Upgrade VS. Applying for New Line of Credit

[Anonymous]

So.... looking for some feedback/input on something.

I had already decided to go back to gardening for a bit after a succesful approval on two prime cards, but now I'm considering tackling one more obstacle before doing so. Now, depending on which choice I make, it may not involve me harming my gardening time at all.... but here's the question I'm asking for input/feedback on.

I have a Capital One Platinum card (measly $500 limit and this was the total after my credit steps CLI) and am thinking about upgrading it. I was already approved to upgrade it to the Quicksilver (actual QS not QS1), but they offered me the same credit line amount and same APR. Plus, by doing it this way, you lose any new customer benefits (Sign-Up Bonus, etc.).

My question is: Should I accept the upgrade and take advantage of the rewards offered (since I'm not currently benefiting from any of this with the Platinum card) or, should I try and apply for a new line of credit to see if I can get a higher initial SL and then combine the cards later on? Or, better yet, should I hold off a little bit and wait to see if Capital One will give me another automatic CLI (once they review my account) for a larger amount and hold off on applying for the QS, so as to combine the limits later? I tried requesting a CLI, but they only offered me a measly $100 so I didn't accept. I'm thinking they're basing all of this off of my initial information (since there hasn't been any more HP's) and perhaps once they actually review it (not sure how often they do this) they might end up bumping me higher. I spend well above the limit each month, but make multiple payments and do not carry a balance. This month marks six months since they did my initial credit steps CLI after five months of on-time payments.

Any thoughts? All feedback/help is much appreciated. Thank you Community family! 

[simplynoir]

I'm just curious as to what card you're looking to upgrade. Also, if an app for a possible higher SL what card are you going for?

With your two approvals you pretty much got it covered for awhile. You basically use the Disco for all purchases especially when the categories are applicable because of the double-cash first year and Citi DC for places that do not accept Discover. The only real card I can see from CapOne that might be of use to you is maybe the Savor card for the categories and small SUB they have. I would just wait it out at least for the next year while you pound away at the Discover card and then revisit the issue then.

One thing to note depending on what the CapOne prequal page show you for cards and APRs it might change this but I would do that first before anything if you're commited to a higher limit with a signing bonus to boot.

[Anonymous]

+1 to what Senior Contributor @simplynoir said.

[Anonymous]

I'm approved to upgrade my Capital One Platinum card to the Quicksilver, same account (card number), same CL and APR. I was just wondering how much further I could get with this particular card or whether it's smarter to take the upgrade and try my luck out with increases on that and take advantage of rewards. I've seen it go both ways for others on the Platinum with Capital One (some get increases and some don't).

 But... you make a good point... with the two approvals I just got (Citi DC and Disco), I probably won't be using that card very much now so it's more or less going to be useful only for longevity purposes. The Disco and Citi DC offer much better rewards than the QS anyways so not much point in trying. I might as well wait until I'm ready to apply for the Venture from Capital One, although there are also better travel rewards cards out there too so...

Appreciate the feedback guys! I feel you're right and should just work off these two approvals I got since they're very good ones!

[simplynoir]

There's nothing wrong with standing pat in your situation. You got two very good cashback cards that you can work on for the next year and then when the time comes you can re-evaluate your situation to see where you stand and think about upgrading your card lineup with a nice travel card or two. Remember, good things come to those who wait.

[Anonymous]

You’re absolutely right! Thanks for the feedback. I think I’m going to take your advice and just work off what I got right now. Definitely happy with my current situation!

[Anonymous]

The only reasons I wouldn’t apply for a new card are:
1. If you will be at 5/24 and might want a Chase card
2. If you are considering getting a house, auto or personal loan in the next few months
If neither apply, your credit will take a small short term hit but the potential to bring on a better card might be better for long term growth.

[Anonymous]

Since you have the two other cards which both have a good oppertunity for growth, you could just consider upgrading the C1 Platnim for the Savor with 3% on dinning and 2% on grocceries and 1% on the rest or Quicksilver for 1.5% if your looking for rewards when the Disco is off category or for dinning. It could be a nice backup to the others.

But yes if the card started out in credit steps that account will never have any real potential for growth, but since its probably your oldest card it might be worth the upgrade to keep it around for another year or two unil you build up your base AOAA.

For me after a lot of study here, you have to really think about your long term strategy to win in the end not just a sign up bonuses. Really what is $100 bucks at the end of the day on a sign up when comparing the long game with a strategy for card with a low intrest rate if your ever going to need to carry a balance.

[Anonymous]

Yes I agree. The sign-up bonus doesn’t really matter much to me. I’m much more interested in the overall cash back overtime with continuous use. Also since I PIF, 0% intro APR’s don’t benefit me either. So I think I might try upgrading it to the Savor since I do eat out a lot and can gain 3% back on that card when Disco doesn’t cover it with the 5%. Thanks so much everyone for all your feedback. And yes, I also was concerned about the 5/24 because I am looking to apply to Chase here soon. 😉

Will give you all an update later on once I do, but I’ll be gardening for a while before that.

[joltdude]

Not sure if they will allow an upgrade to Savor with that CL and/or from a Plat...

Thought Savor was a slightly higher tier card for COne