Wait - Don't Wait?

[Anonymous]

I am approved for all the Cap 1 cards. I plan to app for Venture, then QS. My prequal has me around 18% - it was an exact amount - I did it online and had a few glasses of wine - so...

Here is the dilemma. During rebuild, I picked up a Walmart card. Toy limit of $150. I hardly use the card and made the mistake of not trying for a CLI. I have been away for business and my wife decided she was going to save $25 by using the card. She spent the entire limit - well $148 and it reported prior to the statement date? So, I have this card reporting at almost 100%. It is paid in full, just waiting for it to update. My current scores are all around 740 and I have one other card reporting a $4 balance. The simulators push me over 760 when the balance is reduced. Do I wait? I would like to reduce the APR and possibly get a higher SL. I am not in dire need of a new card but also dont want to wait another couple of weeks - unless it is worth it.

Thanks...

[myjourney]

What I read out of all that didn't contain one key as to why you want the card other than a lower APR? 

So my question is that and the possibility of a higher SL the only reason for the card?

Even tho you look good for the approval i think ......do you really need the card or want? Hmmmmm

Good luck should you apply 

[Anonymous]

In my opinion...Cap1 prequals have a pretty high acceptance level.

Fact, That Venture does go down to 13%.  

Seen on forums, Cap1 is not easy in regards to lowering APR's in comparison to others.

Venture with bonus has been around for awhile, and will continue to do so. All my opinion.

So, pull the trigger now and be "stuck" with 18% OR...have the chance at that much better APR by being patient.

i had the prequal at 18%, I passed. I preferred to wait for a lower APR and most likely much higher SL.  Seen posts of 13% w 30k SL...I'm willing to wait for that.

[Anonymous]

Thanks for the response. I went years w/o any cards, so I guess I dont really "need" the card. I wore out my debit card and paid cash for everything before I found this forum. I do "want" the card for the points. I have worked pretty hard to rebuild and would like to enjoy the rewards that come with responsible credit.

My apologies for the vague history. This would be my first Sig Card and I am looking to maximize the starting limit and APR as I want this to be my go-to card for the next year. I also imagine it is much easier to start with a lower APR than trying to reduce when it is already open. I would also like the higher SL as my spend is pretty high each month (always PIF) but want to maximize points each month w/o multiple payments.

Thanks

[myjourney]

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@Anonymous wrote:

Thanks for the response. I went years w/o any cards, so I guess I dont really "need" the card. I wore out my debit card and paid cash for everything before I found this forum. I do "want" the card for the points. I have worked pretty hard to rebuild and would like to enjoy the rewards that come with responsible credit.

My apologies for the vague history. This would be my first Sig Card and I am looking to maximize the starting limit and APR as I want this to be my go-to card for the next year. I also imagine it is much easier to start with a lower APR than trying to reduce when it is already open. I would also like the higher SL as my spend is pretty high each month (always PIF) but want to maximize points each month w/o multiple payments.

Thanks

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Lol now I see a reason for the card and the thinking behind it...

You look good for an approval in my eyes and as long as you keep the mentality of PIF each month APR doesn't matter

Let me know how you come out

[Anonymous]

Here's how I see it.  If waiting a couple of days gets you a much lower interest rate or higher limit, those would potentially last you for the rest of your life.  It can't be too hard to wait a few days.  There's decades more benefit to waiting 2 or so days.