Capital One Quicksilver Approval Odds

[Anonymous]

Quick facts:

- Income: $13k (working part-time, college full-time)

- AAoA: 1 year, at the planned time of application

- FICO score: 739 according to Barclays and Discover scorecards, 725 (TU) and 744 (EQ) on CK

I'm looking to get a flat-rate cash back card for miscellaneous purchases as my next card. I was gonna go for the Chase Freedom Unlimited over the Citi Double Cash, since I don't make nor spend enough to make the Double Cash worth it when compared to the Freedom Unlimited's signup bonus. However, now that Chase has officially dropped the $150 for $500 deal, I'm currently looking at the Quicksilver since it has an identical signup bonus.

I currently have a Discover It Chrome student card ($2,200) that I got back in October of 2017 as my first card, and an Uber Visa ($1,000) that I'll have had for 6 months by the time I plan to apply. I'm spacing my credit inquiries out by about 6 months each to avoid having too many on my file at a time. I've made every payment in full since I got my first card and am currently sitting at about 1% combined utilization, but I'm concerned I might not get approved due to my thin credit file. Capital One quotes their credit requirement for the Quicksilver as "excellent" and use 3 years' history with a limit of $5,000 or more as a guideline, and I've read that they aren't terribly forgiving and don't take reconsiderations.

I initially got denied for my Uber Visa, but called for a reconsideration and got set up with an account almost effortlessly. I'm 20 years old so I can't try prequalifying, so what do you guys think my odds are?

(CK lists my approval odds as "poor," but they also say I have anywhere from fair to good odds at cards like the Amex Gold and Chase Sapphire Reserve, so I dunno how accurate that assesment is. )

[Remedios]

Have you tried prequal page for QS? 

Usually they are pretty solid

[Anonymous]

I’d look at AmEx Cash Magnet if I were you. Same cash back percentage as the QS but it’s much more likely to grow, it gets you into AmEx (which later on, if you want other cards, you can get with a SP on EX), and it’ll only cost you a HP on one bureau (almost always EX) as opposed to the triple pull CapOne does for everything. More potential for quicker growth than CapOne too - I’d look at it if I were you. Last time I saw it, it was $150 SUB for (I think) $500 spend.

[Anonymous]

Cue @Remedios for dissenting AmEx opinion 😂😂

[marcforza1]

Check their prequal page to see if that card pops up for you with a flat rate. Generally, it's a good chance that you'll get approved if it shows up. But the other suggestion to do the Amex Cash Magnet card is also a good option and you'll only have to worry about Amex pulling EX as opposed to the triple wammy pull from Cap1. 

[601flyguy]

Definitely go with amex

[Remedios]

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@Anonymous wrote:
Cue @Remedios for dissenting AmEx opinion 😂😂

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Not going to, I even failed to read the part where OP is 20 and cant do prequals. 

There is nothing wrong with cash magnet other than $25 redemption threshold. Personally, I'd wait til the income is higher. I know card will grow, but the income will still be limiting factor. It's Amex, after all. 

I'd try Paypal 2% , if getting cash back is the goal.

[Anonymous]

The reason I wasn't really considering the Cash Magnet is because the signup bonus requires $1,000 spent in the first 3 months, which is an amount I'm very unlikely to reach when most of my money is spent on food, gas and travel - all things I already have cards for. If there isn't a bonus-carrying card that I can get by the end of this month, then I'll likely go with the Double Cash instead.

I suppose I could put all my purchases on the Amex card for the first few months, but the whole idea is to compartmentalize...

[Anonymous]

Understandable for sure but at the same time, a $150 CB for $1k spend is essentially a 15% refund on expenses you were going to be paying anyhow. For that it might be worth shifting the spend, especially since it opens you up to SP card approvals in the future from AmEx.

[Anonymous]

OP, don't forget you can put books, fees, and tuition on the card.  Also car registration, your income taxes, etc etc.   Add up what you have coming up soon and see if it would put you in the running.  

You can always compartmentalize after.