Approval And Denial

[IFtkkdx428]

Originally I wanted to close my Capital One Platinum which was is my oldest open credit line (1.75 years). The fact that it has an AF of $19 which is ridiculous, but it sounded good at the time considering it was my first credit card. It of course has no rewards which is also why I was looking forward to kicking Capital One to the curb. Thankfully, I didn't act too quickly and a couple of helpful myFICO members (Nixon and Kenny) made a suggestion. Both recommended I do a PC and explained how it works. I could PC to a card with a lower fee and/or better rewards, yet keep the history of the same card without losing the established credit line. I was quite excited to say the least. They specifically recommended that I ask to PC or Upgrade to the Quicksilver which has no AFs and a 1.5% cash back on everything with no caps. So, I slept on it and then decided to call the Customer Service number on the back of the Platinum card.

I spoke to gentlemen in a foreign accent first and explained the situation. I emphasized a couple of times that I "didn't want to close the card" and that I only "wanted to do a PC or Upgrade" to be sure he understood because of the language barrier. He decided to transfer me to someone who would be more "helpful" for me. This lady was extremely helpful and by her accent I could tell she was from a call center here in the US. She made things clear of exactly what I wanted from the situation. She told me that Capital One actually had an offer for me, however it was only for the Quicksilver One. I asked if I could instead get the Quicksilver instead, however she recommended that I use the Quicksilver One for 6 months and then call back to PC or Upgrade to the Quicksilver. The only big difference is that the Quicksilver has no AF and the QuickSilver One has an AF of $19.

I wasn't too upset, however I figure that I can make that $19 back with the cash back rewards. I asked, "What are chances of me getting the PC or Upgrade after 6 months?" She told me that theres a "good possibility" which gives me hope. I was very happy with her customer service. There was a good amount of personal talking. I wished her a Happy Halloween and she asked me what my plans were and I asked her the same. This was the best customer interaction I had with Capital One as far as I am concerned. 

So that was the approval. Here's the denial. 

"What's In Your wallet?" Well, I never saw this day coming, but Capital One has made its way back in my wallet. The 1.5% cash back on everything will replace the Chase Freedom and Barclaycard Sallie Mae 1% cash back on 'everything else' now. So it's safe to assume I'll be doing a lot more spending with it. With that in mind, I decided to try my luck with a CLI. The $750 CL I have with Capital One now is my lowest credit limit. I hit the CLI request button online for a soft pull. I can't remember exactly, but the message said it would be a few days before I would know anything. I found out today that I was denied. The letter in the mail stated, “There has recently been a change to the credit line on this account.” I apparently received an auto CLI during the month of August. I was unaware of this because I did not receive any email or letter regarding the auto CLI.

Overall, I’m extremely happy with this decision. Though I do believe that if Capital One does not upgrade me in 6 months to the Quicksilver that I might possibly close this account or PC to a different card which doesn’t have an AF. However, I will cross that bridge when I come to it.

I originally wanted to apply for either the Discover It, Capital One BuyPower, Bank of America Better Balance, Huntington Voice or a credit card from a credit union. Though I believe I might settle in to this new transition for a little while and then decide on the next move. I'm still having second thoughts, but I think I'll manange.

Helpful Information

Age: 22

Annual Income: $16,000.00

Monthly Rent/Mortgage Payment: $0

Credit Karma FAKO score: 751
TU FICO credit score: 746

Credit Card Utilization Rate: 3%

Percent of On Time Payments: 100%
On Time Payments: 32
Total Payments: 32
AAoA: 0.92
Oldest Open Credit Line: 1.75 years

Total Accounts: 3

Hard Credit Inquiries: 3

Derogatory Marks: 0



Current Credit Cards



Capital One Quicksilver One
Credit Limit: $750
Card issued: Jan/2013



Chase Freedom

Credit Limit: $3,000

Card Issued: Jan/2014

Sallie Mae Barclaycard
Credit Limit: $2,000
Card Issued: July/2014

Special thanks to Nixon and Kenny for your help!

You can find the original thread here: http://ficoforums.myfico.com/t5/Credit-Cards/What-s-next/td-p/3582699

Thank you, IF

[Anonymous]

Nice, I just upgrade last night! Fortunately I had a Platinum from 3 years ago with no AF so I still have no AF, despite having the QS1 I believe.
It's definitely going to keep Cap One in my wallet for many years to come thanks to the everyday 1.5%. Chase and Discover will probably just be my quarterly bonus cards.

[Anonymous]

That's good that your annual fee is only 19 dollars because mine is 39 dollars. Congratulations

[IFtkkdx428]

Thank you!

So based on your dealings, it seems that generally when you PC with Capital One that you keep your current AF.

[Anonymous]

I pc'd my platinum with a $19 af to the regular Quicksilver no af after having the card less than a year. I called and did the same things you did. Only thing i can think thats different is my income, age, scores and i put alot of money through it. I never had to pay the af. But even still, $19 is pretty decent, esp now that you have rewards. I think you have a very good chance of upgrading again like you said in 6months. Congrats! Quicksilvers a great card!

[Anonymous]

Thanks For Sharing.

[Creditwiser]

Good job working them on the phone.  When the time comes keep in mind that there are many people on here that have had success getting their AF removed from the QS1 permanently. So if they wont PC you to the QS, you can fall back on settling for your current QS1 with the AF removed.

Cap1 has been good to me in these past months with my BK. I will say thought that there doesnt seem to be any rhyme or reason on their business practice. They can be very difficult to figure out. What they do for you they will tell me cannot be done and so on. Very strange.

[b_diddy]

Congrats on getting good advice and PC'ing the Cap1!

[Anonymous]

Congrats!  

[TiggerDat]

Congrats on this.

However, I would call them back to make sure the AF is actually only $19!!!!!