Credit One Platinum Upgrade Question

vermontcred · ‎02-04-2024

Hello, I have a Credit One Platinum.

I am trying to increase the limit as it's only $500 and I have other cards with 10k-20k.

I have an offer to upgrade my card to the X5 Visa.

If I do this, does it act as the same account? I dont want a new credit card account and don't want to affect the age.

Also do they do a hard inquiry if I do this?

End goal is keep the age of the account, no hard inquiry, and increase the limit.

Am I better off upgrading or asking for a CLI on current card?

citymunky · ‎02-04-2024

@vermontcred wrote:
Hello, I have a Credit One Platinum.

I am trying to increase the limit as it's only $500 and I have other cards with 10k-20k.

I have an offer to upgrade my card to the X5 Visa.

If I do this, does it act as the same account? I dont want a new credit card account and don't want to affect the age.

Also do they do a hard inquiry if I do this?

End goal is keep the age of the account, no hard inquiry, and increase the limit.

Am I better off upgrading or asking for a CLI on current card?

Without much details, most us are going to say close the card completely since you hold cards with credit limits (CLs) of $10K-20K. With limits that high you are well pass the re/building stages. Credit One payment history will remain of your profiles for up to 10 years. The only way most would even consider keeping that card open if there was no annual fee (AF) or you getting postive value in rewards from the card to offset the AF.

Rebuilding since 2021

Closed CCs
USAA (Jul 2019| Settled CO), Jasper $1K CL (Jul21-Jul22), Sable $250CL{Secured} (Jan22-Jun23), CreditOne Platinum $750CL (Jul21-Aug23), Prosper $1.9K CL (Jan22-Apr24), Self $625 CL {$350 Secured } (Aug21-Jul24)

Starting FICO 8 Scores:

Current FICO 8 Scores:

imtherealghost · ‎02-04-2024

From what I recalling it showing up as an offer with my account as well as getting the same offer in the mail is that it would be a new account with no hard inquiry. The letter specifically stated there was no hard inquiry because of the existing relationship.

I will see if I can dig it up to confirm but probably has been shredded by now. I didn't go with it as I didn't see the point of another card with a low limit.

Good luck

Jeffster1 · ‎02-04-2024

@citymunky wrote:
@vermontcred wrote:
Hello, I have a Credit One Platinum.

I am trying to increase the limit as it's only $500 and I have other cards with 10k-20k.

I have an offer to upgrade my card to the X5 Visa.

If I do this, does it act as the same account? I dont want a new credit card account and don't want to affect the age.

Also do they do a hard inquiry if I do this?

End goal is keep the age of the account, no hard inquiry, and increase the limit.

Am I better off upgrading or asking for a CLI on current card?
Without much details, most us are going to say close the card completely since you hold cards with credit limits (CLs) of $10K-20K. With limits that high you are well pass the re/building stages. Credit One payment history will remain of your profiles for up to 10 years. The only way most would even consider keeping that card open if there was no annual fee (AF) or you getting postive value in rewards from the card to offset the AF.

This.

0% utilization
FICO 8 EX 839 EQ 825 TU 834
American Express Blue Cash Preferred 30K I American Express Blue Cash Everyday 30K I American Express Delta Skymiles 13.9K I American Express Schwab Investor Card 5K I Bank of America Customized Cash Rewards Visa 30K | Kinecta MyPerks Rewards MC 35K | Wells Fargo Autograph Visa 30K I BMO Harris Cash Back MC 12K | Capital One QS MC 12.5K I NFCU Flagship Rewards Visa 52K I NFCU Amex 28K I Citi Best Buy Visa 15K I Macy’s Amex 25K I Bloomingdale’s Amex 10K I Citi Thank You MC 10K I Bread Financial American Express 18K I AAA Daily Advantage Visa Signature 8.5K I Saks Fifth Avenue World Elite MC 13.3K I Citi Dillard’s Visa 5K I JCPenney MC 10K I Synchrony Premier MC 10K I UCLA Wescom CU Rewards Visa 7K I PayPal Cash Back MC 20K I MyWalgreens Mastercard 10K I TD Bank Double Up Visa 5K I USBank Cash Visa 5K I Gemini Bitcoin MC 15K I TMobile Capital One Visa 20K I BILT 2.O MC 10K

Blender · ‎02-04-2024

@Jeffster1 wrote:
@citymunky wrote:
@vermontcred wrote:
Hello, I have a Credit One Platinum.

I am trying to increase the limit as it's only $500 and I have other cards with 10k-20k.

I have an offer to upgrade my card to the X5 Visa.

If I do this, does it act as the same account? I dont want a new credit card account and don't want to affect the age.

Also do they do a hard inquiry if I do this?

End goal is keep the age of the account, no hard inquiry, and increase the limit.

Am I better off upgrading or asking for a CLI on current card?
Without much details, most us are going to say close the card completely since you hold cards with credit limits (CLs) of $10K-20K. With limits that high you are well pass the re/building stages. Credit One payment history will remain of your profiles for up to 10 years. The only way most would even consider keeping that card open if there was no annual fee (AF) or you getting postive value in rewards from the card to offset the AF.
This.

These.

10/2024

ptatohed · ‎02-04-2024

The Platinum X5 has an AF of $95. It has a spending cap on 5% cats of $5,000 / yr. If (and only if) one spent exactly $5,000 in the allowable cats (gas, grocery, certain utils), it's a 3.1% CB at best. Not bad I guess but spend less than or more than $5,000 and that CB % drops. There are cards that get 5% in these cats with no AF.

https://www.creditonebank.com/credit-cards/platinum-x5-visa

Everyday 5% CB:
Chase prime Visa // citi CUSTOM CASH “A” // citi CUSTOM CASH “B” // citi CUSTOM CASH “C” // citi ThankYou (5% gas, lucrative spending offers) // mylowe’s Rewards // Target circle card

Rotating 5% CB:
Chase “OG” freedom Visa // DISCOVER it Cash Back // nusenda CU Platinum Cash Rewards

Everyday 4% CB:
US Bank Smartly (v1.0)

Everyday 3% / 2.2% CB:
AOD FCU Visa Signature (3%, sockdrawered) // upgrade Cash Rewards Elite (2.2%, sockdrawered)

Welcome Offer / credits only:
NFCU FLAGSHIP REWARDS (elevated Welcome Offer, annual prime credit, sockdrawered)

Hotel card:
Chase IHG ONE REWARDS PREMIER (elevated Welcome Offer, 1 free night/yr)

On my radar:
Langely FCU Signature Cash Back (5% CB monthly selectable cat) // Safe CU Cash Back+ (Quarterly rotating 5% CB cats plus bonus cats) // upgrade MyFive Cash Rewards (5% CB monthly selectable cat) // US Bank Kroger (and family) World Elite Master Card(s) (5% CB Mobile Wallet)