Great Morning Fico Fam😀😀!!
Is it Possible to get approved for the Cap 1 Savor 1 card even though I have A Quicksilver and Quicksilver 1 card? My goal is combined both of those when Im able. But until then will Capital one let me have a third card? Also I use the pre qualify tool on the Cap 1 site and it says I pre qualify for the QS1 but i already have that card. Can apply for the Savor 1 card and still get approved? Thanks in advance and im sorry if this question have been asked before
Is it Possible to get approved for the Cap 1 Savor 1 card even though I have A Quicksilver and Quicksilver 1 card? My goal is combined both of those when Im able. But until then will Capital one let me have a third card? Also I use the pre qualify tool on the Cap 1 site and it says I pre qualify for the QS1 but i already have that card. Can apply for the Savor 1 card and still get approved? Thanks in advance and im sorry if this question have been asked before
You can have 5 prime cards and 2 sub-prime cards (secured, journey, platinum, and QS1). You can have multiples of the same card. Co-branded cards don't count towards that number...yet.
So since I am pre qualified for the QS1 which I already have, I can apply for the Savor 1 card and still get approved possibly right? Is the Savor 1 and QS1 in the same tier?
@The-Credit-Disciple wrote:
So since I am pre qualified for the QS1 which I already have, I can apply for the Savor 1 card and still get approved possibly right? Is the Savor 1 and QS1 in the same tier?
No, the qs1 is a sub-prime card, the Savor1 is a prime card. You can have both, but the qualifications are different. Savor1 requires excellent credit which is why many people product change to it instead of apping directly.
So it would be better to PC to the Savor 1?
@The-Credit-Disciple wrote:
So it would be better to PC to the Savor 1?
Depends on your credit profile. If you have good to excellent credit, you should cold app it. If you're profile is tarnished, PCing will probably be the quickest way to get one, but if you're account is bucketed, it will stay that way.
What is "Bucketed?😀
@The-Credit-Disciple wrote:
What is "Bucketed?😀
In a nutshell, cap1, along with other banks like discover, package up their accounts and assign risk levels. They're called Asset Backed Securities. They then let people invest in them. The higher the risk, the more money an investor can make. This allows cap1 to get more money for other things, such as handing out credit limits for new and existing cards. Once your account has been packaged and rated, it's very difficult to have that changed. It's why people on this forum recommend applying for a new card once your credit is better and you can get better terms, rather than wasting your time with a "bucketed" account.
@Brian_Earl_Spilner wrote:
@The-Credit-Disciple wrote:
What is "Bucketed?😀In a nutshell, cap1, along with other banks like discover, package up their accounts and assign risk levels. They're called Asset Backed Securities. They then let people invest in them. The higher the risk, the more money an investor can make. This allows cap1 to get more money for other things, such as handing out credit limits for new and existing cards. Once your account has been packaged and rated, it's very difficult to have that changed. It's why people on this forum recommend applying for a new card once your credit is better and you can get better terms, rather than wasting your time with a "bucketed" account.
Thanks for that info!! so how high does the CL reach on cards that are "Bucketed"?