topic Re: Let me get this straight = Cap-1 6 mth rule in Credit Cards

Let me get this straight = Cap-1 6 mth rule

cuthatcard — Fri, 14 Oct 2016 15:55:37 GMT

I just got the QS1 about 2 weeks ago with a SL of $2,000.00.

I'm in the Credit Steps Program ", (per my chat with them).

Today, I received a pre-equal offer, in the mail, for their Platinum card, with the code !

So, if they only approve one card every 6 months, why do they send out these solicitations ?

Just junk mailing?

Re: Let me get this straight = Cap-1 6 mth rule

Anonymous — Fri, 14 Oct 2016 16:04:33 GMT

Your QS is relatively new. That mailer is too close the last app and probably was NOT considered.

I have never heard of this 1 new CrapOne every 6 mo ? My GF just got a GS and a PLAT within 2 weeks of each other.

Re: Let me get this straight = Cap-1 6 mth rule

Anonymous — Fri, 14 Oct 2016 16:07:10 GMT

And honestly, if you get a CapOne w/a SL of $2k, you probably have the file to support better cards.

I'd like to think CapOne is the first card you get OUTSIDE of the secured market. If you already have a $2k SL, I would app with another card, like Discover IT or Amex.

I believe CapOne is a starter, and most people only get there first card with a 300 or 500 limit. Just after I started rebuilding, capone was my first card with a 500 limit. 1 year ago. I have a Amazon/Chase card w/a 5500 limit and a BCE with 1k.

Hope this helps some

Re: Let me get this straight = Cap-1 6 mth rule

Anonymous — Fri, 14 Oct 2016 16:23:23 GMT

@Anonymous wrote:
And honestly, if you get a CapOne w/a SL of $2k, you probably have the file to support better cards.

Not necessarily. I received a $3k SL on a Cap One Platinum when my scores averaged 619. My scores 6 months prior were 780-790, but I hit a rough patch which did a lot of damage. My scores and baddies prevented me from acquiring any good cards at the time and Cap One was the only one that would seemingly give me a chance... but in doing so they still gave me a decent SL considering my overall credit history IMO outside of the rough 6 months or so.

Re: Let me get this straight = Cap-1 6 mth rule

cuthatcard — Fri, 14 Oct 2016 16:52:57 GMT

Ju
@Anonymous wrote:
And honestly, if you get a CapOne w/a SL of $2k, you probably have the file to support better cards.

I'd like to think CapOne is the first card you get OUTSIDE of the secured market. If you already have a $2k SL, I would app with another card, like Discover IT or Amex.

I believe CapOne is a starter, and most people only get there first card with a 300 or 500 limit. Just after I started rebuilding, capone was my first card with a 500 limit. 1 year ago. I have a Amazon/Chase card w/a 5500 limit and a BCE with 1k.

Hope this helps some

I...do feel like I have a better profile, longer, overall history and scores ( excluding EQ) to get better cards BUT...when I do the prequalifiy pages...zero, natta, nothing. ..but Cap 1 !

Ive tried the pre-equal for the Discover It and get the varying interest rate of which other FICO 'ers chime in on that until I get a more stable rate, this is not...a solid offer !

Guess I'll ride on QS1 until sometime I get get a real hit on another card, pre-equal!

Re: Let me get this straight = Cap-1 6 mth rule

Pway — Fri, 14 Oct 2016 17:08:12 GMT

Just FYI, I have never received a pre-qual for any of the cards I have. I have cold apped for all the cards I have. Just because one does not have a pre-qual does not mean you will be approved. There are plenty of instnces where one has cold apped and been approved for a card. Discover, pre-qual means nothing, my dog has an offer with them.

Re: Let me get this straight = Cap-1 6 mth rule

FireMedic1 — Fri, 14 Oct 2016 17:32:54 GMT

@Pway wrote:
Just FYI, I have never received a pre-qual for any of the cards I have. I have cold apped for all the cards I have. Just because one does not have a pre-qual does not mean you will be approved. There are plenty of instnces where one has cold apped and been approved for a card. Discover, pre-qual means nothing, my dog has an offer with them.

+1 Discover never pre qualed me. Cold apped. And yes I got a mailer 2 weeks after my card arrived too! Nothing on Cap1 (Not CrapOne) but still got the WEMC QS.

Re: Let me get this straight = Cap-1 6 mth rule

AverageJoesCredit — Fri, 14 Oct 2016 18:02:10 GMT

5 mailers from Disco no approvals. Its nice to get prequalified but doesnt really mean much as its not 100% gaurenteed. They say usually on Amex or Chase qualifiers usually good but im sure many have not received that, apped and still got it. Never think you are beholdin to just one cc.

Re: Let me get this straight = Cap-1 6 mth rule

FroggieMom — Fri, 14 Oct 2016 19:10:02 GMT

OP~ you may be confusing the 6 mo rule with Cap1 as it applies to CLI, not approvals for cards. I have not read anywhere on the forum where Cap1 has a limit to the # of cards/time frame. I do believe 4 total cards with them is the limit, but you could apply for 2 or more back to back and be approved if your file supported it.

But on the mailers, it was probably a timing thing. Same thing happened to me with my AMEX upgrade, upgraded in May.. was still receiving solicitations both by snail mail and email to upgrade after I already had the card in my wallet.

Re: Let me get this straight = Cap-1 6 mth rule

cuthatcard — Fri, 14 Oct 2016 19:53:43 GMT

@FroggieMom wrote:
OP~ you may be confusing the 6 mo rule with Cap1 as it applies to CLI, not approvals for cards. I have not read anywhere on the forum where Cap1 has a limit to the # of cards/time frame. I do believe 4 total cards with them is the limit, but you could apply for 2 or more back to back and be approved if your file supported it.

But on the mailers, it was probably a timing thing. Same thing happened to me with my AMEX upgrade, upgraded in May.. was still receiving solicitations both by snail mail and email to upgrade after I already had the card in my wallet.

Yep, bet that's it !

I've read 22,000 + post since getting back here, again, in April and sometimes I get to wanting to do the "right thing" and ...all of this...runs together! !

I really only want a total of 3 cards and I'm not sure if the Platinum is the other card I need or want !

I do so appreciate Cap-1 for letting me in with the QS1 at a SL of $2,000.00, it floored me as I've been paying with cash, for yrs !

No way I'm getting on here and bash them, they've been great to me and it seems, many others.

I could take this offer and wait a few more months as I build but I sure hate 3 inq ! Have 3 on TU (1 falls in December ), 1-EQ, 1 on EX. .those all belong to Cap-1 except 1 of the 2 on TU, ( Care Credit =Sync-Bank ).

So yes, I think I'm mixed up, thanks for that !!

Re: Let me get this straight = Cap-1 6 mth rule

iheartwings — Fri, 14 Oct 2016 20:06:40 GMT

@cuthatcard wrote:
@FroggieMom wrote:
OP~ you may be confusing the 6 mo rule with Cap1 as it applies to CLI, not approvals for cards. I have not read anywhere on the forum where Cap1 has a limit to the # of cards/time frame. I do believe 4 total cards with them is the limit, but you could apply for 2 or more back to back and be approved if your file supported it.

But on the mailers, it was probably a timing thing. Same thing happened to me with my AMEX upgrade, upgraded in May.. was still receiving solicitations both by snail mail and email to upgrade after I already had the card in my wallet.
Yep, bet that's it !

I've read 22,000 + post since getting back here, again, in April and sometimes I get to wanting to do the "right thing" and ...all of this...runs together! !

I really only want a total of 3 cards and I'm not sure if the Platinum is the other card I need or want !
I do so appreciate Cap-1 for letting me in with the QS1 at a SL of $2,000.00, it floored me as I've been paying with cash, for yrs !

No way I'm getting on here and bash them, they've been great to me and it seems, many others.
I could take this offer and wait a few more months as I build but I sure hate 3 inq ! Have 3 on TU (1 falls in December ), 1-EQ, 1 on EX. .those all belong to Cap-1 except 1 of the 2 on TU, ( Care Credit =Sync-Bank ).

So yes, I think I'm mixed up, thanks for that !!

I think you were right in the beginning.

There was a thread this summer about this new 6-month between approvals rule with Capital One, and I was able to find it:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/New-Policy-for-Cap-1-Applications/m-p/4660978/highlight/true#M128816?q=cap+1+application

I hope that helps. Looks like it's been in place since about June 1.

Re: Let me get this straight = Cap-1 6 mth rule

cuthatcard — Fri, 14 Oct 2016 20:16:38 GMT

@iheartwings wrote:
@cuthatcard wrote:
@FroggieMom wrote:
OP~ you may be confusing the 6 mo rule with Cap1 as it applies to CLI, not approvals for cards. I have not read anywhere on the forum where Cap1 has a limit to the # of cards/time frame. I do believe 4 total cards with them is the limit, but you could apply for 2 or more back to back and be approved if your file supported it.

But on the mailers, it was probably a timing thing. Same thing happened to me with my AMEX upgrade, upgraded in May.. was still receiving solicitations both by snail mail and email to upgrade after I already had the card in my wallet.
Yep, bet that's it !

I've read 22,000 + post since getting back here, again, in April and sometimes I get to wanting to do the "right thing" and ...all of this...runs together! !

I really only want a total of 3 cards and I'm not sure if the Platinum is the other card I need or want !
I do so appreciate Cap-1 for letting me in with the QS1 at a SL of $2,000.00, it floored me as I've been paying with cash, for yrs !

No way I'm getting on here and bash them, they've been great to me and it seems, many others.
I could take this offer and wait a few more months as I build but I sure hate 3 inq ! Have 3 on TU (1 falls in December ), 1-EQ, 1 on EX. .those all belong to Cap-1 except 1 of the 2 on TU, ( Care Credit =Sync-Bank ).

So yes, I think I'm mixed up, thanks for that !!

I think you were right in the beginning.

There was a thread this summer about this new 6-month between approvals rule with Capital One, and I was able to find it:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/New-Policy-for-Cap-1-Applications/m-p/4660978/highlight/true#M128816?q=cap+1+application

I hope that helps. Looks like it's been in place since about June 1.

Glad you found this, good for us getting these mailers from Cap-1 after just opening a new account !

Tossing mine !

Thanks for the info !

Re: Let me get this straight = Cap-1 6 mth rule

CreditDunce — Fri, 14 Oct 2016 23:07:11 GMT

Here are the old rules:

http://www.doctorofcredit.com/things-everybody-should-know-about-capital-one-credit-cards/

Here are the new restrictions:

http://www.doctorofcredit.com/capital-one-tightens-churning-rules/

Re: Let me get this straight = Cap-1 6 mth rule

Anonymous — Sat, 15 Oct 2016 00:03:56 GMT

@Pway wrote:
Just FYI, I have never received a pre-qual for any of the cards I have. I have cold apped for all the cards I have. Just because one does not have a pre-qual does not mean you will be approved. There are plenty of instnces where one has cold apped and been approved for a card. Discover, pre-qual means nothing, my dog has an offer with them.

Same here, I have never been prequalified. I called app'd every card I have or had.

Re: Let me get this straight = Cap-1 6 mth rule

Anonymous — Sat, 15 Oct 2016 00:37:27 GMT

@iheartwings wrote:
@cuthatcard wrote:
@FroggieMom wrote:
OP~ you may be confusing the 6 mo rule with Cap1 as it applies to CLI, not approvals for cards. I have not read anywhere on the forum where Cap1 has a limit to the # of cards/time frame. I do believe 4 total cards with them is the limit, but you could apply for 2 or more back to back and be approved if your file supported it.

But on the mailers, it was probably a timing thing. Same thing happened to me with my AMEX upgrade, upgraded in May.. was still receiving solicitations both by snail mail and email to upgrade after I already had the card in my wallet.
Yep, bet that's it !

I've read 22,000 + post since getting back here, again, in April and sometimes I get to wanting to do the "right thing" and ...all of this...runs together! !

I really only want a total of 3 cards and I'm not sure if the Platinum is the other card I need or want !
I do so appreciate Cap-1 for letting me in with the QS1 at a SL of $2,000.00, it floored me as I've been paying with cash, for yrs !

No way I'm getting on here and bash them, they've been great to me and it seems, many others.
I could take this offer and wait a few more months as I build but I sure hate 3 inq ! Have 3 on TU (1 falls in December ), 1-EQ, 1 on EX. .those all belong to Cap-1 except 1 of the 2 on TU, ( Care Credit =Sync-Bank ).

So yes, I think I'm mixed up, thanks for that !!

I think you were right in the beginning.

There was a thread this summer about this new 6-month between approvals rule with Capital One, and I was able to find it:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/New-Policy-for-Cap-1-Applications/m-p/4660978/highlight/true#M128816?q=cap+1+application

I hope that helps. Looks like it's been in place since about June 1.

Yes there definitely is a new 6 month rule between Capone issuing new cards.

You can go ahead and apply, but you'll be denied. However, the system will reject your application before it pulls your credit file, so no HP will occur. You can always try and maybe youll slip through the crack and get in. Theres no harm to be done by trying

Re: Let me get this straight = Cap-1 6 mth rule

creditguy — Sat, 15 Oct 2016 03:08:36 GMT

@FroggieMom wrote:
OP~ you may be confusing the 6 mo rule with Cap1 as it applies to CLI, not approvals for cards. I have not read anywhere on the forum where Cap1 has a limit to the # of cards/time frame. I do believe 4 total cards with them is the limit, but you could apply for 2 or more back to back and be approved if your file supported it.

But on the mailers, it was probably a timing thing. Same thing happened to me with my AMEX upgrade, upgraded in May.. was still receiving solicitations both by snail mail and email to upgrade after I already had the card in my wallet.

There are plenty of posts stating Capital One has new approval rules, and that is one new card every six months at the minimum. They are tightening up on the amount of cards they approve any one person. Back to back applications have been treated as duplicates recently with the second app not even being processed. So it's always a good idea to search around for recent experiences.

Re: Let me get this straight = Cap-1 6 mth rule

UncleB — Sat, 15 Oct 2016 09:43:50 GMT

@creditguy wrote:
@FroggieMom wrote:
OP~ you may be confusing the 6 mo rule with Cap1 as it applies to CLI, not approvals for cards. I have not read anywhere on the forum where Cap1 has a limit to the # of cards/time frame. I do believe 4 total cards with them is the limit, but you could apply for 2 or more back to back and be approved if your file supported it.

But on the mailers, it was probably a timing thing. Same thing happened to me with my AMEX upgrade, upgraded in May.. was still receiving solicitations both by snail mail and email to upgrade after I already had the card in my wallet.
There are plenty of posts stating Capital One has new approval rules, and that is one new card every six months at the minimum. They are tightening up on the amount of cards they approve any one person. Back to back applications have been treated as duplicates recently with the second app not even being processed. So it's always a good idea to search around for recent experiences.

If anyone says they have beat this I'm not going to say they are wrong - we've seen stranger things happen - but there are plenty of people who can attest to the new "rule".

FWIW my own brother tried for a second card back in the summer (not long after a QS1 approval) and got the duplicate message as well.

Re: Let me get this straight = Cap-1 6 mth rule

zerofire — Sat, 15 Oct 2016 14:03:33 GMT

@cuthatcard wrote:
Ju
@Anonymous wrote:
And honestly, if you get a CapOne w/a SL of $2k, you probably have the file to support better cards.

I'd like to think CapOne is the first card you get OUTSIDE of the secured market. If you already have a $2k SL, I would app with another card, like Discover IT or Amex.

I believe CapOne is a starter, and most people only get there first card with a 300 or 500 limit. Just after I started rebuilding, capone was my first card with a 500 limit. 1 year ago. I have a Amazon/Chase card w/a 5500 limit and a BCE with 1k.

Hope this helps some
I...do feel like I have a better profile, longer, overall history and scores ( excluding EQ) to get better cards BUT...when I do the prequalifiy pages...zero, natta, nothing. ..but Cap 1 !

Ive tried the pre-equal for the Discover It and get the varying interest rate of which other FICO 'ers chime in on that until I get a more stable rate, this is not...a solid offer !

Guess I'll ride on QS1 until sometime I get get a real hit on another card, pre-equal!

If you only go by pre-qual's then you will miss a lot of opportunity. By the time you have a pre-qual you will either be in the lenders sweet spot or too good for the lender. Also most of the best cards that you can get don't have pre-qual's that they send out. Chase Sapphire Reserve, National City Cristal, Blispay, Citi Double Cash, etc. are all online app only and/or branch app only. Most proper cards you need to hunt for and do cold apps. I did cold apps for every card I have except one and even then I used 2 expired pre-qual's as a reference on their respective cards to judge the chances of approval. So far I have never been declined for a new card. The key is to pay on time, keep to your agreements, don't be greedy, and use your common sense.

Re: Let me get this straight = Cap-1 6 mth rule

Anonymous — Sat, 15 Oct 2016 15:08:53 GMT

@cuthatcard wrote:

I really only want a total of 3 cards and I'm not sure if the Platinum is the other card I need or want !
I do so appreciate Cap-1 for letting me in with the QS1 at a SL of $2,000.00, it floored me as I've been paying with cash, for yrs !

I think you got it right with that statement. I am also a huge Cap1 fan for giving me my first no deposit, no AF offer to get me started back on the credit highway, but a Plat will be a worthless card compared to the cash back on the QS1. Take some time, let that card report, and think about what holes you need to fill in your spending. Categories (Discover, Chase freedom), entertainment (Marvel), gas/groceries (Amex BCE) are the holes I am filling.

Re: Let me get this straight = Cap-1 6 mth rule

cuthatcard — Sat, 15 Oct 2016 15:16:45 GMT

My current problem on anyone who may pull my EQ report will see a PR ( 6 yr old judgement ) that I pd 8K for the entire amount back in April that EQ will not update to satisfied !

This leaves this report appearing to look as though I still owe this when in fact, I do not !

CHASE, Citi, Discover or others I'm sure pull this ( according to the Credit Pull Database) for my state, most of the time.

I would certainly do a cold app if...I could get EQ to update or delete this eronous information. I still have 2 weeks left on my dispute with them before I can really do anything else with a EQ pull !

I ordered a hard copy of my EQ report, now over 5 weeks ago that I've yet to receive! They claim they've sent it but in my last email with them, they now are "escalating " it up..to find out WHY I haven't yet got it !

I have ask for them to simply send another, allow me to see it online or give my money back .

They're just SO hard to deal with...but ..I guess I'll have to wait for the results before applying for a EQ puller, if that's the route I go !