@Anonymous wrote:
Hi all. i'm new here so don't know if this is the right place to put this but back in july i got a capital one secured card with $600 credit line, in January i applied for a unsecuref card from them but denied but i needed another card to have that credit mix so i got another secured card. the firdt of march i was making a payment and i decided to check to see if i qualified for anything and according to the website it said the platinum so i applied and i got a letter that said i could not be approved because i couldn't have more then two accounts. I see however here there are plenty of folks who have more then two accounts so my question is should i close the card i just got in January and re apply.
Welcome to the MyFico Family!
Capital One has a limit on the number of cards that a customer can have based on the card they are applying for. All CapOne cards listed on their website that say for "EXCELLENT CREDIT" have a 5 card cap and all the remaining cards have a 2 card cap.
In your case, the regular Platinum card will result in an auto decline because of the 2 card cap, and in this case, you already have. If you were to be applying for the Platinum Prestige (which has a 5 card cap), your application will go through normally and not be auto-declined.
To find this "cap" that I am referring to, you need to click "CARD DETAILS" under the green apply button, which will take you to the specific credit card details. Again, under the green apply button, click "VIEW IMPORTANT RATES AND DISCLOSURES". It will take you to the Rates and Terms. You will need to scroll down until you see the header "ADDITIONAL DISCLOSURES & TOS" and you will see the bullet point: "By applying, I understand that I am not eligible for this offer if:". It is about half way down the list and it should say "I have 2 or more open credit card accounts with Capital One." Basically, it states that you cannot qualify if you have 2 or more open cc's.
If you would like to apply for the regular Platinum, you will need to close out one card, wait for the closure to report to your reports (just for safe measure), then apply. My suggestion to you, since you are still building your credit, is let those two secured cards age. The one great thing about CapOne's secured card is that you can add fund to the card without a HP. They do say that 3 cards is the minimum number of credit cards to start getting that "good mix" in your fico score. So let those new secured cards age, and i suggest you periodically check pre-qual sites from Chase, BofA, AMEX, etc. You will be suprised how many "new-to-credit" individuals have been approved from Prime lenders with good payment history with only 1-2 cards on their profile (assuming they have zero baddies).
Lastly, IIRC, because the system auto declined your app because of the card limit, you did not take a HP for that app. Please correct me if I am wrong.
Good luck to you and keep asking those questions. This forum has helped me a lot!
I hope this helps
Current 10/24/2024 EQ - 777 FICO ; EX - 777 FICO ; TU - 781 FICO
