Capital One Platinum Question

[FreedomHammer]

I was approved for the Capital One Platinum card with a $500 limit. My credit reports will all be clean from derogatories by August 2021. TransUnion will be clear using early exclusion by May 2021. 

I would like to maximize the ability to get a CLI. Some have suggested charging something and paying it off immediately before the statement cuts. Will Capital One close a new account for this? 

I intend to always pay in full. It says they will consider me for a CLI in six months. 

Some say Capital One likes to see a lot of usage and around 20% utilization. If I pay off what I've charged, say $100, and do this twice a month before it even reports, does that still count towards them granting me a CLI?

So many questions, I realize, but this is a builder card, and I'd like to make the best decisions with it moving forward. 

Also, a product change in one year? What cards would qualify for a PC with a totally clean history a year from now?

Thank you. 

[Anonymous]

Unfortunately, little you do will help this card grow much at all. CapOne cards that start with a low limit are almost always bucketed and will always stay at a low limit. 

I'd just plan to use the card as a springboard for better cards in the future. 

[Anonymous]

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@Anonymous wrote:

I'd just plan to use the card as a springboard for better cards in the future. 

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^^^ Ditto. Card is likely bucketed, please do not place extra spend or energy strategizing hoping it results in a decent increase anytime soon. 

[blindambition]

As stated above, a $500 Platinum most likely bucketed. Slow growers for its lifetime. 30-50% utilization may net $100 CLI at a time, but place energy elsewhere.

[CreditMagic7]

All the above are fact!

If your profile improves dramatically by virtue of removal of derogs etc. and the profile has some reasonable history etc. as you see good rises in your FICO Score.Then if you are interested in Capital One you stand a far better chance at a much better line by applying for one of their legacy cards.

[FreedomHammer]

Thanks for the advice. 

I also have a Self lender account for $500. 

Once I get my score to 700-720, will I be eligible for a decent non-builder card? I would like a Chase and Discover card in addition to my two builder cards, but don't know how much history the better cards require. 

[blindambition]

You can check for Discover pre-qualified now. Great starter lender. Even the secured graduates after 7 months.

Scores around 670 can get a Chase card, but they like a year of history.

[FreedomHammer]

Would that be like a Chase Freedom card? I am disabled and make only $17500 gross/year. Would that income level shut me out from most lenders?

[AllZero]

You can apply for product upgrade to the Quicksilver (not the Quicksilver One with the annual fee) at around 3-4 months from account open.

Capital One check for upgrade link

[JonStur]

This was going to be my reply...spot on. Manage your account and when your derogs fall off upgrade your account, and also apply for a second quicksilver card.