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Capital One Platinum Card Approved

A1Credit
Established Contributor

Capital One Platinum Card Approved

I know that I said I was trying to wait to apply, mainly out of fear of denial.  I listened to the advice of you guys here and decided that I should not prolong my rebuild any longer.  With that said, I bit the bullet and applied for a Capital One Platinum Mastercard and was approved for $3000.  I am so excited!  My next card I would like to try for would be Discover.  How long should I wait before apping for one of their cards?  Are they open to credit rebuilders like myself? Please share your experience with Discover.

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 1 of 19
18 REPLIES 18
8HundredsAway
Valued Member

Re: Capital One Platinum Card Approved

Congrats on the approval! That is a great starting CL too! $3k? Niceeeee!

 

 

April 2016 I started my rebuild with a Discover it SECURED card with a $500 CL. Then in December 2016 I applied for the Capital One Platinum and was immediately approved with a $1,000 CL. So I went the opposite route as you.

 

Personally, I would say you need to start building some data points and good history now, rather than wait. So I would try for the Discover It now and see what happens. Worst case scenario is you may have to try for the secured version of the card if you don't get approved.

 

Based on my personal experience, I would say the Capital One team is a little more lenient than the Discover team in terms of approvals.

Message 2 of 19
A1Credit
Established Contributor

Re: Capital One Platinum Card Approved

@Thank you very much @DavidLee30!  I was shocked by the CL too!  I was thinking they would give me $300 to start off with.  I don't know if my income was the reason or what.  I just did the pre-qualify on the Discover website and I was pre-qualified for the Discover IT.  I know even with pre-qualifying, it is not a guareenteed approval.  I just hate rejection!!! Smiley Frustrated

 


@DavidLee30 wrote:

Congrats on the approval! That is a great starting CL too! $3k? Niceeeee!

 

 

April 2016 I started my rebuild with a Discover it SECURED card with a $500 CL. Then in December 2016 I applied for the Capital One Platinum and was immediately approved with a $1,000 CL. So I went the opposite route as you.

 

Personally, I would say you need to start building some data points and good history now, rather than wait. So I would try for the Discover It now and see what happens. Worst case scenario is you may have to try for the secured version of the card if you don't get approved.

 

Based on my personal experience, I would say the Capital One team is a little more lenient than the Discover team in terms of approvals.


 

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 3 of 19
8HundredsAway
Valued Member

Re: Capital One Platinum Card Approved


@A1Credit wrote:

@Thank you very much @DavidLee30!  I was shocked by the CL too!  I was thinking they would give me $300 to start off with.  I don't know if my income was the reason or what.  I just did the pre-qualify on the Discover website and I was pre-qualified for the Discover IT.  I know even with pre-qualifying, it is not a guareenteed approval.  I just hate rejection!!! Smiley Frustrated



 

For sure. I hate rejection too. I would wait for some more seasoned rebuilders to answer here, but if it were me I would be going for that pre-qualification on the Discover It.

 

Just make sure that before you do it you are willing to drop $500-$1000 on a secured card just in case you are not approved for an usecured card.

 

The way I see it, you need to build data points and if you apply you will get a hard pull, so you may as well get for whatever you are approved for (even if it is the secured card).

 

Knowing your Credit Scores would be good too. Although, if you are pre-qualified there is some metric Discover does like (probably income, like you said).

 

I'm cheering for you though. I have been gardening the last 4.5 months and I am really eager to finally get a good rewards card...but not interested in the potential rejection -_-

Message 4 of 19
A1Credit
Established Contributor

Re: Capital One Platinum Card Approved

I'll  hold off for now and enjoy my "win" for today.  Smiley Happy  Good luck to you.  Hopefully once you come out of the garden, you will be approved for the card(s) you want.

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 5 of 19
joe8185
Valued Contributor

Re: Capital One Platinum Card Approved

Congratulations! I decided to take the chance on a Cap One unsecured Platinum MC myself in early February and got approved for the exact same SL you did. Bear in mind that after your sixth on-time payment, Cap One will give you an automatic CLI - the figure I was quoted in the email was $500, to $3,500 - as part of their "Credit Steps" program (though many people here say that if the circumstances are right, you can get a CLI earlier than that by hitting the "luv" button or calling them up). I would definitely consider applying for Discover It. It can be a real crapshoot depending on your scores and how your report looks, but here's a little trick (which you may already know); go to their pre-qualification site and fill in the info. Watch for what APR comes up. If you get a small range, say 3% or 4% from lowest to highest, or better yet, if you get a solid, single-figure APR quoted to you, then go for it! (If you're like me, you might even be getting your mailbox stuffed - and I mean that literally - with mailers from Discover. Look at them and if they give you the same good APR quotes I mentioned above, pull the trigger on the app. What's really funny is that I'm STILL getting mailers from them, several weeks after I activated my card.)

Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO:TU 680 FICO 8 (3/2/19) or 687 FICO 9/EX 694 FICO 8/EQ 685 FICO 8 or 674 FICO 9 (NFCU 3/3/19), VS 3.0 10/17/18: TU 702/EX 699/EQ 698. $92.9k revolving credit as of 1/31/19; $1K NFCU cashRewards Visa, $2K BJ's Perks MC, $5.1k Discover It #1, $6.5k Discover It #2 (new 3/12/18), $3.5k Petal Visa, $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $6k Walmart Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $11.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening: 3 months, 19 days as of 1/31/19. 24 HP inqs total as of 10/12/18: 10 TU, 9 EQ, 5 EX (about half over 1 year old).
Message 6 of 19
A1Credit
Established Contributor

Re: Capital One Platinum Card Approved


@joe8185 wrote:

Congratulations! I decided to take the chance on a Cap One unsecured Platinum MC myself in early February and got approved for the exact same SL you did. Bear in mind that after your sixth on-time payment, Cap One will give you an automatic CLI - the figure I was quoted in the email was $500, to $3,500 - as part of their "Credit Steps" program (though many people here say that if the circumstances are right, you can get a CLI earlier than that by hitting the "luv" button or calling them up). I would definitely consider applying for Discover It. It can be a real crapshoot depending on your scores and how your report looks, but here's a little trick (which you may already know); go to their pre-qualification site and fill in the info. Watch for what APR comes up. If you get a small range, say 3% or 4% from lowest to highest, or better yet, if you get a solid, single-figure APR quoted to you, then go for it! (If you're like me, you might even be getting your mailbox stuffed - and I mean that literally - with mailers from Discover. Look at them and if they give you the same good APR quotes I mentioned above, pull the trigger on the app. What's really funny is that I'm STILL getting mailers from them, several weeks after I activated my card.)


@Thanks for the info @joe8185.  As for Capital One, with my CL being $3,000 will I still get an increase after 6 payments?

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 7 of 19
SouthJamaica
Super Contributor

Re: Capital One Platinum Card Approved


@A1Credit wrote:

I know that I said I was trying to wait to apply, mainly out of fear of denial.  I listened to the advice of you guys here and decided that I should not prolong my rebuild any longer.  With that said, I bit the bullet and applied for a Capital One Platinum Mastercard and was approved for $3000.  I am so excited!  My next card I would like to try for would be Discover.  How long should I wait before apping for one of their cards?  Are they open to credit rebuilders like myself? Please share your experience with Discover.


Congratulations.

 

Give yourself some time to build a great history with your Capital One card before adding on others.


Total revolving limits 653000 (575000 reporting) FICO 8: EQ 716 TU 747 EX 715

Message 8 of 19
A1Credit
Established Contributor

Re: Capital One Platinum Card Approved

Can anyone tell me how to make the most out of this card to better my chances for more cards and a good credit limit increase?  Do I have to utilize the majority of the limit then pay in full each month (allowing a small balance to report) to show that a higher limit is needed or do I just use only a small portion of the limit, let a small balance report to the CRAs then pay the remaining balance off?  I'm really hoping that they will give me an increase in six months and I am trying to better those odds.

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 9 of 19
8HundredsAway
Valued Member

Re: Capital One Platinum Card Approved


@A1Credit wrote:

Can anyone tell me how to make the most out of this card to better my chances for more cards and a good credit limit increase?  Do I have to utilize the majority of the limit then pay in full each month (allowing a small balance to report) to show that a higher limit is needed or do I just use only a small portion of the limit, let a small balance report to the CRAs then pay the remaining balance off?  I'm really hoping that they will give me an increase in six months and I am trying to better those odds.


I'm in my fifth month right now with my Cap1 Platinum. The first 4 months I PIF before the cut date so each of my first four months I was reporting $0 on the card.

 

I have read elsewhere that Cap1 has acted kinda funny lately in terms of their "step up" program (automatic CLI's). It used to be that the PIF method worked wonders, but recently it has changed.

 

Basically, Cap1 is kinda upredictable right now, but one theme seems to be that Cap1 overall likes to see lots of usage on their cards. Don't get that confused with high utilization.

 

Yes, I have spent WAAAAAAY too much time reading about this week. Why? Well, I'm trying to get my Cap1 Platinum upgraded to a Quicksilver without a hard credit pull.

 

I was previously using my Cap1 Plat for a 9% utilization with just a few transactions then PIF before the cut date. After reading a bunch this week, I am going to change up and use the card a lot for a bunch of little purchases. I put $10 in gas in my car last night, then went inside and got a pack of gum. Paid some cheap bills, then I have a $50 and $90 bill coming up this month. I will probably use it 20-25 times this month for about $280 (my CL is $1,000).

 

The idea is to keep the utilization under 29%, but use it a lot so Cap1 sees that you are using the card which would then increase the chances they 1) offer a CLI because of the high usage of the card and/or 2) offer their Quicksilever card.

 

I don't know what really works, and it appears there is a lot of confusion right now about Cap1, but I will let you know what happens next month.

 

Message 10 of 19
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