topic Re: Capital 1 question. in Credit Cards

Capital 1 question.

Anonymous — Sat, 01 Aug 2020 02:32:18 GMT

I have their platinum and the QS1, I checked the upgrade link and they won't offer me an upgrade on the QS1 but they want to upgrade my platinum to a regular QS should I take this or hold out for a venture/savor option? I already have other cashback cards.

Re: Capital 1 question.

AllZero — Sat, 01 Aug 2020 02:36:41 GMT

@Anonymous wrote:
I have their platinum and the QS1, I checked the upgrade link and they won't offer me an upgrade on the QS1 but they want to upgrade my platinum to a regular QS should I take this or hold out for a venture/savor option? I already have other cashback cards.

QS1 typically is the most difficult to upgrade.

As for your Platinum PC to QS, even though it might be redundant to your other cards, it's worth getting rewards on your non rewards card.

Re: Capital 1 question.

wasCB14 — Sat, 01 Aug 2020 13:31:32 GMT

PCing to Savor or Venture seldom makes sense, anyway. Their value is in the SUBs which PCs don't get. After that you're earning mediocre rewards once adjusting for the AF.

Re: Capital 1 question.

Yankee2 — Sat, 01 Aug 2020 14:51:22 GMT

Unless it's your oldest card, I would upgrade your Platituim to the regular QS and cancel the QS1.

Same card without the yearly fee....

Re: Capital 1 question.

FireMedic1 — Sat, 01 Aug 2020 17:38:41 GMT

@Yankee2 wrote:
Unless it's your oldest card, I would upgrade your Platituim to the regular QS and cancel the QS1.

Same card without the yearly fee....

If you have other cards that beat out the QS1. C-Ya! Been there done that. See below. We all had to start somewhere. RIP.

Re: Capital 1 question.

Anonymous — Sun, 02 Aug 2020 16:57:44 GMT

So I was in this exact scenario. I clicked an upgrade link, and thought I was upgrading my QS1 card to a QS, but it actually upgraded my Platinum instead. I'd like to do the Venture or VentureOne card, but they told me over the phone I couldn't upgrade my QS1 at this time.

I'm wondering, if they are less likely to upgrade my QS1, if it'd be better to just cancel it and apply for a Venture/VentureOne? I'd get the signup bonus that way, which would be nice.

I've had the QS1 for a little over a year now, and the Platinum (now QS) for 1.5 years. And then I have a Discover It card that's my oldest at 4 years. I had other cards, and good credit before that, but was young and uninformed and messed everything up haha. The road to recovery from bad credit has been long.

Anyway, first post here, I've already learned a lot from reading. Thanks!

Re: Capital 1 question.

Rogue46 — Sun, 02 Aug 2020 19:16:45 GMT

From my understanding you can upgrade to the Venture cards but cannot upgrade a plat or QS to the Savor. If anyone knows differently correct me on that

Re: Capital 1 question.

Aim_High — Sun, 02 Aug 2020 19:17:06 GMT

@Anonymous wrote:
So I was in this exact scenario. I clicked an upgrade link, and thought I was upgrading my QS1 card to a QS, but it actually upgraded my Platinum instead. I'd like to do the Venture or VentureOne card, but they told me over the phone I couldn't upgrade my QS1 at this time.

I'm wondering, if they are less likely to upgrade my QS1, if it'd be better to just cancel it and apply for a Venture/VentureOne? I'd get the signup bonus that way, which would be nice.

I've had the QS1 for a little over a year now, and the Platinum (now QS) for 1.5 years. And then I have a Discover It card that's my oldest at 4 years. I had other cards, and good credit before that, but was young and uninformed and messed everything up haha. The road to recovery from bad credit has been long.

Anyway, first post here, I've already learned a lot from reading. Thanks!

Welcome to My Fico Forums, @Anonymous!

Yes, you may be better off canceling that old QS1 since it may not go anywhere.

I started my Capital One relationship with a Platinum card that I pc'd to a Quicksilver after they introduced it later. I have the option for pc-ing the Quicksilver now to Venture many years later, but I don't really want or need the card.

Re: Capital 1 question.

Aim_High — Sun, 02 Aug 2020 19:23:15 GMT

@Anonymous wrote:
I have their platinum and the QS1, I checked the upgrade link and they won't offer me an upgrade on the QS1 but they want to upgrade my platinum to a regular QS should I take this or hold out for a venture/savor option? I already have other cashback cards.

Looking at your card lineup, @Anonymous, it appears to me that you would benefit from the Quicksilver. Your other cash back cards (QS1 at 1.5% with an AF?) and Discover IT (only base level of 1% with higher in-category rewards) don't give you the same benefit of the regular QS: 1.5% uncapped and uncategorized rewards with no AF.

I used mine for a long time before better 2% plus cards came out that I added to my wallet. (When Quicksilver came out, there weren't a lot of other cards offering 1.5% unlimited cash back much less more than that.)

I would suggest upgrading the Platinum to Quicksilver and cancel the QS1 since it probably won't go anywhere with them long-term.

Re: Capital 1 question.

Loquat — Sun, 02 Aug 2020 20:18:46 GMT

CapOne and be interesting that way sometimes. If they won't let you PC now there's very little chance that it'll show up in the future. If you're forking over the AF for the QS1 I'd ditch it unless you actually use the card.

I not a huge fan of keeping a card because it's the oldest card. The card, even if closed isn't going to disappear off your credit report tomorrow and by the time it does you will have already aged a lot more cards.

Re: Capital 1 question.

Anonymous — Sun, 02 Aug 2020 21:00:50 GMT

@Loquat wrote:

I not a huge fan of keeping a card because it's the oldest card. The card, even if closed isn't going to disappear off your credit report tomorrow and by the time it does you will have already aged a lot more cards.

Do you mind elaborating on this?

I have one card (Discover It) that's a year old and have been consternating on my 2nd and 3rd cards because I want to make certain they're keeper cards for me in order to not destroy my age of accounts down the road. Sounds like maybe it's not a big an issue as I'm making it.

Re: Capital 1 question.

Aim_High — Sun, 02 Aug 2020 21:26:13 GMT

@Anonymous wrote:
@Loquat wrote:
I not a huge fan of keeping a card because it's the oldest card. The card, even if closed isn't going to disappear off your credit report tomorrow and by the time it does you will have already aged a lot more cards.
Do you mind elaborating on this?
I have one card (Discover It) that's a year old and have been consternating on my 2nd and 3rd cards because I want to make certain they're keeper cards for me in order to not destroy my age of accounts down the road. Sounds like maybe it's not a big an issue as I'm making it.

Closed accounts will normally stay on your credit report for up to ten years after they are closed. So closing accounts doesn't affect age-of-account calculations as drastically as some people may think. The most serious concern with closing accounts is what it will do to your utilization calculations if you are carrying balances. (Utilization is calculated both on individual accounts as well as the aggregrate.)

In my case, I have four accounts that I have had longer than 20 years and I choose to keep them all open due to the anchoring effect they have on my overall account age. But don't allow concerns over account age to make you feel you cannot close accounts that are no longer useful to you.

Caveat: If that Discover card is your only card, though, I would suggest keeping it until you build futher on your credit. Down the road, you can close it.

There is no need to hurry to close accounts. You can always "sock drawer" the card and let the history help your credit for as long as possible. If you choose not to use it, eventually the lender may close it but it's helping you until then.

By the way, ALL of my oldest cards have been product-changed into cards that were not available at that time. Credit evolves and changes. Keeping a card with a lender may give you options to product-change it or combine limits later, so they can be of continued value even if you don't see the value today.

Re: Capital 1 question.

Anonymous — Sun, 02 Aug 2020 21:39:34 GMT

Thanks. That makes sense. I guess I've been thinking that age of revolving accounts only factored in open accounts. Good to know that's not the case.

Definitely keeping the Discover. It's grown from $1200 to $3700 in it's first year. May go for a second one for another year of match.

Re: Capital 1 question.

Aim_High — Sun, 02 Aug 2020 22:15:36 GMT

@Anonymous wrote:
Thanks. That makes sense. I guess I've been thinking that age of revolving accounts only factored in open accounts.

You're welcome! It can be a little confusing because if you look on websites like Credit Karma that have Vantage Scores, they calculate AAoA based only on your OPEN lines of credit but with traditional FICO scoring, it's based on ALL accounts (both open and closed), not just the open ones.

Yes, that card has grown nicely so keeping it around for awhile, at least until you build your profile up futher, is a great strategy. The only time to be in more of a hurry to close one is if you're paying an annual fee and getting no benefit from the card.

Re: Capital 1 question.

Anonymous — Mon, 03 Aug 2020 03:52:51 GMT

To be quite honest, the cap 1 QS1 I have I don't use. I used it quite a bit for the first year got 1 CLI from the credit steps program. Denied for a CLI at the year mark. It actually gets my Myfico monthly subscription put on it every month just to keep it open, with auto pay set up for 3 days after it posts. Its also my oldest card so I'm not really wanting to close it just yet either. I just paid the AF on it recently, so I'll keep it for the 10ish months it has left before the next AF.

Re: Capital 1 question.

Aim_High — Tue, 04 Aug 2020 02:55:17 GMT

@Anonymous wrote:
To be quite honest, the cap 1 QS1 I have I don't use. I used it quite a bit for the first year got 1 CLI from the credit steps program. Denied for a CLI at the year mark. It actually gets my Myfico monthly subscription put on it every month just to keep it open, with auto pay set up for 3 days after it posts. Its also my oldest card so I'm not really wanting to close it just yet either. I just paid the AF on it recently, so I'll keep it for the 10ish months it has left before the next AF.

Just curious @Anonymous but doesn't that QS1 earn your highest rewards rate? Why do you choose not to use it more to maximize rewards on everyday spend?

Re: Capital 1 question.

Anonymous — Tue, 04 Aug 2020 03:00:35 GMT

My discover card is still in its first year earning 2% back basically on everything.

Re: Capital 1 question.

Mv350 — Tue, 04 Aug 2020 18:53:14 GMT

I just closed my QS1 3 days ago. Better cards without the AF. No need for it anymore. It was my largest, best earning card at one point. But now no mo