cancel
Showing results for 
Search instead for 
Did you mean: 

New Capital One Credit Card!

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure

Re: New Capital One Credit Card!


@blobvzw wrote:

It seems to be a bridge between QSOne/Platinum to QS. QuickSilver/Venture/Savor all require "Excellent" credit according to CapitalOne. QSOne and Platinum require "Average" credit. Platinum Preferred requires "Good" credit, a tier that doesn't even show up on any other card offered by CapitalOne. I guess if you have better credit than average but can't qualify for the QS, it has no AF so it may be worth it. It also has the Earn a higher line feature, so it probably does the same credit steps as the Plat/QSOne.


It is an interesting offering. The page says "good" credit is required, whereas their more prime types of cards all say they require "excellent/above average" credit. Another detail I saw is that they mention the Credit Steps program on this page as well. The APRs are tiered at 16.49%, 21.49%, and 25.49%, but it only offers 9 months of 0% APR. The "excellent" Quicksilver card offers 0% for 15 months and has a lower, best rate, ongoing APR. To me, all this says is that they want to offer something for people with credit better than "average" (i.e. Quicksilver One and unsecured, low bucket Platinum), but they want to let more people in than they do for their "excellent" level cards. To me, this would be comparable in terms of qualification to something like Chase Freedom, where they will aprove someone with new or rebuilding credit a low CL, but the card can also offer a much lower APR and a higher credit line if someone with excellent credit applies.

Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750
TU FICO: 658 (2 derogs remaining) EX FICO: 620 (6 derogs remaining) EQ FICO: 610 (6 derogs remaining)
The FCRA and FDCPA are laws, whether the creditors and debt collectors like it or not. Inaccurate information is ILLEGAL and banks ARE NOT REQUIRED to report anything (unless it's a correction to INACCURATE information).
Message 11 of 25
Established Contributor

Re: New Capital One Credit Card!

Interesting card. Sucks that a straight 2% card can beat it but I think the idea is to cover the middle market that had a big gaping hole in the Capitol One portfolio. I noticed Capitol One is trying to pull more customers with fresh product because the other stuff was oldie but goodie. Explains a lot why Walmart told Synchrony Bank to take a hike for Capitol One.

TU:795 10/08/18 Synchrony--EX: 758 10/26/18 Discover--EQ:810 09/25/18 Citi--Gardening since 10/15/18
Active:
Bank of America (Bankamericard M, Better Balance Rewards M, Cash Rewards VS), Blispay V, Capital One Quicksilver VSC, Chase(AARP VSC, Amazon Prime VS, Freedom VSC), Citi Dividend M, Citizens GreenSense M, Discover It, FNBO Ducks Unlimited VS, FedEx Employee Credit Association V, Synchrony Bank(PayPal Credit, PayPal 2% Cashback M, Walmart M), US Bank Cash+ VS
Wishlist: Barclaycard Uber, Bellco Colorado Rewards, EBates, Marvel, Nusenda Platinum Cash Rewards, PenFed Pathfinder, Security Service Power Travel Rewards, UMB Bank Simply Rewards, Vantage West Connect Rewards, Wells Fargo Propel
Message 12 of 25
Regular Contributor

Re: New Capital One Credit Card!

Good to see Capital One bridging the gap between their "average" and "excellent" products. Wish they would bring back the old credit increase amounts like I remember back in 2015 as opposed to these $100 increases they're offering now lol.
BK7 DC 1/2/2018


Starting Score: 512 Experian Fico 1/7/2018
Current Score: EXP 639 // TU 638 // EQ 650
Goal Score: 680+ across the board by 2020
Message 13 of 25
Senior Contributor

Re: New Capital One Credit Card!

Does QS really require "excellent" credit? I'd think they'd have to relax their standards a bit to get people interested in 1.5% these days.

We're not all credit geeks, but Citi pushes DC pretty hard.
Most spend: CSR, CFU, BBP
Rewards/AAoA ballast: CF, Discover, Costco, ED, Arrival, Double Cash
Perks: Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum, Aviator Red
Bonus chasing / retention games: Savor, BCP
Message 14 of 25
Frequent Contributor

Re: New Capital One Credit Card!

Works for me. I am still going to wait to I get a pre quilify for the amex BCE so i can get 3% back on grociereis. 

Message 15 of 25
Mega Contributor

Re: New Capital One Credit Card!


@wasCB14 wrote:
Does QS really require "excellent" credit? I'd think they'd have to relax their standards a bit to get people interested in 1.5% these days.

.

Yes and no!   I requires CapOne excellent credit, which means:

 

I've never declared bankruptcy or defaulted on a loan; I haven't been more than 60 days late on any credit card, medical bill, or loan in the last year; I've had a loan or credit card for 3 years or more with a credit limit above $5,000.

 

So you can have a 60 day late in the last year and still be excellent.   Other issuers may disagree with this definition!

Message 16 of 25

Re: New Capital One Credit Card!


@longtimelurker wrote:

@wasCB14 wrote:
Does QS really require "excellent" credit? I'd think they'd have to relax their standards a bit to get people interested in 1.5% these days.

.

Yes and no!   I requires CapOne excellent credit, which means:

 

I've never declared bankruptcy or defaulted on a loan; I haven't been more than 60 days late on any credit card, medical bill, or loan in the last year; I've had a loan or credit card for 3 years or more with a credit limit above $5,000.

 

So you can have a 60 day late in the last year and still be excellent.   Other issuers may disagree with this definition!


This is what Cap1 posts on their website, but I don't think it's necessarily accurate. I've seen my grandmother with a 40+ year history, good scores, low usage, and many established accounts denied for one of these cards. The ridiculous reason they cited was "lack of mortgage accounts." Not only was that silly, but it also wasn't true. She had a paid and closed mortgage on her reports!

 

I think Cap1 decisions are being made with some proprietary scoring model that they have developed, which may or may not be faulty. My grandmother isn't the only person I have heard of being denied for what seems to be no reason. They are one of the only creditors triple pulling for every card application, which isn't just unncessary, but also unusual.I'll be interested to see what the data points regarding approvals for this new card are.

Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750
TU FICO: 658 (2 derogs remaining) EX FICO: 620 (6 derogs remaining) EQ FICO: 610 (6 derogs remaining)
The FCRA and FDCPA are laws, whether the creditors and debt collectors like it or not. Inaccurate information is ILLEGAL and banks ARE NOT REQUIRED to report anything (unless it's a correction to INACCURATE information).
Message 17 of 25
Moderator

Re: New Capital One Credit Card!


@RehabbingANDBlabbing wrote:

@longtimelurker wrote:

@wasCB14 wrote:
Does QS really require "excellent" credit? I'd think they'd have to relax their standards a bit to get people interested in 1.5% these days.

.

Yes and no!   I requires CapOne excellent credit, which means:

 

I've never declared bankruptcy or defaulted on a loan; I haven't been more than 60 days late on any credit card, medical bill, or loan in the last year; I've had a loan or credit card for 3 years or more with a credit limit above $5,000.

 

So you can have a 60 day late in the last year and still be excellent.   Other issuers may disagree with this definition!


This is what Cap1 posts on their website, but I don't think it's necessarily accurate. I've seen my grandmother with a 40+ year history, good scores, low usage, and many established accounts denied for one of these cards. The ridiculous reason they cited was "lack of mortgage accounts." Not only was that silly, but it also wasn't true. She had a paid and closed mortgage on her reports!

 

I think Cap1 decisions are being made with some proprietary scoring model that they have developed, which may or may not be faulty. My grandmother isn't the only person I have heard of being denied for what seems to be no reason. They are one of the only creditors triple pulling for every card application, which isn't just unncessary, but also unusual.I'll be interested to see what the data points regarding approvals for this new card are.


+1. Capital One is the only lender to deny me for a new credit card (Venture) in at least a decade but people not long out of bankruptcy get approved for a $30k Venture all the time.


Message 18 of 25
Super Contributor

Re: New Capital One Credit Card!

The 1% category excludes Walmart and Target. 






Message 19 of 25
Super Contributor

Re: New Capital One Credit Card!


@HeavenOhio wrote:

Thanks for the heads up, @blobvzw. Smiley Happy

 

I'm seeing this card via the link above, and I'm also seeing it on Capital One's full list of cards.

 

It's definitely a subprime card. It has a $300 minimum credit limit, and applicants will be denied if they have two or more Capital One cards. Still, without an annual fee, it's good enough to keep around if desired. It can anchor one's AoOA (age of oldest account) or prop up one's history in general.

 

We saw some mentions of a "Platinum Preferred" card a few months ago. If I remember correctly, it was 1% on everything without category rewards. I'm not sure how people managed to obtain it, though, as it was never listed with Capital One's other cards.


It was an option to choose on a pre-approval. I had the card showing at one point myself. 






Message 20 of 25
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.