topic Re: Thinking of a 2nd QS1 card. Need some help. in Credit Cards

Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 17:58:40 GMT

So I’m considering on opening up another Cap1 QS1 card. Currently, my fico is EQ 580, TU 590, EXP 610. Currently I have the QS1 with a 1000 CL which I had increased from 500 to 1000 via the EO last month. So I’m kind of maxed out on CLI for six months. I noticed I put around 1500 a month through the card, so having a second card would make life easier. I PIF every week.

At this point I’m not concerned with a H/I. I figure in 6 months I will consolidate the cards. What are you guys thoughts? Also note all I have is a secured Cap1 card 04/15 and the QS1 card 08/15.

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 19:20:42 GMT

@Anonymous wrote:
So I’m considering on opening up another Cap1 QS1 card. Currently, my fico is EQ 580, TU 590, EXP 610. Currently I have the QS1 with a 1000 CL which I had increased from 500 to 1000 via the EO last month. So I’m kind of maxed out on CLI for six months. I noticed I put around 1500 a month through the card, so having a second card would make life easier. I PIF every week.

At this point I’m not concerned with a H/I. I figure in 6 months I will consolidate the cards. What are you guys thoughts? Also note all I have is a secured Cap1 card 04/15 and the QS1 card 08/15.

I have two of them, and I got them for exactly that reason. My starting limit was only 1k, and that was not enough for me. I was constantly paying the bill. I got the second card, which was only $500 SL. But I hit the luv button about 2 months after getting my first card and they increased me to 5k, which was plenty. Now I wish I had not taken 3 more hard inquries to get the second card. And now that I have other cards, I rarely even use the QS1s.

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 19:25:23 GMT

If you pay in full every week how does the second card help you?

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 19:26:59 GMT

You have very good CS. All I really need is 2000 CL. Do you think I should wait and see if they increase it? Or go for the second card.

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 19:29:10 GMT

BC the payment takes one day to process and another day to clear and if its Sat night then your looking at Monday. putting my limit up to 800-900 having another card would just make life easier

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 20:42:58 GMT

@Anonymous wrote:
You have very good CS. All I really need is 2000 CL. Do you think I should wait and see if they increase it? Or go for the second card.

I didn't have this score when I got the cards. I was around 660 when I got both cards.

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 20:44:01 GMT

If I were in your shoes, knowing what I know now, I would wait. But I know the frustration you feel, and that is why I got the second card so soon after the first. But if I had it to do all over again, I would have waited.

Re: Thinking of a 2nd QS1 card. Need some help.

Pway — Fri, 02 Oct 2015 20:58:48 GMT

@Anonymous wrote:
So I’m considering on opening up another Cap1 QS1 card. Currently, my fico is EQ 580, TU 590, EXP 610. Currently I have the QS1 with a 1000 CL which I had increased from 500 to 1000 via the EO last month. So I’m kind of maxed out on CLI for six months. I noticed I put around 1500 a month through the card, so having a second card would make life easier. I PIF every week.

At this point I’m not concerned with a H/I. I figure in 6 months I will consolidate the cards. What are you guys thoughts? Also note all I have is a secured Cap1 card 04/15 and the QS1 card 08/15.

You could go for another QS1, however it does not guarantee that you will get the limit you want. You just opened this card, give it some time and it will grow with you. You should be enrolled in the credit steps program and at the end of your 5th or 6th month you should see another increase. I was approved with a 630 credit score for the QS1 and I was given a 500 limit as well on the Platinum. Both of those cards has grown with me. If you want higher limit cards, I would suggest that you garden those cards, get your score higher and then app for another card, YMMV.

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 21:10:15 GMT

thank you after reading a few statements I think I will wait. Thanks again for the help

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 21:22:18 GMT

I was in your shoes. They will give you increases slowly.

A great tip I learned from here was bill pay from your checking account. Did you know that you can overpay your bill? You could overpay it by $500 or $1000 or whatever you were anticipating a purchase to be.

Just a thought. Of course you know to only use a debit card when no other options are available, right?

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 21:44:06 GMT

I did link it to my checking account. But I didnt know about the overpaying thats a great tip. As far as the debit card goes my qs1 cuts on 10-02 to 10-05 so thats the only time i use the debit card and i run everything else through the qs1 card. Do you think I'm on the right track?

Re: Thinking of a 2nd QS1 card. Need some help.

UncleB — Fri, 02 Oct 2015 22:02:32 GMT

@Anonymous wrote:
I did link it to my checking account. But I didnt know about the overpaying thats a great tip. As far as the debit card goes my qs1 cuts on 10-02 to 10-05 so thats the only time i use the debit card and i run everything else through the qs1 card. Do you think I'm on the right track?

Personally, I think you're definitely on the right track. My QS1 started out as an HSBC/Orchard Bank MasterCard with a CL of $200. My first CLI was $20 (yep, not a typo). That same card now has a credit line of $2920. It's taken a few years, and the majority of that was only granted the last year and a half or so, but I can attest that they will grow with time.

As a data point, mine really started taking off when I started using it like a mad-man, making multiple payments a month. I also started making payments through my bank's bill pay (letting the bank 'push' the payment) rather than using the card's bill pay because that seems to lower the chance of a payment hold (to be fair, I had this problem when the card was still HSBC, but never once it converted to Capital One... so that might have been a HSBC 'thing').

Like jfriend33 suggested, using your bank's bill pay you can also pay more than is due if you know you have a large purchase coming up, which is another way around a less-than-substantial credit line.

Hang in there!

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Fri, 02 Oct 2015 22:55:03 GMT

@UncleB wrote:
@Anonymous wrote:
I did link it to my checking account. But I didnt know about the overpaying thats a great tip. As far as the debit card goes my qs1 cuts on 10-02 to 10-05 so thats the only time i use the debit card and i run everything else through the qs1 card. Do you think I'm on the right track?
Personally, I think you're definitely on the right track. My QS1 started out as an HSBC/Orchard Bank MasterCard with a CL of $200. My first CLI was $20 (yep, not a typo). That same card now has a credit line of $2920. It's taken a few years, and the majority of that was only granted the last year and a half or so, but I can attest that they will grow with time.

As a data point, mine really started taking off when I started using it like a mad-man, making multiple payments a month. I also started making payments through my bank's bill pay (letting the bank 'push' the payment) rather than using the card's bill pay because that seems to lower the chance of a payment hold (to be fair, I had this problem when the card was still HSBC, but never once it converted to Capital One... so that might have been a HSBC 'thing').

Like jfriend33 suggested, using your bank's bill pay you can also pay more than is due if you know you have a large purchase coming up, which is another way around a less-than-substantial credit line.

Hang in there!

I think I learned this overpay tip from you UncleB! Either for my QS or my Citi DC.

Most important thing to remember is.... carrying a balance on these unless they are in a 0% promo completely defeats any rewards.

Re: Thinking of a 2nd QS1 card. Need some help.

Anonymous — Tue, 06 Oct 2015 02:38:07 GMT

I don't think it's a good idea to open a second same card in your situation. If you've got the cash, the simplest solution is to ACH pull from your bank billpay, and make sure you always have a credit balance.

By creating a credit balance, you effectively increase your CL.