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Capitol One QuickSilver

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empressj
Frequent Contributor

Capitol One QuickSilver

I have a CO Platinum CC with a $19 annual fee. I applied for a CLI and was denied but offered to upgrade the Platinum to the QS One. I've been stuck at $500 for over a year and its discouraging. So yesterday I decided to apply for the QS MC and was only approved for $300 (not the QS One, per the supervisor) with no annual fee... I don't understand. I pay my CC bills on time and a CLI was denied and I was only approved for $300.

 

I recently received automatic CLI's on a few of my store cards. Target $200 increased to $700, Kohl's $250 and increased to $500 and Amazon $400 and increased to $700. The highest is Fingerhut $250 increased to $1300 - not sure if I should keep this account either. Here's my question: should I keep both CO cards and see if I receive automatic increases? I must say I do like 1.5% cash back rewards with both cards..Thats the only good thing.

 

I welcome any advice or suggestions.

 

Thanks!

Discharged Jan 2017
Rebuilding credit
Message 1 of 7
6 REPLIES 6
armbenderc
Valued Contributor

Re: Capitol One QuickSilver

You my friend is one of many people including myself that are suffering from cap1.

Only way out is the CAP1 EO. Look it up and good luck.
2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Message 2 of 7
empressj
Frequent Contributor

Re: Capitol One QuickSilver

Thanks!

Discharged Jan 2017
Rebuilding credit
Message 3 of 7
Blackbeauty212
Frequent Contributor

Re: Capitol One QuickSilver

From my observations, Cap One only issues starting CL's within rhelm of the CLs of your overall Credit Profile. They're never the one to give you your first modest limit. i.e. Citi, Discover. If all your other TLs are in the rhelm of <1K I wouldn't be shocked with the starting $300 CL. 

Message 4 of 7
dap1984va
New Contributor

Re: Capitol One QuickSilver

I agree with blackbeauty 110 %.  All of the cards that you have are.......in the same bracket per say.  Chase Freedom and Capital One and a handful of others are benefical and easy to get for bad to average to borderline good credit..  ...The cards that are "easy" are not the ones that start with a High Limit. Just my personaly obervation. I have had a Capital One->Quicksilver..., and my limit is nothing to brag about...I obtained the Freedom/Capital One card when my score was around 650, several years ago "with ease"

Message 5 of 7
LearningMoreAboutCredit
Frequent Contributor

Re: Capitol One QuickSilver


@empressj wrote:

I have a CO Platinum CC with a $19 annual fee. I applied for a CLI and was denied but offered to upgrade the Platinum to the QS One. I've been stuck at $500 for over a year and its discouraging. So yesterday I decided to apply for the QS MC and was only approved for $300 (not the QS One, per the supervisor) with no annual fee... I don't understand. I pay my CC bills on time and a CLI was denied and I was only approved for $300.

 

I recently received automatic CLI's on a few of my store cards. Target $200 increased to $700, Kohl's $250 and increased to $500 and Amazon $400 and increased to $700. The highest is Fingerhut $250 increased to $1300 - not sure if I should keep this account either. Here's my question: should I keep both CO cards and see if I receive automatic increases? I must say I do like 1.5% cash back rewards with both cards..Thats the only good thing.

 

I welcome any advice or suggestions.

 

Thanks!


Did you allow time for those increases to report?  As others have mentioned, you have "easy to get" cards.  Not to mention that you are comparing store cards to a major cc issuer...sort of comparing apples to oranges.  CapOne gets a bad rap by some, praise by others.  They can grant you a $25k CL or $500 CL...depends on your credit profile.  Work on any issues on your report (if you have any) and let those accounts age.  Obtaining good credit is a marathon, not a sprint.  Also, think quality v. quantity in regards to credit.  There is a saying I've learned to be true and that is "higher limits beget higher limits".  You're not there yet but in due time you will.  Good luck on your credit journey.

 

To keep or not keep your CapOne cards is ultimately your decision.  With your limits, I wouldn't be surpised if you're on the credit steps program and that is very YMMV in terms of CLI amounts.  But, if you've had them a while, contact the EO and request everything (lower APR, AF waived permanently, and CLI for good measure).  They will typically pull EQ for manual review and since we are coming off the Christmas holiday with the new year pending, you may want to give them a few extra days to make a decision.

 

Factors you'll need to consider is AAoA, recent INQ's within last 6-12 mos, and overall utilization (<10% is best) as well as income and their internal factors.


Any advice given is always YMMV...

Current FICOs: 740+ across the board | Goal: >760 FICO | Total CLs: $63.3k/$60k Goal | Utilization: 19% | Last App: 05/01/2014 | INQ: EX: 10, EQ: 8, TU: 5, All Expire 06/2016; No Collections/Charge Offs/BK's | AAoA: 7yrs.
| All Reports Frozen!!! | No Apps til 12/2015 | Homeowner since: 06/28/13 | White Whales: Marriott Rewards, Discover IT, Sallie Mae WMC, Sams MC
Message 6 of 7
FinStar
Moderator Emeritus

Re: Capitol One QuickSilver


@LearningMoreAboutCredit wrote:

@empressj wrote:

I have a CO Platinum CC with a $19 annual fee. I applied for a CLI and was denied but offered to upgrade the Platinum to the QS One. I've been stuck at $500 for over a year and its discouraging. So yesterday I decided to apply for the QS MC and was only approved for $300 (not the QS One, per the supervisor) with no annual fee... I don't understand. I pay my CC bills on time and a CLI was denied and I was only approved for $300.

 

I recently received automatic CLI's on a few of my store cards. Target $200 increased to $700, Kohl's $250 and increased to $500 and Amazon $400 and increased to $700. The highest is Fingerhut $250 increased to $1300 - not sure if I should keep this account either. Here's my question: should I keep both CO cards and see if I receive automatic increases? I must say I do like 1.5% cash back rewards with both cards..Thats the only good thing.

 

I welcome any advice or suggestions.

 

Thanks!


Did you allow time for those increases to report?  As others have mentioned, you have "easy to get" cards.  Not to mention that you are comparing store cards to a major cc issuer...sort of comparing apples to oranges.  CapOne gets a bad rap by some, praise by others.  They can grant you a $25k CL or $500 CL...depends on your credit profile.  Work on any issues on your report (if you have any) and let those accounts age.  Obtaining good credit is a marathon, not a sprint.  Also, think quality v. quantity in regards to credit.  There is a saying I've learned to be true and that is "higher limits beget higher limits".  You're not there yet but in due time you will.  Good luck on your credit journey.

 

To keep or not keep your CapOne cards is ultimately your decision.  With your limits, I wouldn't be surpised if you're on the credit steps program and that is very YMMV in terms of CLI amounts.  But, if you've had them a while, contact the EO and request everything (lower APR, AF waived permanently, and CLI for good measure).  They will typically pull EQ for manual review and since we are coming off the Christmas holiday with the new year pending, you may want to give them a few extra days to make a decision.

 

Factors you'll need to consider is AAoA, recent INQ's within last 6-12 mos, and overall utilization (<10% is best) as well as income and their internal factors.


+1

 

Plus, what others have mentioned as well.

Message 7 of 7
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