topic Re: Advice on waiting to apply for the C1 Venture card in Credit Cards

Advice on waiting to apply for the C1 Venture card

pi-r-squared — Sun, 01 Mar 2015 04:13:40 GMT

Actually, my wife would probably kill me if I went on an app spree, but, that is a separate discussion.

I would like to slow-go my CC applications but need to understanding how timing affects my chances....

Right now, I have 1 CC. I applied in December of last year and got it. If I had known about sprees, I may have applied for a 2nd and 3rd back then but it's too late now. I know I will be applying for a 2nd card soon because of a possible upcoming trip in July where my meals, mileage, and hotel stay will all be paid for. I will just need a place to charge everything until they cut me a reimbursement check. I could easily spend $3,000 just for this trip alone so the C1 Venture Card (40,000 miles bonus for $3,000 spent in 3 months) would be a great place to stash these expenses. However, since I will have up to 3 months to spend the $3,000, I would apply for the C1 Venture around April 15th. This way, the trip window would be in the 3-month time frame to spend $3,000.

Question is, since I am already pre-qualified for Venture, would waiting until mid April not make a difference? This, of course, assumes that I keep paying bills on time, maintaining my current FICO scores, etc........Because, if I'm gonna most likely get the Venture, I might as well wait. Sound good?

Re: Advice on waiting to apply for the C1 Venture card

northface28 — Sun, 01 Mar 2015 04:19:09 GMT

Sounds good to me.

Re: Advice on waiting to apply for the C1 Venture card

NRB525 — Sun, 01 Mar 2015 05:02:47 GMT

What is the limit on your current card? Which CC is it?

While your plan sounds good, gardening with a future date to app being an excellent strategy, you want to ensure that you aren't caught out somehow if the Venture app doesn't work, or doesn't get enough CL.

Is the reimbursement for this trip done monthly, or only at the end after you have accumulated $3,000 of expenses?

Re: Advice on waiting to apply for the C1 Venture card

happypill — Sun, 01 Mar 2015 06:38:50 GMT

I think the question is, your prequalified now; do you run the risk of not qualifying if you wait until April to apply. If, as you mentioned, you keep up with your acocunts and don't have any major changes to your profile, you should still be fine in a few months.

Re: Advice on waiting to apply for the C1 Venture card

SnackTrader — Sun, 01 Mar 2015 09:57:53 GMT

Congratulations on your start to credit cards! You've done well so far. As someone above mentioned, it will be helpful to know what the current card you have is and it's limit. You may also want to share a little bit about your credit profile. Scores? AAoA? Baddies?

I don't have a lot of experience with the Venture card, but within the industry, travel cards are typically reserved for the most creditworthy. So, if your credit was anything like mine when I first started out, you will want to wait as long as possible to apply for a new card. With that said, if you are creditworthy to CapitalOne today, there is no harm waiting until April 15 (unless there is some bizarre change in the Venture bonus offer, which would be the first time in years). But, I would actually advocate waiting longer, if you can.

First, 90 days after April 15 is July 15, and you didn't mention when your trip would be happening, but if any part of the trip is after July 15 you will miss out on a big bucket of spending. Remember, hotels can take up to 5 or more business days to settle transactions on a credit card. So if your stay finishes July 14, you will potentially miss the hotel spending for the bonus as well. Something to consider there. Secondly, each statement that posts to your credit report will increase your appeal to any credit card issuer (assuming consistent payment history, low utilization at the time of application, etc). They want to see payment history on existing cards. As I mentioned before, travel cards aren't typically just given out to anyone. The third thing to consider isn't really a reason to wait, but it is something to pay attention to. That is, start reading up on the affect of utilization on your credit scores. Make sure you have a low utilization posting to your credit report on your existing card before you make that application.

If there is no big reason to have the card before June 15th, as in you don't have a significant expense that will help you meet the bonus spending, I suggest waiting until then to get the card. It shouldn't matter if the trip is the first transaction in the 90 day period, or the last as long as it helps you meet bonus spending. Waiting an extra 30 or 60 days could increase your odds for approval with good terms, all else being equal. Just make sure you leave enough time to receive the card in the mail!

Best of luck to you!

Re: Advice on waiting to apply for the C1 Venture card

pi-r-squared — Sun, 01 Mar 2015 14:23:50 GMT

@SnackTrader wrote:
Congratulations on your start to credit cards! You've done well so far. As someone above mentioned, it will be helpful to know what the current card you have is and it's limit. You may also want to share a little bit about your credit profile. Scores? AAoA? Baddies?
.
.
.
.
If there is no big reason to have the card before June 15th, as in you don't have a significant expense that will help you meet the bonus spending, I suggest waiting until then to get the card. It shouldn't matter if the trip is the first transaction in the 90 day period, or the last as long as it helps you meet bonus spending. Waiting an extra 30 or 60 days could increase your odds for approval with good terms, all else being equal. Just make sure you leave enough time to receive the card in the mail!

Best of luck to you!

_________________________________________________________________________________________________________________________________

This really isn't my start to credit cards. It's actually my 2nd chance. Long story short. Ran into SERIOUS DEBT and filed BK in August 2006. Next August will mark 10 years and this major baddie will fall off. The only baddies that will remain are 2 PAID medical collections from 2011. I seem remember my Equifax FICO shortly after BK being in the low 400s!! Now my current scores are in my signature and I want to keep the scores there and keep them moving up. Oldest account age is 19+ years... AAoA is about 6 years. Only 2 accounts being shown in good standing so that dings my score.

I was so scared of CC apps I waited 9 years to try again for credit cards. Got rejected from Lowe's and a local department store. Then tried for a line of credit and it was rejected for lack of credit in my credit report. But, I've taken out student loans (a ton) and a car loan. We have a mortgage but they aren't reporting it to any bureau!

My current CL is $3,000 and I have a balance of $445. (~15% Util.) Last month, the balance was $650 (~22% Util.).

If I chosen to go on the trip I would be starting the road trip on June 29th and won't return until July 8th. That's 10 days of hotels, food, gas, etc.....

And yes, I don't really have a reason to get the Venture card early other than to get some more credit AND decrease my % Util. We don't travel much so maybe Quicksilver would be the card I end up applying for anyway!

Re: Advice on waiting to apply for the C1 Venture card

pi-r-squared — Sun, 01 Mar 2015 14:29:18 GMT

@NRB525 wrote:
What is the limit on your current card? Which CC is it?

While your plan sounds good, gardening with a future date to app being an excellent strategy, you want to ensure that you aren't caught out somehow if the Venture app doesn't work, or doesn't get enough CL.

Is the reimbursement for this trip done monthly, or only at the end after you have accumulated $3,000 of expenses?

My current card is C1 Platinum ($0 AF first year, $19 afterwards). CL is $3,000.

I think the reimbursement check will be cut after I submit all my receipts so it's a one-time thing.

Re: Advice on waiting to apply for the C1 Venture card

Santi78342 — Sun, 01 Mar 2015 15:20:06 GMT

If there isn't a significant reason you would want/need the card beforehand, I would wait to app until a week after your May statement closes on your current credit card. That would play it safe enough for your reports to reflect another month of good payment history and leave ample time for you to receive the Venture in the mail. (It took 2 weeks for me to receive my Venture btw). The Venture sign-up bonus ($400) is better than the QS ($100) so if I were you I would just get the Venture and PC it to the QS after a year.

How how long have you had the Platinum?

Re: Advice on waiting to apply for the C1 Venture card

pi-r-squared — Sun, 01 Mar 2015 16:05:39 GMT

I've had the Platinum only since December of 2014. Just finished my 3rd payment on it so it's had a short life.

Re: Advice on waiting to apply for the C1 Venture card

Santi78342 — Sun, 01 Mar 2015 17:00:45 GMT

@pi-r-squared wrote:
I've had the Platinum only since December of 2014. Just finished my 3rd payment on it so it's had a short life.

If I were in your shoes, I would definitely wait until the 1st week of June then.

Re: Advice on waiting to apply for the C1 Venture card

pi-r-squared — Sun, 01 Mar 2015 18:22:41 GMT

So waiting 6 months versus 3 months would necessarily improve my chances of getting a 2nd card? On that note, could I spree and apply for QS and Venture and see what happens? I wonder what %s would be for the following:

Apply Venture SUCCESS, Apply QS SUCCESS (or vice versa). OR
Apply Venture FAIL, Apply QS SUCCESS. OR
Apply Venture SUCCESS, Apply QS FAIL. OR
Apply Venture FAIL, Apply QS FAIL

My gut tells me, in 6 months, I will get one of them but not both.

Re: Advice on waiting to apply for the C1 Venture card

Santi78342 — Sun, 01 Mar 2015 19:07:06 GMT

6 months time seems to be the magic number when it comes to credit. IMO it would definitely improve your chances of getting a second Cap1 card. I think you would be better off trying to upgrade/PC your Platinum to the QS than applying for it and getting 3 more HPs + getting dinged for another new account and lowering your AAoA. 9 HPs from Cap1 alone within 6 months time just wouldn't be worth it to me though.

Re: Advice on waiting to apply for the C1 Venture card

Anonymous — Sun, 01 Mar 2015 21:07:05 GMT

I would expect a nice CLI around June on your current Cap One card. To be honest, I would look elsewhere so you can get in with another company if you didn't burn everyone else during your BK. Your on the right track, and you can eventually PC your Plat to a QS.

Re: Advice on waiting to apply for the C1 Venture card

pi-r-squared — Sun, 01 Mar 2015 21:21:12 GMT

The platinum card is part of their credit steps program. Make 5 on-time payments and see the CL raised to $3,500.

The only other major CC companies I did not burn are Discover and Barclays. Citi, Chase, AMEX, Synchrony.... All I have burned badly.

Re: Advice on waiting to apply for the C1 Venture card

Anonymous — Sun, 01 Mar 2015 21:30:03 GMT

I think one of the Barclay airlines card has an amazing sign up bonus ATM..

Re: Advice on waiting to apply for the C1 Venture card

NRB525 — Sun, 01 Mar 2015 21:42:05 GMT

@pi-r-squared wrote:
Actually, my wife would probably kill me if I went on an app spree, but, that is a separate discussion.

I would like to slow-go my CC applications but need to understanding how timing affects my chances....

Right now, I have 1 CC. I applied in December of last year and got it. If I had known about sprees, I may have applied for a 2nd and 3rd back then but it's too late now. I know I will be applying for a 2nd card soon because of a possible upcoming trip in July where my meals, mileage, and hotel stay will all be paid for. I will just need a place to charge everything until they cut me a reimbursement check. I could easily spend $3,000 just for this trip alone so the C1 Venture Card (40,000 miles bonus for $3,000 spent in 3 months) would be a great place to stash these expenses. However, since I will have up to 3 months to spend the $3,000, I would apply for the C1 Venture around April 15th. This way, the trip window would be in the 3-month time frame to spend $3,000.

Question is, since I am already pre-qualified for Venture, would waiting until mid April not make a difference? This, of course, assumes that I keep paying bills on time, maintaining my current FICO scores, etc........Because, if I'm gonna most likely get the Venture, I might as well wait. Sound good?

Stick with just apping the Venture, at June 1 as noted by others. Your CapOne statement history will only continue to improve, a couple more months will probably even result in a higher starting limit than if you apped right now.

I would not try to spree multiple cards at that time, just app the one CapOne account. You are still rebuilding a file, no need to rush.

Re: Advice on waiting to apply for the C1 Venture card

pi-r-squared — Sun, 01 Mar 2015 22:05:53 GMT

Ok... I will garden until the 1st week of June. Hopefully, when I come out to apply, I will still be PQ for Venture.

Re: Advice on waiting to apply for the C1 Venture card

SnackTrader — Sun, 01 Mar 2015 23:18:48 GMT

@pi-r-squared wrote:
@SnackTrader wrote:
Congratulations on your start to credit cards! You've done well so far. As someone above mentioned, it will be helpful to know what the current card you have is and it's limit. You may also want to share a little bit about your credit profile. Scores? AAoA? Baddies?
.
.
.
.
If there is no big reason to have the card before June 15th, as in you don't have a significant expense that will help you meet the bonus spending, I suggest waiting until then to get the card. It shouldn't matter if the trip is the first transaction in the 90 day period, or the last as long as it helps you meet bonus spending. Waiting an extra 30 or 60 days could increase your odds for approval with good terms, all else being equal. Just make sure you leave enough time to receive the card in the mail!

Best of luck to you!
_________________________________________________________________________________________________________________________________

This really isn't my start to credit cards. It's actually my 2nd chance. Long story short. Ran into SERIOUS DEBT and filed BK in August 2006. Next August will mark 10 years and this major baddie will fall off. The only baddies that will remain are 2 PAID medical collections from 2011. I seem remember my Equifax FICO shortly after BK being in the low 400s!! Now my current scores are in my signature and I want to keep the scores there and keep them moving up. Oldest account age is 19+ years... AAoA is about 6 years. Only 2 accounts being shown in good standing so that dings my score.

I was so scared of CC apps I waited 9 years to try again for credit cards. Got rejected from Lowe's and a local department store. Then tried for a line of credit and it was rejected for lack of credit in my credit report. But, I've taken out student loans (a ton) and a car loan. We have a mortgage but they aren't reporting it to any bureau!

My current CL is $3,000 and I have a balance of $445. (~15% Util.) Last month, the balance was $650 (~22% Util.).

If I chosen to go on the trip I would be starting the road trip on June 29th and won't return until July 8th. That's 10 days of hotels, food, gas, etc.....

And yes, I don't really have a reason to get the Venture card early other than to get some more credit AND decrease my % Util. We don't travel much so maybe Quicksilver would be the card I end up applying for anyway!

The quote that I bolded and put in red above scares me a little. If you don't mind explaining - are you currently carrying balances on your Cap1 card?

My experience with utilization has been that controlling the numerator of the equation (outstanding balance reported) is much more satisfying than controlling the denominator. With a card with a $3,000 CL just make a payment before the statement closing date down to $30 or so, and bam! Utilization is just 1%!

i think getting the Venture is definitely a good option for you, but I advise taking it slowly back into the CC game. Maybe go one card at a time (every 6 months or more). Your AAoA is already fine and you want to keep control over spending, etc. If you get QS and Venture at the same time that is a LOT of spending at once to meet the sign up bonus.

Re: Advice on waiting to apply for the C1 Venture card

pi-r-squared — Sun, 01 Mar 2015 23:52:07 GMT

@SnackTrader wrote:
@pi-r-squared wrote:

And yes, I don't really have a reason to get the Venture card early other than to get some more credit AND decrease my % Util. We don't travel much so maybe Quicksilver would be the card I end up applying for anyway!

The quote that I bolded and put in red above scares me a little. If you don't mind explaining - are you currently carrying balances on your Cap1 card?

__________________________________________________________________________________

I got my card in December because finances were short and Christmas was coming around. At the end of the 1st cycle, I had a balance of $200. At the end of the 2nd, it was $650. Things have gotten a little better so I was able to knock down some debt so the 3rd cycle balance sits at $445. APR is 24.99%. Paying around $10 in finance charges doesn't bother me. It's more incentive to get the balance paid down sooner.

Re: Advice on waiting to apply for the C1 Venture card

SnackTrader — Mon, 02 Mar 2015 02:26:34 GMT

Well, I'm glad you're paying the balance down! It sounds like waiting is also going to help give you time to pay off the balance. Just remember that $10 in interest is $10 less in your pocket. When that $10 is used as an investment rather than a finance charge can more than double over 30 years (assuming a 3% annual return). I recommend working towards eliminating interest if you can - but any of us who have been on this site for a couple years understand it's not always possible. Just keep it as a goal.

I do wish you luck in your journey to get the Venture. Please consider the advice I gave you earlier and ALWAYS try to reduce your balances to improve your utilization rather than adding credit. That can become a dangerous game.