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So, when I began my credit rebuilding journey last year, I had abysmal scores and was only approved for a Discover It secured that I backed with $1k and a capital one QS1 with a $300 limit.
The Cap One card is in credit steps and is currently at $500. My Discover just graduated, but no CLI. It's at 1k. I was also approved for a Delta gold AMEX at 1k and will probably be mostly focusing on growing Disco and Amex. Should I still focus on pushing stuff through cap one, paying it off, and hoping it will grow? I feel like it might be a better use of my time to try and CLI Disco/Amex. I have heard I might have trouble making the amex grow since I started at 1k, but hopefully it can.
Long story short, what are the pros and cons of continuing with the QS1?
Pro: 1.5% cash back
Con: there's no other pro, especially once you get a 2% cb card
@Brian_Earl_Spilner wrote:Pro: 1.5% cash back
Con: there's no other pro, especially once you get a 2% cb card
This^^. Close that Cap One. It’s bucketed and most likely won’t grow. Divert all power to Amex and Discover!
Drop it, but after you get another card that runs on Visa/Mastercard network.
Once that card reaches 6 months (from open date) Cap1 will give you another card. This one will not be bucketed (stuck at low limits) as long as it’s not another QS1.
They will give you a new card with a large limit but will not approve increases on the QS1 beyond a few hundred dollars at a time. I know people who have a Savor and Venture cards with 20k limits and get turned down for CLI on $800 QS1 cards. its weird but that just the way Cap1 system works.
Also so just try the prequal site at the major banks. Citi, BofA, Chase etc. As you don’t have a BK at least one of them will give you a card.
@Anonymous wrote:Also so just try the prequal site at the major banks. Citi, BofA, Chase etc. As you don’t have a BK at least one of them will give you a card.
BoA doesn’t have a true prequal. I would try them last.
@Anonymous wrote:Once that card reaches 6 months (from open date) Cap1 will give you another card. This one will not be bucketed (stuck at low limits) as long as it’s not another QS1.
They will give you a new card with a large limit but will not approve increases on the QS1 beyond a few hundred dollars at a time. I know people who have a Savor and Venture cards with 20k limits and get turned down for CLI on $800 QS1 cards. its weird but that just the way Cap1 system works.
Also so just try the prequal site at the major banks. Citi, BofA, Chase etc. As you don’t have a BK at least one of them will give you a card.
This isn't true. If you're profile doesn't support it, any new cards will be bucketed as well.
@Anonymous wrote:
@Anonymous wrote:Also so just try the prequal site at the major banks. Citi, BofA, Chase etc. As you don’t have a BK at least one of them will give you a card.
BoA doesn’t have a true prequal. I would try them last.
According to the latest reports, the prequal is working now