topic Re: Capital One Platinum in Credit Cards

Capital One Platinum

Anonymous — Fri, 09 Mar 2018 21:46:57 GMT

I recently got the Platinum card in January and I have seen many posts saying that say the limit doesn’t get too high over years of usage, even when upgrading to the Quicksilver. Does anyone have any expierence with this? Should I try applying for a different card and canceling this one since it’s so new?

Re: Capital One Platinum

Anonymous — Fri, 09 Mar 2018 21:49:26 GMT

There are many instances where one's "starter" card through Capital One won't grow as your credit score does.

If your credit score grows, you're better off cold apping or seeing if you're prequalified for one of the better cards... That is after your credit improves significantly first.

Re: Capital One Platinum

LCC_mk14 — Sat, 10 Mar 2018 03:57:41 GMT

A lot of it depends on the starting line, IMO.

My platinum started with 2k and is now 9k, increased over 4 years. I upgraded it to a Venture One not too long ago.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 04:09:46 GMT

@Anonymouswrote:
I recently got the Platinum card in January and I have seen many posts saying that say the limit doesn’t get too high over years of usage, even when upgrading to the Quicksilver. Does anyone have any expierence with this? Should I try applying for a different card and canceling this one since it’s so new?

What is your credit limit?

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 05:09:09 GMT

300 :/

Re: Capital One Platinum

toadsworth — Sat, 10 Mar 2018 05:34:05 GMT

Mine started at $300, grew to a whopping $850 in a year and a half. Lame thing is, recently I prequal’d for the platinum preferred and for some reason I went for it and got a SL of... $500. No more new capital one for me, once it’s done with credit steps I’ll combine the two and sock drawer them since my old one is my second oldest card.

My score has gone up 150ish points since then and my income has gone up considerably as well. Lots of new accounts and inquiries though. Oh well.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 05:48:55 GMT

It seems as though people with the lower SL’s stay with lower CLIs. I honestly am not thinking it’s worth it to even keep it once I get my next approval.

Re: Capital One Platinum

Gollum — Sat, 10 Mar 2018 09:35:35 GMT

@Anonymous@Anonymous wrote:
I recently got the Platinum card in January and I have seen many posts saying that say the limit doesn’t get too high over years of usage, even when upgrading to the Quicksilver. Does anyone have any expierence with this? Should I try applying for a different card and canceling this one since it’s so new?

Read "Credit Card Asset-Backed Securities (ABS) and why some subprime card never grow or graduate" written by ABCD2199:

http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-why-some-subprime/td-p/5083619

Sub-prime credit cards are useful to those who are building credit for the first time or re-building credit after credit/financial problems.

Some people have a Capital One Platinum credit card (issued in the past) that is not a sub-prime card, but a Capital One credit card that starts with a low limit will probably always have a low limit. The article written by ABCD2199 (link above) explains why.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 12:03:36 GMT

I had two starter capital one cards. Both improved status over time through PC. One is now sitting at $5000 CL and Quicksilver with no annual fee, and the second had moved to $2000 and QuicksilverOne. Both were under $500 when I got them. So yes, it happens

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 16:56:16 GMT

I appreciate it Gollum. And Chris, how long did it take you to get there though?

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 17:14:43 GMT

@Anonymouswrote:
There are many instances where one's "starter" card through Capital One won't grow as your credit score does.

If your credit score grows, you're better off cold apping or seeing if you're prequalified for one of the better cards... That is after your credit improves significantly first.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 18:08:51 GMT

@Anonymouswrote:
300 :/

My capital One started at $300 to $400 to $750 to $2250 in 11 months.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 19:19:55 GMT

It seems to grow pretty slow still.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 19:29:18 GMT

@Anonymouswrote:
It seems to grow pretty slow still.

It's a rebuilder card so it doesn't grow fast.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 19:35:38 GMT

You’re right, you’re right.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 21:13:59 GMT

I have a Quicksilver MC that I got in February 2017 when I was early along in my credit rebuild with TU scores in the 620's; that card had a $3000 SL and an auto-CLI of $500 in August. I PC'ed it to Quicksilver in June, but aside from the aforementioned auto-CLI it's resisted all attempts at customer-initiated CLI's. Based on @ABCD2199's article linked earlier in the thread, as well as numerous remarks here and elsewhere, it seems pretty evident that this is a "starter" card that'll never grow beyond where it currently is. (One clue is that it still has the "Platinum" name on the back of the card under the Mastercard logo, which I've seen mentioned before as an indicator that it's a lower-bracket card.)

Now, that being said, I got a new QS Visa Signature last month with a $10K SL. I haven't gotten a "Credit Steps" email connected to this card (whereas I did with the previous card), so I'm pretty certain that this card is higher-bracketed and capable of growing. My current plan is to zero out the QS MC and combine it with the QS Visa in probably early July, once the Visa ages to the 6-month mark required for combinations, and go looking for a higher-bracketed MC.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 21:18:50 GMT

So would you recommend a combination rather than upgrading it? As in if I got a new card?

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 21:57:24 GMT

I would recommend to build your credit history and scores for a while before applying for a second Cap 1 card. You're eligible for a new card every 6 months, but I'd personally wait until next January because your scores and history will be much better by then. Once you get a new Cap 1 card with a good "non-starter" SL, then you'll have to wait another 6 months before you can combine your old card into the new one, and you need to be sure that the old card is completely paid off (including any stray interest charges from the previous month). As is often said here, credit is a marathon, not a sprint, and requires a lot of patience. That being said, I'd check other issuers' prequal sites to see if you can get at least one other card that will help you build your credit history, Discover, for example. Synchrony and Comenity issue a great many retail cards that are very easy to get, but I advise great caution in applying for those, only get the ones you know you're going to use regularly.

Re: Capital One Platinum

Anonymous — Sat, 10 Mar 2018 23:03:32 GMT

I appreciate you responding! That helped out a lot. I’ll play the waiting game then. Thanks a bunch!

Re: Capital One Platinum

MasonK — Sun, 11 Mar 2018 14:23:15 GMT

Pretty similar to my experience, and this thread is exactly the info I was looking for.

I got a Platinum in Nov 2016 @ $2k, upgraded to a QS about 6 months later. I've recieved tiny CLIs up to the currect $3200 line. Meanwhile, my Discover started at $1800 in March 2017 and a year later it's at $4700.

I've thought about apping for a better card and doing the combine thing, but in all seriousness, I think there are better banks out there than CapOne I can get into since I'm two years into the rebuild and it's going very well.