topic Re: Capital One Confusion in Credit Card Applications

Capital One Confusion

Anonymous — Wed, 26 Aug 2015 14:18:10 GMT

Good morning,

Last month on the 15th (when I only had 2 months of credit history with 2 secured cards) I decided to apply for the Capital One Platinum Mastercard (big mistake) and I was denied.

Last night I received an email from Capital One stating "Here is a no annual fee offer" for the Capital One Secured Mastercard, but when I go on their website to see which cards I am pre-qualified for the Capital One Quicksilver Card AND the Platinum Mastercard come up.

This is all very confusing; I want to apply for both the secured and quicksilver but that add 2 inquiries to my report and bring them up to 5 on TU and 7 on EQ.

Any advice or input would be greatly appreciated.

Re: Capital One Confusion

OmarGB9 — Wed, 26 Aug 2015 15:24:16 GMT

If your already have 2 secured cards, why get a third? I'd suggest just apping for the quicksilver and stop there. Keep in mind cap1 does a triple pull, one on each bureau. Also, what APR is the prequalify showing?

Re: Capital One Confusion

Anonymous — Wed, 26 Aug 2015 15:33:46 GMT

you can double check if you like but as i understnd even if you qualify for quicksilver mastercard and platinum( non secure) you may still be denied. as i was told and its somewhere on their website there is a two card limit for their secured card, quicksilver mastercard and their platinum (non secure). so if you already have two secured cards i doubt you will get approved, you may get a "two card limit as denial". For their higher end cards there is a 5 card limit, like venture, quicksilver visa ect.

Contact them and ask about card limit to make sure before you apply.

Re: Capital One Confusion

Anonymous — Wed, 26 Aug 2015 15:36:51 GMT

@OmarGB9 wrote:
If your already have 2 secured cards, why get a third? I'd suggest just apping for the quicksilver and stop there. Keep in mind cap1 does a triple pull, one on each bureau. Also, what APR is the prequalify showing?

That's what I was thinking - I don't want another secured card.

Quicksilver One: 0% intro APR until May 2016; 22.9% variable APR after that

Re: Capital One Confusion

Anonymous — Wed, 26 Aug 2015 15:36:24 GMT

@Anonymous wrote:
you can double check if you like but as i understnd even if you qualify for quicksilver mastercard and platinum( non secure) you may still be denied. as i was told and its somewhere on their website there is a two card limit for their secured card, quicksilver mastercard and their platinum (non secure). so if you already have two secured cards i doubt you will get approved, you may get a "two card limit as denial". For their higher end cards there is a 5 card limit, like venture, quicksilver visa ect.
Contact them and ask about card limit to make sure before you apply.

Thank you for the response, but I should have been a little more clear: I don't have 2 secured cards with Capital - I have 2 secured cards from other banks.

Re: Capital One Confusion

Anonymous — Wed, 26 Aug 2015 15:39:23 GMT

oh i see. well keep in mind for their mastercards (platinum (unsecured and secured) and quicksilver) there is a two limit card. higher end is 5.

Re: Capital One Confusion

OmarGB9 — Wed, 26 Aug 2015 16:18:55 GMT

@Anonymous wrote:
@OmarGB9 wrote:
If your already have 2 secured cards, why get a third? I'd suggest just apping for the quicksilver and stop there. Keep in mind cap1 does a triple pull, one on each bureau. Also, what APR is the prequalify showing?

That's what I was thinking - I don't want another secured card.

Quicksilver One: 0% intro APR until May 2016; 22.9% variable APR after that

That's one of their highest APRs, if not the highest. I'd honestly hold off then in this case.

Re: Capital One Confusion

kdm31091 — Wed, 26 Aug 2015 18:42:36 GMT

I'd definitely wait. That's not a good APR and they aren't especially known to permanently lower APRs. Just give it some time. It's not going anywhere, and if you wait you can get a "higher end" version with a better APR and unsecured.

Re: Capital One Confusion

Anonymous — Wed, 26 Aug 2015 18:50:06 GMT

@Anonymous wrote:
@OmarGB9 wrote:
If your already have 2 secured cards, why get a third? I'd suggest just apping for the quicksilver and stop there. Keep in mind cap1 does a triple pull, one on each bureau. Also, what APR is the prequalify showing?

That's what I was thinking - I don't want another secured card.

Quicksilver One: 0% intro APR until May 2016; 22.9% variable APR after that

I'm assuming you want another card to help build your credit profile right? If that's the case, I say if you're pre-qualified on their website for the QuicksilverOne, then go ahead and app for it. Sure the APR is their highest, but if you pay in full every month then it won't be an issue. Once you have more history under your belt with unsecured cards, then you can app for one of their prime cards. Then 6 months after that you can combine your old high APR card with the new one (hopefully the new one would have a better APR). I don't see any reason to wait to app for the QuicksilverOne.

Re: Capital One Confusion

OmarGB9 — Wed, 26 Aug 2015 19:06:25 GMT

The only reason I suggest to wait is because the high APR likely indicates OP is borderline approva/denial, hence a higher risk and the higher APR. By waiting maybe a month at least, OP might get better offers and better odds of approval.

Re: Capital One Confusion

Anonymous — Wed, 26 Aug 2015 19:18:59 GMT

@OmarGB9 wrote:
The only reason I suggest to wait is because the high APR likely indicates OP is borderline approva/denial, hence a higher risk and the higher APR. By waiting maybe a month at least, OP might get better offers and better odds of approval.

I hear you, I guess I just have a lot of faith in Cap1's pre-qualifier. Sure the APR sucks, but when you're trying to build credit sometimes you need to take less than desirable terms to get started. And hey, it's better than Credit One right?

Re: Capital One Confusion

Anonymous — Wed, 26 Aug 2015 20:45:38 GMT

@omar appreciate the feedback in regards to the APR; as it is right now I don't plan on carrying a balance on any card. What I am doing is leaving a balance on my BOA card and paying it off the day after the statement gets cut

@justme rebuilding my credit is exactly what I'm trying to do, but being patient isn't one of my strong suits so I'm sitting here debating on whether to apply or not. I don't know if I should go for it now or wait until next week after my OpenSky reports for the 4th month.

Decisions, decisions lol

Edit: @justme I see you have the QS card, if you don't mind me asking, at what point did you apply and were approved for the card?

Re: Capital One Confusion

Anonymous — Wed, 26 Aug 2015 20:51:00 GMT

@Anonymous wrote:
@Anonymous appreciate the feedback in regards to the APR; as it is right now I don't plan on carrying a balance on any card. What I am doing is leaving a balance on my BOA card and paying it off the day after the statement gets cut

@Anonymous rebuilding my credit is exactly what I'm trying to do, but being patient isn't one of my strong suits so I'm sitting here debating on whether to apply or not. I don't know if I should go for it now or wait until next week after my OpenSky reports for the 4th month.

Decisions, decisions lol

@Edit: @Anonymous I see you have the QS card, if you don't mind me asking, at what point did you apply and were approved for the card?

I just got the QS last month. My first Cap1 card was their Journey card I got about a year ago. My 2nd Cap1 card was the Venture, and 3rd was the QS (which actually is my lowest limit with them, but it'll grow). If you're pre-qualified on their website right now, I say go for it! Even if they start you with a low limit, it will grow with proper use. Good luck!

Re: Capital One Confusion

Anonymous — Thu, 27 Aug 2015 01:39:22 GMT

Hey OP!

I would wait. Patience is very important when you are rebuilding your credit. BOA is really good at graduating their secured credit cards. Best of luck!!!

Re: Capital One Confusion

NRB525 — Thu, 27 Aug 2015 01:55:26 GMT

@Anonymous wrote:
Good morning,

Last month on the 15th (when I only had 2 months of credit history with 2 secured cards) I decided to apply for the Capital One Platinum Mastercard (big mistake) and I was denied.

Last night I received an email from Capital One stating "Here is a no annual fee offer" for the Capital One Secured Mastercard, but when I go on their website to see which cards I am pre-qualified for the Capital One Quicksilver Card AND the Platinum Mastercard come up.

This is all very confusing; I want to apply for both the secured and quicksilver but that add 2 inquiries to my report and bring them up to 5 on TU and 7 on EQ.

Any advice or input would be greatly appreciated.

This is an offer to get a no-AF secured card from Capital One. I'd take it now, and only the secured card now, I would not try for any regular CapOne cards.

The reason is, with Capital One, you want to take the opportunity to show them your payment ability. Use the secured card for 6-7 months, and then check the CapOne prequalification site periodically to see when they shift it to a specific APR, and a lower APR. Does it take some time? Yes. Does it improve your chances when next you app for a regular CapOne CC, for both better APR and a higher limit? It seems to be the way most people reporting CapOne experiences here see growing limits. The only exceptions are those who arrive with 800 scores anyway and app Venture.

Re: Capital One Confusion

OmarGB9 — Thu, 27 Aug 2015 05:56:39 GMT

For the record OP, I got in with cap1 with sub-600 scores back in January with a small $300 SL QS (regular QS, not a QS1) @ 24.9% APR...lowest limit and highest APR possible lol. This is what I'm trying to get you to avoid haha. In your case you might get in too, but more than likely if you did get approved, you'd get poor terms like I did.
Now, as a second data point, after charging my card, making regular payments above the minimum and leaving a slight balance every month (no interest being paid because it's on 0%), I have managed to bring it up to $1.3k, AND I went ahead and applied for the Venture last month with scores in the 670-710 range and got APPROVED for $10k @ 17.9%.

So...moral of the story is, patience pays off. Lol.

Re: Capital One Confusion

TiggerDat — Thu, 27 Aug 2015 12:49:49 GMT

I would wait for the FNBO invite in the mail! It will only be one pull. Obsess on the score not getting the cards right now.

Wait a bit and check the Citi site prequalifier and get the DC card. It will grow too, probably just as well and it is 2%, so it is a little more rewards for you. It is also only one credit bureau pull.

Also, keep checking the Discover prequal site, when it gives you a solid APR, not a range, then it is more likely you will get the card. It is also only a one credit bureau pull.

If you get a mailer from Barclays, this is usually a good thing too. Even if it is the Barclay Rewards card. If you get in with them, as your score increases, you can then app for the SM card. Barclays is also only one credit pull. (I had the Rewards card with them, which never got a CLI, but when I apped for the SM after having the Rewards card for over a year, they gave me very nice limit on the SM card.)

Remember, if you are trying to build/rebuild those pulls from each breau will hurt you in the short term, which will affect what you can get in the meduim term.