topic Re: Capital 1 - Advice in Credit Card Applications

Capital 1 - Advice

Anonymous — Fri, 07 Aug 2015 05:44:33 GMT

Hello everyone!

Would like to request some input from the community on the following:

Back in May 2015 I applied and was approved for the Venture Rewards with an initial limit of $20k @ one of their highest APR's 22.90%. Today I was curious and logged on to the pre-approval tool on their website and it is offering me both a Quicksilver and ANOTHER Venture card at 12.90% APR. How accurate is the pre-approval tool? Do you guys think it may be a good idea to app for the redued APR Venture card? If I do app, what to do then with 2 Venture cards?

I don't carry a balance on the card but if I wanted to get a bigger ticket Item and carry a balance for 2-3 months I certainly would not want to pay 22.9%. Any input would be greatly appreciated.

Thanks!

Re: Capital 1 - Advise

OmarGB9 — Thu, 06 Aug 2015 20:37:13 GMT

Quite accurate. several members on here have multiple ventures. You could app and get a second one, collect your spend bonus, then roll your older card into the newer one after 6 months for one massive CL with a low APR.

Re: Capital 1 - Advise

Anonymous — Thu, 06 Aug 2015 20:44:36 GMT

why waste another 3 inquiries? a 40k venture is begging for trouble unless you have the income to support it...

why not just get on facebook and reach out to their social team and see if EO cant perm reduce your apr. It may very well NOT happen but it doesnt hurt to try...

Re: Capital 1 - Advise

Anonymous — Thu, 06 Aug 2015 22:16:41 GMT

@Anonymous wrote:
Hello everyone!

Would like to request some input from the community on the following:

@Back in May 2015 I applied and was approved for the Venture Rewards with an initial limit of $20k @ one of their highest APR's 22.90%. Today I was curious and logged on to the pre-approval tool on their website and it is offering me both a Quicksilver and ANOTHER Venture card at 12.90% APR. How accurate is the pre-approval tool? Do you guys think it may be a good idea to app for the redued APR Venture card? If I do app, what to do then with 2 Venture cards?

I don't carry a balance on the card but if I wanted to get a bigger ticket Item and carry a balance for 2-3 months I certainly would not want to pay 22.9%. Any input would be greatly appreciated.

Thanks!

Do what you feel is the right choice for you. 12.9% apr is awesome!

Re: Capital 1 - Advise

Anonymous — Thu, 06 Aug 2015 22:27:13 GMT

Did you app yet?

Re: Capital 1 - Advise

Anonymous — Thu, 06 Aug 2015 23:03:28 GMT

So I reached out through FB, back door number accoutn specialist, and Chat and none were able to grant a lowered APR reduction. All basically said I could choose to apply for the additional Venture card if I really wanted the offered APR of 12.9%. Not sure if it will be worth the 3x HP. My other fear in applying is if the approval comes back with a low credit lime which would defeat the purpose of why I wanted the low APR in the first place. I think I am going to have to think about this one. Thanks for the input everyone.

Re: Capital 1 - Advise

Anonymous — Fri, 07 Aug 2015 01:23:04 GMT

@Anonymous wrote:
So I reached out through FB, back door number accoutn specialist, and Chat and none were able to grant a lowered APR reduction. All basically said I could choose to apply for the additional Venture card if I really wanted the offered APR of 12.9%. Not sure if it will be worth the 3x HP. My other fear in applying is if the approval comes back with a low credit lime which would defeat the purpose of why I wanted the low APR in the first place. I think I am going to have to think about this one. Thanks for the input everyone.

You do realize the Cap1 allows us to combine cards now right? The cards have to be at least 6 months old, but if you were to get the 2nd Venture for the lower APR, even if they did only give you a low SL, in 6 months you could move your entire limit on your old Venture over to the new one. I think it would be worth another triple pull to eventually have a high limit card with a low APR... but that's just me.

Re: Capital 1 - Advise

Anonymous — Fri, 07 Aug 2015 05:22:54 GMT

@Anonymous wrote:
@Anonymous wrote:
So I reached out through FB, back door number accoutn specialist, and Chat and none were able to grant a lowered APR reduction. All basically said I could choose to apply for the additional Venture card if I really wanted the offered APR of 12.9%. Not sure if it will be worth the 3x HP. My other fear in applying is if the approval comes back with a low credit lime which would defeat the purpose of why I wanted the low APR in the first place. I think I am going to have to think about this one. Thanks for the input everyone.
You do realize the Cap1 allows us to combine cards now right? The cards have to be at least 6 months old, but if you were to get the 2nd Venture for the lower APR, even if they did only give you a low SL, in 6 months you could move your entire limit on your old Venture over to the new one. I think it would be worth another triple pull to eventually have a high limit card with a low APR... but that's just me.

Sweet!!! Im in!

Re: Capital 1 - Advise

Anonymous — Fri, 07 Aug 2015 05:32:43 GMT

So I went ahead and jumped in the water head first!!!

Apped for QS Visa Siganture and was approved for 10k @ 12.90%, of course the real card I wanted was the lower APR Venture card so I apped for it figuring I would get at least the 10k like the QS Card received but Cap 1 upped the ante and APPROVED the Venture card with a higher limit than my first Venture card and half the interest rate!!!

New Venture card limit approved at 30k @ 12.90%. So excited and grateful to you guys for sharing your knowledge.

Once these cards age to the required 6 months I will move the high APR Venture CL (20k) to my new QS (10k) and make it a 30k QS. I am now for sure done with apps for the next two years to let all my new recent inquiries fall off.

Again, thanks to everyone who offered great information!

Re: Capital 1 - Advise

Anonymous — Fri, 07 Aug 2015 05:48:26 GMT

@Anonymous wrote:
So I went ahead and jumped in the water head first!!!

@Apped for QS Visa Siganture and was approved for 10k @ 12.90%, of course the real card I wanted was the lower APR Venture card so I apped for it figuring I would get at least the 10k like the QS Card received but Cap 1 upped the ante and APPROVED the Venture card with a higher limit than my first Venture card and half the interest rate!!!

@Anonymous Venture card limit approved at 30k @ 12.90%. So excited and grateful to you guys for sharing your knowledge.

Once these cards age to the required 6 months I will move the high APR Venture CL (20k) to my new QS (10k) and make it a 30k QS. I am now for sure done with apps for the next two years to let all my new recent inquiries fall off.

Again, thanks to everyone who offered great information!

Woohoo congratulations!! Those are very nice limits, aren't you glad you took the plunge?

Re: Capital 1 - Advice

Anonymous — Fri, 07 Aug 2015 06:34:13 GMT

Wow congrats! I hope I can reach that point someday

Re: Capital 1 - Advice

OmarGB9 — Fri, 07 Aug 2015 06:51:15 GMT

Very nice OC.

Re: Capital 1 - Advice

Anonymous — Fri, 07 Aug 2015 16:10:19 GMT

Congrats. Can't wait to get a venture that I can close for a VSQuicksilver too! It sounds sarcastic because it is! I have a bad feeling that they're going to crack down before I get a chance. But, great job all around to the people who have pulled this off

Re: Capital 1 - Advise

Anonymous — Fri, 07 Aug 2015 16:16:04 GMT

@Anonymous wrote:
@Anonymous wrote:
So I went ahead and jumped in the water head first!!!

@Apped for QS Visa Siganture and was approved for 10k @ 12.90%, of course the real card I wanted was the lower APR Venture card so I apped for it figuring I would get at least the 10k like the QS Card received but Cap 1 upped the ante and APPROVED the Venture card with a higher limit than my first Venture card and half the interest rate!!!

@Anonymous Venture card limit approved at 30k @ 12.90%. So excited and grateful to you guys for sharing your knowledge.

Once these cards age to the required 6 months I will move the high APR Venture CL (20k) to my new QS (10k) and make it a 30k QS. I am now for sure done with apps for the next two years to let all my new recent inquiries fall off.

Again, thanks to everyone who offered great information!
Woohoo congratulations!! Those are very nice limits, aren't you glad you took the plunge?

VERY GLAD!

Re: Capital 1 - Advice

Anonymous — Fri, 07 Aug 2015 16:25:37 GMT

@Anonymous wrote:
Wow congrats! I hope I can reach that point someday

You probably see this a lot but TIME is key. I finished cleaning all my credit around this time last year (2014) and then applied for Chase (Credit line is still at 2.5k and has not moved once) and also got an approval for a Credit card for 12k (now 23k) with my local credit union. Since August of last year my scores have continued to climb and have leveled off lately in the 700's.

You can get there too! Like many on here I started with small amounts of credit extended to me and have since gotten CLI's and new cards with higher and higher limits.

Re: Capital 1 - Advice

tbque — Fri, 07 Aug 2015 18:57:34 GMT

Congrats that's Awesome!

Re: Capital 1 - Advice

Anonymous — Fri, 07 Aug 2015 21:01:58 GMT

Yeah thats an understatement haha

But I love hearing other people's opinions about credit whether I agree with it or not. It gives me more perspectives into how I can attack this credit game and reach the 800's someday! Also I think for my age I probably have more credit than a lot of people who are older than me

Re: Capital 1 - Advice

Anonymous — Fri, 07 Aug 2015 21:02:42 GMT

How do you get your cards(pics w/ limits) to show up in your bio?!

Re: Capital 1 - Advice

Anonymous — Fri, 07 Aug 2015 21:15:18 GMT

@Anonymous wrote:
How do you get your cards(pics w/ limits) to show up in your bio?!

I believe there is a requirement on the number of posts or some other requirements, but here.

http://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

Re: Capital 1 - Advice

tbque — Fri, 07 Aug 2015 21:23:17 GMT

@Anonymous wrote:
@Anonymous wrote:
How do you get your cards(pics w/ limits) to show up in your bio?!
I believe there is a requirement on the number of posts or some other requirements, but here.

http://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

There is no number of posts requirement for adding credit card pics. Also, if you want to add the scrolling limits you need to do a search in SmorgasBoard for that post.