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So I app'd for the QS 1 on Friday... Update: Approved

x9144190
Valued Member

So I app'd for the QS 1 on Friday... Update: Approved

...And this morning CapOne called me up and offered to upgrade my old Platinum card to the regular QS (I've had it since dirt was young...Cat Tongue )  I took them up on the offer, since there were going to be no adverse consequences (no HP, no AF) and only benefits.  Of course, the QS1 app is still pending--got the 7-10 day message on Friday, which means it could go either way. from what I've read.

 

Wondering what triggered them to offer me the upgrade?  Was it my application?  Is this some sort of consolation prize if they deny me the QS1?  Am I overthinking this (probably)?

 

My whole purpose behind getting the QS1 is to transfer all or part of the balance from my closed with balance Chase card (result of a hardship agreement from over a year ago), and decrease my overall utiliization, which is at about 46%.  And because I now have the QS, if I get the QS1, I'll combine them in the future to get rid of the AF.

 

A what's weird, is BofA just lowered my APR from 29.99% to 14.99%, just as the statement cut.  Balance is zero.  Not looking a gift horse in the mouth, because I think this is probably good news? 

 

Mod note:  I've updated the thread subject to reflect your approval; feel free to edit if you would like.  --UB

Starting Score:EQ 630 TU 621 EX 614
Current Score: EQ 681 TU 681 EX 668 (8-19-2107)
Goal Score: EQ 750 TU 750 EX 750


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Message 1 of 16
15 REPLIES 15
AverageJoesCredit
Mega Contributor

Re: So I app'd for the QS 1 on Friday...

Wow, thats a huge cut in Apr from Boa. I would feed that horse gold if it wantedSmiley Wink
Message 2 of 16
kobe2012
Established Contributor

Re: So I app'd for the QS 1 on Friday...

If you got 7-10 day msg.. I would call them up .. might be fraud dept... just verifying you did d app... good luck

Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
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Message 3 of 16
Backwoods
Senior Contributor

Re: So I app'd for the QS 1 on Friday...

I know Cap 1 use to and believe still does some heavy data mining.  Dw got a CLI out of the blue on her QS when another  reported a higher limit. it was not time.   

Message 4 of 16
x9144190
Valued Member

Re: So I app'd for the QS 1 on Friday...


@AverageJoesCredit wrote:
Wow, thats a huge cut in Apr from Boa. I would feed that horse gold if it wantedSmiley Wink

Smiley Very HappySmiley LOL

 

I know, right?  I was pretty surprised to see that, but thanking my lucky stars that they did it.  Not that it's very relevant, given that I don't plan on carrying a balance ever again. But, maybe it is a good sign...Smiley Wink

 

Edited to add: This BofA card is one that I've had for a very long time, so maybe that had something to do with it?  Who knows, but I'm pretty pleased overall...

Starting Score:EQ 630 TU 621 EX 614
Current Score: EQ 681 TU 681 EX 668 (8-19-2107)
Goal Score: EQ 750 TU 750 EX 750


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Message 5 of 16
x9144190
Valued Member

Re: So I app'd for the QS 1 on Friday...


@kobe2012 wrote:
If you got 7-10 day msg.. I would call them up .. might be fraud dept... just verifying you did d app... good luck

I think you're right.  I called them up, and they just wanted me to validate that I indeed submitted the application so that they can continue to process it.  Still, fingers crossed!

Starting Score:EQ 630 TU 621 EX 614
Current Score: EQ 681 TU 681 EX 668 (8-19-2107)
Goal Score: EQ 750 TU 750 EX 750


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Message 6 of 16
oldman87
Valued Contributor

Re: So I app'd for the QS 1 on Friday...

Was 29.99% penalty APR or your initially approved APR?
Message 7 of 16
x9144190
Valued Member

Re: So I app'd for the QS 1 on Friday...


@oldman87 wrote:
Was 29.99% penalty APR or your initially approved APR?

The 29.99% was what it became when I was having financial issues over a year ago, now suddenly it's down to 14.99%.  That is actually lower than my initally approved APR, because this was one of the first cards I ever had.  I think I started, if I recall correctly, at something like 24.99%.  

 

I guess maybe they're seeing less risk than before.  The account has aged, and I'm using it correctly...I don't know.  

Starting Score:EQ 630 TU 621 EX 614
Current Score: EQ 681 TU 681 EX 668 (8-19-2107)
Goal Score: EQ 750 TU 750 EX 750


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Message 8 of 16
oldman87
Valued Contributor

Re: So I app'd for the QS 1 on Friday...

Penalty APR is usually only applied for a set period of time after you've caught up, the fact that they dropped you 10 points below the initial APR means you're doing really well, congrats and keep it up.
Message 9 of 16
x9144190
Valued Member

Re: So I app'd for the QS 1 on Friday...

I called today to check the status, and I'm approved!!  Yay!  I don't know what the CL is, but I'll keep you all posted on it.  Cat Very Happy

Starting Score:EQ 630 TU 621 EX 614
Current Score: EQ 681 TU 681 EX 668 (8-19-2107)
Goal Score: EQ 750 TU 750 EX 750


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Message 10 of 16
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