topic Re: A couple product change questions.. in Credit Cards

A couple product change questions..

Cleaningitup2016 — Sat, 18 Jan 2020 20:43:47 GMT

I have two cap 1 cards. A secured, and a platinum.

I just got the plat a week ago.

1. How long does one have to wait to change it to the Quicksilver?

I also got a credit one card too.

But now I see they have launched an Amex card.

Can one change over to the amex?

Re: A couple product change questions..

Brian_Earl_Spilner — Sat, 18 Jan 2020 20:46:43 GMT

It takes 3-4 months for the cap1 upgrade to become available. Have no idea about the credit one.

Re: A couple product change questions..

FinStar — Sat, 18 Jan 2020 20:49:10 GMT

OP, as mentioned above, you can periodically check the following link to see if your Platinum account eventually qualifies for the upgrade:

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

There is no PC to the AmEx version for Credit One.

Re: A couple product change questions..

Cleaningitup2016 — Sat, 18 Jan 2020 20:51:18 GMT

I also noticed I have the credit steps on my cap1 card.

It says I need to make 5 monthly on-time payments.

If I PIF before the statement cuts, I take it that is not counted?

Re: A couple product change questions..

Brian_Earl_Spilner — Sat, 18 Jan 2020 20:52:44 GMT

@Cleaningitup2016 wrote:
I also noticed I have the credit steps on my cap1 card.
It says I need to make 5 monthly on-time payments.
If I PIF before the statement cuts, I take it that is not counted?

Yes, you have to let a balance post and you have to make a payment. Cap wants revolvers, not transactors.

Re: A couple product change questions..

Anonymous — Sat, 18 Jan 2020 20:53:40 GMT

I upgraded my cap 1 platinum in 3 months

Re: A couple product change questions..

Anonymous — Sun, 19 Jan 2020 02:14:01 GMT

@Cleaningitup2016 wrote:
I have two cap 1 cards. A secured, and a platinum.
I just got the plat a week ago.
1. How long does one have to wait to change it to the Quicksilver?
I also got a credit one card too.
But now I see they have launched an Amex card.
Can one change over to the amex?

The way it worked for me was I got the Platinum, completed the steps and then cold apped for the Quicksilver One. Got approved for the Quicksilver One. Then a month or two later, I discovered the upgrade link and upgraded my Platinum to the Quicksilver. So all in all I waited 8 months, but maybe I could have gotten the upgrade sooner? Who knows.

Personally, I kinda outgrew the Credit 1 card the day it arrived. I was implementing AZEO to establish good habits as I started to rebuild on my two Capital One cards (after completing credit steps) and saw that using that method would generally require 3 credit cards, so I got the Credit 1. But honestly, when I got it, I didn't even use it for the first 3 months. I even got an auto CLI a month after receiving the card with no usage on it. I just didn't want to pay interest and opted to pay Capital One cards multiple times a month instead.

You have 3 cards now so I would save the HP for a GOOD rebuilder that you'll probably be approved for after you garden for about 6 months. You already have 3 credit cards. Just show responsible use for awhile and you will be prequalified.

BTW, during my first year rebuilding with my Capital One cards, I would constantly check Discover's prequalify tool and would get shot down every time. Once my platinum hit a year old, I tried again and I got preapproved for the Discover IT. So, needless to say, Garden Garden Garden!

Re: A couple product change questions..

Cleaningitup2016 — Sun, 19 Jan 2020 03:29:46 GMT

As I rebuild I wonder what credit cards are halfway decent and charge off friendly?

It is looking like I might not be able to remove my charge offs, but it seems a lot of your "nicer" cards aren't so friendly to baddies.

Something that would approve you around 600-640 Fico.

The Credit 1 card has rewards, but they also charge you interest the second you use it, so not worth using at all.

Re: A couple product change questions..

FinStar — Sun, 19 Jan 2020 03:41:45 GMT

@Cleaningitup2016 wrote:
As I rebuild I wonder what credit cards are halfway decent and charge off friendly?
It is looking like I might not be able to remove my charge offs, but it seems a lot of your "nicer" cards aren't so friendly to baddies.
Something that would approve you around 600-640 Fico.
The Credit 1 card has rewards, but they also charge you interest the second you use it, so not worth using at all.

It's fairly possible you'll get some insight and feedback on your recent, separate topic in the Rebuilding section. Likely, a lot of members who are in a similar boat would yield their experience on the types of CCs they've been able to obtain during their rebuilding journey.

Re: A couple product change questions..

Cleaningitup2016 — Sun, 19 Jan 2020 03:54:20 GMT

@FinStar wrote:
@Cleaningitup2016 wrote:
As I rebuild I wonder what credit cards are halfway decent and charge off friendly?
It is looking like I might not be able to remove my charge offs, but it seems a lot of your "nicer" cards aren't so friendly to baddies.
Something that would approve you around 600-640 Fico.
The Credit 1 card has rewards, but they also charge you interest the second you use it, so not worth using at all.

It's fairly possible you'll get some insight and feedback on your recent, separate topic in the Rebuilding section. Likely, a lot of members who are in a similar boat would yield their experience on the types of CCs they've been able to obtain during their rebuilding journey.

Sadly that area don't seem as active anymore. Sometimes it is several days before I get a reply or it ends up burried again.

Re: A couple product change questions..

Anonymous — Sun, 19 Jan 2020 04:23:08 GMT

@Cleaningitup2016 wrote:
As I rebuild I wonder what credit cards are halfway decent and charge off friendly?
It is looking like I might not be able to remove my charge offs, but it seems a lot of your "nicer" cards aren't so friendly to baddies.
Something that would approve you around 600-640 Fico.
The Credit 1 card has rewards, but they also charge you interest the second you use it, so not worth using at all.

Are the charge offs recent?

NFCU is usually quite rebuild friendly if you're eligible and many members have had success getting the PayPal Cashback card with credit issues. 640 TU 8 is the lowest I would try for it if you're not okay with potentially wasting an inquiry but there have been scattered approvals lower than that.

Check Experian CreditMatch and see if Ollo is offering you a card. They're actually very good cards for rebuilders.

Basically I would replace that Credit One card and then just let things age. When your scores hit more like 670, I would start checking AMEX and Disco prequals.

Re: A couple product change questions..

SoCalifornia — Sun, 19 Jan 2020 04:27:36 GMT

The problem with Capital One's idea of product changing is a simple and broken one:

The sub-prime card that one has now been given the opportunity to ''upgrade'', now becomes the same sub-prime card in disquise. While, yes, the benefit to having a Quicksilver,1.5% cashback, soars far beyond the non-yeilding Platinum. Essentially, that card remains in the exact same bucket it was tossed in when you apped for it, thus, growth becomes a battle. My opinion of CapOne is that it is semi-predatory, in the sense that it does give many the opportunity at credit again, but, once one does improve their situation, new apps are basically required to get prime cards worth the time with Capital One. And as we all know, regardless of who you are and what product you'd like- that requires yet another triple pull.

Re: A couple product change questions..

Cleaningitup2016 — Sun, 19 Jan 2020 04:31:57 GMT

Are you scores current when you applied for the 3 chase cards you have?

Always thought any chase CC is like 680+ Fico.

Re: A couple product change questions..

SoCalifornia — Sun, 19 Jan 2020 05:04:12 GMT

@Cleaningitup2016 wrote:
Are you scores current when you applied for the 3 chase cards you have?
Always thought any chase CC is like 680+ Fico.

Negative. I have been with Chase for ten years. But, my FICO score has been on a rollercoaster ride for the past few years and I'm finally recovering. Chase also takes into consideration your banking relationship, much like USBank. 680+ isn't completely necessary. I would say more like 650 being a more accurate ''magic'' number. But my scores were higher at the time of relative apps.

Re: A couple product change questions..

Cleaningitup2016 — Sun, 19 Jan 2020 05:26:07 GMT

Wait...Chase and US Bank account for banking history when apping?

Thought that was a thing of the past? Like 20+ years ago.

Re: A couple product change questions..

Anonymous — Sun, 19 Jan 2020 17:11:50 GMT

@Cleaningitup2016 wrote:
I also noticed I have the credit steps on my cap1 card.
It says I need to make 5 monthly on-time payments.
If I PIF before the statement cuts, I take it that is not counted?

No, it counts. My statement generated today with zero balance and it means I got the Feb checkmark right away

Re: A couple product change questions..

Anonymous — Sun, 19 Jan 2020 18:56:41 GMT

I'm still fairly new to the boards and learning every day. I didn't know about the cap one platinum upgrade! Y'all I'm literally almost crying, a cash back card with no annual fee is a HUGE step in the right direction for me on my rebuild journey. Thanks a million!

Re: A couple product change questions..

FinStar — Mon, 20 Jan 2020 00:54:59 GMT

@Cleaningitup2016 wrote:
Wait...Chase and US Bank account for banking history when apping?
Thought that was a thing of the past? Like 20+ years ago.

Just to clarify, it is considered and evaluated as part of an existing banking relationship. It does not necessarily guarantee a CC approval, all other things considered of course since UW still makes the final decision. But, it is definitely weighed with a variety of FIs such as BoA, Chase, USB and WF, for instance.