QS1 vs Platinum

[Anonymous]

I opened a Capitol One QS1 in June. $300 limit that has only increased to $500 as of today. In Oct I opened a Capitol One Platinum card with $300 SL and in credit steps. I didn’t know much until recently but I gather the QS1 is a dud and the platinum is my best card to eventually upgrade into a QS and receive a decent CLI after credit steps.

I’ve opened a lot of new accounts this year but scores are relatively OK, all considering. EQ is 685 TU is 680 and EX is 644 with only one collection no lates and 7% total utilization.

I have the option now to move QS1 into Platinum. Should I for better luck in the future? And doing that will close my WA1, right? Which may slightly impact my credit age but June v Oct open dates probably won’t make an impact.

[Anonymous]

1. Closed accounts will continue to age and factor in your credit age, and since the limit will be combined, closing QS1 will have no effects on your score/profile.

2. Since you have already paid the AF on the QS1, personally I would hold off on the combination until upgrading the Platinum to QS first, then roll QS1 into QS. If the next AF is about to hit before that happens, then combine QS1 into Platinum like you originally planed.

3. Are those scores FICO? Since both TU and EQ are much higher than EX, I suspect you're getting TU and EQ from Credit Karma. If that is the case, they're Vantage scores, not FICO.

[HeavenOhio]

I'd do things in this order:

1. Hold off on the account combination for the time being.
2. About a month before your Steps increase, ask for a CLI on the Platinum card. Accept whatever they offer.
3. Six months past your previous QS1 increase, ask for a CLI and accept whatever they offer.
4. Combine the two cards before the QS1's annual fee hits.

The idea behind asking for a CLI before the Steps increase is that particular CLI won't affect Steps. Your Steps increase will preclude any CLIs on that card for six more months.

Definitely try to upgrade the Platinum to a Quicksilver. Start calling in every month once the card is four months old or so.

[Anonymous]

Thanks. All three scores are from myFICO, not CK. I have no clue why EX is so much lower than EQ and TU.

[Anonymous]

Probably like me and have more HPs on the EX side.