Capital One Confusion

[Anonymous]

Good morning,

Last month on the 15th (when I only had 2 months of credit history with 2 secured cards) I decided to apply for the Capital One Platinum Mastercard (big mistake) and I was denied.

Last night I received an email from Capital One stating "Here is a no annual fee offer" for the Capital One Secured Mastercard, but when I go on their website to see which cards I am pre-qualified for the Capital One Quicksilver Card AND the Platinum Mastercard come up.

This is all very confusing; I want to apply for both the secured and quicksilver but that add 2 inquiries to my report and bring them up to 5 on TU and 7 on EQ.

Any advice or input would be greatly appreciated.

[OmarGB9]

If your already have 2 secured cards, why get a third? I'd suggest just apping for the quicksilver and stop there. Keep in mind cap1 does a triple pull, one on each bureau. Also, what APR is the prequalify showing?

[Anonymous]

you can double check if you like but as i understnd even if you qualify for quicksilver mastercard and platinum( non secure) you may still be denied. as i was told and its somewhere on their website there is a two card limit for their secured card, quicksilver mastercard and their platinum (non secure). so if you already have two secured cards i doubt you will get approved, you may get a "two card limit as denial". For their higher end cards there is a 5 card limit, like venture, quicksilver visa ect.

Contact them and ask about card limit to make sure before you apply.

[Anonymous]

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@OmarGB9 wrote:
If your already have 2 secured cards, why get a third? I'd suggest just apping for the quicksilver and stop there. Keep in mind cap1 does a triple pull, one on each bureau. Also, what APR is the prequalify showing?

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That's what I was thinking - I don't want another secured card.

Quicksilver One: 0% intro APR until May 2016; 22.9% variable APR after that

[Anonymous]

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@Anonymous wrote:

you can double check if you like but as i understnd even if you qualify for quicksilver mastercard and platinum( non secure) you may still be denied. as i was told and its somewhere on their website there is a two card limit for their secured card, quicksilver mastercard and their platinum (non secure). so if you already have two secured cards i doubt you will get approved, you may get a "two card limit as denial". For their higher end cards there is a 5 card limit, like venture, quicksilver visa ect.

Contact them and ask about card limit to make sure before you apply.

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Thank you for the response, but I should have been a little more clear: I don't have 2 secured cards with Capital - I have 2 secured cards from other banks.

[Anonymous]

oh i see. well keep in mind for their mastercards (platinum (unsecured and secured) and quicksilver) there is a two limit card. higher end is 5.  

[OmarGB9]

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@Anonymous wrote:

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@OmarGB9 wrote:
If your already have 2 secured cards, why get a third? I'd suggest just apping for the quicksilver and stop there. Keep in mind cap1 does a triple pull, one on each bureau. Also, what APR is the prequalify showing?

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That's what I was thinking - I don't want another secured card.

Quicksilver One: 0% intro APR until May 2016; 22.9% variable APR after that

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That's one of their highest APRs, if not the highest. I'd honestly hold off then in this case.

[kdm31091]

I'd definitely wait. That's not a good APR and they aren't especially known to permanently lower APRs. Just give it some time. It's not going anywhere, and if you wait you can get a "higher end" version with a better APR and unsecured.

[Anonymous]

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@Anonymous wrote:

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@OmarGB9 wrote:
If your already have 2 secured cards, why get a third? I'd suggest just apping for the quicksilver and stop there. Keep in mind cap1 does a triple pull, one on each bureau. Also, what APR is the prequalify showing?

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That's what I was thinking - I don't want another secured card.

Quicksilver One: 0% intro APR until May 2016; 22.9% variable APR after that

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I'm assuming you want another card to help build your credit profile right? If that's the case, I say if you're pre-qualified on their website for the QuicksilverOne, then go ahead and app for it. Sure the APR is their highest, but if you pay in full every month then it won't be an issue. Once you have more history under your belt with unsecured cards, then you can app for one of their prime cards. Then 6 months after that you can combine your old high APR card with the new one (hopefully the new one would have a better APR). I don't see any reason to wait to app for the QuicksilverOne.

[OmarGB9]

The only reason I suggest to wait is because the high APR likely indicates OP is borderline approva/denial, hence a higher risk and the higher APR. By waiting maybe a month at least, OP might get better offers and better odds of approval.