Think I Can Get the Quicksilver???

Anonymous · ‎07-20-2017

Hi, guys. I want to apply for the Capital One Quicksilver but I do not know whether or not I have a good chance of approval. I can't use the prequal tool because I am under twenty-one. Right now, I only have a Discover card (2 years old) with a limit of $2000 and five student loans that are deferred for the time being. AAoA is 1 year and 4 months. I make $60k annually and my Discover credit limit just got bumped up from $1300 to $2000 about a week ago but I do not think that that has been reported to the bureaus yet. So I think that they see the $1300 limit with 31% utilization from June. This month's statement just closed with the $2000 CL and a 7% utilization. According to Discover, my FICO is a 715. I am not sure about my EX and EQ scores but I do know that I have 1 HP on TU, 1 HP on EQ and 2 HPs on EX (one of which falls off in August).

The hard pulls across all three bureaus are from when I applied and got denied for the Venture about four months ago, but things were different back then. CO gave me these reasons for my denial:

Based on your application information, income is insufficient for requested credit

Based on your credit report from TU, proportion of account balance(s) to credit limit or high credit is too high

Based on your credit report from TU, insufficient experience with high lines of credit or credit amounts

Based on your credit report from EQ, insufficient experience with high lines oif credit or credit amounts

Back then, I had a $200 credit limit, my utilization was crazy high and I only made a third of what I make now because I was finishing up school. Do you think that the changes I've made will be enough to score me a Quicksilver or is this card out of my league? I want it for the promo APR and no FTFs since I am going to be out of the country for the first half of next year.

Thanks!

simplynoir · ‎07-20-2017

Get your free FICO 08 EX credit report from creditscore.com just to make sure there isn't any surprises this time around before applying; or if you want to check all three bureaus get the $1 trial report from Credit Check Total. If the new balance hasn't been reported yet I would wait til it does since you'll be at that key <10% utilization to maximize your chances.

With all that you should be looking good to getting the QS; Venture is harder to get only because Venture is a minimum $5k SL and Capital One like to see experience with those types of limits first but you MIGHT be able to get it if you wanna take the chance. Way I figure it experience with a $2k limit is different from $200 limit.

Anonymous · ‎07-20-2017

I checked all of my reports today and it looks like everything is still just as I said. My new utilization hasn't been reported on any of them yet but I just got my statement from my last billing cycle today.

Anonymous · ‎07-20-2017

I think you should be alright. I don't think Quicksilver is that hard to get. Venture would be harder. To be safer, I'd wait for the new CL to report so you not only have a higher limit on file, but you also will have a lower utilization.

JR_TX · ‎07-20-2017

I think CapOne requires applicants to be 21 and above. Can someone correct me on this one?

New cc TLs : 0/6 ; 0/12 ; 0/24 | HPs EX 3 EQ 3 TU 4 | AAoA 8y1m | UTIL 1% - 4% | $300K+ Total Limits

simplynoir · ‎07-20-2017

You just have to be 18 yrs old and have a SSN. Checked and they have that under the disclosures portion of application.

Anonymous · ‎07-21-2017

@Anonymous wrote:
Hi, guys. I want to apply for the Capital One Quicksilver but I do not know whether or not I have a good chance of approval. I can't use the prequal tool because I am under twenty-one. Right now, I only have a Discover card (2 years old) with a limit of $2000 and five student loans that are deferred for the time being. AAoA is 1 year and 4 months. I make $60k annually and my Discover credit limit just got bumped up from $1300 to $2000 about a week ago but I do not think that that has been reported to the bureaus yet. So I think that they see the $1300 limit with 31% utilization from June. This month's statement just closed with the $2000 CL and a 7% utilization. According to Discover, my FICO is a 715. I am not sure about my EX and EQ scores but I do know that I have 1 HP on TU, 1 HP on EQ and 2 HPs on EX (one of which falls off in August).

The hard pulls across all three bureaus are from when I applied and got denied for the Venture about four months ago, but things were different back then. CO gave me these reasons for my denial:

Based on your application information, income is insufficient for requested credit
Based on your credit report from TU, proportion of account balance(s) to credit limit or high credit is too high
Based on your credit report from TU, insufficient experience with high lines of credit or credit amounts
Based on your credit report from EQ, insufficient experience with high lines oif credit or credit amounts

Back then, I had a $200 credit limit, my utilization was crazy high and I only made a third of what I make now because I was finishing up school. Do you think that the changes I've made will be enough to score me a Quicksilver or is this card out of my league? I want it for the promo APR and no FTFs since I am going to be out of the country for the first half of next year.

Thanks!

The only question I'd have at all would be how much deferred student loans would have an effect on things, but I dont think enough to deny you. Otherwise, you sound golden, and I have a sneaky feeling you will look back on your post and smile at your concern, sooner than later. Of course you will want to wait until your new SL and utilization report.

One thing to note though, Capital One pulls from all 3 bureaus, and Equifax for me sometimes lags behind by about a week when it comes to reporting new information. Others may have theories on what kind of an effect it would have if you applied before it updated on all 3 bureaus, but I'm not going to venture a guess(no pun intended). I do think you may end up pleasantly surprised with the outcome/spending limit, compared to your initial concerns. Best wishes, let us know how it goes.

Anonymous · ‎07-24-2017

@Anonymous wrote:
@Anonymous wrote:
Hi, guys. I want to apply for the Capital One Quicksilver but I do not know whether or not I have a good chance of approval. I can't use the prequal tool because I am under twenty-one. Right now, I only have a Discover card (2 years old) with a limit of $2000 and five student loans that are deferred for the time being. AAoA is 1 year and 4 months. I make $60k annually and my Discover credit limit just got bumped up from $1300 to $2000 about a week ago but I do not think that that has been reported to the bureaus yet. So I think that they see the $1300 limit with 31% utilization from June. This month's statement just closed with the $2000 CL and a 7% utilization. According to Discover, my FICO is a 715. I am not sure about my EX and EQ scores but I do know that I have 1 HP on TU, 1 HP on EQ and 2 HPs on EX (one of which falls off in August).

The hard pulls across all three bureaus are from when I applied and got denied for the Venture about four months ago, but things were different back then. CO gave me these reasons for my denial:

Based on your application information, income is insufficient for requested credit
Based on your credit report from TU, proportion of account balance(s) to credit limit or high credit is too high
Based on your credit report from TU, insufficient experience with high lines of credit or credit amounts
Based on your credit report from EQ, insufficient experience with high lines oif credit or credit amounts

Back then, I had a $200 credit limit, my utilization was crazy high and I only made a third of what I make now because I was finishing up school. Do you think that the changes I've made will be enough to score me a Quicksilver or is this card out of my league? I want it for the promo APR and no FTFs since I am going to be out of the country for the first half of next year.

Thanks!
The only question I'd have at all would be how much deferred student loans would have an effect on things, but I dont think enough to deny you. Otherwise, you sound golden, and I have a sneaky feeling you will look back on your post and smile at your concern, sooner than later. Of course you will want to wait until your new SL and utilization report.

One thing to note though, Capital One pulls from all 3 bureaus, and Equifax for me sometimes lags behind by about a week when it comes to reporting new information. Others may have theories on what kind of an effect it would have if you applied before it updated on all 3 bureaus, but I'm not going to venture a guess(no pun intended). I do think you may end up pleasantly surprised with the outcome/spending limit, compared to your initial concerns. Best wishes, let us know how it goes.

I have $16,000 in student loans. I just checked my EX report through Discover scorecard. They've reported my new limit and utilization and my score is a 747 which was a pleasant surprise!

simplynoir · ‎07-24-2017

Yeah. the utilization probably helped a great deal especially since it's your only open line of credit on your report for the moment.

Anonymous · ‎07-24-2017

747 is a very good EX score so early in your credit career, and you have a good TU score too; I don't know if you're able to get at your EQ score - think about CCT if you haven't already signed up for the $1 trial - but it shouldn't be too far off from your other two FICO scores. I suggest you check the Cap One prequalification page, which is one of the more reliable prequal sites, to see if any offers come up. You want to see a single-figure APR offer or at the least an APR offer with no more than 3% - 4% between the high and low ends.