Help with growing with Capital One

[Anonymous]

A little backstory to help explain where we are at. Discharged from Chapter 13 late October. Applied for Capital One cards the same day we got our discharge paper. Both approved for $300 Platinum cards. With our business ran a bunch of money though them, paying them down 3 and 4 times a week. Last week my wife got approved for a Discover It Chrome with a SL at $1400, the and then a Best Buy Visa with a SL of $2000. 

Yesterday, using all the help we find here, at 3 months we used the upgrade to upgrade our Platinum cards to QuickSilvers. I assumed the next jump was going to be to the QuickSilverOne, so needless to say I was pleasantly surprised. Feeling lucky I also asked for a CLI on both, wife was denied, but mine made a $100 bump. First question. Will that $400 more than likely go to $750 in the credit steps?

 Next question. Will those QuickSilvers be “bracketed” because they originated from Platinum cards?

What is my next step with Capital One, at the end of my six months to grow our relationship with Capital One? Do we try and prequalify for a new card, and then later combine them, to try and shed the “bracketed” card stigma and a larger credit line?

Obviously we are trying to rebuild our credit as quickly as possible, knowing it’s a slow and steady race, but without going to fingerhut, creditone, and the others. Not trying to break records with the highest credit line either. If I can’t soon prequalify with Discover I am more than happy to go the secured route and start with a $200 deposit and keep throwing a $200 into it every couple weeks, to max it out and hopefully graduate it in 7 months.

[Anonymous]

Any CO account that starts on less than good-excellent terms (say 600-650 score or worse) as evidenced by a low SL will forever be flagged as a starter account.  These accounts will not grow significantly, ever.  Even if your scores get up to the 800's and you have tons of other revolvers with 5-figure limits, your CO card will plateau at $1k or $2k, maybe.  A PC from Platinum to QS doesn't change the fact that it's a starter account; it's just getting a different paint job.  I did exactly what you are speaking of... I rolled with a Platinum for about a year, did the PC to the QS, then eventually threw the card in the SD because all I could ever get was a pair of $500 CLIs on it when all but 1 of my other cards had 5-figure limits.  Your only option is to open another CO product once your scores are in the good-excellent range and they'll likely throw you a SL somewhere in the ballpark of 3X-6X of whatever your starter account limit is at currently.

[Anonymous]

I'll share my experience. I started with the Platinum in 2/2017 with a $300 credit limit and a Fico score of 533. I got the $100 CLI at 2 or 3 months, PC'd to Quicksilver at 3 to 4 months,  rec'd the $250 CLI to $750 after 5 months, rec'd a $1500 CLI after 6 more months. So in 11 months I went from $300 to $2250.

[kshurika]

BBS brings up an interesting point that I hadn't thought about until now. In 11/15, when my FICO was in the 580s, I got the usual secured CO Platinum Card at $299. A few months later it was bumped to $599 and it's been there ever since. I've requested CLIs online and by speaking to CSRs, the latest being yesterday. Making sure I was as charming as possible, I presented her with my impeccable payment and financial management history over the past 2+ years. No good. No CLI. No graduation.

On the almost 1 year anniversary of my getting the secured Platinum, I applied for and got another Platinum unsecured, when my scores were in the mid-to-high 600s. It started at 500, went to 750 and last December, went to 1750. I made no CLI requests.

I've given up on the secured Platinum, but I have to hang on to it because it's my oldest card. However, according to what BBS wrote, can I plan on the unsecured Platinum never being given a sizable CLI over time? A few days ago, I upgraded it to a Quicksilver and it has the same CL as the Platinum.

[Anonymous]

Your mileage may vary on this.  I started with a regular Platinum and a $500 credit line on 10/15.  PC'd it to a Quicksilver early on.  Credit reports got cleaned up, now it's at $7,500, but still codes as a Platinum with Capital One.  

[Anonymous]

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Your mileage may vary on this.  I started with a regular Platinum and a $500 credit line on 10/15.  PC'd it to a Quicksilver early on.  Credit reports got cleaned up, now it's at $7,500, but still codes as a Platinum with Capital One.  

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Based on your example, it is possible for the card to grow to a decent credit limit.

[Anonymous]

It is, but, in general, I think it is a good idea to open up a new account when things get cleaned up for better limits.  With my scores in the upper 700's, all the accounts I've opened up have started above $7,500.  I haven't done so with Capital One because I don't want any more new accounts at this time, and don't need additional credit.

[Anonymous]

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It is, but, in general, I think it is a good idea to open up a new account when things get cleaned up for better limits.  With my scores in the upper 700's, all the accounts I've opened up have started above $7,500.  I haven't done so with Capital One because I don't want any more new accounts at this time, and don't need additional credit.

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I understand that one can get better limits with a new card with Cap 1 once scores improve. Since it's the oldest card for a lot of us because they are rebuilder friendly, it's good to know that the card will grow and we won't have to close it for lack of growth.

[Anonymous]

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It is, but, in general, I think it is a good idea to open up a new account when things get cleaned up for better limits.  With my scores in the upper 700's, all the accounts I've opened up have started above $7,500.  I haven't done so with Capital One because I don't want any more new accounts at this time, and don't need additional credit.

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I understand that one can get better limits with a new card with Cap 1 once scores improve. Since it's the oldest card for a lot of us because they are rebuilder friendly, it's good to know that the card will grow and we won't have to close it for lack of growth.

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What the person was trying to say is it’s hard to know how much the card can grow. Depends what bucket of type of user you were put into with the card originally. Some people can turn it into a high limit card and others stay low limit forever. Capitalone seems to be weird with this. It all depends what type of borrower they had you at originally. And no way to know. But it is possible thru time for many to have it grow. Wish we could all give a more definitive answer for you.

[Anonymous]

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wrote:

It is, but, in general, I think it is a good idea to open up a new account when things get cleaned up for better limits.  With my scores in the upper 700's, all the accounts I've opened up have started above $7,500.  I haven't done so with Capital One because I don't want any more new accounts at this time, and don't need additional credit.

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I understand that one can get better limits with a new card with Cap 1 once scores improve. Since it's the oldest card for a lot of us because they are rebuilder friendly, it's good to know that the card will grow and we won't have to close it for lack of growth.

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What the person was trying to say is it’s hard to know how much the card can grow. Depends what bucket of type of user you were put into with the card originally. Some people can turn it into a high limit card and others stay low limit forever. Capitalone seems to be weird with this. It all depends what type of borrower they had you at originally. And no way to know. But it is possible thru time for many to have it grow. Wish we could all give a more definitive answer for you.

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I understand.