Capital One Advice

[Anonymous]

I have two platinum Capital One Master Cards with a CL of $2500 each. They are my oldest revolving accounts at nine and seven years and both just had a 1k CLI from the love button.

My goal is to have two premium cards. My FICO scores are low at the moment due to over 80% utilization, right around 640 across three bureaus. What is the best way to get these platinum cards to premium cards?

I was thinking an account combination, If they’ll let me, which would give me one card with a 5k CL and then App for a new premium card after my utilization is below 9%. I think this might also satisfy their 5k CL requirement for their premium cards but it would also lower my AAoA.

Maybe it’s better to keep both cards and try to product change them to premium? Or keep the platinum cards and App for a premium but I wouldn’t meet the 5k requirement?

MyFICO simulator says I should be 700/720 if I pay the cards off.

I checked the Chase pre qualify site this morning and they came back for Slate and Freedom. I’d rather grow my Capital1 cards rather than start Apping for other cards. My oldest trade line is a 15year old FMC loan but it’s only listed on one bureau now. Otherwise my oldest trade lines are these two platinum cards with an AAoA about six years.

I hope all this makes sense.

Thank you.

[Anonymous]

Once your cards are paid down and your scores pop to the 700 range, app for a third card - maybe a fourth. It will enhance your profile, and diversification is a good thing.

[Anonymous]

My concern is that I won't be approved for one of their premium cards b/c I don't currently have a 5k CL which is a requirement aaccording to their website.  I also don't qualify for additional sub prime cards b/c I'm already at the max of 2.  So if I App for a prime card I feel it would be denined with a waste of three hard pulls.  

[Anonymous]

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@Anonymous wrote:

My concern is that I won't be approved for one of their premium cards b/c I don't currently have a 5k CL which is a requirement aaccording to their website.  I also don't qualify for additional sub prime cards b/c I'm already at the max of 2.  So if I App for a prime card I feel it would be denined with a waste of three hard pulls.  

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Have you checked Capital One's pre-qualifier to see if any of the cards that you really want show up? Also, I would combine the Cap1 cards you already have into one card, and then try to PC it into one of the prime cards. I will say this, it seems that it is easier to app for a new card (or 2) with Cap1 and get the higher limits and better cards you want, than it is to try and grow some of their older cards - because some of their older cards just won't grow, and I'm not sure why.

[Anonymous]

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@Anonymous wrote:

My concern is that I won't be approved for one of their premium cards b/c I don't currently have a 5k CL which is a requirement aaccording to their website.  I also don't qualify for additional sub prime cards b/c I'm already at the max of 2.  So if I App for a prime card I feel it would be denined with a waste of three hard pulls.  

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You have a Chase pre approval for the Freedom. Their pre approvals are pretty solid, and that's a premium card. If you get your unilization down to under 10% and your scores over 700 that would improve the size of the credit line you would get. And, if your files are clean - no derogatory entries - Discover would also like you once your scores are up.

[Anonymous]

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@Anonymous wrote:

You have a Chase pre approval for the Freedom. Their pre approvals are pretty solid, and that's a premium card. If you get your unilization down to under 10% and your scores over 700 that would improve the size of the credit line you would get. And, if your files are clean - no derogatory entries - Discover would also like you once your scores are up.

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I agree 100%. The high util is killing your scores, once that's down you should have no problem getting the cards you want. Chase and Capital One's pre-qualifiers are pretty solid. Discover's pre-qualifier sucks, but they do seem to like thin files - my only concern about app'ing for any cards now is your high util - you might be approved, but more than likely for low limits. Better to get the util down first, then app.

[SouthJamaica]

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@Anonymous wrote:

I have two platinum Capital One Master Cards with a CL of $2500 each. They are my oldest revolving accounts at nine and seven years and both just had a 1k CLI from the love button.

My goal is to have two premium cards. My FICO scores are low at the moment due to over 80% utilization, right around 640 across three bureaus. What is the best way to get these platinum cards to premium cards?

I was thinking an account combination, If they’ll let me, which would give me one card with a 5k CL and then App for a new premium card after my utilization is below 9%. I think this might also satisfy their 5k CL requirement for their premium cards but it would also lower my AAoA.

Maybe it’s better to keep both cards and try to product change them to premium? Or keep the platinum cards and App for a premium but I wouldn’t meet the 5k requirement?

MyFICO simulator says I should be 700/720 if I pay the cards off.

I checked the Chase pre qualify site this morning and they came back for Slate and Freedom. I’d rather grow my Capital1 cards rather than start Apping for other cards. My oldest trade line is a 15year old FMC loan but it’s only listed on one bureau now. Otherwise my oldest trade lines are these two platinum cards with an AAoA about six years.

I hope all this makes sense.

Thank you.

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Do not even think about closing either one at this point.

Call Capital One and ask if your accounts are eligible for upgrades. You'll probably find that at least one is eligible to be upgraded to Quicksilver. Maybe even both.

[Anonymous]

Two conflicting points of view which is the reason I posted the questions.

The new credit limits haven't reported yet and I'm due to make a payment later this week so those should bump my scores once they report.

I’m leaning toward asking for a product change to a prime card by chat or phone but again I don’t have a 5k CL and their website clearly states they want to see an existing 5k. And I don’t know if this type of product change would result in three hard pulls or just a soft pull. I really want to avoid hard pulls if I’m not reasonably sure I’ll get what I want.

Nothing comes up for me on their pre qualify site. But from what I have read on these boards that is not uncommon.

[Anonymous]

There should not be any HPs from PC'ing your cards to better ones.

[Anonymous]

I would def recommend paying down the cards and then call Cap1 about combining the two cards AND to upgrade the account.  They are really good to their customers and delivering great customer service is definitely their main priority.  

Give it a try...