Trying for my first higher limit capital one

[Anonymous]

Backstory...
Bk in 2011
Current FICO 703
Current cards
Amazon store card 1K
Lowes store card 700
Quicksilver one 4500
Cap 1 platinum 3300
Barclay 3500

Looking into either venture or regular quicksilver.

I like the sign bonus for venture but the no annual fee of the quicksilver. Wanting to use point for travel so venture would be fine.

Been reading that capital one has a two card max, I would be fine with closing the quicksilver as I don’t want to keep paying that 40 when my other card which is older also gets 1.5% cash back with no annual fee. Both show up under the pre-qualify page with a set apr.

Question...
Should I close one of the account before applying? If so should I wait a certain time before applying?
Second would it hurt to apply for both cards at the same time and pick the better approval?

Any other pointers for getting into a higher limit/visa signature card?

[Caardvark]

I believe the limit is 5 cards (not two)

[Anonymous]

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@Caardvark wrote:

I believe the limit is 5 cards (not two)

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Capital One has a 2 card max if you are in their rebuilder grouping. I ran into this when I tried to add another Cap branded card last year and I had the PlayStation card. They changed the rules. Basically if you get their ridiculous 26% APR offers on prequal, you can only have two. 

OP if you want to go for another Cap card, close your QS1 first and wait 60 days would be my suggestion. 

But honestly, I would be looking at other cards now if it were me. I would go for a Discover IT card. 

[Anonymous]

I have though about other cards but the ones that seem better to me, like the chase sapphire, seem to be even harder to get post BK. Havnt looked much into the discover cards to be honest, I did burn them in the BK so not sure if they hold a grudge.

I looked at the ape on the pre-qual and it was 25% ish so I’ll assume I have to cancel a card. I may just cancel the platinum because they already offered me a product change on my QS1 to a venture1. And my QS1 has the higher limit already.

Any other cards easier to get with higher limits to help groom into better cards one my BK is gone?

[Anonymous]

I would definitely check Disco, they tend to be forgiving. 

If there is military in your family, NFCU is a no-brainer and an amazing institution for rebuilders.  

If you use PayPal, the PayPal Cashback is a decent card to go for. It’s a flat 2% cash back like the Citi DC but it’s by Synchrony so it’s much easier to get and Sync is known for their generous limits once they get to know you. 

[FinStar]

Hi OP and welcome to the myFICO forums.

Lenders' UW policies tend to fluctuate depending on market conditions so while there may be some contenders that may fit into your criteria today, may not be the most suitable 2+ years from now after your BK falls off.

Do you foresee spending more than what you currently have given the combined TCL with cards you have?

Potentially, and depending on eligibility, there are a variety of CUs that can be lucrative (NFCU, PenFed, DCU, etc.) when the mainstream banks may not be as BK-friendly. For instance, Chase, might as well cross that off your list until BK is gone (provided you didn't burn them).

Having said that, what lenders did you burn or IIB?

[Anonymous]

cap1, discover, BofA And I think chase. Don’t remember who held my store cards.

I am a part of schools first FCU maybe I’ll check and see what they have.

My hope is to keep building and saving for a house by end of next year or so depending on market. So trying to get situated with a good everyday card now so that any inquiries would be old.

[FinStar]

Capital One is definitely forgiving given the cards that you already have established. Discover is another BK-friendly lender. BoA *may* throw you a bone via the secured CC option, but it's also been known they can have memory issues especially if it was a pretty bad burn. Forget Chase for a while.

Definitely try your CU and see what options would be available as a member. Some of my rarest 'finds' have been right in front of my nose all along, locally.