Any Point To Doing This??

Broke_Triathlete · ‎10-04-2015

My last negative falls off in 10/17 when my "real" apps begin for the couple of cards I really want, or if some blockbuster comes out between now and then. So it's exactly 2 years to the month until this happens. So I figured it's the last chance to app to have my inquries be 0 when the last negative falls off.

So I thought about apping for another C1 card to get another nice limit to combine into a larger one to "look" better to future creditors. Plus, another bonus wouldn't hurt either. Do I need the credit? No. I have been well below 1% for the last year, have an E-Fund, so I don't "need" the credit. I understand it'll be another card with less than ideal APR, but I don't carry balances.

Will it benefit me? Is there a point? I already have almost equivelent of my income with C1.

Thanks as always friends!

ETA: I know Barclay is inquiry sensitive (which if I pull the trigger it'll be 5 in a few months) and I don't care if I receive a CLD or lose the line in it's entireity.

Personal:

Business:

kdm31091 · ‎10-04-2015

Honestly no...you have good limits on your other 3 Capital One cards, and you don't want to forget about diversifying. Half of your cards right now are Capital One and a 4th card would tip the scale even further.

If a large limit is important to you, then apply for an Amex BCE (or whatever suits you in their lineup with no fee) and in a few months, no guarantee, but you can likely get it to a nice limit with no HP. They will also only do 1-2 HPs for the app instead of the 3 with Capital One.

I just think another Cap One card is redundant and you should consider other lenders. Capital One is a good lender but they have their faults; I'd never put all my eggs into their basket (or almost all of my eggs anyway).

UncleB · ‎10-04-2015

To me, it's really a personal preference 'thing'. If you just want an additional card with Capital One, then go for it - no judgement from me. That being said, being in a similar situation myself I honestly don't see how it would help you.

I like having cards across multiple issuers; the fact that I have two Capital One accounts myself is almost an 'accident', to be honest. Sometimes there are random 'fraud' issues with an issuer, and it's nice to be able to simply use another card if this happens and you're in the middle of checking out. If all your cards are with the same issuer, this could be challenging.

Again, I'm not going to tell you "not" to do it, since that's for you to decide... but I would consider diversifying a bit!

NRB525 · ‎10-04-2015

@Broke_Triathlete wrote:

Plus, another bonus wouldn't hurt either..

If you have a prequalification, then go for it. $400 is real money. INQ are pretend, and fade.

It will get you past the "what if" stage, and then you can wait quietly for the duration.

If you get declined, then you really know you need to wait.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Creditaddict · ‎10-04-2015

@NRB525 wrote:
@Broke_Triathlete wrote:

Plus, another bonus wouldn't hurt either..
If you have a prequalification, then go for it. $400 is real money. INQ are pretend, and fade.
It will get you past the "what if" stage, and then you can wait quietly for the duration.

If you get declined, then you really know you need to wait.

+1 if you are pre-qual. I would take 2 back to back and then in 6 months combine all your cap cards into 1 or 2 accounts.

plus 2 apps back to back is just 1 set of inq with cap1 these days.

kdm31091 · ‎10-04-2015

@Creditaddict wrote:
@NRB525 wrote:
@Broke_Triathlete wrote:

Plus, another bonus wouldn't hurt either..
If you have a prequalification, then go for it. $400 is real money. INQ are pretend, and fade.
It will get you past the "what if" stage, and then you can wait quietly for the duration.

If you get declined, then you really know you need to wait.
+1 if you are pre-qual. I would take 2 back to back and then in 6 months combine all your cap cards into 1 or 2 accounts.
plus 2 apps back to back is just 1 set of inq with cap1 these days.

You really think OP should open 2 more Cap One accounts for a total of 5 (out of 8) being Capital One at that point?

It's not always just about combined HPs. Let's look at the bigger picture here. I feel like the blanket "app app app, just for the sake of apping!" advice is overkill.

Anonymous · ‎10-04-2015

The real question is... Do you need it? In 2 years, you can possibly achieve the CL you're trying to get now through SP CLIs with Cap 1. Why apply for another Cap1 credit card with an ugly APR? IMHO, you should be focusing on doing whatever you can to clean up your credit report while you garden. Higher CLs and lower APRs will come as your accounts age and the baddies fall off. Ultimately, the decision is yours, however, I think you answered your own question in your post. See you around the forum.

Anonymous · ‎10-04-2015

I'm doing the same thing as you, getting my last pulls in now so it all falls off at the same time and I start fresh before house hunting in early 2018.

I have 6 cap1 cards ($50k CL), 4 commenity store cards and 1 Barclays. Yes I may be over exposed with Cap1 but I'm super limited until time passes and I can attempt the CU route. I'm planning to combine to 3 cards with nice limits in 5 months anyway.

I can't see your cards or limits on my phone but if your trying to build one or two large CL's with them there is no guarantee that they will give you a CLI later, but if you're pre-approved I would have no problems apping and combining especially if your really mean it and garden for two years. Just do the two for one pull if you can, lol! I wouldn't worry about what Barclays thinks - if they close or CLD me so be it. I can't and won't worry about it!

Broke_Triathlete · ‎10-05-2015

KDM - I completely understand what you're saying. As of right now I have 3 of 4 major issuers and a CU as far as diversification. I know you're meaning different banks. I can't apply for AMEX until 2018 due to the 5 year BR rule they have, which they were not included. I remember when I was approved for my Barclays at $1,300 and they said that they wouldn't up my limit because I didn't have experience with higher limits. So I guess my thought is I don't want that to happen at the end of 17 when I app for the cards that I really want.

Uncle - To be honest, I wasn't even really excited when I was approved for the $15 and $10K cards. To be really honest I was more excited when I hit my first $5K card and was able to convert it to the WMC. I did the boxers and socks dance all around the living room that day. So if I were going to apply for another card it'd be even less dramtic. I probably wouldn't bat an eye either way, approved or not.

NRB - I don't have a prequal. In fact all of my cards I currently have I cold apped for. I'm opted out so I won't see a prequal or a mailer any time soon.

Credit Addict - Thanks for the post. I planned on doing that my last go around but I had a FA on my TU so I had to app a week apart and send in documents both times. Maybe that's why I wasn't so excited. It was a PITA to get approved...LOL.

KDM - I agree and was actually thinking if another knock in AAOA would hurt me 2 years from now. (I know it more than likely would)

Pearl - All that is left now are student loan negatives and Sallie Mae will not do anything. So unfortunately all that I can do is wait. You are right about CLI with Cap 1, and I guess if I were to combine a card in a year it'd turn into a large limit given the CLI I may receive. To answer your question if I need it is an absolute no. I don't use even 5% of what I have now.

KSB - Thanks for your post. I think I'm approaching that with Cap 1. I have $36.5K and 3 cards with them.

Personal:

Business:

takeshi74 · ‎10-05-2015

@Broke_Triathlete wrote:
Will it benefit me? Is there a point?

Not really. The limits you qualify for are based on your credit and income. If you have derogs about to fall off the impact of them may have been reduced but, generally speaking, no derogs is better than any derogs. If you're trying to "look better" to creditors and get higher limits then you'll accomplish that by applying when your credit is clean. If there are other consideration that play into the decision for you then that could certainly change whether or not there would be a benefit/point.

@Broke_Triathlete wrote:
So I figured it's the last chance to app to have my inquries be 0 when the last negative falls off.

Despite the obsession over them around here, inquiries are a relatively small factor. People here worry over them because many of them are building/rebuilding and because of their credit profiles the inquiries have more impact. When you have clean, solid reports they have much less impact.