Questions about Capital One

[Anonymous]

I have been reading some posts that have made me start to think about things such as upgrading cards and applying for CLI.

First off, I have 2 Capital One cards (Quicksilver and Platinum) and I've been reading things from people who upgraded their Platinum to the Quicksilver after having the Platinum for a couple of months. What is the benefit of upgrading? I have had my Platinum for a couple of months and I always pay it off so I know my history is good, but I am wondering why one would upgrade and should I?

Secondly, I read that some folks apply for the CLI even though they are in the credit steps program (I am too) and they ask for it like 2 months after getting the card and they get approved. Is that really possible? Sometimes I feel like trying that but then again I feel like waiting another a couple of months and they will increase it. I am fine with a low limit, but at the same time I know having a higher credit limit is good.

Sorry for the questions as I am a newbie and I am getting my life together after all I have gone through. Capital One was the only company willing to give me a cc and a car loan so I sorta feel like leaving it up to them but then I read these stories. The only other cc's I have are the Walmart store card and Woman's Within as they also gave me a chance.

If this is in the wrong forum then please move to the correct one.

Thanks!

[Anonymous]

Hello, I have a secured Cap One and Cap One Platinum Unsecured. After six months my secured was increased by $300. My unsecured  Cap One Platinum started out with $500. After my third statement cycle, I requested a CLI. My increase was $1,000. I too am enrolled in the credit steps program, I'll just wait until my six months in Feb to see if it increases.

[bestchoiceglobal]

Upgrading to the quicksilver will get you rewards...capital one will likely give you an increase at 2-3 months (mine did and most others) and if they do they will give you another one at the end of credit steps. Which is 2 in less than 6 months. If you wait until the credit steps I believe it is every 6 months thereafter.

[Pway]

The reason for upgrading is for the rewards.  The platinum does not have any rewards and some of us that use our credit cards for everyday purchases want to mamimize rewards with that card

When it comes to the credit steps, yes you can receive an early CLI and still receive your credit steps.  However, I was enrolledin the credit steps and I hit the CLI button around the third statement cut and I received a 1k increase then another 500 increase when my crdit steps kicked in.

[ddemari]

Hi there! I anwsered some of your questions in italics- see below. 

@Anonymous wrote:

I have been reading some posts that have made me start to think about things such as upgrading cards and applying for CLI.

First off, I have 2 Capital One cards (Quicksilver and Platinum) and I've been reading things from people who upgraded their Platinum to the Quicksilver after having the Platinum for a couple of months.

In my experience, it is not common to get your Platinum MasterCard upgraded to non-annual fee QuickSilver Mc, but- some have had luck in doing it, yes. I still have a platinum MasterCard with annual fee from 2011 that won't drop the Annual Fee. 

The QuickSilver 1 Rewards is much easier to add to your card. Basically you signed up for a no frills at all Plat. MasterCard. With some use and payment, you can add QuickSilver 1 Rewards to your card, after a few months. 

Upgrading to QuickSilver Rewards - Non annual basically has one perk up on the QS1 Rewards, one is free and one isn't. Otherwise they are exactly the same card. 

People like to upgrade because; you get something you didn't have before and some of us like to see what we can accomplish with certain banks. Asking for a Product Change and or Credit Limit increase with Cap1 doesn't affect your credit. you can hit the buttons and chat with them and see what they say. you have nothing to lose. 

but I'd personally wait a year before trying to get QuickSilver no AF., if it involved having to escalate it with cap1. I would definitely try now to chat and see if you can get QS1 Rewards. but, again it doesn't hurt to ask chat if you can have the QuickSilver Mc non annual fee, all they can say is yes or no.

What is the benefit of upgrading? I have had my Platinum for a couple of months and I always pay it off so I know my history is good, but I am wondering why one would upgrade and should I?

Above pretty much says why people upgrade. they may want to see more use from you before giving you anything but then cap1 surprises. You can chat with them, ask if they have any offers for you, hit the CLI button etc. I never saw crazy fast CLI's or upgrades with them but eventually it does happen!

Secondly, I read that some folks apply for the CLI even though they are in the credit steps program (I am too) and they ask for it like 2 months after getting the card and they get approved. Is that really possible? Sometimes I feel like trying that but then again I feel like waiting another a couple of months and they will increase it. I am fine with a low limit, but at the same time I know having a higher credit limit is good.

No harm in hitting the CLI button. Some people luck out and some have to put in the time with them. 

Sorry for the questions as I am a newbie and I am getting my life together after all I have gone through. Capital One was the only company willing to give me a cc and a car loan so I sorta feel like leaving it up to them but then I read these stories. The only other cc's I have are the Walmart store card and Woman's Within as they also gave me a chance.

If this is in the wrong forum then please move to the correct one.

Thanks!

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[jeffery581]

Quick Silver Mastercard and/or Visa with annual fee, or without Annual Fee. Depending on how much you run through it. 1.5%, no minimun, cash back credit on statement, gift cards. ect. Made money on mine just buy using it.

[jeffery581]

Welcome. Stay in Credit Steps That's what helped me. Don't ask for credit limit increase till after 6 months from the last one. Work on any negative items you may have. Ask for any offers after 6 months. 1.5% cash statement credit no minimum is nice. 

[Anonymous]

people have "generally" seen higher CLIs if they wait the full 6 months rather than 2 in 6 months. either way it helps. if you can upgrade to a non AF card then by all means do it. having the platinum doesn't do you any good in the terms of rewards (although there can be other benefits like establishing credit with cap1 and learning to use a credit card responsibly and building your payment history)

based on your post idk what stage you are in rebuilding your credit but you're off to a better start than you think. cap1 has turn into a dream for MANY users here and in due time can really show you some love. just use them exclusively (especially your QS) and it'll love you back in return.

just my $.02 but take it however necessary.

[Anonymous]

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@Anonymous wrote:

I have been reading some posts that have made me start to think about things such as upgrading cards and applying for CLI.

First off, I have 2 Capital One cards (Quicksilver and Platinum) and I've been reading things from people who upgraded their Platinum to the Quicksilver after having the Platinum for a couple of months. What is the benefit of upgrading? I have had my Platinum for a couple of months and I always pay it off so I know my history is good, but I am wondering why one would upgrade and should I?

Secondly, I read that some folks apply for the CLI even though they are in the credit steps program (I am too) and they ask for it like 2 months after getting the card and they get approved. Is that really possible? Sometimes I feel like trying that but then again I feel like waiting another a couple of months and they will increase it. I am fine with a low limit, but at the same time I know having a higher credit limit is good.

Sorry for the questions as I am a newbie and I am getting my life together after all I have gone through. Capital One was the only company willing to give me a cc and a car loan so I sorta feel like leaving it up to them but then I read these stories. The only other cc's I have are the Walmart store card and Woman's Within as they also gave me a chance.

If this is in the wrong forum then please move to the correct one.

Thanks!

---

I got a platinum mc last year at this time. My original CL was $1000. After 5 payments, an auto CLI to $3000. I got a QS in Sept this year. I upgraded my platinum to a QS about 3 weeks ago. I had the choice between a QS and the Venture. I chose the QS for the rewards because I do not travel a lot. the magic number seems to be six months. That is generally the time to wait to get CLIs. It is also the number that Cap1 requires in having two cards to combine which is something I plan on doing after having my 2nd card for six months. If and when both cards are eligible, request CLI first.

I would suggest to either call (I like to call the rewards number) to get answers. If they cannot answer your questions, they can escalate to the back dept. They will also tell you whether or not you are eligible for what you want (CLI or upgrade!) After I got the QS upgrade from platinum, they originally did not give me the $100 reward for spending $500 in the first three months that QS offers on new apps. After calling, they were able to approve the bonus for me. They just seem to be a little more helpful than the regular number or even the chat.

Hope this helps!

VBC

[Anonymous]

VBC to you means volleyball chick but to me means vehicle buyers check lol.