Upgrade from Cap One Platinum to QS?

VipreArmed · ‎05-16-2018

Quick question or questions,

I was doing some CLIs on my cards just to add some padding to my utlization and get my scores up. Been gardening for over a year now and looking at my credit unions (Alliant & PenFed) offers for CCs but wanted to get my numbers higher first by lowering my balances to 0 on a few cards.

Anyway, I went to Capital One account and I saw my Platinum Card can be upgraded to a Quicksilver. The limit stays the same, APR the same and the only real advantage is 1.5% cash back but my question is:

1) How much better is a Quicksilver over a Platinum? My Platinum started off as a secured card and went unsecured back in Nov 2017. I've been reading the forums and some people say Capital One is more generous when it comes to CLIs with a Quicksilver over the Platinum and QS1 cards. Is that true? It's one of my oldest cards but it's my lowest credit line so if moving to a QS can help in the future for CLIs, I'd consider doing it.

It sounds like it's really no negative upgrading but I was wondering from those with experience with this, is there something I'm missing or should think about?

2) Should I apply for CLI first and then upgrade? Or upgrade and then apply for a CLI?

Thanks ahead of time

Pikaboo-icu · ‎05-16-2018

I did that very thing.

The age of the account doesn't change so it will remain your oldest.

The cash back is always a plus..

CHEERS

creditguy · ‎05-16-2018

I don't think it matters whether the card is a platinum or a QS1 in regards to generous CLI, I have seen platinum cards grow pretty decently, it really just depends on your profile and whether you have been bucketed. The QS1 carries an AF of $39 whereas your Platinum has a $0 AF, so if you're fine with that and your cashback can justify the AF then there is no downside in switching. Keep in mind you can always apply for better Cap One cards later on when your profile improves and that's when you will see better SL's and CLI's. Best of luck in whatever you decide.

VipreArmed · ‎05-16-2018

@creditguy wrote:
I don't think it matters whether the card is a platinum or a QS1 in regards to generous CLI, I have seen platinum cards grow pretty decently, it really just depends on your profile and whether you have been bucketed. The QS1 carries an AF of $39 whereas your Platinum has a $0 AF, so if you're fine with that and your cashback can justify the AF then there is no downside in switching. Keep in mind you can always apply for better Cap One cards later on when your profile improves and that's when you will see better SL's and CLI's. Best of luck in whatever you decide.

When I looked and checked the terms, the upgrade is QS and not the QS1 so it's no AF on it either.

I've never heard the term "bucketed" though. Is that like a cap or ceiling that Capital One gives you? My Platinum is only $550 dollars so I'm hoping that's not my ceiling with them LOL.

Anonymous · ‎05-16-2018

Bucket can refer to the terms under which you capital one card was opened. If you started with a $500 SL or were approved with a low score, chances are you are in a "starter account" bucket. There's no way out of it unfortunately. Improving your profile, getting your score to 800+ etc won't get you out or that bucket, so it's possible that you'll see very little growth on the account.