topic Re: Venture Questions in Credit Cards

Venture Questions

Anonymous — Tue, 22 Dec 2015 12:40:25 GMT

Good Morning Everyone

I currently have two capital one cards. A soon to be 9 year old QS1 and a 1.5 year old QS. Both of these were converted to QS1/QS from Platinum Mastercards in March 2015. I have 6 vacations next year and I believe it is time for a miles card. I want the Venture just because me and Cap One have been on and off friends for many years and I just prefer them over others. In February, I will have to reserve a hotel and that's when the first trigger is pulled so I'll probably app for the Venture in Feb. I still have 5 collections, and by Feb will probably have 4 (used to have 13+) so it's a little if-fy if I'll get approved.

If I app for the Venture and do not get it, then I plan on trying to PC one of the above cards to a Venture. If I'm successful with that and miss the point bonus, if I apply for a Venture later in 2016 and get it, will they still let me go for the point bonus since I'll already have a Venture? And when I do app and get that venture, is it possible to de-PC the PC'd venture back to a QS?? I don't want to lose my QS1 because that's my oldest card on file and it has a 9.7% APR.

Last question, if I end up with two Ventures, are you able to move the points (or whatever they are called) between the cards like you can do the QS Rewards?

Also to point out, my QS has an Authorized User (my sister) which also throws a wrench into the issues. Just trying to help her get some credit before she sets foot in the real world.

Thanks everyone!!

Re: Venture Questions

elim — Tue, 22 Dec 2015 12:46:22 GMT

check the pre-qual first. that may clear up some things.

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 12:53:47 GMT

I don't prequalify for anything unfortunately. no matter what selection I make or information I put in.

Capital One just recently started sending me Platinum Mastercards to my doorstep. I'm so confused because I already have QS1/QS. Lol

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 15:06:10 GMT

@Anonymous wrote:
I don't prequalify for anything unfortunately. no matter what selection I make or information I put in.

Capital One just recently started sending me Platinum Mastercards to my doorstep. I'm so confused because I already have QS1/QS. Lol

Venture requires excelent credit. I think if you are under 700 they will deny you. If you don't have many hard hits recently may be worth trying for it though.

Re: Venture Questions

takeshi74 — Tue, 22 Dec 2015 15:20:48 GMT

@Anonymous wrote:
I have 6 vacations next year and I believe it is time for a miles card.

Don't just assume that. "Miles" cards aren't all the same for one thing. Some are just restricted cash back cards. Miles/points programs also vary so you have to carefully consider programs and ensure that you can use redemption methods that maximize value and avoid those that offer poor value.

You really have to look at your spend, the earn rates on potential cards and redemptions for miles/points programs. Vacations alone don't determine if a card is suited to the individual though it lis likely with 6 vacation in a year that there is a bit of spend there. Run the number for your spend to verify. Sign on bonuses may also be worth considering if you can leverage them.

I'd suggest gathering your needs/wants and then selecting a card versus just selecting the Venture. If you've done your due diligence and have determined that the Venture offers the best rewards for your spend and redemption methods then definitely go with it but don't just rule out other candidates based solely on what you've provided in your OP.

@Anonymous wrote:
I still have 5 collections, and by Feb will probably have 4 (used to have 13+) so it's a little if-fy if I'll get approved.

See if there's anything you can do to address these. Hit Rebuilding. Always work on derogs as they tend to have a signficant impact and hold one back as long as they report.

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 15:20:54 GMT

@takeshi74 wrote:
@Anonymous wrote:
I have 6 vacations next year and I believe it is time for a miles card.
Don't just assume that. "Miles" cards aren't all the same for one thing. Some are just restricted cash back cards. Miles/points programs also vary so you have to carefully consider programs and ensure that you can use redemption methods that maximize value and avoid those that offer poor value.

You really have to look at your spend, the earn rates on potential cards and redemptions for miles/points programs. Vacations alone don't determine if a card is suited to the individual though it lis likely with 6 vacation in a year that there is a bit of spend there. Run the number for your spend to verify.

I'd suggest gathering your needs/wants and then selecting a card versus just seelcting the Venture. If you've done your due diligence and have determined that the Venture offers the best rewards for your spend and redemption methods then definitely go with it but don't just rule out other candidates based solely on what you've provided in your OP.

@Anonymous wrote:
I still have 5 collections, and by Feb will probably have 4 (used to have 13+) so it's a little if-fy if I'll get approved.
See if there's anything you can do to address these. Hit Rebuilding. Always work on derogs as they tend to have a signficant impact and hold one back as long as they report.

As this poster said all travel cards aren't created equil. I would look at which airlines or hotels you use most and try to get a card that transfers best to that airline or hotel. Also if you travel a lot a card that gives a good bonus when you travel may pay off for you. I recomend looking at the points guy website he does some good analysys. He does tend to favor the Chase CSP card ( a great card) but I feel he is given a big sign up bonus from chase but it is a good site over all to look at different rewards programs. I would wait and get your score a bit higher and then apply for a card that transfers the best to the airlines and hotes that you like.

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 15:58:46 GMT

I'm taking a shot at it because I've seen people on who has fair credit scores but gets by because of their profile with Capital One. I'm two months shy of 9 years with them and have a Car Loan through them that've paid over the amount (sometimes $1000+ over the amount) since December 2011. I was hoping these little things would help with that but I'm aware of the collections and whatnot that sits on my CR.

Depends... 8 on Equifax, 5 of Experian, 7 on Transunion (3 on each is Capital One so they account for 9 total Inquires between them)

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 16:07:11 GMT

Well I haven't done as much research as I've only looked at a few. I've mainly read up on Venture more than others though. Though, I admit, it is leaning towards the familiarly with Capital One and their random methods lol

From what I've read, their purchase eraser and the abilities to use on anything trip related (flights, rentals, hotels, etc.) seems to work for me. It hurts me that I paid $3.2k (which was just the hotel and flights) on a single trip in November on the Discover IT and it didn't do anything for me. I feel like I could have put that purchase on a card that mattered. The total of my trips push about $11k which I believe warrants a travel card (I believe?).

The 5 collections that are left are the tougher ones (student loans) so those will take a little bit more time to eliminate!

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 16:11:21 GMT

I (try) to only stay at SPG and Marriot hotels. SPG is AmEx and they tend to require a higher elite status of credit. I have an AmEx card but they barely let me in the door (as you see with the $500 CL that they won't raise lol). Besides, they're merging with Marriot so I don't know how useful that card will be in the immediate future. The Marriot Card I read up on a little bit. It didn't look to stand out to much for me. Me and Chase has some unfriendly history so I'd rather not poke and prod and wake them at this moment lol

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 16:16:35 GMT

I don't have the Venture, but I have the Venture One. Venture One also stated "excellent credit" no annual fee, but less miles. When I got the Venture One about a week ago, my scores were between 617-622 because of crazy utilization. I had a Cap1 Credit card 10 years ago when I turned 18. Charged it off in bankruptcy 2 years ago. Also have a Quicksilver and Quicksilver 1 for 1.5 years. If you've been paying on time with them, I don't understand why you wouldn't be approved. I have 3 cards with them. Newest is only 6 months old. They like loyalty it seems like. :-)

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 16:29:14 GMT

@Anonymous wrote:
Well I haven't done as much research as I've only looked at a few. I've mainly read up on Venture more than others though. Though, I admit, it is leaning towards the familiarly with Capital One and their random methods lol
From what I've read, their purchase eraser and the abilities to use on anything trip related (flights, rentals, hotels, etc.) seems to work for me. It hurts me that I paid $3.2k (which was just the hotel and flights) on a single trip in November on the Discover IT and it didn't do anything for me. I feel like I could have put that purchase on a card that mattered. The total of my trips push about $11k which I believe warrants a travel card (I believe?).

The 5 collections that are left are the tougher ones (student loans) so those will take a little bit more time to eliminate!

Purchase eraser is really easy to use and works on anything travel related even train tickets. I would look at your statements for the last year and see how you spend money because you may earn points faster on another card. You also may not hard to say. When you transfer points to transfer partner they are often worth more then 1cent. I checked south west points and they are worth about 1.6cents a piece. So just as an example with Chase Sapphire preferred you get 2x points for travel for your $3000 trip is worth 6000 ultimate rewards points transfered to southwest they are worth $96 vs $60 with Capital one. They also count uber and lyft as transportation. If you don't travel a ton then capital one points may be of more value to you. Points guy values each chase pont at 2.1cents and each amex point at 1.9cents so if you use the bonus catagories on either of those cards you may come out ahead. Anyway just some things to think about. If you like capital one and have a good relationship with them nothing wrong with going that route.

Re: Venture Questions

Shawndoe79 — Tue, 22 Dec 2015 16:37:29 GMT

@Anonymous wrote:
I don't have the Venture, but I have the Venture One. Venture One also stated "excellent credit" no annual fee, but less miles. When I got the Venture One about a week ago, my scores were between 617-622 because of crazy utilization. I had a Cap1 Credit card 10 years ago when I turned 18. Charged it off in bankruptcy 2 years ago. Also have a Quicksilver and Quicksilver 1 for 1.5 years. If you've been paying on time with them, I don't understand why you wouldn't be approved. I have 3 cards with them. Newest is only 6 months old. They like loyalty it seems like. :-)

What limit did they give you and were you prequalified first? Im looking to get me a Venture as well after my new utilization reports around the first of the year.

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 17:40:16 GMT

You're a fine example of what I've seen happen to other users which has me thinking that it has to do with loyalty to some aspect. Thanks for your input and stats

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 17:41:10 GMT

I will do a little bit more research on this Chase Sapphire card. I do want the most out of travel expenses. Thanks for the input!

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 19:59:27 GMT

@Anonymous wrote:
I will do a little bit more research on this Chase Sapphire card. I do want the most out of travel expenses. Thanks for the input!

Chase Sapphire preferred and Chase Freedom make a awesome travel card combo. Applied for a few cards this year but thinking in another year or two I will geta freedom card because you can transfer the cash back to utimate rewards. Can rack up big points with those bonus catagories... CSP is a nice card for the 1:1 transfer partners especially United and South West for me and also the Primary rental car coverage. Best of luck to you hope all this helps.

Re: Venture Questions

elim — Tue, 22 Dec 2015 20:16:42 GMT

check chase prequal link

Re: Venture Questions

Anonymous — Tue, 22 Dec 2015 22:49:47 GMT

Didn't know chase had a prequal link. Thanks!

Re: Venture Questions

Anonymous — Wed, 23 Dec 2015 02:33:09 GMT

No, I was not prequalified on the site. $3000 limit which is the lowest. :-)

Re: Venture Questions

Anonymous — Wed, 23 Dec 2015 02:34:44 GMT

I'm expecting my scores to be around 660-665 by Jan 3rd. I'm going to ask for an early CLI. Doesn't hurt to ask. :--)