topic Re: Applied For a Cap One OuickSilver. in Credit Card Applications

Applied For a Cap One OuickSilver.

kobe81 — Sat, 15 Aug 2015 14:34:21 GMT

Hi Guys,

Been a long time since a last posted. I've been trying to stay away from app'ing.

I've been working on getting my credit up with the cards I already have. My credit expert says I need another card that has at least a 5,000 credit limit for my scores to go up. So i applied for the Cap One. I have two already (Venture ($20,000 and QS1 $300). I went for it yesterday and applied for the QS. It didn't decline me. It just say it need more time to process my appilcation.

I called up and they told me that no additional information is needed at this time and it'll take 15 days. I'm thinking that it's going to be declined, but the CSR was really funny though and she said that you need to be positive. It's going to get approved.

I'm just wondering if I should call today to see if I can speak to anyone at Cap One to see whats going on.

FICO Score EQ 655 EX 684 TU 709 Scoring 08 The BankCard scores are like 15 to 19 points here on each.

What do you think my chances look like? Thanks guys.

Re: Applied For a Cap One OuickSilver.

Anonymous — Sat, 15 Aug 2015 14:39:56 GMT

It is difficult to say without knowing more about your recent activities, other TLs, utilization, capital one history, etc. I would try to call until you get an answer. I'm curious though about why your credit expert is saying you need another card with a specific limit. That gives me the impression your utilization may be high?

Re: Applied For a Cap One OuickSilver.

kobe81 — Sat, 15 Aug 2015 14:47:42 GMT

My current UTL is 38%. Highest TL is Cap. One with $20K

1- Cap. One Venture - 20K

2- Cap. one QS1 - $300

3- American Express Plat - No Spending Limit -Charge

4- American Express Gold- No Spending Limit - Charge

5- American Express Business Gold - No Spending Limit -Charge

6- Duck Card- $5,000

7- Chase Slate- $5,000

8- Sears - $6,000

9- Sallie Mae - $3,650

I have like two car loans and thats about it.

I did go through a hard time with the marketing crashing, but I paid everyone what I could.

My credit expert, which is experian says that it would raises my store if I got two cards. One with 5,000 and one with 20,000.

I just want to hit the high 700's again.

Re: Applied For a Cap One OuickSilver.

kobe81 — Sat, 15 Aug 2015 14:52:07 GMT

Also, I was good with Cap. One but as the marketing went down I had it sent to collections but I paid it off. Otherwise I've always made my payments on time.

Re: Applied For a Cap One OuickSilver.

OmarGB9 — Sat, 15 Aug 2015 14:58:01 GMT

Do you mean the experian credit simulator? If so that's not 100% accurate. It gives you an idea of what can happen to your score with certain factors thrown in, but by no means should you take advice from it.

Re: Applied For a Cap One OuickSilver.

kobe81 — Sat, 15 Aug 2015 14:59:37 GMT

Totally understand, but it's actually helped me raise my scores. So has the system that myFico has.

Re: Applied For a Cap One OuickSilver.

OmarGB9 — Sat, 15 Aug 2015 15:05:23 GMT

Of course, like I said it helps guide you and gives you insight, but acquiring cards won't necessarily raise you score even if the simulator says so. You have to remember that you're adding (an) inquiry(ies) as well as lowering your AAoA. While those are only fractions of your total FICO score, they still count for something.

In any case, your scores look fine for cap1, but what about income? And any baddies?

Re: Applied For a Cap One OuickSilver.

kobe81 — Sat, 15 Aug 2015 15:16:39 GMT

I made about 250K last year. 300K this year. Thats the number I put in on the application.

I have like 5 baddies from 2010 during the time when the recession hit. Three Settlements. Two charge-offs. I have liek 10 INQ's but I get cars often.

Re: Applied For a Cap One OuickSilver.

OmarGB9 — Sat, 15 Aug 2015 15:23:47 GMT

I think you have a good shot. The QS isn't that hard to get and they didn't auto deny you.

Re: Applied For a Cap One OuickSilver.

kobe81 — Sat, 15 Aug 2015 15:28:15 GMT

No. Got a message saying they need some time to look everything over and stuff. I tried to call but I'm getting no where. I don't know if I should call a credit specialist.

Re: Applied For a Cap One OuickSilver.

OmarGB9 — Sat, 15 Aug 2015 15:34:43 GMT

I think you should just give it time and be patient. If the end result is a denial, THEN call back and try to talk to a specialist and recon. Just my opinion.

Re: Applied For a Cap One OuickSilver.

kobe81 — Sat, 15 Aug 2015 16:02:18 GMT

Thats what I'm going to do now. It is what it is.

I'm trying to get a new car as it is right now, so I don't want anything to effect my loan.

Re: Applied For a Cap One OuickSilver.

Anonymous — Sun, 16 Aug 2015 01:25:07 GMT

I don't think it hurts to call and inquire in a friendly way.

Re: Applied For a Cap One OuickSilver.

kobe81 — Wed, 19 Aug 2015 15:38:56 GMT

Well, I called up CS and they told me that I was approved. I was happy to hear that, but I was waiting for her to give me the starting CL. (thought it was going to come back at $300) She then told me that the SL was $5,000. I was happy....but I wanted looking for more. Do you think I should try to do a re-con on it?

Re: Applied For a Cap One OuickSilver.

OmarGB9 — Wed, 19 Aug 2015 18:08:28 GMT

Cap1 doesn't really recon SLs. Be glad you got $5k rather than the $300 you were expecting lol. But the nice thing with cap 1 is that they grow with you.

Re: Applied For a Cap One OuickSilver.

CreditCuriosity — Wed, 19 Aug 2015 18:21:17 GMT

Gotta ask why is your utilization at 38% when making 300k a year?

Re: Applied For a Cap One OuickSilver.

kobe81 — Wed, 19 Aug 2015 19:26:36 GMT

CC, I take it that they are looking at my AMEX charge cards that I spent $7,000 on average, along with two auto loans and one Cap One Card that has a 20K limit and I'm at 14,800 used but I pay in full.

Re: Applied For a Cap One OuickSilver.

CreditCuriosity — Wed, 19 Aug 2015 19:37:25 GMT

@kobe81 wrote:
CC, I take it that they are looking at my AMEX charge cards that I spent $7,000 on average, along with two auto loans and one Cap One Card that has a 20K limit and I'm at 14,800 used but I pay in full.

Thanks.. Just make sure when you apply for any CC for that matter that it is has reflected your payment meaning that Cap1 should be at like 100/20k or under 10% vs. utilization being that high. Check you reports prior to applying next time and make sure the payment has posted then apply as it will yield better results with <10% utilization and better terms. I am guessing that Cap1 utilization cost you 20-30 points on Fico score due to utilization as you are essentially using 75% of CL which is getting close to being maxed which is considered 90%. Just food food for thought.

Re: Applied For a Cap One OuickSilver.

Anonymous — Thu, 20 Aug 2015 14:38:31 GMT