Quicksilver upgrade?

[Montana4f1]

First time posting. I have found some good info on cap1 platinum to quicksilver upgrades but am left with a few questions. After 12 years with no credit usage I began rebuilding 4 years ago. My first card was cap1 platinum. Started out at 300 and went to 1500 (auto increases) over a few years (not much usage). About 14mo ago I got a chase freedom. It started out at 3500 and is currently at 8500 (all auto increases). That is my main card and I use it for everything (3-4K monthly). I rarely use the cap1 anymore, just enough to keep it active. I keep getting offers for the quicksilver and I don’t think I would have an issue getting approved. My debt/income is very low, good income, very few inquiries, payments history is perfect and i keep my utilization around 2% total. My only other accounts on file are two paid off loans and a car loan 6mo ago. I don’t know my actual fico but vantage 3.0 has me at 757. Being that my short history and a thin file are my biggest challenges, I do not want to close my oldest account to get a new QS but keeping the platinum open for no reason is also kind of a hassle. I would rather upgrade it but I have been lead to believe that if I did that it might be limited in future credit increases as the account initially began as a lower end, steps program card. So my questions:

1. Is applying for a new QS more beneficial than upgrading to one?
2. If I did upgrade would it potentially come with an automatic increase that is on par with the starting limit that I would receive from opening a new QS or would it initially be stuck at the paltry 1500 it currently has?
3. If I get a new QS, could I merge them in the future and if so, would the history reflect the older card issue date or the newer?
4. Lastly, in my situation, is it at all feasible that a new QS account could start with a 5k limit and earn me the signature version or is that still beyond my reach with my short history?

I greatly appreciate any advice, this forum has been very helpful in my rebuilding efforts.

[nax]

 I know you can check your PC/Upgrade offers online with Capital One (I just recently learned this and after 4 years did a PC from QS1 to Venture1) 

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade 

(Not sure if I can post links sorry Admin if this is agains rules)

For me it would depend on weather I could deal with the 3 HP and the future change of AAOA. IMO that would be the biggest consideration on weather apping for another one or just PC that card.

Also the PC won't come with a CLI, that would be another button to push on your account.

Hope that little bit helps!

[Anonymous]

Welcome to myFICO!

Let me go ahead and address these questions for you.

1. Is applying for a new QS more beneficial than upgrading to one? If you aren't going to be putting a lot of spend on the card, I would just upgrade the one you have.
2. If I did upgrade would it potentially come with an automatic increase that is on par with the starting limit that I would receive from opening a new QS or would it initially be stuck at the paltry 1500 it currently has? Your limit would not change, it would be the same $1500. Try to request a CLI before you do the upgrade because you can't request another for 6 months after the product change.
3. If I get a new QS, could I merge them in the future and if so, would the history reflect the older card issue date or the newer? Capital One has removed the ability to merge cards right now, however, I have done this in the past and if you want to keep the newer, less likely bucketed account, you would have to merge the old card into the new one and continue on with the new card issue date and close the old. If you combine the new one into the old one, you will likely end up trapped in your starter bucket.
4. Lastly, in my situation, is it at all feasible that a new QS account could start with a 5k limit and earn me the signature version or is that still beyond my reach with my short history? Check their prequalified tool - if you prequalify for Venture, you will be much more likely to have a $5K or higher limit to start with.

[Montana4f1]

My goal is to raise my total limit as well as establish some more accounts so I believe I will apply for a new line of credit with QS and continue using my platinum saradically until my history is more established. I will look into prequalify for the venture though to gauge my worthiness. Thanks for the tip.

[HeavenOhio]

Welcome, @Montana4f1.

Upgrading the Platinum card won't interfere with your ability to apply for a new Quicksilver. Do both if you'd like.

[Montana4f1]

One last question about the quicksilver offer I keep receiving, it says I’ll recieve a credit increase after 5 on-time payments. Does that mean it is also a step program card like my platinum was or is that standard for all cap1 cc’s? I don’t want to apply for another card right now that has its upper end limited if that is the case. I also found that I am prequalified for the venture card so I don’t see why I would be offered another steps program card for the QS. (I am more interested in cash back than miles)

[Anonymous]

It’s a steps card with that verbiage.