Question for a friend (really) CapOne QS1 or Platinum

[Anonymous]

I have a friend over tonight and we were talking about me rebuilding after a BK7. He was suprised how far along the road that I am. He is a cash person has been for many years to the point he carries at least 1k on him incase of emergencies.  

I talked him into trying to reestablish his credit and we went to see if he prequalified he prequalified for Amex (he vehemently does not like them), and for Capital One Quick silver One / Platinum. He said that his wife burned Cap one 13 years ago just did not pay for about 2grand plus what ever fees built up. 

Does CapOne have a black list and if they do is it that long? I don't him to apply which he is ready to do so if it will just let him down because of that. 

Any words of advice?

[jonnyc]

Cap one blacklist is 1 Year, but Ymmv.

[HeavenOhio]

If the choice is between a Platinum and QuicksilverOne, choose the Platinum. Platinums tend to be easy to PC to a Quicksilver a few months down the road. QuicksilverOnes are notoriously hard to PC.

[Anonymous]

Okay he did decide on the QS1 and was approved with a $5,000.00 starting limit. He was suprised but he makes good money so I wasn't I had no clue what it would be. 

Strange thing is that when he was signing up it mentioned Credit Steps and after 5 payments he would get a CLI? I did not think they did credit steps with SLs that high. His online site does not show credit steps but I saw it and even commented on the program because I am on it. Maybe it was just general information on a QS1 and he is not really in it? 

[HeavenOhio]

@Anonymous, if your friend can't find out sooner, information about Credit Steps will likely appear in the packet of stuff that's mailed with the card.

Your friend should make sure he uses the card each and every month. We have a handful of data points indicating that consecutive months of usage may help to coax a PC offer. After about six months, he should be calling in monthly and asking about upgrade offers.

[Meanmchine]

Me thinks his SL is $500, not $5k.

You can always call in and ask

[Anonymous]

Nope it was $5,000. I initially thought $500 as well but I was wrong. Again he makes crazy money so it did not suprise me. He does not do the credit thing if he can't pay cash then he puts a big down pay down. His last truck he put down 60% and financed the rest. No bank/cu will walk away from that even with no credit. 

I am just glad that I got him interested in building up his credit profile.