topic Re: Capital One Platinum Question in Credit Cards

Capital One Platinum Question

FreedomHammer — Sat, 28 Nov 2020 15:20:36 GMT

I was approved for the Capital One Platinum card with a $500 limit. My credit reports will all be clean from derogatories by August 2021. TransUnion will be clear using early exclusion by May 2021.

I would like to maximize the ability to get a CLI. Some have suggested charging something and paying it off immediately before the statement cuts. Will Capital One close a new account for this?

I intend to always pay in full. It says they will consider me for a CLI in six months.

Some say Capital One likes to see a lot of usage and around 20% utilization. If I pay off what I've charged, say $100, and do this twice a month before it even reports, does that still count towards them granting me a CLI?

So many questions, I realize, but this is a builder card, and I'd like to make the best decisions with it moving forward.

Also, a product change in one year? What cards would qualify for a PC with a totally clean history a year from now?

Thank you.

Re: Capital One Platinum Question

Anonymous — Sat, 28 Nov 2020 15:28:47 GMT

Unfortunately, little you do will help this card grow much at all. CapOne cards that start with a low limit are almost always bucketed and will always stay at a low limit.

I'd just plan to use the card as a springboard for better cards in the future.

Re: Capital One Platinum Question

Anonymous — Sat, 28 Nov 2020 16:12:33 GMT

@Anonymous wrote:
I'd just plan to use the card as a springboard for better cards in the future.

^^^ Ditto. Card is likely bucketed, please do not place extra spend or energy strategizing hoping it results in a decent increase anytime soon.

Re: Capital One Platinum Question

blindambition — Sat, 28 Nov 2020 16:27:40 GMT

As stated above, a $500 Platinum most likely bucketed. Slow growers for its lifetime. 30-50% utilization may net $100 CLI at a time, but place energy elsewhere.

Re: Capital One Platinum Question

CreditMagic7 — Sat, 28 Nov 2020 17:04:44 GMT

All the above are fact!

If your profile improves dramatically by virtue of removal of derogs etc. and the profile has some reasonable history etc. as you see good rises in your FICO Score.Then if you are interested in Capital One you stand a far better chance at a much better line by applying for one of their legacy cards.

Re: Capital One Platinum Question

FreedomHammer — Sat, 28 Nov 2020 17:05:59 GMT

Thanks for the advice.

I also have a Self lender account for $500.

Once I get my score to 700-720, will I be eligible for a decent non-builder card? I would like a Chase and Discover card in addition to my two builder cards, but don't know how much history the better cards require.

Re: Capital One Platinum Question

blindambition — Sat, 28 Nov 2020 17:13:35 GMT

You can check for Discover pre-qualified now. Great starter lender. Even the secured graduates after 7 months.

Scores around 670 can get a Chase card, but they like a year of history.

Re: Capital One Platinum Question

FreedomHammer — Sat, 28 Nov 2020 17:21:00 GMT

Would that be like a Chase Freedom card? I am disabled and make only $17500 gross/year. Would that income level shut me out from most lenders?

Re: Capital One Platinum Question

AllZero — Sat, 28 Nov 2020 17:50:20 GMT

You can apply for product upgrade to the Quicksilver (not the Quicksilver One with the annual fee) at around 3-4 months from account open.

Capital One check for upgrade link

Re: Capital One Platinum Question

JonStur — Sat, 28 Nov 2020 18:27:19 GMT

This was going to be my reply...spot on. Manage your account and when your derogs fall off upgrade your account, and also apply for a second quicksilver card.

Re: Capital One Platinum Question

FreedomHammer — Sat, 28 Nov 2020 18:35:59 GMT

Some people remarked that they were only eligible for the QuickSilver with the annual fee. I hope I can get the regular QS. I will try to upgrade at the four month mark.

Re: Capital One Platinum Question

quikj9 — Sat, 28 Nov 2020 22:59:05 GMT

@FreedomHammer wrote:
Some people remarked that they were only eligible for the QuickSilver with the annual fee. I hope I can get the regular QS. I will try to upgrade at the four month mark.

Like you, I was approved for a Platinum albeit with a lower SL of $300. After 3 months I was able to product change using the same link that @AllZero posted. It seems very likely you'll be offered the QS without the annual fee around the 3 month mark.

-I put ~$850 of spend on my QS every month because it's a useful card for me.

-After my credit steps CLI of $200 at the 6 month mark, I got another $100 CLI yesterday bringing it to $600 just as my card turns a year old.

My card is "bucketed", meaning it likely won't grow and I'm okay with that. It doesn't cost me anything to keep it open and I've been able to use it to my advantage for its flat cash back rate. I'm not putting spend on the card in the hope that it will grow. I'm looking towards getting better cards with bigger limits in due time as my profile matures and wounds heal. My Savor One SL of 1k already doubled my QS's limit at the time.

Just wanted to give you my experience having embarked on a similar journey a year ago.

Re: Capital One Platinum Question

FreedomHammer — Sat, 28 Nov 2020 19:06:27 GMT

How does Capital One handle multiple payments, especially on a new account?

Is there any benefit to paying off the charge immediately on my Platinum card, or should I wait for the statement to cut and balance to post?

Sorry for all the questions. I just don't want to mess up my rebuild.

Re: Capital One Platinum Question

Remedios — Sat, 28 Nov 2020 20:12:51 GMT

@FreedomHammer wrote:
How does Capital One handle multiple payments, especially on a new account?

Is there any benefit to paying off the charge immediately on my Platinum card, or should I wait for the statement to cut and balance to post?

Sorry for all the questions. I just don't want to mess up my rebuild.

It makes no difference to them, as long as you pay it.

It's really up to you how you want to handle it.

If your limit is low, and you're using quite a bit, I'd pay it down to below 29% since you are rebuilding (maxed cards are no no while derogs are present).

In any case, Cap One wants the money and they do not mind multiple payments at all.

Re: Capital One Platinum Question

Anonymous — Sat, 28 Nov 2020 20:31:53 GMT

@FreedomHammer wrote:
How does Capital One handle multiple payments, especially on a new account?

Is there any benefit to paying off the charge immediately on my Platinum card, or should I wait for the statement to cut and balance to post?

Sorry for all the questions. I just don't want to mess up my rebuild.

Like another poster above, I got the $300 Cap One Plat. PC'd it at 3 months to a QS (no AF) for 1.5% CB. I got the Credit Steps increase to $500 at 6 months. I am certain I will get no more than $100 CLI in Feb when my 6 months comes up. That is just how Cap One is, so I would put little stock into growing this card.

I run thousands through it monthly (organic spend, this is my only bankcard). I charge it up and after everything posts to just under the CL, I pay it (since they only allow 50% over the posted balance in payment). Some people are lucky and payment posts to available credit immediately, but it takes about 24 hours for me for the credit to become available again. So to keep cycling the limit and keep earning CB, I make several payments a month and they have no problem with it so far.

When the due date comes, I have already made my "monthly payment" several payments ago, so I do not worry about that, but I at that point stop making transactions so I can control what utilization reports when the statement cuts. It gives me enough time to let any pending charges post and make an additional payment, need be, to post exactly what I want when the statement cuts. When the statement cuts, I go right back to charge/pay cycle again.

I would yield against paying as soon as a charge posts (unless only making 1 charge a month), as their computers have algorithms to track your spending/paying patterns, and if you suddenly change paying habits, it could raise flag for them that you may no longer be able to pay. Not to say this will happen, but something to keep in mind. I would charge/pay organically. Do not fret and pay every charge as it comes through. All that matters is what posts when your statement cuts and reports to the bureaus.

Good luck!

Re: Capital One Platinum Question

Mr_Mojo_Risin — Sun, 29 Nov 2020 02:58:37 GMT

I had the same CC. On day 100, others and myself for eligible for a PC to the Quicksilver with NO annual fee.

Check the upgrade link at day 100 to see if you're eligible as well.

Good luck

Re: Capital One Platinum Question

FreedomHammer — Thu, 07 Jan 2021 20:32:13 GMT

If I am eligible for a PC to QS from my Platinum Card, will it have World Elite benefits, or will the Platinum designator carry over from the Platinum card?

Re: Capital One Platinum Question

FinStar — Thu, 07 Jan 2021 21:12:24 GMT

@FreedomHammer wrote:
If I am eligible for a PC to QS from my Platinum Card, will it have World Elite benefits, or will the Platinum designator carry over from the Platinum card?

Unfortunately it's doubtful it'll upgrade to a WE. Although stranger things sometimes happen with Capital One. My understanding is that it'll be Platinum benefits, but just under a different product when the upgrade occurs.

Re: Capital One Platinum Question

Slabenstein — Thu, 07 Jan 2021 22:29:06 GMT

They only changes I saw on my spouse's account after the Plat-->QS upgrade were the addition of the rewards structure and the different product name. It appears to be the same card in all other respects, though I don't see anywhere on the website that specifies what level of Mastercard it is (and didn't before).