Recently approved for Capital1 QS... but

[Anonymous]

Thankfully, I am rebuilding my credit and only had a Macy's and Secured CAP1 card up until now. Last week, I was approved for a Quick Silver card from Capital1 with a CL of 1k. I noticed a few people saying that contacting the EO/Facebook helps get a CLI.

It's only been a week and I don't mean to sound greedy but I'd like to put more of my charges on this card so I can utilize the cash back rewards however 1k may not be enough.Is it too soon to contact them regarding a CLI? If not, could someone with experience chime in and let me know exactly what steps I should take and what I should tell them?

Also as far as my CP1 Secured card... (Macy's Store card is oldest, but the secured card I've had for a year now)... would it be safe to cancel it or should I SD it and leave it open? I don't want to make a bad choice and have it hurt my score.

I'm asking as many questions as possible since I am determined to get my Fico up within the next year or so. Currently CK is reporting around 630.

[Anonymous]

Also wanted maybe 1-2 more credit cards and was wondering if it would be safe to apply for them now? ... Doesn't have to be from Capital One.. Would  go with one that I have a better chance of getting approved for. What do you guys think?

[jamie123]

I would suggest gardening the cards that you have right now for 6 months before apping for any more cards. Make sure that you keep your reported UTI under 10% when you app for new cards.

Unfortunately with scores around 630 there are very few lenders that will approve you for new credit. Six months of gardening should hopefully raise your scores up enough so you can app for some decent cards.

Good luck!

[jsucool76]

I would agree with gardening at this point, and I think a CLI attempt at this point might be futile. If you need to spend more than 1k I'd suggest making more than one payment a month. At 6 months you should be good to request a CLI on cap1. 

As far as the secured card goes, you've already paid the annual fee for the year, so I'd suggest just keeping it sockdrawered. If you have cash, (from what i remember) the cap1 secured card just reports as a credit card (not as a secured credit card), so you can throw 3k into that account to bring up the limit, and maybe use having a 3k CL to your advantage when applying for future cards. 

[MissMoni223]

Typically, with Cap1, you have to wait 6mths before requesting a CLI. I've read that some have success at 4 & 5 mths, but 6 mths is the general rule of thumb. They are pretty good about doing auto CLI at the 6 mth mark anyway. Sooooo, if you don't get the CLI that you like at that time, feel free to contact the EO. Hope this helps.

[adushenka]

the only way which works for me is to spend more with Cap1 card. Even with 1k limit you can buy stuff and pay it off every week or so. It's a hassle but it usually works well for Cap1 auto-cli. From my experience Cap1 is that type of lender who mostly relies on your spending pattern for CLI increases. And it likes to make such decisions on its own...

[Anonymous]

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@adushenka wrote:

the only way which works for me is to spend more with Cap1 card. Even with 1k limit you can buy stuff and pay it off every week or so. It's a hassle but it usually works well for Cap1 auto-cli. From my experience Cap1 is that type of lender who mostly relies on your spending pattern for CLI increases. And it likes to make such decisions on its own...

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^This. Put whatever spend you want on the card, and then pay it off. If $1k isn't enough to cover all your expenses, them break it up. Spend, pay, rinse and repeat. As long as your spend is decent, there's probably a good chance you'll get that CLI at the 6-month mark. I wouldn't bother asking before then. They'll probably just tell you the account is too new, or that it hasn't been six month. The key is spend, spend, spend!

I, as well as others, have been denied CLI's because of "too low usage".

[Jerry45]

Well Said Jamie. Garden and more Garden.

[Anonymous]

^^ on mobile and can't quote, but to the OP:

I've had my qs card for 3 months now after dismissing chap 7 bk in May and have had 2 eo increases. It's always YMMV.

Word of advice: actions speak louder than words. The first month I had the card I charged 3k to it. With a 1k limit I had to pay it down a few times . Half way through my second month I contacted eo asking for a increase. The worse they can say is no. But you have to prove that you'll use the heck out of the card.

[Anonymous]

is it quicksilver visa? or quicksilver one master card? If it's quicksilverone, then you'll get auto credit limit increase after 5 months with credit steps program. I'm not sure about the quicksilver visa.

And about the secure credit card, rather than closing it, you can conctact capital one and ask them to convert it to other cards, that way you don't have to close the account and convert it to any other reward card that you can actually use.