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Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?

landon0993
Established Member

Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?

Hey Everyone,

 

I started the journey of repairing  my credit only about 6 months ago, when I opened a Capital One Platinuim Secured Card. Sense that point my Trans Union Credit Score has jumped +150 Points from 457 to 607 as of an update today.

 

I am worried about my new QuicksilverOne posting to my credit report when I have any type of credit untilization above 5-10% on my New Quicksilver One, as it only has a $300.00 CL. I mean, I was just penalized and my Equifax Score was bumped down 6 pts. just for charging $612.28 on my Discover It Student Card with a $1,500.00 limit. I already paid of the balance as soon as the statement posted in its entirty, but not before they attacked my credit score because my utilization percentage jumped from 0% to just below 28%, which I believe to be a bit unfair as a 28% utilization rate is a good util. rate. I guess it was a response to a break with my shoping patterns, usually I do not charge that much so maybe I spooked Equifax into a bit of a fright.

 

Anyway, I hope that Capital One will increase my credit line in 3 months or maybe be open to the possibility of changing my QuicksilverOne to a regular Quicksilver in the next 3 months if I can up my TU Fico score to say the 650-680 range.  It would be nice to take advantage of the 1.5% cash back and charge somewhere between $200.00-$500.00 a month without worrying about high utilization knocking my credit score down. The first statement will post on the 19th of February, so I guess I will just use my Discover It to charge with for the next few days so when the card pops up on my credit report I am at 0% utilization. I still would like to continiously be getting that 1.5% cashback on purchases though vs. 1% that Discover offers.

 

The only other though I had was that maybe I could combine my two capital one cards online, so that I would  have a CL of $1,000 on the QuicksilverOne. If I do combinbe cards, and get rid of my Capital One Platinum Secured I just want to confirm that it will not knock my credit score down 50pts for getting rid of my oldest credit card, and too make sure that I would not be combining my QuicksilverOne into the Platinum Secured Mastercard.I also would like my security deposit back of course!

Starting Score: (July ,17)-TU-457
Current Score: (August, 18) TU (Fico 8)-669 EX (Fico 8)-688 EQ (Fico 8)-669
FICO EX BC2-646 EX (Vantage 3)-626 EQ (Vantage 3)-637 TU (Vantage 3)-628 Goal Score: 800 Credit Cards-Chase Sapphire Preferred ($6,500; 25.24%) Chase Freedom ($3,300;25.99%), Discover it-Student ($4,450; 17.24%), American Express Blue Cash Preferred ($3,000,26.24%) Capital One Platinum-Secured Mastercard ($700; 25.24%), Capital One QuicksilverOne ($600; 24.99%)
Message 1 of 10
9 REPLIES 9
Tigers09
Valued Contributor

Re: Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?

It's worth a shot to try for a CLI; for Cap1 it'll just be a soft pull.
Cap1 seems to have been changing over the past year, but many people here have gotten increase in less than 90 days for a QS1
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 2 of 10
Treasurecredit
Established Contributor

Re: Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?

With a $300 credit limit, you are most likely enrolled in Capital One's credit steps, which means an increase after 5 monthly payments. You may receive a $100 CLI after 2nd or 3rd statement, if you request it. I'm not sure that you can combine a secured card with an unsecured card.

Message 3 of 10
UncleB
Moderator

Re: Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?

Hi @landon0993, and welcome to myFICO! welcome.gif 

 

For ease-of-reading I added some paragraph breaks to your original post.  It looks like you're already getting good replies.  Smiley Wink

 

Again, welcome!  Smiley Very Happy

 

--UncleB

myFICO Moderator

Message 4 of 10
HeavenOhio
Community Leader
Senior Contributor

Re: Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?

@landon0993, 8.9% utilization generally optimizes the utilization portion of your FICO score. 28.9% is considered responsible borrowing and keeps lenders happy. It's the second best place to be for scoring.

 

As long as you understand this, there's no need to panic if your score takes a small dip. You can either avoid the dings in the future, or you can decide the ding is acceptable in exchange for the convenience of being able to report a larger balance.

 

If you'd like, you can practice AZEO. That means to allow one card to report a small balance with all other cards reporting zero. That will fully optimize the utilization portion of your score.  Make sure that the small balance is at least $5 as some card issuers will forgive small balances rather than bothering to bill you. If a small balance adjustment kicks in, the card will end up reporting zero. When all cards report zero, scores can be dinged pretty hard, maybe 20 points or so. But again, there's no need to panic if that happens as your points will come back the next time you report a positive balance.

 

QuicksilverOne cards are harder to product-change (PC) than no-fee Capital One Cards. That doesn't mean it can't be done, though. Keep using your card every month, make a payment every month, and call to see about PC offers each month. My QS1 cards were PC'ed after 12 or 13 consecutive months of usage.

Message 5 of 10
MakingProgress
Senior Contributor

Re: Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?


@landon0993wrote:

Hey Everyone,

 

I started the journey of repairing  my credit only about 6 months ago, when I opened a Capital One Platinuim Secured Card. Sense that point my Trans Union Credit Score has jumped +150 Points from 457 to 607 as of an update today.

 

I am worried about my new QuicksilverOne posting to my credit report when I have any type of credit untilization above 5-10% on my New Quicksilver One, as it only has a $300.00 CL. I mean, I was just penalized and my Equifax Score was bumped down 6 pts. just for charging $612.28 on my Discover It Student Card with a $1,500.00 limit. I already paid of the balance as soon as the statement posted in its entirty, but not before they attacked my credit score because my utilization percentage jumped from 0% to just below 28%, which I believe to be a bit unfair as a 28% utilization rate is a good util. rate. I guess it was a response to a break with my shoping patterns, usually I do not charge that much so maybe I spooked Equifax into a bit of a fright.

 

Anyway, I hope that Capital One will increase my credit line in 3 months or maybe be open to the possibility of changing my QuicksilverOne to a regular Quicksilver in the next 3 months if I can up my TU Fico score to say the 650-680 range.  It would be nice to take advantage of the 1.5% cash back and charge somewhere between $200.00-$500.00 a month without worrying about high utilization knocking my credit score down. The first statement will post on the 19th of February, so I guess I will just use my Discover It to charge with for the next few days so when the card pops up on my credit report I am at 0% utilization. I still would like to continiously be getting that 1.5% cashback on purchases though vs. 1% that Discover offers.

 

The only other though I had was that maybe I could combine my two capital one cards online, so that I would  have a CL of $1,000 on the QuicksilverOne. If I do combinbe cards, and get rid of my Capital One Platinum Secured I just want to confirm that it will not knock my credit score down 50pts for getting rid of my oldest credit card, and too make sure that I would not be combining my QuicksilverOne into the Platinum Secured Mastercard.I also would like my security deposit back of course!


I was in  a very similar situation to you.

 

I had a Cap One Platnium (secured) $500 CL and QS1 $300 SL.

 

I ran $500 - 700 monthly throught the QS1 for six months.  Did not request any CLI and waited for auto CLI.    They bumped me up to $3300 CL at 6 months of that usage and I never paid a dime in interest.

 

I then asked for a PC from QS1 to QS and got that so I won't have to worry about the AF going forward.   I also asked them to combine my Platnium with my QS and was told I couldn't do that because the Platnium was a secured card.

 

So I closed the secured card.   I no longer need a baby CL of $500 and why sould they still be holding my $200 depositl

 




FICO 8 Starting Score

Current Scores



Garden Goal is All Reports Clean – Achieved 11/26/20


Message 6 of 10
landon0993
Established Member

Re: Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?

@HeavenOhio, 

Thank You for the heads up. I have been paying my Cap. One Secured Mastercard  down to $0 every month and imy credit score  has been going up quickly, averaging about +21pts. a month for the last 6 months. Was that only because I had the one card at the time, but now that I have 3 they expect me to carry a balance on one of them at all times?

Starting Score: (July ,17)-TU-457
Current Score: (August, 18) TU (Fico 8)-669 EX (Fico 8)-688 EQ (Fico 8)-669
FICO EX BC2-646 EX (Vantage 3)-626 EQ (Vantage 3)-637 TU (Vantage 3)-628 Goal Score: 800 Credit Cards-Chase Sapphire Preferred ($6,500; 25.24%) Chase Freedom ($3,300;25.99%), Discover it-Student ($4,450; 17.24%), American Express Blue Cash Preferred ($3,000,26.24%) Capital One Platinum-Secured Mastercard ($700; 25.24%), Capital One QuicksilverOne ($600; 24.99%)
Message 7 of 10
HeavenOhio
Community Leader
Senior Contributor

Re: Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?

Actually, with one card, you would have been better off letting it report a small balance. With two or three cards, it should be one card reporting the small balance with the other(s) reporting zero.

 

Keep in mind that reporting a balance doesn't require paying interest. As long as you're paying the statement balance in full by the due date, you'll avoid interest.

Message 8 of 10
landon0993
Established Member

Re: Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?


@MakingProgress

 

 

 "I ran $500 - 700 monthly throught the QS1 for six months.  Did not request any CLI and waited for auto CLI.    They bumped me up to $3300 CL at 6 months of that usage and I never paid a dime in interest." 

 

-Wow, well that is encouraging. Smiley Happy   I charged  $184.11 on my card for the first month of use. As soon as the first half posted for $95.26, I immediately paid that part off,  and then proceeded to pay the remaining $88.85 the next day when those charges posted. Here is to hoping that when the card posts it has a positive affect on my credit score. The Credit wise simulator estimates that it will raise my credit score by TU score 5 pts to 612.

 

"I then asked for a PC from QS1 to QS and got that so I won't have to worry about the AF going forward.   I also asked them to combine my Platnium with my QS and was told I couldn't do that because the Platnium was a secured card."

 

 

 -When you were allowed to combine your QS1 for the QS, what was your Fico Score? I assume they used the TU score, though it looks as though it depends upon which state you live in as to what Fico scoring model they use to make an approval decision. Also, what SL did they give you on the QS?

 

Thanks,

-Landon


 

Starting Score: (July ,17)-TU-457
Current Score: (August, 18) TU (Fico 8)-669 EX (Fico 8)-688 EQ (Fico 8)-669
FICO EX BC2-646 EX (Vantage 3)-626 EQ (Vantage 3)-637 TU (Vantage 3)-628 Goal Score: 800 Credit Cards-Chase Sapphire Preferred ($6,500; 25.24%) Chase Freedom ($3,300;25.99%), Discover it-Student ($4,450; 17.24%), American Express Blue Cash Preferred ($3,000,26.24%) Capital One Platinum-Secured Mastercard ($700; 25.24%), Capital One QuicksilverOne ($600; 24.99%)
Message 9 of 10
landon0993
Established Member

Re: Capital One QuicksilverOne, should I apply for a CLI after 3 months from account opening?

Ok, Heaven Ohio, I will resist the urge to go straight to the payment button each time I login to my account, and see what happens when I have a $5 balance on my account. This will be tough, but I think I can control myself. Smiley LOL. I think I will leave the $5.00 on my discover, as it hasa 0.00% intro APR until 4/19 and isthe card with the highest limit. Not that I will pay any interest on it, but just in case.

Starting Score: (July ,17)-TU-457
Current Score: (August, 18) TU (Fico 8)-669 EX (Fico 8)-688 EQ (Fico 8)-669
FICO EX BC2-646 EX (Vantage 3)-626 EQ (Vantage 3)-637 TU (Vantage 3)-628 Goal Score: 800 Credit Cards-Chase Sapphire Preferred ($6,500; 25.24%) Chase Freedom ($3,300;25.99%), Discover it-Student ($4,450; 17.24%), American Express Blue Cash Preferred ($3,000,26.24%) Capital One Platinum-Secured Mastercard ($700; 25.24%), Capital One QuicksilverOne ($600; 24.99%)
Message 10 of 10
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