topic Re: Capital One secured card what to do with it in Credit Cards

Capital One secured card what to do with it

Anonymous — Tue, 03 Nov 2015 21:08:19 GMT

Hello everyone first post here.

MEAT AND POTATOES:

With the new combo option available from Cap1 I'm not sure what to do, ask for a cli in dec. then combo it with sony card in jan, then app for quick silver in feb? I feel like my credit will not be enough to get it at that point but I'm not sure. Option 2 would be wait until just before the af comes around in june and combo then, then in august app for quicksilver?

Or maybe someone else has better ideas or advice, all of which are welcome.

FLUFFY SIDE TRAY:

I was once a 800+ credit worthy person, then 2008 happened.

I paid all my secured loans off by some miracle back then but I had to keep up with life and I still have 7 collection accounts with 8k total on those, but I was advised that the best thing to do is to not acknowledge those debts because they will disappear in the next 18 months. Seems like good advice since in this year alone I was able to finance a new harley davidson motorcycle and a BMW and I have been getting offers for credit cards again after 5 years of credit horror.

I have a newly purchased car, the harley was totalled in a bad wreck in august paid off officially 10/27/15, 3 credit cards, Cap1 secured plat $800cl, Cap1 Sony card$750cl, Credit one Bank $300cl(I wanted 3 cards, big regrets) student loans with only 3.3k left and believe it or not I have 100% never missed payments on all current accounts, it even says I've never missed a payment in my history, I'm not sure how thats correct. My credit score is 600 due to harley being newly purchased then paid off and very high util of 80-95% because of being out of work due to the recent motorcycle accident. Lots of new medical bill debt 6.6k out of pocket after insurance paid their end.

I have had the secured Cap1 Card for over a year now (8/15/14 open date) but I really want the quick silver (not the quicksilver1) but it only has 800 cl because I never asked for a cli, they did their own cli of 300 on top of my 500 deposit.

All will be right on the next statement all credit cards will have 0 balance, being out of work from the motorcycle accident I had to rely on what little credit I had for some of my bills.

Hopes and dreams is to have a 5k cl cash back card that I can keep a low util % on for regular purchases and a Chase card for travel rewards in the future for vacations and such.

Re: Capital One secured card what to do with it

CH-7-Mission-Accomplished — Tue, 03 Nov 2015 21:30:00 GMT

I don't believe you can combine a secured card with other nonsecured cards at Cap 1. Also, you can't really request a CLI on their secured card, they just usually give one on their own.

Also, I don't believe you can combine the cobranded Sony card.

So in order to combine, you need to have Platinums, Quicksilvers and Ventures.

If you were approved for Cap 1 secured card, you will likely be approved for Platinum and Quicksilver One. I would apply for one of them, if approved, apply for the second in the same setting so you only get one set of triple pulls (done on the same date).

Good luck.

Re: Capital One secured card what to do with it

Anonymous — Tue, 03 Nov 2015 21:34:10 GMT

before I bought my car I tried to app for a capital one quick silver but they said "Too many cap1 accounts" why would that be if the Sony doesnt count as full capital one card?

I have heard of the you can only have 2 capital one cards limit and I thought that was where I am.

Re: Capital One secured card what to do with it

CH-7-Mission-Accomplished — Tue, 03 Nov 2015 21:37:54 GMT

That limit applies to secured cards and the Quicksilvers and Platinums. Not sure about co-branded cards.

You could get a Venture and/or Venture One.

You might be very surprised if you app'd for those. If you app and get approved for one of them, immediately app for the second.

I recently had 5 Cap 1 cards that I just consolidated. The limitation applies to the lower tiered cards.

The other way to get around this would be to close the secured card and wait a month till it updates in their system and then apply for the Quicksilver and/or Platinum.

Re: Capital One secured card what to do with it

taxi818 — Tue, 03 Nov 2015 21:45:37 GMT

Not only can you not combine it. You can't ask for a cli either. They don't give cli's on secured cards from the consumers request. however they will give you one after the first 6 months without you requesting it.

2 options.

number 1. Close it and cut your losses since it has an AF.

number 2. Keep it open and pay the $29 AF (as i do) Yearly with little usage.

There is a lot to say about a long time opened. *not closed credit card.

I chalk the 29 up to the cost of doing business since it is my oldest card.

Exactly 2 years old this month. i know it stays on my report for 10 years even if i close it.

But i want it open not closed.

So those are your options op.

Re: Capital One secured card what to do with it

Anonymous — Tue, 03 Nov 2015 21:47:48 GMT

Oh ok, I was wondering how people had 3-4 cap1 cards at once. Well I like the Venture cards but the cash back would be more immediate value, vs Vacations wont be something on my mind for a couple of years. I think i'll app at least for the Ventureone since it has no AF in Dec. hopefully I am approved and if so I might as well go for both at that time.

I really wish i could get the Quicksilver, if there is a limit on how many you can have that means if I do get the venture I still wont be able to get the quicksilver after closing the secured card?

Re: Capital One secured card what to do with it

taxi818 — Tue, 03 Nov 2015 21:53:07 GMT

@Anonymous wrote:
Oh ok, I was wondering how people had 3-4 cap1 cards at once. Well I like the Venture cards but the cash back would be more immediate value, vs Vacations wont be something on my mind for a couple of years. I think i'll app at least for the Ventureone since it has no AF in Dec. hopefully I am approved and if so I might as well go for both at that time.

I really wish i could get the Quicksilver, if there is a limit on how many you can have that means if I do get the venture I still wont be able to get the quicksilver after closing the secured card?

You can get them without closing the secure. which i have secured. Quicksilver and Venture.

I never closed anything. Depends on how loong you have had the secured card.

if you are getting a pre approval at cap one that says congrats. you would get approved for both the venture and the quicksilver at the same time without closing anything. depends. and it would be the same 3 pulls ifyou did the apps within minutes of each other.

Re: Capital One secured card what to do with it

Anonymous — Wed, 04 Nov 2015 08:24:29 GMT

@Anonymous wrote:
before I bought my car I tried to app for a capital one quick silver but they said "Too many cap1 accounts" why would that be if the Sony doesnt count as full capital one card?

I have heard of the you can only have 2 capital one cards limit and I thought that was where I am.

Not true about the 2 cards I currently have 3 with them not including business card.. 3 is all personal with fantastic limit too

Re: Capital One secured card what to do with it

bigpoppa09 — Fri, 06 Nov 2015 04:49:56 GMT

the Cap 1 secured card has no anual fee anymore!

Re: Capital One secured card what to do with it

xosamandaxo — Fri, 06 Nov 2015 07:54:49 GMT

I'm on year 2 with my second secured cap1 card and they changed me the 29$ last month.

i have 2 open secured cards and 1 closed card with them from years that ago that was charged off. Since my scores have gone up, I wanted to open a third line of credit. Cap1 instantly denied me (no pull) due to having too many accounts

Re: Capital One secured card what to do with it

bigpoppa09 — Fri, 06 Nov 2015 08:19:13 GMT

Re: Capital One secured card what to do with it

bigpoppa09 — Fri, 06 Nov 2015 08:23:02 GMT

u can get that fee refunded go on there website look at the card line up scroll down to cap 1 secured it tells u no anual fee also u got denied u can only have 2 rebuilder cards secured QS1 platinum ect. if u want another one of the rebuilder cards i mentioned u have to close one of the secured cards.