topic Re: Capital One cards in Credit Cards

Capital One cards

Carloscda40 — Sat, 05 Mar 2022 18:26:18 GMT

For those that have Capital One crads do you like them?

Have they served you well?

I have 2 QS & the Platinum with just $500 limits, was going to pay them off next week.

Would that help me to be considered for a higher limit or better CO or other credit cards?

Re: Capital One cards

Remedios — Sat, 05 Mar 2022 15:55:53 GMT

Not really. Paying off cards (either in full after statement or paying off over time) is what's expected from the consumer.

If your credit situation has changed since you were first approved for starter/rebuilder card, that will help as long as you're in their preferred demographics.

When it comes to Cap One and their starter/rebuilder cards, use (even if you cycle limit as many times as you can) doesn't buy you their love, so if you have cards with better rewards, use those. Most of Platinums and QS1 are lost causes.

First several pages have many threads dealing with this topic, so read those if you still require additional clarification on their business model.

As far as the other part of your question, I started with Cap One and Discover. Both served their purpose. Cap one was closed after several years, nothing about it changed since the approval while Disco sits at over $20,000.00 as of right now.

I don't dislike Cap One, in fact, I think they are a solid lender, but you have to be in their target demographic for the best results.

They have pre-approval page, so check it out and see what shows up as far as future cards.

Re: Capital One cards

simplynoir — Sat, 05 Mar 2022 16:13:38 GMT

As an addendum to the excellent post above Capital One limits the number of cards a customer can hold to five - two subprime and three prime cards. If your credit profile supports it and you're looking to add more than one CapOne prime card you will have to close one of your QS cards to do it. But as @Remedios said if you've outgrown their cards I'd start looking elsewhere for better credit cards from other lenders

Re: Capital One cards

Hoben02 — Sat, 05 Mar 2022 18:07:23 GMT

Well I used to luv their cap one venture card becuz I would use plastiq and the cap one venture to pay my mortgage so I racked up a healthy chunk of points that way, but that has been shutdown. The only other thing I found was that you could offset a travel expense multiple times if you wanted to offset non travel expenses

Re: Capital One cards

gdale6 — Sat, 05 Mar 2022 18:45:03 GMT

I have found no use for Cap-1 cards post my rebuild, I have canceled all that I had with the exception of the walmart card. The WM card has a useful limit and a high reward payout for online orders.

Re: Capital One cards

lgtwriter — Sat, 05 Mar 2022 19:00:16 GMT

I have two Capone quicksilvers that started as 300 and 500 credit limit platinum cards. One is bucketed at $5500 and the other is now $14k after I just got a 1k semi-auto cli yesterday (I have a thread on this in approvals section. It was strange lol).

I also have a Walmart card and a Neiman Marcus card, which are both CapOne retail store cards.

I keep my CapOne Quicksilvers for age. They, along with my Merrick bank card, were my first visa/mastercards after my 2009 Bankruptcy.

I do international transactions sometimes, (online web development, books etc) and CapOne doesn't charge an international transaction fee or block international charges due to fraud alerts. I find this less of a hassle than many of my other cards, so I use my larger Quicksilver card for things like that.

Although my cards grew quickly when I was first out of bankruptcy with CapOne, I only get 10% cli a YEAR with them now lol.

I keep them for sentimental reasons and for age.

Re: Capital One cards

SoCalGardener — Sat, 05 Mar 2022 19:19:47 GMT

@Carloscda40 wrote:
For those that have Capital One crads do you like them?
Have they served you well?

I have 2 QS & the Platinum with just $500 limits, was going to pay them off next week.
Would that help me to be considered for a higher limit or better CO or other credit cards?

Do I like them? Meh... they're okay, but nothing to write home about. Have they served me well? Meh... not really.

Of course, as with everything else related to credit, my experience is probably different from someone else's, so YMMV. My two Quicksilver cards (one MC and one V) haven't gotten credit limit increases in years, nor has my Walmart Rewards MC, which Cap1 acquired a few years ago. It arrived with a $10,000 limit and that's where it sits three years later. I never had a 'starter' or 'rebuilding' card with Cap1, so I don't know why my cards are bucketed, but they clearly look that way. Oh, the two QS cards have limits of $4,000 and $4,500--much lower than most of my other cards.

If you're looking for long-term success with a credit card issuer, where credit limit increases are possible and the benefits are really good, I'd look elsewhere. I'm happiest with my Amex Blue Cash Preferred and my BofA CCR, with Citi Double Cash and Discover a close second. If you'd like to give us some ideas of what you're shooting for, long-term, that would help!

Re: Capital One cards

3se7ens — Sat, 05 Mar 2022 19:20:26 GMT

Cap1 Spark Bus.(reports to all personal CRA) is my oldest card at 4y 11mo. SL was $2,000

It's now at $5,000...that's it. But they gave it to me when my best score was 650.

I had Platinum, SL $300, "Upgraded".... to QS....limit never grew higher than $600. Closed it.

I had the Savor, SL $1,000.....never recieved a cli...turned down about 10 times in 18mo. Closed it.

The way I see it Cap1 is great for rebuilding your credit, but that's it .

Re: Capital One cards

Anonymous — Sat, 05 Mar 2022 19:21:18 GMT

I liked cap one, Many years ago I had a household bank card that somehow transferd to cap one platinum card with a 500 dollar limit today that same card and number is now Quicksilver 15,000 + limit and over 60,000 in 2 other cap one cards. It's the fist card I gave to my kids and cap one app was great for monitoring spending for them,app works great and virtual numbers work great for sites I don't trust. I always remeber don't put my all eggs in one basket and I'll be fine.

Re: Capital One cards

notmyrealname23 — Sun, 06 Mar 2022 03:45:07 GMT

I was a C1 customer pre-Ch. 13 (oddly enough when I IIB'ed them they never filed a claim for the few hundred or so I owed them) and they very promptly gave me a card again once everything resolved years later (C1 Platinum that eventually became a QS), but it was a bucketed card (one $500 CLI and that was it).

They also gave me a Venture some months later that has morphed into a VentureX, and a SavorOne, both with perfectly cromulent CLs (11k/5k) and that will be part of my earning strategy while I garden and work through turning my AMEX Platinum back into a Gold once the "we're watching you and will nuke your SUB" year expires. I find it nice to have a 3x card with no AF that covers streaming, movie tickets, concert tickets and general entertainment to go along with dining/groceries, and since you can transfer cashback from a Savor/SavorOne to "miles" cards like VentureX/Venture/VentureOne/, you have a pretty powerful miles earning combination compared to most airline cards (3x/2x on the AF cards, 3x/1.25x on the free cards), You also aren't locked into any single program, plus there are no international transaction fees... and having an alternate to AMEX is useful (I run into "no AMEX" often enough).

Re: Capital One cards

SouthernCredit — Sun, 06 Mar 2022 03:43:48 GMT

Due to account combinations (when that was a thing), I only have one Cap1 card left, and it's still one of my lowest limits. They have not granted a CLI on that card in almost 4 years. I use it to pay an annual subscription and it sees no use the rest of the year. I only keep it open because of the history, no annual fee, and because I car shop a lot, and that history with Cap1 (cards and car loans) gets me solid prequals when I shop. They are great for rebuild, and for some they do well after, but. Think there are better lenders out there long-term.

Re: Capital One cards

Trini88 — Sun, 06 Mar 2022 04:02:19 GMT

Do I like them? No

Have they served me well? Yes

The money back on grocery, dining, internet bill and dummy number for websites I don't trust is the only reason I keep these 3 cards. My husband paid off both his Capital One cards and they increased both by $100 😬

Re: Capital One cards

MasonK — Sun, 06 Mar 2022 16:07:48 GMT

@Carloscda40 wrote:
For those that have Capital One crads do you like them?
Have they served you well?

I have 2 QS & the Platinum with just $500 limits, was going to pay them off next week.
Would that help me to be considered for a higher limit or better CO or other credit cards?

The Platinum/PC'd QS served its purpose for me as my first unsecured card during rebuild. I like CapOne overall and the QS served its purpose, but I grew into other lenders that serve me better. That being said, if you like the brand, CapOne can grow with you and has some decent no-AF cashback options and now has the Venture X as a decent travel card.

The important question you should ask is where you are in your credit profile, and what are your goals? Knowing that can influence what your next steps should be.

Re: Capital One cards

Anonymalous — Sun, 06 Mar 2022 17:20:00 GMT

Capital One gave me an unsecured card when I had no credit. The virtual cards are great, and redeeming points/cashback is as easy as it gets, with none of those annoying minimums. There are occasional special offers that are useful, but not enough to budge the dial. Their customer service, IME, has been good. It was before my time, but apparently the 1.5% CB on the QS when it came out was revolutionary, though it now lags the pack of 2% cards. They have other attractive cards like the Savor One and Venture X.

But while I was able to upgrade my Platinum to a Quicksilver, it seems stuck at $300. Watching the limit, watching utilization, and paying it off multiple times a month, is a pain. Since my second card has a limit more than 50 times higher, I've largely stopped using my QS except for a minor recurrent payment and on websites that I don't trust with my real card number.

So I like them and wouldn't have minded giving their card significant use over the long term. But my card hasn't grown with me, so it's effectively sockdrawered.

Re: Capital One cards

MasonK — Sun, 06 Mar 2022 17:26:53 GMT

@Anonymalous wrote:
Since my second card has a limit more than 50 times higher, I've largely stopped using my QS except for a minor recurrent payment and on websites that I don't trust with my real card number.

I don't keep tabs on CapOne for this reason, and we have the same philosophy about the QS card. However, off the top of your head, do our subprime buckets on these cards influence the prime card limits if OP were to go after a Savor card (assuming qualifying scores)?

Re: Capital One cards

lgtwriter — Sun, 06 Mar 2022 18:10:48 GMT

One thing I have found with my CapOne cards is that they expect you to use them frequently if you want a cli. Right after my bankruptcy in Dec 2009, when the only Visa and Mastercards I had were two CapOne platinum cards and my Merrick Bank Visa, I received frequent cli on the CapOne and Merrick cards because I would use them all the time, and pay them off. Once I had other cards, I stopped using these cards as much and the cli slowed down considerably. (and stopped in the case of one of my CapOne cards and the Merrick card once I hit their max credit limit of 5k)

Re: Capital One cards

MasonK — Sun, 06 Mar 2022 18:19:57 GMT

@lgtwriter wrote:
One thing I have found with my CapOne cards is that they expect you to use them frequently if you want a cli. Right after my bankruptcy in Dec 2009, when the only Visa and Mastercards I had were two CapOne platinum cards and my Merrick Bank Visa, I received frequent cli on the CapOne and Merrick cards because I would use them all the time, and pay them off. Once I had other cards, I stopped using these cards as much and the cli slowed down considerably. (and stopped in the case of one of my CapOne cards and the Merrick card once I hit their max credit limit of 5k)

That was the case for me, too, but in looking around the recent posts about CapOne, I'm wondering if they aren't hitting the brakes even on people with high velocity of charges. I certainly haven't had the swipes to merit a CLI in many years.

Re: Capital One cards

Anonymalous — Sun, 06 Mar 2022 18:26:45 GMT

@MasonK wrote:
@Anonymalous wrote:
Since my second card has a limit more than 50 times higher, I've largely stopped using my QS except for a minor recurrent payment and on websites that I don't trust with my real card number.
I don't keep tabs on CapOne for this reason, and we have the same philosophy about the QS card. However, off the top of your head, do our subprime buckets on these cards influence the prime card limits if OP were to go after a Savor card (assuming qualifying scores)?

I don't believe so. The reason why Capital One cards are bucketed is because the banks sell off the debt. The cards are grouped by risk (sub to super prime), and offered to the market at various premiums based on risk vs. reward. It's very hard to shift a card between these groups, after it's been sold, which is why cards get bucketed. But they do it by card not by person, which is why there are tons of DPs of people with a bucketed card with a pathetic limit applying for a different card (or even the same one), and getting an amazingly high limit. See link below for details on securitization.

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-why-some-subprime/m-p/5083619

Re: Capital One cards

Carloscda40 — Tue, 08 Mar 2022 01:07:45 GMT

Thanks for all the replys!

So I'm on my rebuilding journey and trying to get my scores mid 600's and more by the end of the yr.

I have the Cap One Plat & QS that was issued with the credit steps program, both now @ $500 sl. I also have a auto loan with them.

Others cards that I have:

2 Credit one cards $700 sl on each

Discover IT $750

Surge $1000

Merrick $1400

Macys $1200

Plan is with OT starting, to pay down those cards to bring utilization to undre 20%, right now it's over 80%.

With paying those cards down and paying off the Cap 1 cards being they are my oldest and lowest accounts would I be offered better Cap 1 cards/try to app for their prime cards?

Re: Capital One cards

FinStar — Tue, 08 Mar 2022 01:14:45 GMT

@Carloscda40 wrote:
Thanks for all the replys!
So I'm on my rebuilding journey and trying to get my scores mid 600's and more by the end of the yr.

I have the Cap One Plat & QS that was issued with the credit steps program, both now @ $500 sl. I also have a auto loan with them.

Others cards that I have:
2 Credit one cards $700 sl on each
Discover IT $750
Surge $1000
Merrick $1400
Macys $1200

Plan is with OT starting, to pay down those cards to bring utilization to undre 20%, right now it's over 80%.

With paying those cards down and paying off the Cap 1 cards being they are my oldest and lowest accounts would I be offered better Cap 1 cards/try to app for their prime cards?

Since you mentioned you're still on the path to rebuilding, I would focus on improving the overall profile + getting the utilization down to acceptable levels. As your scores improve perhaps look to other opportunities.

If you want to stay in the Capital One ecosystem, that's fine, but consider your options once your profile has made significant improvements. While the Savor/Savor One or Venture cards can be lucrative for some individuals, you can always evaluate things at some point. Perhaps those can make sense based on your spending habits or it's likely you'll find other products that may be a better fit.