Convert Cap1 Platinum to Quicksilver

[aspenius]

For the past 2 years, my only line of revolving credit has been the Cap1 Platinum.  Prior to yesterday's app spree, I requested a CLI from 3500 to 9500..  Today, after reading some of the other posts on here, I took the plunge to contact Cap1 CS to find out when I could be eligible for one of their reward/cash back cards.  The rep looked at my records, stated I was eligible for QS, Savour and another one.  I chose the QS, since I do more shopping than dining, grocery shopping or travelling.  I was approved, and will keep the same card number, just getting a card with the new name, with the rewards beginning in the next 2-3 business days.  My credit scores have been around the high 600s to low 700s.   I was leary to call, since I had attempted last month to apply for QS as another potential tradeline, with the app being rejected.  

Thank you to all who have posted their experiences, otherwise, I would be missing out on the rewards.  

[FinStar]

Hi and welcome to the forums OP.

Congratulations on being able to convert your Capital One CC and the CLI.

[Anonymous]

Welcome OP and congrats on making your credit work for you, enjoy the new rewards!

[Anonymous]

Nice job with the PC. I did the same PC a couple of years ago and then did a QS to Savor PC once that was available since I use a 2% CB card for my general spend which was rendering my QS a comfy spot in the SD.

Out of curiosity, what was your credit score at the time you were approved for the Platinum originally? I'm wondering if they have you as a "starter account" or not.

[kshurika]

In January, I converted my unsecured Platinum to QS, thanks to advice from this Forum. The CL remained 1.75K (my tiniest). I like QS. This week, since it will be more than 6 months since my last auto-CLI, I'm apping for another CLI. My scores run high 750s to 800 and my inquiries are 1 each, except EX at 5. Util at <2%. No baddies of any kind. Nonetheless, I expect to be denied. It's just what Cap1 does. (Perhaps I'm being a bit grumpy here.) I'm grateful to Cap1 for getting me on the road to credit worthiness. I just can't figure out why they deny as a matter-of-course when other companies I'm brand new to give me SLs of close to 17K right out of the gate. I guess they don't like hanging onto those of us who get our credit in line.

[aspenius]

Thank you so much.  I truly enjoy the posts here, and will contribute where I can.    I've been a lurker off and on for a few years, but decided to shed my shell and participate. 

[Adkins]

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@kshurika wrote:

In January, I converted my unsecured Platinum to QS, thanks to advice from this Forum. The CL remained 1.75K (my tiniest). I like QS. This week, since it will be more than 6 months since my last auto-CLI, I'm apping for another CLI. My scores run high 750s to 800 and my inquiries are 1 each, except EX at 5. Util at <2%. No baddies of any kind. Nonetheless, I expect to be denied. It's just what Cap1 does. (Perhaps I'm being a bit grumpy here.) I'm grateful to Cap1 for getting me on the road to credit worthiness. I just can't figure out why they deny as a matter-of-course when other companies I'm brand new to give me SLs of close to 17K right out of the gate. I guess they don't like hanging onto those of us who get our credit in line.

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This is why: https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

[aspenius]

BrutalBodyShots, my credit score I believe was around 660 or so when I first applied for Cap1 Platinum.  This was probably a starter card, since my credit limit was $1000 or $1500 to start.   Prior to that card, I had no active revolving credit on my reports, 2 open installment loans, a mortgage, and a few hard inquiries.  I believe I had a couple of small collections, which one fell off after I got the card, and another one was disputed/removed.  My scores have pretty much been stagnant, due to no new activity, lack of multiple accounts, and lack of loan varieties.    Thank you so much, I was fearing the start all over again, and rejections, but it's been easier this time around, since I can reference what all of you have encountered on the journey to healthy credit. 

[aspenius]

Thank you so much.  With more resources and experiences reported, this credit journey will be a little less bumpy down the road. 

[aspenius]

kshurika, why not give Cap1 CS a call to find out what you need to do a CLI.  WIth high scores, low util, and few inquiries, you should be a shoe in, since you are handling your acct responsibly.  For all we know, it could be a glitch in their system, since I read somewhere that most of the actions are computer-generated.  If you get the CLI, you have to let us know.  In my case, I did not have the offer of PC available, so I called to find out what I needed to do to earn an offer like that, and the CR took it from there.