Pros and Cons of Amex Chase and Capital One

[Anonymous]

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@JamesB95 wrote:

If I have a Journey on the way, what would you recommend? Stick with them and barely use it? Close the account after a certain amount of months/years after improving my score and moving to Amex once my score is up?

Or is it not worth closing the Journey due to the credit hit?

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No, you're good.  Just garden it, it's the perfect gardening card.  They'll give you a cli and they will prob PC you to the QS after a while anyway.  Just take the time to get your score up and meanwhile never miss a payment.  Use Mint to remember.

[chalupaman]

Thankfully the Journey is easy to get an upgrade on to the Quicksilver. That's what I did a few months into having the card and it's my second oldest card as well. Compared to their rebuilder cards with an AF, it's not a bad card at all and easy to SD if you don't wanna use it anymore.

[kdm31091]

Yeah Chase will move limits with no problem, which Capital One will never do no matter who you ask, even the EO. It's literally not possible with them.

I don't know where Amex stands on moving limits.

I understand apping for a new card with Chase and then moving limits around, but it's kind of annoying to have to go through that to obtain a CLI. Do they not do CLI (except auto) at all? Or are you saying if they do, it's a HP, period?

I'd keep the Journey, because you can PC it to Quicksilver sooner or later

[Anonymous]

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@kdm31091 wrote:

Yeah Chase will move limits with no problem, which Capital One will never do no matter who you ask, even the EO. It's literally not possible with them.

I don't know where Amex stands on moving limits.

I understand apping for a new card with Chase and then moving limits around, but it's kind of annoying to have to go through that to obtain a CLI. Do they not do CLI (except auto) at all? Or are you saying if they do, it's a HP, period?

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If not issuer initiated, it's an HP. You might as well apply for new card.

[Anonymous]

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@kdm31091 wrote:

Yeah Chase will move limits with no problem, which Capital One will never do no matter who you ask, even the EO. It's literally not possible with them.

I don't know where Amex stands on moving limits.

I understand apping for a new card with Chase and then moving limits around, but it's kind of annoying to have to go through that to obtain a CLI. Do they not do CLI (except auto) at all? Or are you saying if they do, it's a HP, period?

I'd keep the Journey, because you can PC it to Quicksilver sooner or later

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Amex will move limits, lol I had a very long conversation with Michael from the apps dept and it went to a three-way call with the CSR.  Surreal.  They'll move limits on a card after 13 months which is the same time frame they need to PC a card, but only in the same family.  My blue sky is eligible after Feb 16th for both.

[JamesB95]

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@Anonymous wrote:

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@JamesB95 wrote:

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@Anonymous wrote:

All those cards are good cards, but I would say if I were you you I would desire them in the order you listed them.  Amex first by a good margin, then Chase, then Cap 1.  Amex is a good lender and you want to start your relationship as early as possible to establish your MSD and to start doing the countdown for your CLI.  Now, It's debatable if high limits will beget another high limit.  But if you can get your Amex and get your limit up to 3x higher within the first year or even earlier, then you're off to a good start.  Chase is good too, and Cap one, despite the drawbacks (triple pull / high apr), has good rewards with this card.

OTOH your score is around 615.  So you might have to work your way up.  In that case you may have to start with Cap 1 and work towards Amex as I did.  But, if you can get it with Amex first then do so.

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I have a Cap One on the way in the mail (Journey). I plan to apply for a Amex once I improve my score.

Sorry my FICO isn't exactly accurate in my sig.. I can't edit my sig with images in it since I am still considered a "New Member" for whatever reason.... My FICO score is 623. My next update is this month, the 15th. Feb will have a big jump because my utilization will be way down.

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I was the same as you 3 years ago.  I had an MTV card (sinced changed to the Journey by them, then QS by me) and my score was probably the exact same as yours.  I got my Cap 1 mtv card and simply used it and PIF for about 16 months and then Amex started sending me letters.  PreApproved for the blue sky and 20,000 pts.  Next PreApproved for the blue sky and 25,000 pts.  Then PreApproved for the blue sky card and 30,000 pts which at that point I jumped on the offer.

If I were you I would garden your score up 50 pts then get the Amex.  Just pay in full and you can request a credit limit increase after 6 or 12 months.

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It is nice to be able to relate with others that have been in my situation, it gives me great perspective on how to plan out my financial future. Thanks for your input!

[Anonymous]

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@Anonymous wrote:

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@kdm31091 wrote:

Yeah Chase will move limits with no problem, which Capital One will never do no matter who you ask, even the EO. It's literally not possible with them.

I don't know where Amex stands on moving limits.

I understand apping for a new card with Chase and then moving limits around, but it's kind of annoying to have to go through that to obtain a CLI. Do they not do CLI (except auto) at all? Or are you saying if they do, it's a HP, period?

I'd keep the Journey, because you can PC it to Quicksilver sooner or later

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Amex will move limits, lol I had a very long conversation with Michael from the apps dept and it went to a three-way call with the CSR.  Surreal.  They'll move limits on a card after 13 months which is the same time frame they need to PC a card, but only in the same family.  My blue sky is eligible after Feb 16th for both.

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Yep...I can't move CL from my BSP to my ED because of this unfortunately, So i'll have to use my next 3X for the ED.

[Anonymous]

Looks like it's time for my periodic Cap One defense!

The Quicksilver is really good in its redeption structure: 

  1) Rewards post with the transaction

   2) No minimum redemption amount

   3) Cash (or statement credit) is 1:1

As with all Cap One cards, no FTF.

While various people don't think much of point 2, it can be important if you don't have a lot of non-category spend.   I had $30 of rewards on my Citi Dividend which has a $50 redemption theshold, and in the end I just used it to get enough, even though I would have got  more rewards on a different card.   QS is just very flexible.

Yes, with the Citi Double Cash, it doesn't look so competitive,   But it still is good.

And it is possible to get high limits with Cap One, just not always easy.

As for the three HP, I think that is overstated, it's not three pulls on one bureau, it's one on each, which while annoying, a) goes away after a year, and isn't all that important unless you are apping for a lot of cards.

[Anonymous]

With a score of 615, I think you may have a tough time getting any of those cards.

Historically, Capital 1 likes people with low scores, so that'd be my choice of those cards. So far, they seem like a top notch company, although their fraud dept. Can be a PITA. For gas and groceries, I'll point you toward the Sallie Mae Mastercard. This card is designed for students, so you may be able to get it with your current time profile.

BcE is probably the most exclusive of the 3. I'd wait for scores in the 700s. Besides, the Sallie Mae makes this card obsolete. 

The Freedom can be redundant with the IT card as far as categories go. It's possible that you get 2 categories that fit your spending.. awesome. It's possible that you get 2 overlapping categories that you don't use = no rewards. 

Best of luck with whichever card you choose!

[Anonymous]

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@Anonymous wrote:

And it is possible to get high limits with Cap One, just not always easy.

As for the three HP, I think that is overstated, it's not three pulls on one bureau, it's one on each, which while annoying, a) goes away after a year, and isn't all that important unless you are apping for a lot of cards.

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-Rebuilder profiles need not apply.

-Two years..