What should I do about this Capital One upgrade offer?

[Anonymous]

You’re on your way then. If you care to, feel free to post in the Rebuilding Your Credit subforum with details on your scores, a list of all accounts you have that are open with limits and current balances, and your negatives with the same info as well. For the negatives, include any collection agency or original creditor who owns the debt, and we can help you attack them strategically. You may have some derogs that are with collection agencies who are known to delete themselves from your reports in exchange for payment, and going through with that can help to quickly clear some of the bad stuff you’re dealing with.

And I like to tell people too - don’t worry about being judged. We don’t play that here. Bad stuff can happen to anyone and we are here to help overcome it. Most of us have been there and done that too. It’s possible that you’re sitting on one or more derogs that can be easily cleared away and can kickstart your recovery.

[Gollum]

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@Anonymous wrote:
Sounds like a great start. Keep them happy like this and later if you apply for a prime card with them like Savor or Venture, they can be extremely generous if your scores and income fit. Quite a few people here have gotten starting limits between $20,000-30,000 on those cards.

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The best advice I can offer about turning bad credit into good credit is this: Pay all your bills on time, then wait patiently for your FICO scores to improve.

I'm not a fan of applying for an additional credit card / multiple credit cards from Capital One in order to possibly/maybe be approved for a Capital One credit card with a "good" starting limit. It seems to me that if Capital One will approve you for such a card, it must be because your most recent FICO score is high enough for you to qualify for that card (and possibly qualify for non-starter cards from other banks or credit unions). Credit unions (usually better terms than commercial banks) and/or other commercial banks should then approve you for cards that are similar to or better than  Capital One cards, given the same FICO scores, and Capital One reportedly does three hard pulls for one credit card application.

[CramEiko]

So I was in the Cap1 credit steps platinum series cards (I didn't even know this) and would forever be locked that way. Horrible APR. Even though I PIF, I didn't like it. It was my 1st rebuild card and it stayed that way. I went from Platinum to QS1 to the no AF QS in about a year or so later. Only later did I found out it would remain the same Platinum level card. It just had a shiny QS look to it.

I recently called to close my account. Not a single retention offer. Only a standard, Sir, we can temp lower your APR by 4% for 7mo. I asked, reduce my APR perminantly......... NO DICE! So I walked away from a 4yr 100% perfect banking relationship all because they wouldn't continue to grow with me. {CAP1 QS = 27.**% / NFCU Plat = 8.24%)

This forum gave me the information that I needed to grow. 

Good Luck!

[GApeachy]

 I'm not suggesting what to do as I only know enough to be dangerous. Idk what would work for you but just wanted to share my experience with Cap1 over the past 9 months to give a little insight.

I pc'd my platinum credit steps card to QS after about 3 months.  Then 2 months later (after completing credit steps $500 to $750) I reapplied for the Savor and got it.  Then I closed my QS the following week.  Now, 4 months later I have two offers to pc my Savor. (QS and Venture 1- no af) yeah, the offer is meh...no mention of a cli but at least I have an offer in a short time with this card.  Thinking positive thoughts here.

So ymmv but you're not limited, it's just in the timing of things with them.  I don't think my Savor card is bucketed but I know my Plat>QS was so I didn't want to bother running spend through it and am just concentrating on my Savor in hopes of an auto cli in the near future.  At least I now have an offer to pc. I'm hoping that's a good sign. Only time will tell.  All in all I got a better card but at the price of 6 inquires total. I didn't want 6 inquires but I'm okay with it because I am happy with the overall outcome.  At least time is on your side and good luck with whatever you choose to do.