topic Re: Questions on CapOne and Citibank in Credit Cards

Questions on CapOne and Citibank

silver_idle — Sun, 01 Nov 2020 08:04:04 GMT

I do not know if this is the correct place to post this and do apologize in advance if I posted on the wrong board.

I noticed on capital one website that they have a "VentureOne Rewards for Good Credit", "SavorOne Rewards for Good Credit" and "QuickSilver Rewards for Good Credit." Are these considered subprime cards as well? I know with these cards you get a fixed APR and no intro rewards, but dont know if they consider these as subprime considering that QuickSilverOne is a subprime card.

Im asking because I have a 9 year old capital one secured card that is one of my first cards but it never graduated. I do pay the annual fee for it but this year I am thinking on closing it, although I am thinking about calling to see if they will waive the annual fee permanently, but because I have a QS1 and this card, I cannot apply for another subprime card unless I close one of them, but I do not know of those cards are also subprime. Cant do a prequalification because they only check to see if you are qualified for one of 3 cards now (QS1, Platinum, and Secured). Closing it wont be a problem either since it has a low CL so it wont affect my utilization.

In regards for citibank, I was recently approved for a bestbuy store card and made a purchase on it. It was reported on the 28th and I pay down the balance so the utilization of that card would be below 30% for next month but a couple of days later (specifically on the 30th) I got a notification from experian that the utilization for that card alone went down from ~55% to ~23%. Upon checking, it looked like citibank updated the balance. Is this something citibank do? I dont ever recall citibank or any bank in that matter updating the CR to have a updated balance midcycle and while Im not complaining, I also dont want to put a large purchase on it and they end up reporting it before the statement ends.

Re: Questions on CapOne and Citibank

cr101 — Sun, 01 Nov 2020 12:09:17 GMT

I can only offer a few DP. I always PIF before the statement cuts and they've never reported early. However, I've also never gone over 30%. My guess is that this is occuring bc your acct is new or maybe they report for accts that are initially over 30%. Not sure. They have chat, so it's worth a shot to ask if they know anything about it.

Re: Questions on CapOne and Citibank

Ficoproblems247 — Sun, 01 Nov 2020 13:52:23 GMT

For your Cap1 question: I just read through the T&Cs for those 3 cards and it states that as far as limit of open cards, they count them as their 'prime' cards, meaning you may have up to 5. Another noteworthy fact, is that they even tell you that if approved for any of those 3 cards your SL will be $1,000. I've seen plenty of cards state that your line will be "At least this amount," but never one that says "We're gonna go ahead and give you a grand. No more, no less."

Re: Questions on CapOne and Citibank

cr101 — Sun, 01 Nov 2020 15:42:33 GMT

@Ficoproblems247 wrote:
For your Cap1 question: I just read through the T&Cs for those 3 cards and it states that as far as limit of open cards, they count them as their 'prime' cards, meaning you may have up to 5. Another noteworthy fact, is that they even tell you that if approved for any of those 3 cards your SL will be $1,000. I've seen plenty of cards state that your line will be "At least this amount," but never one that says "We're gonna go ahead and give you a grand. No more, no less."

Where is that info at? I recall looking months ago and they stated what your minimum limit would be. I just checked again and $300 is listed as the minimum limit for at least one of the cards. I didn't see anything mentioning $1,000. Where is that located? Did you actually do a preapproval?

By the way, OP, have you thought about asking for a product change from Platinum to QS or whatever's available? You can use this link. You may still want to call them if you have multiple cards bc I'm unsure if this link checks all of your cards https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

Re: Questions on CapOne and Citibank

BearsCubsOtters — Sun, 01 Nov 2020 15:40:28 GMT

@silver_idle wrote:
I do not know if this is the correct place to post this and do apologize in advance if I posted on the wrong board.

I noticed on capital one website that they have a "VentureOne Rewards for Good Credit", "SavorOne Rewards for Good Credit" and "QuickSilver Rewards for Good Credit." Are these considered subprime cards as well? I know with these cards you get a fixed APR and no intro rewards, but dont know if they consider these as subprime considering that QuickSilverOne is a subprime card.

Im asking because I have a 9 year old capital one secured card that is one of my first cards but it never graduated. I do pay the annual fee for it but this year I am thinking on closing it, although I am thinking about calling to see if they will waive the annual fee permanently, but because I have a QS1 and this card, I cannot apply for another subprime card unless I close one of them, but I do not know of those cards are also subprime. Cant do a prequalification because they only check to see if you are qualified for one of 3 cards now (QS1, Platinum, and Secured). Closing it wont be a problem either since it has a low CL so it wont affect my utilization.

In regards for citibank, I was recently approved for a bestbuy store card and made a purchase on it. It was reported on the 28th and I pay down the balance so the utilization of that card would be below 30% for next month but a couple of days later (specifically on the 30th) I got a notification from experian that the utilization for that card alone went down from ~55% to ~23%. Upon checking, it looked like citibank updated the balance. Is this something citibank do? I dont ever recall citibank or any bank in that matter updating the CR to have a updated balance midcycle and while Im not complaining, I also dont want to put a large purchase on it and they end up reporting it before the statement ends.

Venture, VentureOne, Quicksilver, SavorOne and Savor are Capital One's "prime" cards. If you consider anything from Capital One "prime" that is. For your specific needs/questions, yes, they are prime in that they are not the bucketed rebuilder cards.

I would really recommend moving on away from Capital One though. They serve their purpose but a long term bank...meh. Maybe I am bitter after my second CLD in 3 years but yeah. I hate them

In regrds to your other question: some banks do update a payment right away before cycle date. I couldn't tell you which ones as I never paid much attention.

Re: Questions on CapOne and Citibank

Remedios — Sun, 01 Nov 2020 16:12:23 GMT

@silver_idle wrote:
I do not know if this is the correct place to post this and do apologize in advance if I posted on the wrong board.

I noticed on capital one website that they have a "VentureOne Rewards for Good Credit", "SavorOne Rewards for Good Credit" and "QuickSilver Rewards for Good Credit." Are these considered subprime cards as well? I know with these cards you get a fixed APR and no intro rewards, but dont know if they consider these as subprime considering that QuickSilverOne is a subprime card.

Im asking because I have a 9 year old capital one secured card that is one of my first cards but it never graduated. I do pay the annual fee for it but this year I am thinking on closing it, although I am thinking about calling to see if they will waive the annual fee permanently, but because I have a QS1 and this card, I cannot apply for another subprime card unless I close one of them, but I do not know of those cards are also subprime. Cant do a prequalification because they only check to see if you are qualified for one of 3 cards now (QS1, Platinum, and Secured). Closing it wont be a problem either since it has a low CL so it wont affect my utilization.

In regards for citibank, I was recently approved for a bestbuy store card and made a purchase on it. It was reported on the 28th and I pay down the balance so the utilization of that card would be below 30% for next month but a couple of days later (specifically on the 30th) I got a notification from experian that the utilization for that card alone went down from ~55% to ~23%. Upon checking, it looked like citibank updated the balance. Is this something citibank do? I dont ever recall citibank or any bank in that matter updating the CR to have a updated balance midcycle and while Im not complaining, I also dont want to put a large purchase on it and they end up reporting it before the statement ends.

Citi typically doesn't report off cycle.

In your case, they reported card was opened (they are quick to report). Since you already made a purchase that posted, balance was reported, too.

Second reporting is your *regular* statement report.

As far as nine year old secured credit card with annual fee...close it. That's insane to hang onto it after all this time, even if it's your oldest.

I don't know what your credit looks like now, but you can do better than that.

It will contribute to average age of your accounts for up to 10 years, and the money you're paying for AF last nine years could have gotten you a decent secured card that graduates.

Re: Questions on CapOne and Citibank

silver_idle — Sun, 01 Nov 2020 21:33:23 GMT

@cr101 wrote:
I can only offer a few DP. I always PIF before the statement cuts and they've never reported early. However, I've also never gone over 30%. My guess is that this is occuring bc your acct is new or maybe they report for accts that are initially over 30%. Not sure. They have chat, so it's worth a shot to ask if they know anything about it.

Thank you for the response. I dont know to much about citibank and their reporting habits. They reported the statement balance then updated it again after I paid it down, which was after the statement. I might contact them and ask but really dont want them to change anything lol.

@Ficoproblems247 wrote:
For your Cap1 question: I just read through the T&Cs for those 3 cards and it states that as far as limit of open cards, they count them as their 'prime' cards, meaning you may have up to 5. Another noteworthy fact, is that they even tell you that if approved for any of those 3 cards your SL will be $1,000. I've seen plenty of cards state that your line will be "At least this amount," but never one that says "We're gonna go ahead and give you a grand. No more, no less."

Yea. Many of their cards that are for building or rebuilding usually have something like "the minimum credit line you will receive is....". The others that have "for Good Credit" in the name give a CL in the agreement. Wouldnt that means those cards would be bucketed?

@cr101 wrote:
By the way, OP, have you thought about asking for a product change from Platinum to QS or whatever's available? You can use this link. You may still want to call them if you have multiple cards bc I'm unsure if this link checks all of your cards https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

Cannot do a product change for a secured card and or any co brand cards. The QS1 I do have will unlikely be eligible for any PC since they are known to be very strict with that type of card.

@BearsCubsOtters wrote:
Venture, VentureOne, Quicksilver, SavorOne and Savor are Capital One's "prime" cards. If you consider anything from Capital One "prime" that is. For your specific needs/questions, yes, they are prime in that they are not the bucketed rebuilder cards.

I would really recommend moving on away from Capital One though. They serve their purpose but a long term bank...meh. Maybe I am bitter after my second CLD in 3 years but yeah. I hate them

In regrds to your other question: some banks do update a payment right away before cycle date. I couldn't tell you which ones as I never paid much attention.

I havent had any problems with capital one with my time using them. Although I could still be bitter on how they handle a problem I had nearly 8 years ago, I decided to let that go especially since they couldve just dropped me altogether and especially since I do have some remarks from verizon and discover from last year that I still dont agree with, I couldnt easily move away.

@Remedios wrote:
Citi typically doesn't report off cycle.
In your case, they reported card was opened (they are quick to report). Since you already made a purchase that posted, balance was reported, too.
Second reporting is your *regular* statement report.

They only reported after the statement closed. The second reporting a couple of days after paying down the statement balance it shows the current balance, unless I am misreading your comment.

@Remedios wrote:
As far as nine year old secured credit card with annual fee...close it. That's insane to hang onto it after all this time, even if it's your oldest.
I don't know what your credit looks like now, but you can do better than that.
It will contribute to average age of your accounts for up to 10 years, and the money you're paying for AF last nine years could have gotten you a decent secured card that graduates.

Yea it is insane but after going down hill over a few years ago, I held on to it as a means of rebuilding my credit without needing trying to apply for a new card. While my score is better now (since alot of things fell off my report), I held onto it in hope that they would probably graduate it though I found out late last year that they no longer graduate secured cards but only kept it while waiting on CapOne to provide CLI for the unsecured cards I had with them that I applied for last year. I may end up closing it this month as its no longer have its uses but just didnt know if the cards I listed in the OP were subprime cards or prime cards which is why I asked.

Re: Questions on CapOne and Citibank

Ficoproblems247 — Mon, 02 Nov 2020 13:25:37 GMT

@cr101 wrote:
@Ficoproblems247 wrote:
For your Cap1 question: I just read through the T&Cs for those 3 cards and it states that as far as limit of open cards, they count them as their 'prime' cards, meaning you may have up to 5. Another noteworthy fact, is that they even tell you that if approved for any of those 3 cards your SL will be $1,000. I've seen plenty of cards state that your line will be "At least this amount," but never one that says "We're gonna go ahead and give you a grand. No more, no less."
Where is that info at? I recall looking months ago and they stated what your minimum limit would be. I just checked again and $300 is listed as the minimum limit for at least one of the cards. I didn't see anything mentioning $1,000. Where is that located? Did you actually do a preapproval?

@cr101 It is located in the T&Cs for V1, QS, and S1 For Good Credit. Here is a screenshot from an excerpt from the V1, but the T&Cs are identical on all 3 cards. I did not do a preapproval in order to see these, they're located right in each card's respective description. Despite decent scores, they deny me on preapproval due to too many new accounts opened. It's ok, I certainly have no use for another Cap1 card. My QS is virtually SD'd, but my Savor gets quite a lot of swipes though.

Re: Questions on CapOne and Citibank

Anonymous — Mon, 02 Nov 2020 13:42:21 GMT

The $1,000 SL isn't set in stone for these "good credit" cards. I received a pre approval for the Savor and it says that the SL will be a minimum of $500 so it must vary. Unless they have a different minimum specifically for the Venture as i think that's what you looked at.

Re: Questions on CapOne and Citibank

cr101 — Mon, 02 Nov 2020 15:36:19 GMT

@Anonymous wrote:
The $1,000 SL isn't set in stone for these "good credit" cards. I received a pre approval for the Savor and it says that the SL will be a minimum of $500 so it must vary. Unless they have a different minimum specifically for the Venture as i think that's what you looked at.

Yes, they appear to have different verbiage for the minimum limit for different card types AND credit rating (good, excellent). I saw some that indicated that the minimum would be $500, some didn't state a minimum, and @Ficoproblems247 posted the screenshots for the One verbiage. Not worth a 3-bureau hard pull for a $1,000 limit unless you're concerned about getting approved elsewhere--especially since they can be weird w CLI.

Re: Questions on CapOne and Citibank

Anonymous — Mon, 02 Nov 2020 18:11:37 GMT

These offerings seem narrowly tailored. I would not rule out growth with heavy spend, but said growth will be capped.

Re: Questions on CapOne and Citibank

AndySoCal — Wed, 04 Nov 2020 02:04:01 GMT

The difference is in the criteria to get the card. on Capital One Web site

1) click on credit cards

2) compare all cards

3) Click on good

You will see the criteria

Re: Questions on CapOne and Citibank

Ficoproblems247 — Wed, 04 Nov 2020 12:13:24 GMT

@Anonymous wrote:
These offerings seem narrowly tailored. I would not rule out growth with heavy spend, but said growth will be capped.

Not necessarily. Barring the fact that indeed ALL cards through them seem to be capped at the moment, historically cards that start with a 1K limit are not generally bucketed. It was not unusual for Cap1 to dish out decent CLIs to some folks with pretty heavy spend and profiles they liked when things were going well with the economy. Also, the cards for "good credit" do not seem to enroll you in the credit steps program; another good sign that they are not bucketed, as this seems to be indicative with their low limit cards.

Re: Questions on CapOne and Citibank

coreysw12 — Thu, 05 Nov 2020 04:17:15 GMT

I like Cap1, they gave me a second chance (actually a 3rd chance) when not many other banks would. Will be forever grateful to them for that.

That said, I don't use my Cap1 card at all. I have a recurring Google Play Store $1.99 monthly payment that goes on it, but that's it. I'm a little bitter because they refuse to give me CLI's, citing "not enough usage of existing credit line", but dangit, there's no incentive to use the existing credit line! I don't really have any interest in getting another cap1 card at this point, they served their purpose and I've moved on to greener grass