More than 1 Capital One Card

[dddewdrop]

     I was shocked to be approved for a Capital One Platinum unsecured card a few weeks ago. I am very excited because it seems like a good vehicle to help me improve my credit. If one is good, is two better? Should I apply for a cash rewards Capital One card as well? Do I have a chance of being approved? Is it worth it?

[daybreakgonesXe]

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@dddewdrop wrote:

     I was shocked to be approved for a Capital One Platinum unsecured card a few weeks ago. I am very excited because it seems like a good vehicle to help me improve my credit. If one is good, is two better? Should I apply for a cash rewards Capital One card as well? Do I have a chance of being approved? Is it worth it?

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Due to Capital One's current CLI policies, it's best not to go for another Cap One until you're ready for one of their "excellent" tier cards. Do you have a chance of being approved for another average/rebuilding cap One? yes. but let the one you have garden at least 6 months, then maybe go for a Barclay's or GE card instead! You want something to grow with you! Next best card will be the Walmart card, to receive a free TU FICO!

[SnackTrader]

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@daybreakgonesXe wrote:

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@dddewdrop wrote:

     I was shocked to be approved for a Capital One Platinum unsecured card a few weeks ago. I am very excited because it seems like a good vehicle to help me improve my credit. If one is good, is two better? Should I apply for a cash rewards Capital One card as well? Do I have a chance of being approved? Is it worth it?

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Due to Capital One's current CLI policies, it's best not to go for another Cap One until you're ready for one of their "excellent" tier cards. Do you have a chance of being approved for another average/rebuilding cap One? yes. but let the one you have garden at least 6 months, then maybe go for a Barclay's or GE card instead! You want something to grow with you! Next best card will be the Walmart card, to receive a free TU FICO!

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I see what daybreak is saying, and waiting a few months will certainly help improve your credit. But, if you are okay with taking the inquiries now and risking a denial, adding two unsecured cards will improve your utilization and add a second positive tradeline.  

At the end of the day, I think you should think through the pros and cons. But daybreak and I both laid out some of those - and daybreak seems to agree with adding a second unsecured card but disagree with using Cap 1. I've had good luck with Cap 1, but my limit hasn't moved since approval. So if that is a concern make sure you think that through. But now is a fine time to try for another card or two, but if you get denials be ready to stop and wait for a few months. 

[dddewdrop]

Thanks for all the help everyone....

Having just tried to order my equifax fico on this site and finding I don't even have one and finding that my fako scores are in the looow 600s, I realise now that I should not have applied for a Citi Simplicity Card on a reach last week. Oh well, live and learn. I have done good stuff this week by initiating a 12277 irs withdrawal of federal lien process for my lien which was released in 2008 as well as getting a duplicate record of it removed from one of my reports. I am gonna wait a month for my Capital One card to show up on my reports then make a decision on the next ap. I have 2 hard inquiries now. I was looking at the Walmart as a next one. If I had done my research better on here I would not have gone for that Citi card. Thanks everyone for the help. I am facinated with this credit stuff and have been reading online for hours and hours and hours since I have a lot of extra time at work now. I work in a resort town and it is the middle of the off season right now so perfect time to do some research and get my life together  

[mmmlive1999]

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@dddewdrop wrote:

Thanks for all the help everyone....

Having just tried to order my equifax fico on this site and finding I don't even have one and finding that my fako scores are in the looow 600s, I realise now that I should not have applied for a Citi Simplicity Card on a reach last week. Oh well, live and learn. I have done good stuff this week by initiating a 12277 irs withdrawal of federal lien process for my lien which was released in 2008 as well as getting a duplicate record of it removed from one of my reports. I am gonna wait a month for my Capital One card to show up on my reports then make a decision on the next ap. I have 2 hard inquiries now. I was looking at the Walmart as a next one. If I had done my research better on here I would not have gone for that Citi card. Thanks everyone for the help. I am facinated with this credit stuff and have been reading online for hours and hours and hours since I have a lot of extra time at work now. I work in a resort town and it is the middle of the off season right now so perfect time to do some research and get my life together  

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Hey dddewdrop!!

I am in your same situation thought I was good enough for the Amex green ( in my dreams) got shot down then successfully apped for Cap 1 plat. Tried to recon for the Cash Rewards...No such luck, they said wait 45 days before trying again, only have 2 inqs so I might, seeing how the plat has no perks. I too am waiting to see what the score does with this first  Cap 1card reporting.  My plan is to SD the plat and cancel it in a year rather than pay 2 AFs if I get the rewards card.

Additionally, I got the WM store card with 6 baddies( 2 liens and 4 collections) so you are golden.

Let me know if you go for it!

[dddewdrop]

Hmm. Thanks for all the advice. I am really kind of broke or I would get a secured card for a second card and do it for a few thousand. I read about the Barclay card but it seems to have kinda bad customer service. I was looking at the nfl barclay cards. They have some good promotions with points and no annual fee as I remember. I have an old record on one of my credit reports the exp one and it is a citi card with 1000 limit that for some reason is still there since way back when so that score is higher. For some reason that report didn't get the info that the account was closed or something.  Thus I have a better shot at getting a card that pulls exp. It would be great to get a card in the next tier up and it would be great to get on with the whole ageing thing but the thing is my credit is really bad and I was really lucky to get the Capital One card and I was really really irresponsible with credit cards in the past so I think I should just stick with one and prove to myself that I won't impulse buy with it or actually use it at all other than to build my credit. So i think im gonna wait a month minimum before any new apps. Thanks for everyone's advice. I am a lot less mature than my age due to years of substance abuse and this is my fresh start and I don't wanna mess it up so I'm gonna er on the conservative side. Thanks all for presenting my options.. more to come...

[jsucool76]

I would use the "Chat Now" and just ask if you can add rewards. They let me PC from plat to cash rewards after only 2 weeks. Def worth a try, but it is a pretty rare occasion they'll say yes.

[dddewdrop]

If I get 2 capital one cards and try to backdoor combine their credit limits does that help me? I don't want to be closing one fo the two cards anyway right? 

[dddewdrop]

Jsucool wrote:

I would use the "Chat Now" and just ask if you can add rewards. They let me PC from plat to cash rewards after only 2 weeks. Def worth a try, but it is a pretty rare occasion they'll say yes.

Can you explain what you mean here? I don't understand exactly

[jsucool76]

When you log into your account, there should be a button that says "chat now." you can click it and talk to a csr and ask if they can add rewards. They might say no, but they might say yes. This way at least (if they did say yes) your card would earn rewards.