Cap1 puts you in a bucket depending on your credit score. If you're credit hasn't significantly improved, your new cards will be in the same bucket, probably with the same experience.
You can have 7 cards total from them. 2 sub-prime (secured, platinum, and qs1), and 5 prime. Co-branded cards don't count towards the limits.
You can have multiples of the same card and any new application for a card you already have will result in a new card. You can roll a zero balance card into another one, doesn't matter which ones, but it counts as a CLI for the card you're keeping, so apply for a CLI first before rolling a card into it. This is how most people get a larger limit and get out of the bucket. Apply for a new card when your credit improves, get a CLI, roll in a bucketed card.
There's no set date that a secured card will graduate, if ever. The ones that have had it happen opened them after 2016. There are reports of it not happening for 2-3 years, if at all.
@pip3man wrote:
You are quite misinformed about Capital One and its business model. Capital One does NOT bucket customers based on their credit score in any way at all. That’s a totally false claim. At Capital One it’s actually the products themselves that are really segmented. Mainstream cards like the Platinum, Journey etc are designed for fair credit customers hence the underwriting terms are usually conservative. And the terms of each card are locked in for that specific product which is the reason why many customers who had fair to poor credit when they first get a card will hardly ever see a change in their APR or credit limit even though their credit profile has improved drastically since after acquisition. For these customers their limitation is not them but rather the card type they hold. So in order to get a more favorable credit limit and APR they will have to apply for a new upmarket product. This is the reason why some people report that they have had a specific type of card for many years and have tried to get a CLI with no success (sometimes right before a new credit application) but the moment they apply for a new account they get approved with super high limit and better terms. The bottom line is the original terms of ur specific card type does not adjust in line with improvements to customers credit profile and risk rating and neither does a PC into an upmarket type product a work around it. Always feel free at any time to apply for a new product that matches ur need and credit profile. And as far as secured cards go, it could take anywhere from 9 months to infinity to unsecure. That said it’s a systematic process, meaning u must qualify and have the offer in your account. It’s not like something someone can go in and manually apply to ur account...
Yes, sub-prime cards have more strict underwriting, but that's only part of the picture. Cap1 participates in asset backed lending. One of the datapoints when a lender securitizes assets is the expected rate of default, which is what our credit scores tries to predict. You can move up to a prime card, but if your scores are the same, your risk remains the same. You can be approved for a Venture One with a 610 fico, but they're not gonna give you a $10k limit because its a prime card. In addition, once your card has been packed into an Asset Based Security and sold, they're not gonna go back in and change your status and risk rating because your score improved. The ABS has been sold. You're locked in.
Here is a link to a write-up that explains it well. In that thread is a link to one of Cap1's ABS disclosures.
OP -
There is nothing wrong with having multiple accounts with Cap One.
You can have 5 last time I checked with 2 max for subprime.
I grew my profile with Cap One and my loyality paid off.
I went from a single $3k card (platinum) to $80k of avail credit on prime cards.
Old accounts may have glass ceilings but if your credit is better, you may get a better card at a better limit and better APR.
In less than 4 years I received a $30k SL Venture with a $400 cash bonus at 13.99% APR as well as a 72 month car loan at 2.49% APR with no money down.
Cap One has treated me very well from the time no one would even look at me to now where I can get other cards.
YMMV. Good Luck.
PS - I make well over $1000 per year using Cap One and do not pay a penny of interest.
