topic Re: Capital 1 Third Card is it possible?? in Credit Cards

Capital 1 Third Card is it possible??

The-Credit-Disciple — Sun, 16 Sep 2018 16:39:08 GMT

Great Morning Fico Fam😀😀!!
Is it Possible to get approved for the Cap 1 Savor 1 card even though I have A Quicksilver and Quicksilver 1 card? My goal is combined both of those when Im able. But until then will Capital one let me have a third card? Also I use the pre qualify tool on the Cap 1 site and it says I pre qualify for the QS1 but i already have that card. Can apply for the Savor 1 card and still get approved? Thanks in advance and im sorry if this question have been asked before

Re: Capital 1 Third Card is it possible??

Brian_Earl_Spilner — Sun, 16 Sep 2018 16:38:48 GMT

You can have 5 prime cards and 2 sub-prime cards (secured, journey, platinum, and QS1). You can have multiples of the same card. Co-branded cards don't count towards that number...yet.

Re: Capital 1 Third Card is it possible??

DaveInAZ — Sun, 16 Sep 2018 16:53:13 GMT

I was just approved for Savor last week w/$7k SL, and I already have QS and Spark biz card, and my QS w/$20k CL is from combining 2 QS cards w/$10k limits, so Savor is actually my 4th card approval from Cap One.

Re: Capital 1 Third Card is it possible??

The-Credit-Disciple — Sun, 16 Sep 2018 18:20:48 GMT

So since I am pre qualified for the QS1 which I already have, I can apply for the Savor 1 card and still get approved possibly right? Is the Savor 1 and QS1 in the same tier?

Re: Capital 1 Third Card is it possible??

Brian_Earl_Spilner — Sun, 16 Sep 2018 18:24:52 GMT

@The-Credit-Disciple wrote:
So since I am pre qualified for the QS1 which I already have, I can apply for the Savor 1 card and still get approved possibly right? Is the Savor 1 and QS1 in the same tier?

No, the qs1 is a sub-prime card, the Savor1 is a prime card. You can have both, but the qualifications are different. Savor1 requires excellent credit which is why many people product change to it instead of apping directly.

Re: Capital 1 Third Card is it possible??

The-Credit-Disciple — Sun, 16 Sep 2018 18:32:55 GMT

So it would be better to PC to the Savor 1?

Re: Capital 1 Third Card is it possible??

Brian_Earl_Spilner — Sun, 16 Sep 2018 18:37:22 GMT

@The-Credit-Disciple wrote:
So it would be better to PC to the Savor 1?

Depends on your credit profile. If you have good to excellent credit, you should cold app it. If you're profile is tarnished, PCing will probably be the quickest way to get one, but if you're account is bucketed, it will stay that way.

Re: Capital 1 Third Card is it possible??

The-Credit-Disciple — Sun, 16 Sep 2018 18:47:21 GMT

What is "Bucketed?😀

Re: Capital 1 Third Card is it possible??

Brian_Earl_Spilner — Sun, 16 Sep 2018 18:58:27 GMT

@The-Credit-Disciple wrote:
What is "Bucketed?😀

In a nutshell, cap1, along with other banks like discover, package up their accounts and assign risk levels. They're called Asset Backed Securities. They then let people invest in them. The higher the risk, the more money an investor can make. This allows cap1 to get more money for other things, such as handing out credit limits for new and existing cards. Once your account has been packaged and rated, it's very difficult to have that changed. It's why people on this forum recommend applying for a new card once your credit is better and you can get better terms, rather than wasting your time with a "bucketed" account.

Re: Capital 1 Third Card is it possible??

The-Credit-Disciple — Sun, 16 Sep 2018 20:54:35 GMT

@Brian_Earl_Spilner wrote:
@The-Credit-Disciple wrote:
What is "Bucketed?😀
In a nutshell, cap1, along with other banks like discover, package up their accounts and assign risk levels. They're called Asset Backed Securities. They then let people invest in them. The higher the risk, the more money an investor can make. This allows cap1 to get more money for other things, such as handing out credit limits for new and existing cards. Once your account has been packaged and rated, it's very difficult to have that changed. It's why people on this forum recommend applying for a new card once your credit is better and you can get better terms, rather than wasting your time with a "bucketed" account.

Thanks for that info!! so how high does the CL reach on cards that are "Bucketed"?

Re: Capital 1 Third Card is it possible??

FireMedic1 — Sun, 16 Sep 2018 20:56:45 GMT

I can attest you can have what others have said at 1 time. Started with the rebuilders and worked up to the prime time Cap1 cards.

Re: Capital 1 Third Card is it possible??

Anonymous — Sun, 16 Sep 2018 22:25:36 GMT

I just don't get the fascination with Cap One, during building and rebuilding I get but beyond that? So so rewards on top of triple pull, even their flagship Venture and Savor is only worth keeping for the first year for the SUB before AF hit when you do the math, QS 1.5% is a perfect candidate for sock drawer. If I'm OP I would combine QS1 into QS and PC to Savor One then move on, get some use out of it when restaurant isn't in someone's 5% category.

Re: Capital 1 Third Card is it possible??

Shooting-For-800 — Wed, 19 Sep 2018 00:40:52 GMT

Last I checked, you can have 5 normal Cap One cards.

I have 3 and have had as many as 5 at one time.

Check prequal although no prequal does not mean you will not get approved.

YMMV.

Re: Capital 1 Third Card is it possible??

Shooting-For-800 — Wed, 19 Sep 2018 00:45:18 GMT

@The-Credit-Disciple wrote:
So since I am pre qualified for the QS1 which I already have, I can apply for the Savor 1 card and still get approved possibly right? Is the Savor 1 and QS1 in the same tier?

NO! They are not in the same tier.

I would say that Savor is between Venture and Regular QS.

How much higher is your credit score since your QS1 approval.

YMMV.

Re: Capital 1 Third Card is it possible??

Brian_Earl_Spilner — Wed, 19 Sep 2018 01:04:45 GMT

@The-Credit-Disciple wrote:
@Brian_Earl_Spilner wrote:
@The-Credit-Disciple wrote:
What is "Bucketed?😀
In a nutshell, cap1, along with other banks like discover, package up their accounts and assign risk levels. They're called Asset Backed Securities. They then let people invest in them. The higher the risk, the more money an investor can make. This allows cap1 to get more money for other things, such as handing out credit limits for new and existing cards. Once your account has been packaged and rated, it's very difficult to have that changed. It's why people on this forum recommend applying for a new card once your credit is better and you can get better terms, rather than wasting your time with a "bucketed" account.
Thanks for that info!! so how high does the CL reach on cards that are "Bucketed"?

There's no limit, they just grow slow.

Re: Capital 1 Third Card is it possible??

The-Credit-Disciple — Wed, 19 Sep 2018 03:58:40 GMT

@Shooting-For-800 wrote:
@The-Credit-Disciple wrote:
So since I am pre qualified for the QS1 which I already have, I can apply for the Savor 1 card and still get approved possibly right? Is the Savor 1 and QS1 in the same tier?
NO! They are not in the same tier.
I would say that Savor is between Venture and Regular QS.
How much higher is your credit score since your QS1 approval.
YMMV.

My Transunion score is 706

Equifax:706

Ex: 650

my score when I got the QS1 was around the 669 mark

Re: Capital 1 Third Card is it possible??

Shooting-For-800 — Wed, 19 Sep 2018 10:27:16 GMT

@The-Credit-Disciple wrote:
@Shooting-For-800 wrote:
@The-Credit-Disciple wrote:
So since I am pre qualified for the QS1 which I already have, I can apply for the Savor 1 card and still get approved possibly right? Is the Savor 1 and QS1 in the same tier?
NO! They are not in the same tier.
I would say that Savor is between Venture and Regular QS.
How much higher is your credit score since your QS1 approval.
YMMV.
My Transunion score is 706
Equifax:706
Ex: 650
my score when I got the QS1 was around the 669 mark

Tricky situation.

Savor has great SUB but you might not qualify.

Can get you Ex up to the others score?

Re: Capital 1 Third Card is it possible??

The-Credit-Disciple — Wed, 19 Sep 2018 18:55:25 GMT

@Shooting-For-800 wrote:
@The-Credit-Disciple wrote:
@Shooting-For-800 wrote:
@The-Credit-Disciple wrote:
So since I am pre qualified for the QS1 which I already have, I can apply for the Savor 1 card and still get approved possibly right? Is the Savor 1 and QS1 in the same tier?
NO! They are not in the same tier.
I would say that Savor is between Venture and Regular QS.
How much higher is your credit score since your QS1 approval.
YMMV.
My Transunion score is 706
Equifax:706
Ex: 650
my score when I got the QS1 was around the 669 mark

Tricky situation.
Savor has great SUB but you might not qualify.
Can get you Ex up to the others score?

thats my Goal is to get my Experian score up. im not apping for no more CC until 2019, so I got time. I just need to continue doing what's been working and then I will either apply for the Chase Amazon prime Visa(im a serious Amazon shopper) or the Cap 1 Savor 1( Me and the Wifey try New Resturants very consistently, plus the Savor 1 has no Af)

Re: Capital 1 Third Card is it possible??

Shooting-For-800 — Wed, 19 Sep 2018 21:28:09 GMT

I think you will fine once your scores are all over 700.

My first Cap One card after BK was SL $3,000.

My most recent card (4 years later) SL was $30,000 @ 13.99%!

Cap One buckets cards but not people.

YMMV. GL!

Re: Capital 1 Third Card is it possible??

The-Credit-Disciple — Wed, 19 Sep 2018 22:12:45 GMT

@Shooting-For-800 wrote:
I think you will fine once your scores are all over 700.
My first Cap One card after BK was SL $3,000.
@Anonymous most recent card (4 years later) SL was $30,000 @ 13.99%!
Cap One buckets cards but not people.
YMMV. GL!

That's amazing SL $3000 will be great, $30,000 will be scary i know it takes time to get SL that high, i just started this journey 1 year ago. I have so much to learn, This forum has been PHENOMENAL!!