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Should I wait at least 6 months to apply for a 2nd CapOne card?

Regular Contributor

Should I wait at least 6 months to apply for a 2nd CapOne card?

I have the CapOne Platinum low limit card, and am pre-approved for a QS cash card. I know that most people say wait 6 months between CLI requests but does that also hold for apping for a second card? I’m in my fourth statement month right now. Should I hold off or is it safe enough to app now? I don’t want to app if they’re going to decline due to my current card being too new.
Rebuild commenced 5/2018
FICO 8s:
6/1/2018 TU562 EX573 EQ560
7/1/2018 TU610 EX626 EQ623
Discover IT $2800, Target $2100, Home Depot $500, VS $500, CapOne QuickSilver $400, Indigo Plat $300; one installment loan $9000, scores increasing well as I clear baddies and improve CLI/UTIL, on the journey to bigger and better...
Message 1 of 21
20 REPLIES
Established Member

Re: Should I wait at least 6 months to apply for a 2nd CapOne card?

In the case that you're preapproved I would go for it. My complaint about capital one is they pull all 3 reports but if you're okay with that hit I still think you could very well get approved. Safest bet is 6 months but I like to go with "why not try" if I see a preapproved opportunity.  

College Junior
Starting Score: 724
Current Score: 738
Goal Score: 775

Message 2 of 21
Community Leader
Senior Contributor

Re: Should I wait at least 6 months to apply for a 2nd CapOne card?

Honestly OP, I would wait. Chances are that the longer you wait you'd qualify for better terms such as a decent APR and/or good starting limit based on where you are in your credit journey. While it's great an offer is currently available, it doesn't necessarily mean that you'd have to "bite" right away.

As long as your profile doesn't go in the opposite direction, these pre-approval offers will continue to display from time to time.
Message 3 of 21
Valued Contributor

Re: Should I wait at least 6 months to apply for a 2nd CapOne card?

Depending on which, if any card, is offered to you on the pre-qualification site, you might want to get it now or to wait until at least 6 months have passed. The most recent Cap One card I got was a Quicksilver Visa Signature, and when I checked the prequal site over the last 6 months, all I got offered was a vanilla Platinum. However, on my last visit there the other day, I was once again offered a Quicksilver Visa (with very good BT offer), so you might want to take that into consideration.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 6/26/18:TU 665/EX 697/EQ 685 FICO 8 or 682 FICO 9 (Penfed 5/18), VS 3.0 7/13/18: TU 707/EX 703/EQ 701. $81,100 revolving credit as of 7/11/18; $4800 Discover It, $5000 Walmart Store Card, $5500 Discover It #2 (new 3/12/18), $6000 Paypal 2% CB MC, $6000 Amazon Prime Store Card, $7000 Apple FCU Platinum Visa, $7000 Penfed Power Cash Rewards Visa, $8800 Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening (except CLI's) from 7/3/18 to at least 1/3/18. 22 HP inqs total as of 7/3/18: 9 TU, 9 EQ, 4 EX (about half over 1 year old).
Message 4 of 21
Regular Contributor

Re: Should I wait at least 6 months to apply for a 2nd CapOne card?

Thank you, all good points. Since I don’t need the card right now, I think I will likely wait on it, she the current cards a little more, and see again in a few months what exactly is available. Much appreciated on the replies.
Rebuild commenced 5/2018
FICO 8s:
6/1/2018 TU562 EX573 EQ560
7/1/2018 TU610 EX626 EQ623
Discover IT $2800, Target $2100, Home Depot $500, VS $500, CapOne QuickSilver $400, Indigo Plat $300; one installment loan $9000, scores increasing well as I clear baddies and improve CLI/UTIL, on the journey to bigger and better...
Message 5 of 21
Established Contributor

Re: Should I wait at least 6 months to apply for a 2nd CapOne card?


@ImTheDevil wrote:
I have the CapOne Platinum low limit card, and am pre-approved for a QS cash card. I know that most people say wait 6 months between CLI requests but does that also hold for apping for a second card? I’m in my fourth statement month right now. Should I hold off or is it safe enough to app now? I don’t want to app if they’re going to decline due to my current card being too new.

Don't do it OP! Cap One limits you to a new card/CLI every 6 months. You'll waste a triple pull.

 

Read up here and look around at other cards. During my rebuild - I first went with Cap One, then PC'd my Platnium to QS and app'd Disco.

Do not allow other people's mentality limit what you can do!It is possible!!
Goal- All FICO 9 scores at 675 or above
9/16/17 FICO 9 TU-661 EQ-648 EX-607
12/27/17 FICO9 TU-706 EQ-672 EX-690
3/16/18 FICO9 TU-700 EQ-669 EX-716
6/26/18 FICO9 TU-750, EQ-672, EX-789
Message 6 of 21
Established Contributor

Re: Should I wait at least 6 months to apply for a 2nd CapOne card?

I doubt they will pull if he is not at 6 months.

However, I have not heard of many being prequal then denied.

OP - just wait a few months, maybe your APR will go down also.

 

credit rebuild started 01/01/14
$100k credit card goal achieved 10/01/17
now in the garden with $150k in credit cards
--------------------------------------------------------------------------------------------------
  $ 30,000          $ 25,500          $ 23,750             $ 17,500             $ 7,000            $ 1,800     


  $ 17,000          $ 10,000              $ 6,000            $ 4,000     
Message 7 of 21
Regular Contributor

Re: Should I wait at least 6 months to apply for a 2nd CapOne card?

SomewhereIn505 and Shooting-for-800, both points make sense. I have been thinking about alternate ideas since my last post on here. I like the idea of doing the PC. This card supposedly gives a CLI after the 6th statement cuts, but it’ll likely be crappy. That’s probably a good time to PC it and I imagine that it may only use a soft pull since it should be based at least somewhat on my payments and UTIL, both of which are dead-on where they should be. And yes, rather than getting another subprime card, waiting it out for a better rate and terms definitely makes sense.
Rebuild commenced 5/2018
FICO 8s:
6/1/2018 TU562 EX573 EQ560
7/1/2018 TU610 EX626 EQ623
Discover IT $2800, Target $2100, Home Depot $500, VS $500, CapOne QuickSilver $400, Indigo Plat $300; one installment loan $9000, scores increasing well as I clear baddies and improve CLI/UTIL, on the journey to bigger and better...
Message 8 of 21
Contributor

Re: Should I wait at least 6 months to apply for a 2nd CapOne card?

Aww!! The Capone steps program..
1. Don’t apply for another Capone for 6 months. They have a 1 card every 6 months rule
2. They will triple pull you 1st, then they will tell you about the 1 card every 6 month rule.

I found that out the hard way.

3. Ask for a cli before your credit steps kick in. After your credit steps kick in your have to wait 6 months to get approved for a cli

4.Do attempt to PC this card. You should be able to PC it to a QS rewards card and still get a CLI before credit steps kick in.

Good luck on your journey!
Message 9 of 21
Regular Contributor

Re: Should I wait at least 6 months to apply for a 2nd CapOne card?

Good advice! So in other words, during the 5th billing cycle, call them up and ask for a CLI as well as a PC rather than wait for the puny auto CLI, and see what they’ll do.
Rebuild commenced 5/2018
FICO 8s:
6/1/2018 TU562 EX573 EQ560
7/1/2018 TU610 EX626 EQ623
Discover IT $2800, Target $2100, Home Depot $500, VS $500, CapOne QuickSilver $400, Indigo Plat $300; one installment loan $9000, scores increasing well as I clear baddies and improve CLI/UTIL, on the journey to bigger and better...
Message 10 of 21