS, Venture One, etc. It also depends which tranche your card was aligned during the transition.

Ah, Gotcha, thanks for clarification. So I always thought cap 1 platinum was like one of the lowest tiers of cc, my moms cap 1 obviously isnt a bucketed card (couple CLI to over 9k now), she had an hsbc plat with the 1.5% CB, that got transfered into a cap 1 plat with 1.5% CB. why not just give her a QS to begin with? (they eventually asked if we wanted a PC which we did but I never understood why)

Re: Cap 1 Confuses me

Jnbmom — Sat, 08 May 2021 06:29:31 GMT

@Anonymous wrote:
May I ask what CC you reccomend above their low-tiered cards (I have Quicksilver & the Walmart MC). If you happen to know...

Or you can go with a different lender? Not sure why you want more cards with CO, there are others banks out there..........................

Re: Cap 1 Confuses me

Anonymous — Sat, 08 May 2021 21:13:36 GMT

@Jnbmom wrote:
@Anonymous wrote:
May I ask what CC you reccomend above their low-tiered cards (I have Quicksilver & the Walmart MC). If you happen to know...
Or you can go with a different lender? Not sure why you want more cards with CO, there are others banks out there..........................

@Jnbmom I wondered the same but figured maybe they had reasons...

@Anonymous if you're open to other lenders feel free to provide details about your main spend categories and members can suggest some great options for you

Re: Cap 1 Confuses me

shadanat — Sun, 09 May 2021 02:12:54 GMT

I had the same issue. After not getting an increase on my bucketed $500 Cap One Quicksilver, I applied for the SavorOne. They gave me a starting limit of $3000. I have my HBO Max subscription going to the card. They only reason I'm keeping it open is to see if they will increase the limit in a couple of months.

Re: Cap 1 Confuses me

Anonymous — Sun, 09 May 2021 03:17:23 GMT

@shadanat wrote:
I had the same issue. After not getting an increase on my bucketed $500 Cap One Quicksilver, I applied for the SavorOne. They gave me a starting limit of $3000. I have my HBO Max subscription going to the card. They only reason I'm keeping it open is to see if they will increase the limit in a couple of months.

Hi and thanks for the info! Did they make you close your Quicksilver before letting you app for the Savor? I have 2 cards with Cap 1 already (besides retail cards), the Walmart MC and Quicksilver.
Also can you tell me what your score was when you were approved for the Savor?

Re: Cap 1 Confuses me

shadanat — Sun, 09 May 2021 03:35:42 GMT

No they didn't make me close the Quicksilver One. I was approved for the SavorOne (the one without the annual fee). There was a $200 sign up bonus if you spend $500 in the first 3 months. That was appealing to me.

My FICO8 are

EX: 674

EQ: 680

TU: 689

Re: Cap 1 Confuses me

Ficoproblems247 — Sun, 09 May 2021 12:20:16 GMT

@Anonymous wrote:
@shadanat wrote:
I had the same issue. After not getting an increase on my bucketed $500 Cap One Quicksilver, I applied for the SavorOne. They gave me a starting limit of $3000. I have my HBO Max subscription going to the card. They only reason I'm keeping it open is to see if they will increase the limit in a couple of months.

Hi and thanks for the info! Did they make you close your Quicksilver before letting you app for the Savor? I have 2 cards with Cap 1 already (besides retail cards), the Walmart MC and Quicksilver.
Also can you tell me what your score was when you were approved for the Savor?

The rule of 2 only applies when applying for their sub-prime cards: Secured, Platinum, QS1, and Journey. They have a rule of 5 when applying for their prime cards: Venture, Savor, QS, V1, and S1.

Re: Cap 1 Confuses me

HeavenOhio — Mon, 10 May 2021 01:48:35 GMT

Retail and co-beanded cards aren't included in the two and five card limits mentioned by @Ficoproblems247.

Re: Cap 1 Confuses me

nwa479 — Mon, 24 May 2021 22:08:58 GMT

I have two Cap One cards, one a subprime QS1 and the other is a QS. I'm assuming I'll no longer be restricted to two cards since I'd only apply for prime cars now. I started with two Platinum cards with 300 limit each in 2017. Got them to change one to a QS at some point. I didn't realize the difference between QS and QS1 until researching on this forum earlier this year. Recently they auto increased my QS from 1k to 4K CL but left the QS1 at $1450. It's been there for 3 years.

I probably won't apply for another Cap One card anyway. Waiting until completion of a mortgage loan then will look for other cards with good cash back options.