topic Re: Help planning card strategy in Credit Card Applications

Help planning card strategy

creditwraith — Sun, 16 Aug 2015 14:34:19 GMT

I had a BK7 discharged 3 years ago, and immediately got a Capital One Platinum with 1000 SL. Ontime payments for three years. Last month, app'd for QS1 MC showing 620's accross the board and 70% UTI. They approved for 3000 SL (I make 120k). I am running alot of volume through that card for cash back rewards and to cement myself with these guys because theyve been so good to me.

My goal is the Venture. I paid off all my cards, and just make sure I am under 9% on all of them before the statement cuts. Score has jumped and Ill probably be 680 in the next couple months.

Today, I don't have any prequalified offers on their site. I'm wondering if thats because of the BK, or if its because my credit rise basically JUST happened.(I did receive a pre approved offer from Merrik last week 700SL that gets a CLI to 1400 in 7 months, but I threw that one away.) Also, once I make 5 ontime payments and they boost my limit, is that about when C1 might start throwing me offers for Venture One and Venture? If they don't, should I app for the Venture One first? I dont know if that one is easier to get or not.

Based on the QS1 SL that they gave me, it seems like Capital One likes me. Just trying to strategize on how to get those sweet prime cards.

I'm actually kicking around opening a Capital One 360 Savings Account. I haven't heard anyone on here correlate the two, but I have this gut feeling that if you do any banking with them, they like you even more.

Re: Help planning card strategy

OmarGB9 — Sun, 16 Aug 2015 17:44:16 GMT

I think any bank likes to get as much of you business as possible lol. Don't know how much (if at all) that helps in getting a CC though. Anyway, I think if your ultimate goal is the Venture, then you might need to wait like another month for them to SP you again and have your more recent, higher scores. Other than that, though, you could try going for a VentureOne, since it is a bit easier to get, but it's not that good of a card. Though the no AF is nice.

Re: Help planning card strategy

Anonymous — Sun, 16 Aug 2015 18:07:50 GMT

Despite them not being my highest card, i love cap1. always have. always will. rep's aren't the brightest, but the cards themselves are awesome.

The prequal(and we'll find out for sure in 24 hours) I BELIEVE is based off of your score in their credit tracker(so basically one sp a month). Mine updates on the 17th(10 hours away technically). Hopefully ill be getting a prequal for the venture tuesday afternoon on the website, but even if i dont get one, i'm still cold app'ing for a venture. But atleast we will know what the prequal is based off of, also you'll have a data point for you're chances of approval if you just wait until tuesday afternoon for my app(see my sig's for scores) My late payment was 180 days straight through, has been paid in full since.

Re: Help planning card strategy

Anonymous — Sun, 16 Aug 2015 22:04:29 GMT

@creditwraith wrote:

I'm actually kicking around opening a Capital One 360 Savings Account. I haven't heard anyone on here correlate the two, but I have this gut feeling that if you do any banking with them, they like you even more.

Capital One 360 has been my main bank for quite awhile now. It is the only financial account that made it through all of our financial troubles and works very well. There are no fees on their checking or savings accounts. With their checking, even if you overdraw into your line of credit, there are no charges. I have to say I love the account.

Re: Help planning card strategy

Anonymous — Mon, 17 Aug 2015 03:20:32 GMT

Whats so special about the venture? Other than the high starting limit, it takes yet another 3 inquiries, OP already has a cap1 card to begin with, and also the rewards are 2 percent regardless, you could select the same travel charge and get credit for it over and over, but whats the point in that? not to mention no intro 0 apr offer....

other options exist for 2%. save it as a last resort.

Re: Help planning card strategy

Anonymous — Mon, 17 Aug 2015 14:50:03 GMT

Tested credit tracker theory this morning. Score updated to 704 on their site. Did not create any pie qual(I have 2 qs ) you would think it would match me with SOMETHING. So much I've no clue how they sp.

Re: Help planning card strategy

creditwraith — Wed, 19 Aug 2015 02:50:19 GMT

Thanks for dropping back in Kuma. It's possible that once your score updates that it has to be spread out to other systems in Capital One before the pre qualified offers hit. I still think you are on to something here. That credit tracker is a perfect way for them to use a SP to pre screen you for their products.

Once I've been in the garden a while longer, and my CLI auto increases after six payments I'll be looking for offers. I'm thinking I'll be in the 695-710 area on all three scores.

Re: Help planning card strategy

Anonymous — Wed, 19 Aug 2015 03:19:38 GMT

I still think that's how they determine it, that's definitely how discover gets your cli info. I cold apped today for both after apping for csp,bcp, and refinancing my car. I got 1 hit on each, tu, ex, and eq respectively total from the aforementioned 3 apps. Declined for both venture unfortunately but did get the csp and bcp. Found out Chase doesn't care what your score is as they don't using any score formula and just read your credit file.
Emailing eo for cap to maybe have them recon. Even if they don't, I'm happy with what I got. Best of luck for your apps. My scores were what was in my siggy with a 5% uti at time of decline. I'll find out reasons in the mail(or from the eo)

Re: Help planning card strategy

creditwraith — Wed, 19 Aug 2015 04:17:45 GMT

Might be income related. Also I know that the Venture cards ask about bank balances and investment accounts. Not sure how big that plays into their decision. I'd be curious to see what others with Approvals for the Venture typically have for median salary and holdings. Sucks man, hopefully EO can do a manual review and get it approved. Your scores seem fine. Could also be AAoA only being one year...not sure how C1 looks at that one.

Re: Help planning card strategy

Anonymous — Wed, 19 Aug 2015 04:23:06 GMT

Thanks. Yeah I dunno. Incomes 52, I put 2500 for credit cards per month. Not sure if thats good or bad. And even though I don't have more than a few hundred in my 401k , the only option was 0-10k so obviously I picked that one.
Who are they to say I don't have 9,587 dollars in my 401k?
Not gonna stress it. But jfriend advised my against app'ing and I did so anyway without a prequal. I'll let you know what happens with the eo just incase it may be a save option for you as well if you do intend to app(though if income is the issue, you're double me and they probably don't care)

Maybe it was the aaoa. Or maybe they really do care about late payments, I did go 180 days on my first card 2 years ago(paid off a year and a half ago. Without collections)

Re: Help planning card strategy

creditwraith — Wed, 19 Aug 2015 04:41:39 GMT

And like you said, not like your slumming it with the Chase Saphire and Amex Blue