topic Re: CapOne advice? New card? in Credit Cards

CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 12:24:31 GMT

I applied and was approved for a CapOne QS1 in mid-July after improving my scores to around 620. In the past month I've raised my scores to around 700 and have opened several prime accounts (AmEx BCE, Chase SW, Discover IT, PenFed Promise) with much higher limits. I know I won't be eligible to raise my credit limit on my CapOne until after 90 days, but after talking with the CSR he said I was in the CSP and that I'm slated for an increase in three months all the way to ... 750. I've already ran about $1500 through the card, paying the entire balance in full at least once per week.

My question is whether or not I should just app for a new CO account and combine the two later? If so, do I app the no AF QS or the Venture?

My scores are between 690-710, AAoA is 3.75 years, oldest acct is 11 years, two lates still reporting, Inq's are between 5-8 depending on acct.

Am I being impatient? My perspective is that I don't want to garden a card with a small limit and an AF for the next year if I could get approved for a much better card today. Since I've gone on this app spree I'd rather do another HP now so they all come off around the same time down the road.

Re: CapOne advice? New card?

bourgogne — Tue, 23 Aug 2016 13:09:30 GMT

Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 14:23:03 GMT

Sage advice, Bourgogne. My PenFed & Discover certainly have the best limits, I chose the Chase SW because that's primarily what we fly & the AmEx BCE has the best Cash Back for groceries, gas, etc. With their 3x CLI program, I'm hoping to get the AmEx to $18k within 6 mos and build from there. The Amazon Card makes sense only because of how much we spend on Amazon.

I do run a significant amount of business expenses through my cards and get reimbursed weekly, so I should be able to put close to $10k on cards monthly and I always PIF. My take on this whole thing is that I actually like these cards I have, I know there are more prestigious cards out there, but I'm not sure the rewards would offset the AFs compared to what I have now.

That said, since I have "invested" six pulls this month, I thought it might make sense to just bite the bullet and try and fix my situation with QS now. I see you have the QS Card as a WMC with $10k+ ... That's essentially what I'm working to build up to. Thoughts?

Btw, I assume you're a fan of bourgogne? Any Grand Crus in your collection?

@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.

Re: CapOne advice? New card?

bourgogne — Tue, 23 Aug 2016 16:14:49 GMT

@Anonymous wrote:
Sage advice, Bourgogne. My PenFed & Discover certainly have the best limits, I chose the Chase SW because that's primarily what we fly & the AmEx BCE has the best Cash Back for groceries, gas, etc. With their 3x CLI program, I'm hoping to get the AmEx to $18k within 6 mos and build from there. The Amazon Card makes sense only because of how much we spend on Amazon.

I do run a significant amount of business expenses through my cards and get reimbursed weekly, so I should be able to put close to $10k on cards monthly and I always PIF. My take on this whole thing is that I actually like these cards I have, I know there are more prestigious cards out there, but I'm not sure the rewards would offset the AFs compared to what I have now.

That said, since I have "invested" six pulls this month, I thought it might make sense to just bite the bullet and try and fix my situation with QS now. I see you have the QS Card as a WMC with $10k+ ... That's essentially what I'm working to build up to. Thoughts?

Btw, I assume you're a fan of bourgogne? Any Grand Crus in your collection?
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.

@Anonymous that is a lot more info…my 12.3K chase was $ 300 two years ago and my scores were in the mid-500s. Obviously with your scores climbing the way they are you don’t have the issues I do. If you can forgo the mileage benefits for a while you can do amazing things. If you forget everything but the cap1, assuming it is not in steps and play and pif it to death you will grow it 3-5K every 6 months. At one year pre qual and I bet you will see a venture offer. Take it. You will get a sl for 20K+ - cli it @ 3 months, wait another 3 and cli your qs, then cash out the venture, combine the qs and close and then pc the venture for a qs sig and have a mother card. verify it report properly and then get a nfcu card for 25K+and you are done. You should join the cu now via the navy league unless you have a military affiliation that will allow you to do it later. Easier to start with a good sl rather than cli it. Wish I knew what I knew now, I would have gone the nfcu route earlier. Building with cap1 is a no-brainer for most. Looks like you are pretty much all set to have what you want in 1.5 years

Yeah, I love burgs – leaving for amsterdam on 9/1 for 4 nights, picking up bikes from a buddy of mine in paris - https://www.yelp.com/biz/paris-bike-co-malakoff great guy btw should you ever need a bike or tour guy or anything bike related, then cycling and drinking in burg for 4 nights, loire for 3 and back to paris for 2 weeks. Pretty much walking, drinking, cycling, eating and museums. I also like rioja and barolo or pretty much anything from the piedmont area. I like traditional wines. What about you? Feel free to pm me

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 16:36:22 GMT

Seriously good advice, thanks for taking the time. A few things stand out here that I don't know about, forgive my ignorance.

First, QS Sig > Venture ?

Signature CCs report differently to CBs?

NFCU > PenFed? Or just utilize both? Do you prefer one over the other for other banking needs? Auto loan & mortgage are both on the horizon (9-18mos out).

I was already joining considering NFCU, but I should wait to app for CC products until I get everything else lined up? Should I open a savings acct or something in the meantime or just get membership & sit?

Finally, I did find out my QS1 is in the "steps" program and that my expected CLI after 90 days will be to a measly $750. I also found out I shouldn't app for a new CO acct until at least 6mos after my new QS1. Should I still just try and grow this one account until it's a year old and then prequal for the Venture?

Jealous of your trip. Wines from the Loire are truly underappreciated. My fiancee & I are hoping to do an Italian honeymoon, so drinking our way through Northern Italy will be a must. Barolo might be my favorite wine, but of course it depends on the time of year. I do love Burgundy but the market has gone so wild the past few years, it's hard to afford them anymore.

Well that is a lot more info…my 12.3K chase was $ 300 two years ago and my scores were in the mid-500s. Obviously with your scores climbing the way they are you don’t have the issues I do. If you can forgo the mileage benefits for a while you can do amazing things. If you forget everything but the cap1, assuming it is not in steps and play and pif it to death you will grow it 3-5K every 6 months. At one year pre qual and I bet you will see a venture offer. Take it. You will get a sl for 20K+ - cli it @ 3 months, wait another 3 and cli your qs, then cash out the venture, combine the qs and close and then pc the venture for a qs sig and have a mother card. verify it report properly and then get a nfcu card for 25K+and you are done. You should join the cu now via the navy league unless you have a military affiliation that will allow you to do it later. Easier to start with a good sl rather than cli it. Wish I knew what I knew now, I would have gone the nfcu route earlier. Building with cap1 is a no-brainer for most. Looks like you are pretty much all set to have what you want in 1.5 years

Yeah, I love burgs – leaving for amsterdam on 9/1 for 4 nights, picking up bikes from a buddy of mine in paris - https://www.yelp.com/biz/paris-bike-co-malakoff great guy btw should you ever need a bike or tour guy or anything bike related, then cycling and drinking in burg for 4 nights, loire for 3 and back to paris for 2 weeks. Pretty much walking, drinking, cycling, eating and museums. I also like rioja and barolo or pretty much anything from the piedmont area. I like traditional wines. What about you? Feel free to pm me

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 16:44:09 GMT

The Venture is pointless to have if you're looking for a 2% cash back card (which is essentially what it is). There are cards out there that'll give you 2% back with no annual fee, a first late fee waiver (you never know), and trip interruption and cancellation insurance, so you're better off with those cards instead. Why would you pay a $59 annual fee for the same rewards structure and less in terms of benefits?

The Venture One isn't worth having either. 1.25% back on all purchases? No thanks, especially if I'm required to have "excellent" credit to get it.

I know some people love Capital One, and yes I agree, it's great that they won't pull the rug out from underneath you during financial hardship, but they really are a sub-prime lender, and the OP's post is a great example of that... Almost all of CO's cards aren't capable of growing with you. You'll find very few people with large credit lines through Capital One, and they're mostly a rebuilding or building lender.

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 16:52:21 GMT

@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.

I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 16:55:22 GMT

I think his point was that they are Prime accts, but not Prime CLs. Three of my "prime" cards have limits of 2500 or less. His point was to wait in order to get a much higher starting limit instead of trying to grow them for a couple years.

@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 16:58:28 GMT

@Anonymous wrote:
I think his point was that they are Prime accts, but not Prime CLs. Three of my "prime" cards have limits of 2500 or less. His point was to wait in order to get a much higher starting limit instead of trying to grow them for a couple years.
@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?

In my opinion, a 'prime' limit varies by lender and card. I know Citi is a conservative lender, and even more conservative on some particular cards, such as the Double Cash for example. And then you have Chase on the other hand who would be more than happy to extend you enough credit to last a year without having to work on their top tier cards no matter if you have a 705 or an 825 score.

Re: CapOne advice? New card?

bourgogne — Tue, 23 Aug 2016 16:59:00 GMT

@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?

Sure – just like we each give the meaning to our life the meaning of a real card, a prime cl to me is a cl of 20K+. I used to have a wallet full of them a decade ago and that is my goal – ~100K over 4 cards. mine goal only. It obvious that everyone is on their own journey here which makes it interesting. Just now finished a nice pre-90 day appeal to penfed to review my account and give me the sp cl I deserve lol.

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 17:02:59 GMT

@bourgogne wrote:
@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?
Sure – just like we each give the meaning to our life the meaning of a real card, a prime cl to me is a cl of 20K+. I used to have a wallet full of them a decade ago and that is my goal – ~100K over 4 cards. mine goal only. It obvious that everyone is on their own journey here which makes it interesting. Just now finished a nice pre-90 day appeal to penfed to review my account and give me the sp cl I deserve lol.

Did you see if Chase would up that 6k limit?

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 17:05:57 GMT

OP, if you really want to stick to Capital One, I would apply for another card now and then combine the limits in the future. The QS1 has a set APR of 23.24% which will only go up as the prime rate goes up, and you'll have to apply for another card to get a lower rate anyways. Even if you pay in full every month, you want a card with a low rate just in case you have an emergency and need to carry a balance.

Re: CapOne advice? New card?

bourgogne — Tue, 23 Aug 2016 17:11:18 GMT

@Anonymous wrote:
@bourgogne wrote:
@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?
Sure – just like we each give the meaning to our life the meaning of a real card, a prime cl to me is a cl of 20K+. I used to have a wallet full of them a decade ago and that is my goal – ~100K over 4 cards. mine goal only. It obvious that everyone is on their own journey here which makes it interesting. Just now finished a nice pre-90 day appeal to penfed to review my account and give me the sp cl I deserve lol.
Did you see if Chase would up that 6k limit?

no, I am waiting until this time next year after my bad fall off - they will get a single hp from me - my bet it will stay at 6K or increase very little. if I had it to do over I would have just focused my time on nfcu and cap1 who are less sensitive to bads or at least my bad and the self employed. live and learn

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 17:13:43 GMT

@bourgogne wrote:
@Anonymous wrote:
@bourgogne wrote:
@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?
Sure – just like we each give the meaning to our life the meaning of a real card, a prime cl to me is a cl of 20K+. I used to have a wallet full of them a decade ago and that is my goal – ~100K over 4 cards. mine goal only. It obvious that everyone is on their own journey here which makes it interesting. Just now finished a nice pre-90 day appeal to penfed to review my account and give me the sp cl I deserve lol.
Did you see if Chase would up that 6k limit?
no, I am waiting until this time next year after my bad fall off - they will get a single hp from me - my bet it will stay at 6K or increase very little. if I had it to do over I would have just focused my time on nfcu and cap1 who are less sensitive to bads or at least my bad and the self employed. live and learn

You may have better luck at a higher CL by applying for one of their premium cards and then PC'ing it to a card that you want, or combining the limit with your Freedom Unlimited.

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 17:15:38 GMT

The CSR from CO told me to wait at least 6mos before applying for another card. She said it's not impossible, but very unlikely to get another card because of their fraud protection until 6mos are up. She also said it's impossible to get a manual review for CLI or new acct, despite my situation. I do think I will keep my account like you both suggested and just try and grow it the old fashioned way.

And my AmEx & Discover accts both have 0% APR for 12mos so I should be safe for now. Thanks for your insights!

@Anonymous wrote:
OP, if you really want to stick to Capital One, I would apply for another card now and then combine the limits in the future. The QS1 has a set APR of 23.24% which will only go up as the prime rate goes up, and you'll have to apply for another card to get a lower rate anyways. Even if you pay in full every month, you want a card with a low rate just in case you have an emergency and need to carry a balance.

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 17:18:55 GMT

@Anonymous wrote:
The CSR from CO told me to wait at least 6mos before applying for another card. She said it's not impossible, but very unlikely to get another card because of their fraud protection until 6mos are up. She also said it's impossible to get a manual review for CLI or new acct, despite my situation. I do think I will keep my account like you both suggested and just try and grow it the old fashioned way.

And my AmEx & Discover accts both have 0% APR for 12mos so I should be safe for now. Thanks for your insights!
@Anonymous wrote:
OP, if you really want to stick to Capital One, I would apply for another card now and then combine the limits in the future. The QS1 has a set APR of 23.24% which will only go up as the prime rate goes up, and you'll have to apply for another card to get a lower rate anyways. Even if you pay in full every month, you want a card with a low rate just in case you have an emergency and need to carry a balance.

If that's the case, then I would apply for a new card whenever the six-month period is up, and then combine the limits from your current CO card to the new one with the higher limit and lower APR. I really think the average person is better off with the QS over any Venture card though, unless you put heavy spend on it... Meaning $50,000 a year or more.

Re: CapOne advice? New card?

bourgogne — Tue, 23 Aug 2016 17:19:58 GMT

@Anonymous wrote:
@bourgogne wrote:
@Anonymous wrote:
@bourgogne wrote:
@Anonymous wrote:
@bourgogne wrote:
Prime accounts and prime cl’s are two different animals. To me your penfed and the discover are the winners in your lineup. What does the cap1 pre-qual show? Yes, you are being impatient imo. Your scores are on the move up, why not hit 800 and get some real cards would be my thinking.
I don't understand what you're saying. You can get the same [prime] cards whether you have a 700 or 800 credit score. Discover and Penfed are examples of prime cards. Can you clarify what a "real" card is?
Sure – just like we each give the meaning to our life the meaning of a real card, a prime cl to me is a cl of 20K+. I used to have a wallet full of them a decade ago and that is my goal – ~100K over 4 cards. mine goal only. It obvious that everyone is on their own journey here which makes it interesting. Just now finished a nice pre-90 day appeal to penfed to review my account and give me the sp cl I deserve lol.
Did you see if Chase would up that 6k limit?
no, I am waiting until this time next year after my bad fall off - they will get a single hp from me - my bet it will stay at 6K or increase very little. if I had it to do over I would have just focused my time on nfcu and cap1 who are less sensitive to bads or at least my bad and the self employed. live and learn
You may have better luck at a higher CL by applying for one of their premium cards and then PC'ing it to a card that you want, or combining the limit with your Freedom Unlimited.

nope, I am done - in 10 days I after my combine I will have 4 revolvers and that is all I want.

as a side thought, to me it’s not about sub-prime this or that – lots of people get huge sl’s on the venture and use it just for that reason. Like me. and then they grow a stagnate qs wmc or other product as far as it can go, combine it and pc the venture to a visa sig. like me. forget the terms and stories, it’s about using the right tool for the job and based on results cap1 is a great tool for the right job.

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 17:23:32 GMT

Good for you, Bourgogne. That's essentially what I'm trying to do. I don't want a fat wallet, just cards that make sense for their specific purpose. Btw, did you see my reply earlier in this thread? I had several questions about a few things you said with NFCU, the Signature Card, etc.. If you get a chance, I'd like to hear your thoughts.

nope, I am done - in 10 days I after my combine I will have 4 revolvers and that is all I want.

as a side thought, to me it’s not about sub-prime this or that – lots of people get huge sl’s on the venture and use it just for that reason. Like me. and then they grow a stagnate qs wmc or other product as far as it can go, combine it and pc the venture to a visa sig. like me. forget the terms and stories, it’s about using the right tool for the job and based on results cap1 is a great tool for the right job.

Re: CapOne advice? New card?

delaney1 — Tue, 23 Aug 2016 17:57:21 GMT

Yeah, effective June 1st only one Cap One card every 6 months. That being said, you were approved for the QS1 which by it's very nature may not grow as much as a regular QS. I got a QS in June of 2015 with a limit of 5k and a score of 648 according to Cap One...by March of 2016 it was at 15k. Even though some would have you believe Cap One is subprime, that's going to be up to the assessment of the individual user. I'm very happy with my QS, and just got a 20k Venture in July.

Re: CapOne advice? New card?

Anonymous — Tue, 23 Aug 2016 18:35:54 GMT

Cap-1 shouldn't be referred to as a sub-prime lender per se...
I'm fairness to them, they aren't Credit One or 1st Premier or anything....it's fair to say they have a larger footprint, including a high risk division.

Unlike some of the actual banks ( yeah I know Cap has a token bank) Cap-1's business model is invested totally different in CCs than say a Chase or a Citi, that bleeds $$ in oh so many different ways.

Cap-1 grabs market share w/o the benefit of actual banking relationships , so for them to own more than 10% of the US market is quite impressive.

Considering the 3 issuers above them
Citi, Chase and BoA all are actual brick N mortars
which give them HUGE historical advantages in building those relationships to milk.

I should note, I'm speaking of amount of outstanding balances... basically the money their waiting to collect, when I mention numbers, not actual cards themselves.

Anyway Cap-1 has the luxury to a degree to cast a wide net in both directions up the scale and down, because they don't have the infrastructure issues of other issuers and they laugh to the bank no pun
They are owed $81B with a market share behind only the big 3 but ahead of AmEx and Discover....

More than Wells, Barclays or US Bank combined
I think they are doing just fine

Ppl pay attention to what they want and build judgements on more marketing and hype than fact,
Cap-1 is more diverse than most might think and it'd be very hard for the 2 biggest issuers of cards and debt holders in America to only have dealings with the primest of prime

Cap 1 has to advertise and promote differently to reach and move the public , whereas the big 3 has em walking in and has their paychecks deposited every 14 days....much different playing field so a different persona emerges no matter the truth.