topic Re: Should I Dump my Cap1 Secured before Apping for Plat? in Credit Cards

Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 13:18:20 GMT

I have had a Cap1 secured card for over a year now with no lates and it started with a $200 limit and is now at $500 since about 4 months ago. My question is, should I close out my secured card before I app for the platinum and QS1 or keep it and close out after I app and hopefully get approved?

Re: Should I Dump my Cap1 Secured before Apping for Plat?

GirlMelanie89 — Wed, 13 Apr 2016 13:26:21 GMT

@Anonymous wrote:
I have had a Cap1 secured card for over a year now with no lates and it started with a $200 limit and is now at $500 since about 4 months ago. My question is, should I close out my secured card before I app for the platinum and QS1 or keep it and close out after I app and hopefully get approved?

There's a logic to this in the forums somewhere and I cannot find it to save my life. But from what I remember, you cant have more than 2 subprime cards at a time. From my personal experience, I closed my secured card yesterday and then a couple hours later, I apped for the VentureOne and Quicksilver. I was approved for both but with small limits, $2000 and $1000 respectively. I'm sure they'll grow. But my secured card has done its job and even though I lost $500 in CL, I gained $3000. I say close it, as long as it isn't your oldest credit card or anything like that.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 13:27:50 GMT

Someone will correct me if I'm wrong, but I'm pretty sure you can only have 2 of those 3 cards, so yes if you want the plat and QS1 you will need to get rid of the secured first for 30 days before hand as I understand it.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 13:56:38 GMT

Thanks for the info, I thought I had remembered reading that somewhere on here, but couldnt find it for the life of me.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

mrcrisp023 — Wed, 13 Apr 2016 15:04:54 GMT

That's good to know, because I was planning on keeping my secured card while I applied for both the QS1 and Venture next week. I'm actually glad this came up. I use my card to the full every month and pay it off to under 10% every month. Do you suggest I pay it down before applying for the QS1 and Venture? I usually pay it down at the end of the month, but I was going to apply on the 21st or 22nd before paying it down.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 15:13:55 GMT

Not quit sure about Captial One. I applied for the Quicksilver1 and was approved on Monday. Before that I only had a boa secured card with $500 LM. However, when I called boa yesterday about CLI, they not only increased my CL to $1500 but also upgrade my card from secured card to credit card. You may want to try to see if Cap1 does this or no?

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 15:15:38 GMT

wait... but QS or isn't a sub-prime card, is it?

Re: Should I Dump my Cap1 Secured before Apping for Plat?

mrcrisp023 — Wed, 13 Apr 2016 15:17:11 GMT

From my understanding, the QS1 is the subprime card and the regular QS is prime.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

mrcrisp023 — Wed, 13 Apr 2016 15:19:13 GMT

Capital ONE told me they don't graduate secured cards to unsecured, though that was through their site chat so I'm not sure how accurate that is. They do automatic CLI's ever 5-6 months but I havent heard of anyone having success by asking for one.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 15:25:53 GMT

@mrcrisp023 wrote:
From my understanding, the QS1 is the subprime card and the regular QS is prime.

that scared me lol... I just got a regular QS a few weeks ago and reading this was like........ uuuuuuuuuuum, did I just get myself into a sub-prime account?

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 16:11:54 GMT

MRCrisp, no they dont graduate the secured card, not asking about graduating from secured to Plat, It will be a brand new app for the Plat and QS1

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 17:09:56 GMT

@GirlMelanie89 wrote:
@Anonymous wrote:
I have had a Cap1 secured card for over a year now with no lates and it started with a $200 limit and is now at $500 since about 4 months ago. My question is, should I close out my secured card before I app for the platinum and QS1 or keep it and close out after I app and hopefully get approved?
There's a logic to this in the forums somewhere and I cannot find it to save my life. But from what I remember, you cant have more than 2 subprime cards at a time. From my personal experience, I closed my secured card yesterday and then a couple hours later, I apped for the VentureOne and Quicksilver. I was approved for both but with small limits, $2000 and $1000 respectively. I'm sure they'll grow. But my secured card has done its job and even though I lost $500 in CL, I gained $3000. I say close it, as long as it isn't your oldest credit card or anything like that.

Here is the logic and I think it is spelled out better in Capital Ones terms and conditions but I'm too lazy to find it and cut/paste............

Capital One MasterCards (typically referred as starters, rebuilders, subprime cards) - this includes the secured card, the platinum and the QuickSilverOne. You can have up to TWO of these at any one time.

Capital One Visa's (typically referred to as prime cards) - this includes the QuickSilver, VentureOne and Venture. You can have up to FIVE at any given time.

OP, if you are going to try and double app the QS1 and platinum, you will need to close the secured card first based on their rules.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 17:46:28 GMT

You can keep your secured and apply for either the Platinum or QS 1, but after you get approved for one of those, you will have to close the secured to open another card with them. I just went through this with them. I have had the secured card for a year, and like you, received the CLI to a $500 limit. I opened the QS 1 card in Jan, which I just received a $1000 CLI for. I was chatting with a rep for Capital One and asked about graduating my secured card and they told me that they are not graduating those cards at this time so I would have to apply for the Platinum, which I did. I received a letter stating that I would have to close one of my cards to open a this account with them. I am probably going to close my secured card in the next couple of months as it has served its purpose and I have outgrown it. I would say that you should shoot for the QS 1 card as your first app. The rewards are great.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

mrcrisp023 — Wed, 13 Apr 2016 18:43:51 GMT

So you cant have 2 subprime cards and 1 prime?

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 19:02:41 GMT

@mrcrisp023 wrote:
So you cant have 2 subprime cards and 1 prime?

You can have up to 2 subprime and 5 prime according to the individual T&C's.

However, there have been a lot of posts on here that you can't have more that 5 in total - YMMV on that one, since I have six total (2 MC's and 4 Visa's).

Before you ask, don't even ask how/why I have six, lol! I was planning to consolidate after 6 months was up, but I'm one of those that can't, even though I meet all the criteria that they have made public! Don't even get me started on that

Re: Should I Dump my Cap1 Secured before Apping for Plat?

mrcrisp023 — Wed, 13 Apr 2016 19:10:47 GMT

OK, I read their last post wrong.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Wed, 13 Apr 2016 22:17:33 GMT

@Anonymous wrote:
@GirlMelanie89 wrote:
@Anonymous wrote:
I have had a Cap1 secured card for over a year now with no lates and it started with a $200 limit and is now at $500 since about 4 months ago. My question is, should I close out my secured card before I app for the platinum and QS1 or keep it and close out after I app and hopefully get approved?
There's a logic to this in the forums somewhere and I cannot find it to save my life. But from what I remember, you cant have more than 2 subprime cards at a time. From my personal experience, I closed my secured card yesterday and then a couple hours later, I apped for the VentureOne and Quicksilver. I was approved for both but with small limits, $2000 and $1000 respectively. I'm sure they'll grow. But my secured card has done its job and even though I lost $500 in CL, I gained $3000. I say close it, as long as it isn't your oldest credit card or anything like that.
Here is the logic and I think it is spelled out better in Capital Ones terms and conditions but I'm too lazy to find it and cut/paste............

Capital One MasterCards (typically referred as starters, rebuilders, subprime cards) - this includes the secured card, the platinum and the QuickSilverOne. You can have up to TWO of these at any one time.

Capital One Visa's (typically referred to as prime cards) - this includes the QuickSilver, VentureOne and Venture. You can have up to FIVE at any given time.

OP, if you are going to try and double app the QS1 and platinum, you will need to close the secured card first based on their rules.

And what about weirdos like me who have a QS1 Visa? Prime or subprime? (account says Platinum when I look online)

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Thu, 14 Apr 2016 02:02:07 GMT

I have never seen or heard mention of a QS1 Visa, only the QS. Hmmmm, that's a first.

No idea if that's a rebuilder - hasn't ever undergone a PC? What was it originally?

Re: Should I Dump my Cap1 Secured before Apping for Plat?

KSK1912 — Thu, 14 Apr 2016 06:22:23 GMT

@Anonymous wrote:
I have never seen or heard mention of a QS1 Visa, only the QS. Hmmmm, that's a first.

No idea if that's a rebuilder - hasn't ever undergone a PC? What was it originally?

QS1 is a sub-prime because i got that card and the Platinum for my DW few months ago, and her fico cores were right at 600 or a little below across the board.

Re: Should I Dump my Cap1 Secured before Apping for Plat?

Anonymous — Thu, 14 Apr 2016 11:20:25 GMT

KSK, as I mentioned way above, the QS1 MC is in the starter, rebuilder, sub-prime card. However, the prior poster asked about a QS1 VISA. It's not a current offering and I've never seen or heard of anyone having one.

I was trying to ask if it's a really old card or has been product changed or maybe even issued by an old bank that Capital One purchased and converted? Maybe someone else has a QS1 issued as a VISA that might know.