topic capital one platinum card pre approval in the mail in Credit Cards

capital one platinum card pre approval in the mail

jg1983 — Wed, 22 Feb 2017 01:44:08 GMT

I recently received a pre approval in the mail for a capital one platinum card. I am wondering what credit limit I could expect for this card and my approval odds after a hard pull. I don't want another hard pull unless I am reasonably sure I will be approved and it will help my credit having it. It does say they increase your limit after 5 on time payments. I already have two credit cards so I am unsure how a third might affect my credit.

Here is my credit situation. My Experian FICO is 663 as of today. As of the beginning of this month my Equifax FICO was 630 and TransUnion was 640 (they might have gone up a bit since then). I have my car loan which I refied through DCU back in December with a $14k balance left. I have a DCU credit card with a $1k limit and a NFCU card with a $1600 limit. Both started reporting in January and my utilization is currently at 8%. I had one late car payment 8 months ago when my loan was with Wells Fargo (which I am currently disputing). No other negatives besides that. Should I go ahead and apply for this card or hold off for a while?

Re: capital one platinum card pre approval in the mail

Chris679 — Wed, 22 Feb 2017 02:01:42 GMT

It will not really help your credit and short term could lower your score. You never mentioned if you want the card or if it will be useful. That is what counts.

Re: capital one platinum card pre approval in the mail

TXinandout — Wed, 22 Feb 2017 02:13:44 GMT

I have to disagree with the statement above since you need at least 3 revolving in order to maximize your FICO score.

If I were you, I will apply for the card. By the way, that mailer you receive is an almost guarantee (99%) approval.

Re: capital one platinum card pre approval in the mail

Chris679 — Wed, 22 Feb 2017 02:19:00 GMT

Three trade lines which he already has

Re: capital one platinum card pre approval in the mail

jg1983 — Wed, 22 Feb 2017 02:50:39 GMT

The card might actually be useful to me other than for credit building purposes if it's not a very low limit (unless it goes up over time). Any idea what limit I could expect from the credit information I provided or is it based on income too? It did say in the letter 3 of every 4 applications are approved.

Re: capital one platinum card pre approval in the mail

Anonymous — Wed, 22 Feb 2017 03:00:45 GMT

@jg1983 wrote:
I recently received a pre approval in the mail for a capital one platinum card. I am wondering what credit limit I could expect for this card and my approval odds after a hard pull. I don't want another hard pull unless I am reasonably sure I will be approved and it will help my credit having it. It does say they increase your limit after 5 on time payments. I already have two credit cards so I am unsure how a third might affect my credit.

Here is my credit situation. My Experian FICO is 663 as of today. As of the beginning of this month my Equifax FICO was 630 and TransUnion was 640 (they might have gone up a bit since then). I have my car loan which I refied through DCU back in December with a $14k balance left. I have a DCU credit card with a $1k limit and a NFCU card with a $1600 limit. Both started reporting in January and my utilization is currently at 8%. I had one late car payment 8 months ago when my loan was with Wells Fargo (which I am currently disputing). No other negatives besides that. Should I go ahead and apply for this card or hold off for a while?

Only guessing because the Platinum is their sub prime card. Typical starting lines $300- $500.

Re: capital one platinum card pre approval in the mail

EAJuggalo — Wed, 22 Feb 2017 03:02:44 GMT

@Chris679 wrote:
Three trade lines which he already has

Three revolving trade lines and one installment is widely viewed here as minimum for max scoring.

The Cap One Plat is not a bad card. Usually the initial SL isn't all that great but they do go up fairly steadily with soft pull CLI's. I got one just over a year ago with no credit score and it went from $500-$1500 after three months-$2000 after six months-$2250 after one year. You can also get it PC'd to a Quicksilver card after a couple months and get 1.5% cash back on everything.

Re: capital one platinum card pre approval in the mail

thummel — Wed, 22 Feb 2017 03:03:07 GMT

I would check capital ones pre qual and see if it comes up on there. The platinum isn't the best card out there but it's certainly far from the worst. It will grow decent over time as long as you take care of it. Maybe even within a few months you could get it converted and add on rewards like the quicksilver one has.

Re: capital one platinum card pre approval in the mail

jg1983 — Wed, 22 Feb 2017 04:41:07 GMT

I just checked the capital one prequalify website and it says I qualify for the platinum and quicksilver cards. I am wondering if I should try for the quicksilver card right away or try for the platinum and switch to the quicksilver later. Looks like the quicksilver has an annual fee where the platinum doesn't. Also the letter I received says I will have a 0% apr on all purchases until November. Not sure if the quicksilver card has the same promo or not.

Re: capital one platinum card pre approval in the mail

Anonymous — Wed, 22 Feb 2017 04:50:12 GMT

@jg1983 wrote:
I just checked the capital one prequalify website and it says I qualify for the platinum and quicksilver cards. I am wondering if I should try for the quicksilver card right away or try for the platinum and switch to the quicksilver later. Looks like the quicksilver has an annual fee where the platinum doesn't. Also the letter I received says I will have a 0% apr on all purchases until November. Not sure if the quicksilver card has the same promo or not.

Go for the no AF Platinum, then after 2 statements you can PC to the no AF Quicksilver. If you chose the Quicksilver One which has an AF, that's actually a lot harder to switch to the NO AF QS than a card that's already no AF.

Capital One is a great lender for building or rebuilding - I've been quite successful with them

Re: capital one platinum card pre approval in the mail

jg1983 — Wed, 22 Feb 2017 05:19:39 GMT

I pulled the trigger on the platinum card. I was approved but only for $300. I was hoping for a little more but maybe I can eventually try for a cli. How soon should I try for a cli? Should I just wait 5 months for the automatic cli or try sooner?

Re: capital one platinum card pre approval in the mail

TXinandout — Wed, 22 Feb 2017 05:23:30 GMT

No, OP has only two (2) revolving and one (1) installment, please re-read.

@Chris679 wrote:
Three trade lines which he already has

Re: capital one platinum card pre approval in the mail

TXinandout — Wed, 22 Feb 2017 05:25:52 GMT

@jg1983 wrote:
I pulled the trigger on the platinum card. I was approved but only for $300. I was hoping for a little more but maybe I can eventually try for a cli. How soon should I try for a cli? Should I just wait 5 months for the automatic cli or try sooner?

Wow that's very low, never the less, congratulations! Use heavily and pay multiple times, it will grow.

Re: capital one platinum card pre approval in the mail

jg1983 — Wed, 22 Feb 2017 05:26:16 GMT

Now I have 3 revolving though I don't know how much of a difference a $300 limit will make. How soon after activation does capital one report?

Re: capital one platinum card pre approval in the mail

TXinandout — Wed, 22 Feb 2017 05:28:39 GMT

The difference should come once it reports since it will be your 3rd revolving. CAP 1 can take a month or month and a half to report.

Re: capital one platinum card pre approval in the mail

Anonymous — Wed, 22 Feb 2017 05:33:07 GMT

@jg1983 wrote:
I pulled the trigger on the platinum card. I was approved but only for $300. I was hoping for a little more but maybe I can eventually try for a cli. How soon should I try for a cli? Should I just wait 5 months for the automatic cli or try sooner?

Sooner. Here's TygerHawke's Capital One formula:

For the first 60 days, use the card for absolutely everything you can - pay it off several times a month if you can, just try to get as much spend through it as possible. The only rule is to make sure that when it comes time for your statement, do not allow any more than 9% ($27) to report. Do this for 2 full statement cycles.

Once you've passed your second full statement, do the following anytime before your third one:

1. Stop using the card, and wait for any pending transactions to post.

2. Pay the card down to exactly $10. (Important step - the $10 amount will show the computer that while your account remains active, you *could* walk away at any time)

3. Wait 24 hours for the $10 balance to register internally

4. Request CLI on the website - take whatever it offers you.

5. Get on chat and ask if there is an offer to product change to the Quicksilver.

6. Resume using the card, following the same rules as before.

Once you pass your 6th statement, they'll auto-CLI you for credit steps. - at that point you might try to see if you can get another card through the prequalifier...I made out like a bandit this way

As with all things, YMMV, but if you take a look at my story (see the thread in my sig) you'll see it worked well for me.

Good Luck!

Re: capital one platinum card pre approval in the mail

Chris679 — Wed, 22 Feb 2017 12:46:34 GMT

@TXinandout wrote:
No, OP has only two (2) revolving and one (1) installment, please re-read.
@Chris679 wrote:
Three trade lines which he already has

Right, three trade lines already which is enough. Maybe a third revolving line would squeeze a few more points out of a clean file but I would not expect much with a bunch of new accounts and a recent late payment. Why talk someone in to applying for something they specificity stated they didn't want which was a $300 limit card?

OP like others said it can grow with credit steps and PC to Quicksilver which is solid.

Re: capital one platinum card pre approval in the mail

SouthJamaica — Wed, 22 Feb 2017 13:28:08 GMT

@jg1983 wrote:
I just checked the capital one prequalify website and it says I qualify for the platinum and quicksilver cards. I am wondering if I should try for the quicksilver card right away or try for the platinum and switch to the quicksilver later. Looks like the quicksilver has an annual fee where the platinum doesn't. Also the letter I received says I will have a 0% apr on all purchases until November. Not sure if the quicksilver card has the same promo or not.

1. forget the 0% on purchases... you don't want to be carry balances now, with or without interest

2. despite what another poster said, 2 credit cards is enough to have great FICO scores, you don't need 3

3. since you're prequalified you should definitely apply for the quicksilver rather than the platinum if you're going to apply at Cap One, QS is a card to keep for the future IMHO, BUT>>> Cap One usually pulls all 3 bureaus, so you will wind up with 1 HP at each bureau

As far as I'm concerned you're already in with 2 good credit unions. So you're good as is.

A Cap One Platinum -- although it was invaluable to me in getting me started -- would be a step down for you.

Re: capital one platinum card pre approval in the mail

SouthJamaica — Wed, 22 Feb 2017 13:29:08 GMT

@jg1983 wrote:
I pulled the trigger on the platinum card. I was approved but only for $300. I was hoping for a little more but maybe I can eventually try for a cli. How soon should I try for a cli? Should I just wait 5 months for the automatic cli or try sooner?

Don't bother with CLI's, they will auto CLI you periodically if you keep using the card and paying it down to zero quickly.

Re: capital one platinum card pre approval in the mail

Anonymous — Wed, 22 Feb 2017 15:34:46 GMT

@SouthJamaica wrote:
@jg1983 wrote:
I pulled the trigger on the platinum card. I was approved but only for $300. I was hoping for a little more but maybe I can eventually try for a cli. How soon should I try for a cli? Should I just wait 5 months for the automatic cli or try sooner?
Don't bother with CLI's, they will auto CLI you periodically if you keep using the card and paying it down to zero quickly.

The OP has nothing to lose requesting a CLI after second statement cuts. Especially since it's a SP and will take 1 minute of the OP's time.