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

Established Contributor

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


@ImTheDevil wrote:
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.

Use the search box on this forum for the Cap One Upgrade link. You log in and it will tell you if your eligible or not.

 

Depending on how much you have cycled (and payment history) through your card, there is a chance you’ll be given a steps CLI greater than the amount they emailed you on. I started with Platinum SL $500 (promises $250 CLI to $750) PC to QS around month 4, a few weeks later CLI of $100 (to $600) and ended up with $500 steps CLI with total line at $1100. 

 

Today my Cap One exposure is $2,200 - the smallest exposure I have with a creditor. I have pretty much SD this card since it hasn’t grow on much as my other cards.

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 11 of 21
Frequent Contributor

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

Will do, thanks for the info 👍
Rebuild commenced 5/2018
AmEx Delta Skymiles Gold | AmEx Hilton Honors | Discover IT | Target | VS | Home Depot | CapOne QuickSilver | Wayfair | Kohl’s | Indigo Plat (RIP 2/2019 before AF comes due)
Message 12 of 21
Frequent Contributor

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

Found the link and checked, said I could upgrade it to a Quicksilver Smiley Happy I did, and it said that the stats for the card including the SL don’t change but it is now a cash-back card so that’s a start. I’m thinking that since I’m only in my fourth billing cycle (which ends Monday) that the CLI will still wait until the 6th cycle. That’s fine but with luck I’ll get the bigger increase like you did. Thank you!
Rebuild commenced 5/2018
AmEx Delta Skymiles Gold | AmEx Hilton Honors | Discover IT | Target | VS | Home Depot | CapOne QuickSilver | Wayfair | Kohl’s | Indigo Plat (RIP 2/2019 before AF comes due)
Message 13 of 21
Valued Contributor

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

Awesome!  Great Start!

Should also be a no annual fee card!

Credit rebuild started in 2014  -  $100k total unsecured credit in 2017  -  $200k total unsecured credit in 2018.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                             5%-20% - Amazon & Lowes                                5% Gas & Sporting - Ducks Unlimited
4% Dining & Entertain - Savor                   3% Travel & Hotels - Propel & Uber                   2% Everything Else - Venture


    $ 30,000           $ 28,500          $ 25,750          $ 17,500            $ 7,500             $8,000             $ 7,500              $ 4,000              $ 3,500

                                                     
                                                                   $ 30,000           $ 10,000           $ 10,000           $ 4,000   
Message 14 of 21
Senior Contributor

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


@SomewhereIn505 wrote:

@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.


They won't pull if hes within 6 months, he'll just get a denial with reason being a recent app.




Message 15 of 21
Senior Contributor

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


@ImTheDevil wrote:
Found the link and checked, said I could upgrade it to a Quicksilver Smiley Happy I did, and it said that the stats for the card including the SL don’t change but it is now a cash-back card so that’s a start. I’m thinking that since I’m only in my fourth billing cycle (which ends Monday) that the CLI will still wait until the 6th cycle. That’s fine but with luck I’ll get the bigger increase like you did. Thank you!

You're eligible for a CLI after 90 days. Take the $100 they offer you and after your payment after the 5th statement, you'll get your steps increase on the 6th statement.




Message 16 of 21
Established Contributor

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


@ImTheDevil wrote:
Found the link and checked, said I could upgrade it to a Quicksilver Smiley Happy I did, and it said that the stats for the card including the SL don’t change but it is now a cash-back card so that’s a start. I’m thinking that since I’m only in my fourth billing cycle (which ends Monday) that the CLI will still wait until the 6th cycle. That’s fine but with luck I’ll get the bigger increase like you did. Thank you!

Great job @ImTheDevil Congrats! You're almost done with steps. Just hang in there and soon more will open up to you!

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 17 of 21
Frequent Contributor

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

Sounds good - thanks for all the info guys!
Rebuild commenced 5/2018
AmEx Delta Skymiles Gold | AmEx Hilton Honors | Discover IT | Target | VS | Home Depot | CapOne QuickSilver | Wayfair | Kohl’s | Indigo Plat (RIP 2/2019 before AF comes due)
Message 18 of 21
Frequent Contributor

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

Brian, you were right. I’ve been over 90 days with them so I tried it for kicks and they gave me the extra hundred. Now I’ll wait for the auto-CLI after statement #6. Thanks again 👍
Rebuild commenced 5/2018
AmEx Delta Skymiles Gold | AmEx Hilton Honors | Discover IT | Target | VS | Home Depot | CapOne QuickSilver | Wayfair | Kohl’s | Indigo Plat (RIP 2/2019 before AF comes due)
Message 19 of 21
Contributor

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

For the credit steps CLI I was told it is 10 days after the 6th statement cuts from a rep(who knows if what they said was true but we will see). I opened my card on 02/08/18 the first statement was 10 days or 02/08-02/18. my 6th statement cuts this month on 07/18 so should see the credit steps increase on 07/28. Hopefully the CLI is bigger than the $200 they said in the original email. I already got $100 around May. I put alot of spend through it and pay in full every month before the statement cuts.

10/01/18

12/07/17

VentureOne - $3250
QuicksilverOne - $500
Citi Best Buy - $2000
Discover It - $1500
Self Lender Account - Paid in Full
American Express BCE - $500
American Express PRG
American Express SPG - $1000
Toyota Financial 50% Paid
Message 20 of 21