Capital One... When should I app for 3rd one?

Anonymous · ‎09-23-2015

Hey Guys.

Ok here's my Journey with cap one. They were my 1st unsecured card after completed student loan rehab in May. Before that I had a wage garnishment and my credit was so bad that ppl would question my cash.

So besides being an AU on a Chase Freedom and a BOA World MC - I had zero credit in my name except for these student loans I had been to hell and back with.

In late may I got a "pre approved" capital one letter for the platinum. I had wanted to start rebuilding my credit but hadn't actively pursued it yet.

I went on the site and app'd and was approved for the Platinum with a 3k SL. That was 6/12/15.

Then I found this site and well a lot has changed. My scores went from low 500's to high 600's.

I added SEVERAL new cards into the mix. USAA world MC - 5k SL, Chase Slate 5k SL, BOA Travel Rewards - 3k SL, and Amex Plat with NPSL Over the course of Aug-Sept.

I had charged 600 the first month on the platinum, 180 the 2nd. PIF both months. I then hit the luv button on the Cap One site and got a 2k CLI taking the Plat to 5k.

I then went on the Cap One pre approval site and was prequaled for QS - so I apped and got an instant 5k SL Approval.

So now I have the Plat with a 5k SL (Opened 6/12/15), and the QS with a 5k SL. (Opened 9/4/15).

All cards have seen very moderate (no more than 200/mo) use and PIF. Except for Amex - I've had the card since 8/27 and got a 100k MR points bonus with a 3k spend in the first 3 months - So I'm in my 2nd month of putting everything on that. $2200 in so far.

I went into the secure chat with Cap One bc I realized that the Platinum was now obsolete in my wallet bc of zero rewards. So I asked to PC the Plat to a product with rewards. They offered the Venture One or the QS. Since I already had the QS I opted for Venture One.

SO my ultimate goal is to app for a regular Venture with the 40k bonus. I know at the 6 month mark I can combine the QS and The Venture One into 1 cards with a 10k SL. Should I want and do that first, or should I outright app for venture in a month or two. I need to finish the 3k spend on the amex, and then do a 1k spend on BOA to get the 20k point bonus. My running monthly expenses are about 1500-2k a month so meeting the spend is no big deal as long as it's timed right.

What do you guys think?

George

Anonymous · ‎09-23-2015

Have you checked on their pre-qual site to see if you are approved for a Venture? If so, that will be pretty solid - however, you'll get another 3 HP's. So, if it was me, I would wait for them to offer it - they don't use fico 08 for Venture approvals, I think it's the 04 score - someone correct me if I'm wrong on that.

The Venture One you did the PC to is not very useful, imo. Venture One rewards are only 1.25% for travel versus 1.5% for the QS (unless they told you something different). You would have been better off with 2 QS's and app'd for the Venture if you really want a travel card with them.

Good luck with Cap1! I really like them, they've been good to me!

Anonymous · ‎09-23-2015

well I've had my 1st card for a few years, got my 2nd in beginning of Augest this year and went to the pre-approval site this week and got 3rd card , scores around 670 across board ..