I opened, and then closed my first CapitolOne card last year, at the date of closure I'd had it for only six weeks and closed it because, among other reasons, the low $1,000 limit was worthless to me. Six months later, literally to the day, they sent me a pre-approved offer for a Quicksilver card with a $3,000 limit.
I don't know if this should be considered a formula for getting a better card from them, but in my case, it worked (even though that wasn't my plan as I figured they'd be ticked off I closed my first card after such a short time).
@dpatel917 wrote:Wow thats not a bad offer for that card! 3k is pretty good to start off with. I think the issue I am facing is in 2018 my credit, and credit score was really bad. Capital One was one of the first banks to offer me a card that wasn't secured. I also know that they like to "bucket" subprime customers as well, and I think that's what has happaned to me. No matter how good my credit score and credit profile is now, I will always be in that "bucket" that I was in when I first applied for that card. I think the only way to get out of it is to apply for a new card with the updated credit score and report. Unfortunately Cap1 only allows you to have 2 cards, so cancelling my QSOne is the only option I have.
LOL, I am only 12.5 months since my Chapter 13 discharge, they approved my first card six weeks after the discharge, and then the second six months after closing the first. My scores hovered in the mid to high 600s all last year.
@dpatel917 There are far better cards out there than Venture. $95 AF for essentially a 2% CB card isn't something to write home about. Are you after it for the juicy SUB they have right now? Or is it something you're wanting for the long term? If it's the former, then I get it. Cap1 is generally a relationship oriented FI, so if you've been putting heavy spend through your other cards with them over the last 6 months and paying in full, or at least very large payments, you may have a good chance at a Venture approval. Your scores look pretty in line with what they look for in a Venture/Savor approval IMO. Keep in mind that the price to apply is 3 HPs. I would not cancel any of your current lines with them before applying for the Venture if that is your ultimate plan.
@dpatel917 wrote:Unfortunately Cap1 only allows you to have 2 cards, so cancelling my QSOne is the only option I have.
Not that I'm voting for you to necessarily apply, I still agree with what I said earlier as well as what the others said about moving on to better lenders, but I just wanted to address this in particular as it is a very common misconception. It gets thrown around that Cap1 has a rule of 2 cards which is incorrect. It works as follows: If you want to apply for a sub-prime/student card which includes Secured, Platinum, QS1, and Journey, you may not apply if you currently have 2 or more open accounts with Cap1. If you want to apply for one of their prime card which includes QS, Venture, VentureOne, Savor, and SavorOne (including V1 and S1 for good credit as listed on thier site) you may not apply if you have 5 or more open accounts with them. In short, you are eligible to apply for the Venture card if you currently have 4 or less revolving accounts open with Cap1.