Upgrade VS. Applying for New Line of Credit

[Anonymous]

True... I think I'm just going to be patient for a little while longer and see where things go. I'm pretty sure they'll end up manually reviewing my account eventually and may up my limit much more than the online CLI request link is giving me right now. Then perhaps I'll end up trying an upgrade to QS, which I know they'll give higher limits on and I'll at least be getting some kind of rewards if I do use the card, or if I feel the Savor will be beneficial to me, then I'll apply for that later on down the road and combine the cards then to disgard the Plat.

However, I know eventually I'm going to try my luck out with the Chase SR and will benefit from utilizing it on dining purchases probably more so than the Savor so I'm going to hold out for the moment and contemplate on the next step.

Back to gardening for now, but thanks for all the help guys! Always appreciated 

[Anonymous]

3. and Cap1 is 3 HPs per application

[Anonymous]

Yes I'm aware of their policy with HP's, which is another reason I was wanting the feedback from the Comm. Not willing to allow that many more HP's at the moment so I think I'm better off weighing my options for now. Like I said, I really want the Chase SR since I travel so much for work and I know that card would really benefit me there, but need to work on my credit a little more before I attempt that one.

Honestly, I may not even try for a Cap 1 for a while, just wanted some feedback from everyone. I didn't think it made much since to apply for a new line of credit with them right now when I just got approved for two really great prime rewards cards, but figured I'd get some input on the upgrade. I thought maybe I'd have better luck with getting CLI's on it if I did it that way, I'm just not ecstatic about the APR on it (which would remain the same), but then again, I PIF so...

Hey, I wonder if I call them though they'd lower my APR... what does everyone think? Or better yet, does anyone know if they have an online chat option where you can do all this? Since I haven't had a CLI in the last six months, maybe they'd consider reviewing my account manually for a CLI too... worth a shot or no? Not sure if anyone is familiar with Cap 1 and if they even consider lowering APR's or not....I'd basically be inquiring about my upgrade option that's available and if they'd be willing to upgrade it with a change in APR (lower) and CL (higher). However, they might do an HP for that. Does anyone know if Cap 1 does HP's when they do auto CLI's?

[Anonymous]

If you upgrade to quicksilver it won't be a hard pull or change your cli waiting time or account history. No reason not to take it.

And the clis don't take a hard pull either.

[Anonymous]

Thanks for that feedback... I know I keep going back and forth, but I might just go ahead and do it. I mean, I'm not gaining anything from that Plat. Even with the same APR and CL, atleast with the QS I'll gain rewards when I do use it, although my Disco IT and Citi DC will be my main rewards cards now. Then at least I'll probably have an easier time increasing the limit on that card down the road then the Plat. It seems that card really has no growth potential, but is good for what it is and that's helping you rebuild your credit. I was thankful for it, just need to move on now.

[HeavenOhio]

There's no reason not to accept a card upgrade. Nothing changes except for the rewards structure, the annual fee (if applicable), the verification number on the card, and possibly the expiration date. CLI eligibility, APR, and everything else will remain the same.

If you're using the link to check for upgrades, Savor offers won't appear. To see if the Savor is an option, you'll need to call in or chat.

There's no harm in checking for a CLI. If you're declined, there's no time limit before you can apply again. If you feel an offer is too low, you can decline it without resetting the clock. If you accept, you'll need to wait six months before trying again.

[Anonymous]

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@HeavenOhio wrote:

There's no reason not to accept a card upgrade. Nothing changes except for the rewards structure, the annual fee (if applicable), the verification number on the card, and possibly the expiration date. CLI eligibility, APR, and everything else will remain the same.

If you're using the link to check for upgrades, Savor offers won't appear. To see if the Savor is an option, you'll need to call in or chat.

There's no harm in checking for a CLI. If you're declined, there's no time limit before you can apply again. If you feel an offer is too low, you can decline it without resetting the clock. If you accept, you'll need to wait six months before trying again.

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Thanks for the feedback! Yes, I'm starting to think my best option at this point right now is an upgrade, but I feel I'd probably be better off calling and getting an actual person to review my account as opposed to just using the upgrade link.

I've also tried numerous online CLI requests, but haven't accepted them because they're extremely low and didn't want to waste one, knowing I wouldn't be eligible for another one for six months. I'm thinking at this point, I'll get a better answer and understanding of what I qualify for and what they're willing to give me at this point if I just call in.

Thanks everyone!

[UncleB]

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@Anonymous wrote:

Hey, I wonder if I call them though they'd lower my APR... what does everyone think? Or better yet, does anyone know if they have an online chat option where you can do all this? Since I haven't had a CLI in the last six months, maybe they'd consider reviewing my account manually for a CLI too... worth a shot or no? Not sure if anyone is familiar with Cap 1 and if they even consider lowering APR's or not....I'd basically be inquiring about my upgrade option that's available and if they'd be willing to upgrade it with a change in APR (lower) and CL (higher). However, they might do an HP for that. Does anyone know if Cap 1 does HP's when they do auto CLI's?

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The best you can hope for with Capital One is a six-month temporary APR reduction; they don't do permanent APR reductions. 

[Anonymous]

Thanks UncleB! I sort of figured that... guess I'll just do the upgrade for now so that I'm gaining something from using the card (and will hopefully have better growth potential with the upgrade), then wait it out. I won't be apping with them for any new credit lines anytime soon unless I figure out that one of their cards becomes more beneficial to me. I'm already going to be getting more rewards out of my Disco at 5% and then my Citi DC will cover what my Disco doesn't at 2%. Plus, I'm in the garden for the next year....