topic Re: Cap1 Advice... in Credit Cards

Cap1 Advice...

Silver12 — Thu, 28 May 2015 20:36:56 GMT

Hello all!

Need some advice on how to handle some Capital One cards.

I currently have two - a platium with a $750 limit (from credit steps years ago) and a QS1 with a $4,500 limit.

I was just approved for a regular QS with a $10,000 limit.

Three cards from Cap1 seem a bit much considering that two now have cash back rewards and one no rewards, and I was wondering what people's thoughts are on how to approach this. Would Cap1 let me combine the limit from the QS1 into the new QS? I really don't need two of those, but wasn't able to get it converted previously (and, yet, received a pre-approved offer for the regular QS a few days ago).

Would just flat out closing the QS1 be a bad thing if not?

The platimun is also one of my oldest trade lines, so I'm not sure if I should close that?

On another topic, since I just apped yesterday for the QS, I have read that Cap1 may only use one pull for multiple applications in a short time frame. Is this true? Would it be worth applying for the Venture as well?

Any advice appreciated, and thank you!

Re: Cap1 Advice...

Anonymous — Thu, 28 May 2015 20:40:09 GMT

@Silver12 wrote:
Hello all!

Need some advice on how to handle some Capital One cards.

I currently have two - a platium with a $750 limit (from credit steps years ago) and a QS1 with a $4,500 limit.

I was just approved for a regular QS with a $10,000 limit.

Three cards from Cap1 seem a bit much considering that two now have cash back rewards and one no rewards, and I was wondering what people's thoughts are on how to approach this. Would Cap1 let me combine the limit from the QS1 into the new QS? I really don't need two of those, but wasn't able to get it converted previously (and, yet, received a pre-approved offer for the regular QS a few days ago).

Would just flat out closing the QS1 be a bad thing if not?

The platimun is also one of my oldest trade lines, so I'm not sure if I should close that?

On another topic, since I just apped yesterday for the QS, I have read that Cap1 may only use one pull for multiple applications in a short time frame. Is this true? Would it be worth applying for the Venture as well?

Any advice appreciated, and thank you!

Close the old ones. They will NOT combine.

Re: Cap1 Advice...

ojefferyo — Thu, 28 May 2015 20:58:18 GMT

I would close the lower limit one and SD the other one

Re: Cap1 Advice...

Skye12329 — Thu, 28 May 2015 21:24:23 GMT

If you haven't already. Contact the EO to remove the AF on your qs1.

Re: Cap1 Advice...

Anonymous — Thu, 28 May 2015 22:25:05 GMT

I got rid of my two cap1 cards when I got their business card. They wouldnt combine or reallocate the lines but what they did do, after I got rid of the other cards I asked for a cli on the business card and they gave me a nice increase. The regular reps couldnt do it. I had to escalate the calls to people with more power in the company. It took me a while but it paid off in the end.

They may have just gotten tired of me asking

Re: Cap1 Advice...

Anonymous — Thu, 28 May 2015 22:24:08 GMT

@Anonymous wrote:
I got rid of my two cap1 cards when I got their business card. They wouldnt combine or reallocate the lines but what they did do, after I got rid of the other cards I asked for a cli on the business card and they gave me a nice increase.

CAP 1 has never combined limits... There is a rumor they may be starting to do so in the future.

Re: Cap1 Advice...

Anonymous — Thu, 28 May 2015 22:26:45 GMT

Yeah theyve always seemed to be anti combine but I will say I like cap1 a lot these days. Much better than when I originally had them in the 90s. Back then I had a card that started at 300 and stayed at 300 5 years later.

Re: Cap1 Advice...

Anonymous — Thu, 28 May 2015 22:30:45 GMT

@Anonymous wrote:
Yeah theyve always seemed to be anti combine but I will say I like cap1 a lot these days. Much better than when I originally had them in the 90s. Back then I had a card that started at 300 and stayed at 300 5 years later.

Agreed. They are growing on me also... I like the fact that they try to help when people reach out to their EO. That sort of caring and response makes an impression on me personally.

Re: Cap1 Advice...

Silver12 — Fri, 29 May 2015 15:37:36 GMT

Thanks for all the input!

On a whim I decided to try the love button for my QS1, and instant CLI of $1,000. So I think I might keep the QS1 and call to see if they'll upgrade it to the no-Fee MC version (or even PC to the Venture, as I do travel a bit).

And cancel the $750 card.

Thanks, again!

Re: Cap1 Advice...

kdm31091 — Fri, 29 May 2015 17:55:38 GMT

@Silver12 wrote:
Hello all!

Need some advice on how to handle some Capital One cards.

I currently have two - a platium with a $750 limit (from credit steps years ago) and a QS1 with a $4,500 limit.

I was just approved for a regular QS with a $10,000 limit.

Three cards from Cap1 seem a bit much considering that two now have cash back rewards and one no rewards, and I was wondering what people's thoughts are on how to approach this. Would Cap1 let me combine the limit from the QS1 into the new QS? I really don't need two of those, but wasn't able to get it converted previously (and, yet, received a pre-approved offer for the regular QS a few days ago).

Would just flat out closing the QS1 be a bad thing if not?

The platimun is also one of my oldest trade lines, so I'm not sure if I should close that?

On another topic, since I just apped yesterday for the QS, I have read that Cap1 may only use one pull for multiple applications in a short time frame. Is this true? Would it be worth applying for the Venture as well?

Any advice appreciated, and thank you!

Keep your new Quicksilver and close the QS1 and Platinum. There's no reason to keep them. Your utilization won't really change since you were just approved for the $10k which will more than overshadow the loss of the other two cards.

Even if you got the QS1 fee waived it is a redundant card to have along with QS because it's the exact same thing and there is no advantage to having two (it's not like the rewards are capped or anything).

Re: Cap1 Advice...

Anonymous — Fri, 29 May 2015 19:44:25 GMT

You said the Platinum card is years old. There is no harm in keeping it. Just spend $20-30 amonth on it since it has history.

The Quicksilver 1 has cash rewards. $4500 is a good limit. Try to get the annual fee removed. Don't close it. You may need that extra credit or utilization padding at some point.

Re: Cap1 Advice...

Silver12 — Mon, 01 Jun 2015 16:58:41 GMT

Thanks for the added comments!

In your opinion(s), would it be worth trying to PC the QS1 to a Venture1 instead of closing it outright? I know I'd lose out on the sign up bonus, however I wouldn't be applying for a Venture1 anyway at this point.

Thanks!!

Re: Cap1 Advice...

Anonymous — Mon, 01 Jun 2015 18:47:43 GMT

I just closed my second Cap One card today. It was an old Orchard bank card, the CL really never moved much considering the time I had the account and it had an annual fee. Account was 7 years old and the SL was $500, today it wasa $1950. They did not want to remove the annual fee, or PC to a non-annual fee card. I told them to close it as my Venture has rewards and a much higher CL. I know a lot of people say to go through the EO, but keeping the account for me was not really necessary.

If you want the account I would say go through EO, the regular CSR's seem to be very limited in what they can do.

As for the Venture1 I would get that on its' own for the sign up bonus when you are ready, if you want to keep the old account just work on getting the annual fee waived so it is not costing you anything to keep it.