Capital One Quicksilver approval odds

Anonymous · ‎09-04-2018

I currently have a Capital One Venture Card with a cl of 10,000$ and a balance of about 9,000$. Would it be wise for me to apply for a Quicksilver card with them, given the fact I have been with them for around 3 years, to free up some credit on my file? FICO scores are TransUnion- 645, Experian- 632, Equifax- 632. I also have other cards which are pretty much maxed out as well. I really want to do a balance transfer, but don’t think my scores are high enough to get approved for a card of that nature.

Anonymous · ‎09-04-2018

Just going by your description and nothing more, I’d say your odds are very slim. Even if (big if) you were approved, it would almost certainly be with a limit quite useless for your stated purpose. Your scores are rather low, and coupled with the high utilization you describe, I think most lenders would see too much risk. That’s my 2-cents, and YMMV.

SweetCreditObsession · ‎09-05-2018

The high utilization will likely cause you to get denied. You might try for a debt consolidation loan to get those cards from being maxed out, then your scores will increase.

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Anonymous · ‎09-05-2018

I would agree that - at least if I were in your situation - I would look into a debt consolidation loan through Prosper or Lending Club. The plan I have is 9.9% APR for 15k. It worked well for me because it was way lower interest than my 24.9% or whatever on my CCs and it is a fixed 36 month installment agreement. My credit utilization went from 40% to 0% in one month. Now it is up to me to keep it down My credit scores are about 50 points higher since I did that.

Anonymous · ‎09-09-2018

Thanks to all for your input