Contemplating next CC move- replacing cap 1 with chase/citi?

[Anonymous]

Currently debating on paying off my Capital One QS1 and closing it down.  I've had it for exactly 1 year- started out with a $300 secured limit and enrolled in credit steps.  It unsecured in January and got bumped to $500 in February.  I've also chatted with many different reps about trying to product change to QS and get rid of the AF, no dice.  I have tried to see if i can pre-qual for another Cap 1 card also- only to find i'm not eligible for any offers. I've read about QS1 being bucketed at the limits even with scores improving over time.

In the 1 year since i've started rebuilding i also had a credit one CC(unsecured,$500 limit) which i have always paid on time and left a small balance reporting.  I just paid it off and closed it down last week.  Got an alert on my EX credit report that it's paid and closed and showing positive as of yesterday. Had a Discover secured that unsecured and got a CLI also.

I've also recently picked up 2 new Amex cards(bce/delta- $500/$1k)  that haven't reported yet as i'm expecting them to report closer to June.

I havent been able to find any pre-quals for citi or chase.  I opted out for prescreened offers so chase automatically DQ's me from trying to pre-qual and citi cant find any offers off the bat.  

I'm aware of the 5/24 rule and at the moment are currently at 4 open credit cards, with only 2 showing

Should i wait 1-2 months for the amex's to show up and report before trying to pre-qual and apply for citi or chase?

Have 2 lates on my reports that are closed and paid/current(60/120 lates)

[Foodie2018]

Wow, I literally could have written this post myself ( I kinda did in the credit card forum).

About an hour ago, I closed my Cap 1 secured  and Credit 1 cards...Because like you I now have prime cards like Amex BCE and Delta.   So congrats!!!!

As for the pre-qual sites, if nothing comes up, I'd be very leery of cold apping for Citi or Chase...I get the impression that they like pristine credit files. ( I app'd a month ago with 2 baddies and I was denied). You may have better luck. Anyway, I could be wrong, but if I were you, I would wait it out and build with Amex. Then as you cross the 700 threshold give the pre-qual site another try. My scores are similar to yours and nothing comes up for me with Chase, however Citi does pre-approve me  for a Costco card....not interested, I'd love to get the Double Cash. 

Anyho, glad you have moved up the credit ranks with great cards!

[EAJuggalo]

To the best of my knowledge 5/24 counts all credit card accounts opened in the last 24 months whether currently open or not.  Which would mean that you are at 5/24 and not eligible for Chase until those accounts age.  With your current scores I think your best bet would be to apply for a Capital One Platinum card, then PC that in a few months to a Quicksilver.  Once that ages to a year you can combine your QS1 into it.  If you opt in to pre-screened offers you may see one for the Double Cash pretty quickly.  I don't think you can pre-qual anywhere while being opted out.

[Anonymous]

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@EAJuggalo wrote:

To the best of my knowledge 5/24 counts all credit card accounts opened in the last 24 months whether currently open or not.  Which would mean that you are at 5/24 and not eligible for Chase until those accounts age.  With your current scores I think your best bet would be to apply for a Capital One Platinum card, then PC that in a few months to a Quicksilver.  Once that ages to a year you can combine your QS1 into it.  If you opt in to pre-screened offers you may see one for the Double Cash pretty quickly.  I don't think you can pre-qual anywhere while being opted out.

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THat's what i thought, at the moment my 3 reports show 4 current open accounts in the past 14-16 months with credit one being closed as of 5/5, amex has not reported the two newest accounts yet and i have a feeling they wont show for another month at minimum.

I've read that opting back in can take months, and i did opt back in a few weeks ago so im not sure if It's even worth pulling the blind app for the Double Cash Card even though from the research I've done i may be eligible(again im aware YMMV) .  my other thought was to pay off cap 1 and close it and look into one of the chase co branded cards that don't follow the 5/24 rule.

[creditguy]

In all honesty I wouldn't even bother with Chase or Citi until your profile is stronger. Your going to hit the 5/24 rule on Chase and Citi can be picky. Don't apply for a co branded card just to get in with Chase unless it fits your needs, but then your still going to go up against Chase's UW standards and your profile may not be strong enough. I would keep the Cap One card for now just in case you run into the odd place where Amex and or Discover aren't accepted. I would focus on building up the limits on Amex and Discover and building a strong profile, The Chase and Citi cards will always be there when you're ready and you will be happy you waited when you get a higher SL with a stronger profile.