topic Experiences with Capital One in Credit Cards

Experiences with Capital One

Anonymous — Tue, 11 Aug 2015 20:54:59 GMT

Hi everyone, just wanted to make a post and see if anyone has had a similar experience with Capital One. Pretty much about 1 1/2 months ago I applied for the Capital One Quicksilver One card and was approved for $2,000 dollar credit line. I'll be heading to Europe at the end of August and I wanted a little bit of a higher CL so I didn't have to worry so much about cash there and security purposes.

However, I went to do a CLI increase and it said account was still to new and denied me. Because I don't have many HPs on my CR I decided to app for the Quicksilver VISA with the 0% offer until May 2016 plus $100 dollar bonus after spending $500, and to my surpise they approved me instantly for $3,000. Just shocked me because I really only wanted another $1000 or so for traveling and all it took was to apply for the other card.

Also, does anyone know what scores are average for approval of this card? I had a bankruptcy a few years ago that hasn't fallen off my report and I do not know my current FICO scores, only FAKO through CK reporting TU 693 and EQ 696.

Now my current wallet includes:

(Total util is about 9%, I pay multiple times a week / month but always let a small balance post)

Barclay Rewards: $1,800 (Increased from 1300 few days after app)

Cap 1 QS One: $2,000

Cap 1 QS Visa: $3,000

Cap 1 Secured: $500

Re: Experiences with Capital One

Anonymous — Tue, 11 Aug 2015 21:14:12 GMT

Welcome to the forum! Congrats on your approval and CLI!!! I don't really use my QS, so it's never happened to me. However, it's GREAT that it has happened for you.

At some point you may want to combine your Cap1 CLs onto the QS without the annual fee. Or before the AF comes due, you may want to try and upgrade the QS1 to QS.

Now you have a new QS with a 0% introductory offer that you can use on your trip. Enjoy yourself!!!

Re: Experiences with Capital One

Anonymous — Tue, 11 Aug 2015 21:20:36 GMT

Thanks for the advice, and great thing is my QS1 is still 0% until Apr 2016 and the new QS 0% till May 2016!

Re: Experiences with Capital One

ecxpa — Wed, 12 Aug 2015 01:53:45 GMT

congrats.........enjoy. Cap 1 is really improving these days IMO.

Re: Experiences with Capital One

Anonymous — Wed, 12 Aug 2015 02:33:57 GMT

Thanks guys. It really feels good knowing banks are willing to extend credit to me now. In June all I had was my car loan which was a year old and a secured card.

Unfortunately the AF already posted on QS1 and it was paid along with balance, I will probably keep that one open until just before next years AF posts as I have 0% BT with no fees until April 2016. If I end up carrying a balance on the Barclays I could transfer it over. The new QS has a fee for transfers. But otherwise I'm a real happy camper !!

Re: Experiences with Capital One

happypill — Wed, 12 Aug 2015 02:43:29 GMT

Cap One is one of many CC issuers where it is easier to get a higher limit on a second card than it is to get a CLI on an existing card For Cap One this is especially true if the existing card started off as one of their rebuilder/sub-prime cards. Cap One does reward usage, especially if you make big payments as well.

Congrats!

Re: Experiences with Capital One

Anonymous — Wed, 12 Aug 2015 03:38:53 GMT

You were truly blessed. That should help you enjoy your trip more. Happypill sized Capital One up perfectly.

Re: Experiences with Capital One

Anonymous — Wed, 12 Aug 2015 03:48:06 GMT

Welcome. I normally ask for a cli 60 days after I received my card. Try it with the new QS. Normally works fine. Other than that, it will be a good 6 months before you can ask for another. You're doing great. Have a wonderful vacation.

Re: Experiences with Capital One

OmarGB9 — Wed, 12 Aug 2015 04:20:21 GMT

Grats and welcome

Re: Experiences with Capital One

UncleB — Wed, 12 Aug 2015 06:43:42 GMT

@Anonymous wrote:
Welcome. I normally ask for a cli 60 days after I received my card. Try it with the new QS. Normally works fine. Other than that, it will be a good 6 months before you can ask for another. You're doing great. Have a wonderful vacation.

Welcome! Sandi is right on the money (pun intended... LOL)

I had a QS1 with a credit line of $1720. Last Nov, I used the website to request a CLI and they increased it $200 to $1920; not exactly what I was 'hoping' for, but I didn't turn it down (in hindsight, I probably shoud have and I could have tried again in a couple of months for a more generous CLI, but that's for another thread...)

Back in March, I had something come up (much like your trip) and I needed a higher credit line, so I checked the prequal page and it said I was prequalified for the QuickSilver Visa, so I app'd, and was approved for the QS Visa Signature with a $5K credit line! Keep in mind, just a few months earlier, they would only give me a $200 increase on the QS1...

Further... after I had my fourth statement, I requested a CLI for the new QS Visa (again, on the website) and they increased it from $5K to $7K (more than the entire CL on the other card). Feeling confident, I then switched over to the QS1 to request a CLI for it, and they increased it by $1K, to $2920.

Hang in there, and Capital One will be generous! In my case, I think it helped that I used it for my 'everything' card, and made large payments each month. I will note, though, that since my new QS card is under the 0% APR promo, I was *not* paying it in full, but I was making payments from $500-$1000 each month, with the balance hovering around $1500-$2500. (In other words, I didn't have to PIF each month to get a nice CLI, but I did make significant payments).

Don't sweat paying the AF for the other card; it will actually work out because before the next AF hits you'll be able to 'merge' the credit line into your new no-AF card. Of course, you can also try to have the AF waived next year and just keep the cards seperate, but at least you know you can merge them if they are stubborn with the AF (like they are with me... <sigh>)

Again, congrats! You're going to really like dealing with Capital One. They have been solid as a rock for me, and having no FOREX will really come in handy with your upcoming trip!