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Is CAPONE worth it?


Knight
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I was approved for the following cards. Do creditors consider CAPITAL ONE Credit Card as a subprime card? A credit rebuilder card? 

 

Do you think it's worth applying for? If YES, which one of the following cards would you choose?

 

  1. Platinum Mastercard
  2. Quicksilver for Good Credit
  3. SavorOne for Good Credit
  4. VentureOne for Good Credit

 

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Although I am not a creditor, I have been a credit analyst for years in my occupation.  In my opinion a Cap One credit card is not indicative of a subprime credit customer.  I always tended to look at the entire historical credit file contents to make that determination regarding the consumer.

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All my venting about Capone has been because they did not grow with me, but they were pretty great with helping me rebuild, and having them helped me get other credit lines, rather than hurting.

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Quicksilver's benefit is 1.5% cash back on everything; however that's the exact same benefit offered by BofA's Unlimited Cash Rewards Visa, and BofA is going to treat you better.  (Better CL growth, namely.)

 

What is your overall credit profile?  What are your goals?  Us credit geniuses would need that information to give you the most useful recommendations.

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On 7/31/2022 at 2:34 PM, Knight said:

I was approved for the following cards. Do creditors consider CAPITAL ONE Credit Card as a subprime card? A credit rebuilder card? 

 

Do you think it's worth applying for? If YES, which one of the following cards would you choose?

 

  1. Platinum Mastercard
  2. Quicksilver for Good Credit
  3. SavorOne for Good Credit
  4. VentureOne for Good Credit

 

 

Some people love CapOne and some hate them.  I, in particular, think they are pretty good.

 

Nobody is going to look down on you because there's a CapOne card on your credit reports.  Nobody cares ... nobody will probably even see it.  Everything is automated these days so the idea of one card looks worse than others is pretty much just a fairy tale.  

 

The only difference I have found is if you have a credit account that is issued by a financial company.  For example, Citi Finance accounts are considered a liability whereas Citi itself is looked on as good.  

 

I'd go for the Savor.  If you eat out a lot the rewards are good.

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13 hours ago, Sidewinder said:

Quicksilver's benefit is 1.5% cash back on everything; however that's the exact same benefit offered by BofA's Unlimited Cash Rewards Visa, and BofA is going to treat you better.  (Better CL growth, namely.)

 

What is your overall credit profile?  What are your goals?  Us credit geniuses would need that information to give you the most useful recommendations.

1.5% is simply not worth three hard pulls, especially given the number of other cards with the same or better rewards. 

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25 minutes ago, centex said:

1.5% is simply not worth three hard pulls, especially given the number of other cards with the same or better rewards. 

 

It's true that three INQs really does suck.  If you freeze either EQ or TU you can get away with only two, but still that's too many.  

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I didn't recognize "CAPONE" in the title.  I thought we were talking about Al Capone here.  ;)  

 

One benefit I take once in a while with any Capital One card (credit or debit) is 50% off a drink at a Capital One Cafe.  There's none close to me, but if I'm down at Westside Topanga Plaza, downtown L.A. or Hollywood, I'm carrying a Cap One card, just in case.   I do agree, the triple hard inquiries does stink, but when I applied I did freeze Trans Union, and was approved with two.  This was years ago, so they've all dropped off.  In applying for the checking account, there's no hard credit inquiry, but they're probably checking Chex and/or EWS.  

Edited by Burgerwars
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On 7/31/2022 at 11:35 AM, shifter said:

How do you get approved for 4 cards without applying? Is this a preapp? Quicksilver is the card in that profile to choose. But it's not a great card. Depends on your profile and goals and needs at this time. 

Yes, it was a preapproval. My goal is to build STRONG credit history as my file is currently thin. 

I want to get to the point when if I apply for any credit, I am instantly approved with large Credit Lines.

So far I have one CC account and one installment loan on my credit reports. But got "APPROVED" for 2 more revolving accounts at 1,500 and 1,000 CL last week.

Should I stop for now and just build credit using these 3 revolving accounts?

 

Still Experian FICO8 is at 748.

CK TU vintage = 731

Edited by Knight
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1 hour ago, Knight said:

I want to get to the point when if I apply for any credit, I am instantly approved with large Credit Lines.

That's a worthwhile pursuit, but that will come with time. How you get there should be done more focused on your current and anticipated future credit needs. Credit for credit's sake is not a good method of building. Find good issuers and cards that suit your current needs and will grow over time. Maybe C1 is part of that profile, but personally I don't think they are needed. There's a lot better issuers out there like Chase, Amex, BofA, US Bank, Barclay, Citi, Discover and then throw in some CUs like DCU (cards suck, but good to have a relationship for auto loans), NFCU, PenFed. For me, C1 would be on the outside looking in if I hadn't burned all of the above issuers. Beggars can't be choosers.\

  

1 hour ago, Knight said:

But got "APPROVED" for 2 more revolving accounts at 1,500 and 1,000 CL last week.

Why are the lines so low? What cards are these? It seems perhaps you have already put the cart before the horse.

Edited by shifter
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2 hours ago, Knight said:

Yes, it was a preapproval. My goal is to build STRONG credit history as my file is currently thin. 

I want to get to the point when if I apply for any credit, I am instantly approved with large Credit Lines.

So far I have one CC account and one installment loan on my credit reports. But got "APPROVED" for 2 more revolving accounts at 1,500 and 1,000 CL last week.

Should I stop for now and just build credit using these 3 revolving accounts?

 

Still Experian FICO8 is at 748.

CK TU vintage = 731

The low approvals are the opposite of a pry-bar...the more toy cards you load up with, the easier it is for the algorithms to keep you with low limit approvals...quality matters.

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4 hours ago, Knight said:

My goal is to build STRONG credit history as my file is currently thin. 

I want to get to the point when if I apply for any credit, I am instantly approved with large Credit Lines.

 

That's one of the easiest things to achieve.  All it takes is 7 years of patience, and keeping your credit clean, while judiciously using credit in the interim.

 

Of course, I exaggerate when I characterize this as "easiest".  Confronted with one of life's hiccups, if you don't have your act fully together and haven't mustered a reasonable rainy day fund, you can find yourself back at the end of the line, starting over.

 

 

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4 hours ago, shifter said:

 

  

Why are the lines so low? What cards are these? It seems perhaps you have already put the cart before the horse.

 

1,500 Apple via Goldman Sachs

1,000 AMEX Blue Cash Everyday

 

I think it is low because my revolving credit is fairly new with a low CL. I have only 6 months of reported CC activity and it is via a secured card with a $300 limit. 

 

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4 hours ago, centex said:

The low approvals are the opposite of a pry-bar...the more toy cards you load up with, the easier it is for the algorithms to keep you with low limit approvals...quality matters.

 

That is exactly my point. Besides my secured CC which is from a local bank, I want to have accounts from reputable institutions. So far, I have Apple and American Express.

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45 minutes ago, shifter said:

Apple card is not really a prime card. Not at all. You would have been better served getting a $2500 secured Discover than apping that. 

 

I would consider the Apple Card as prime.  You can get pretty decent limits, low APRs (as if that matters), they handle disputes really well and the rewards are decent.  

 

They also allow you to take a family member with their own Apple card account and combine them into one big joint account.  I went from $40k to $75k within minutes.  

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8 hours ago, Knight said:

Yes, it was a preapproval. My goal is to build STRONG credit history as my file is currently thin. 

I want to get to the point when if I apply for any credit, I am instantly approved with large Credit Lines.

So far I have one CC account and one installment loan on my credit reports. But got "APPROVED" for 2 more revolving accounts at 1,500 and 1,000 CL last week.

Should I stop for now and just build credit using these 3 revolving accounts?

 

Still Experian FICO8 is at 748.

CK TU vintage = 731

 

I would probably try another application or two before the new cards hit your credit reports.  Then I would sit back and let them marinate.  Until you hit at least the 2-year mark you will be considered as having a thin file and find it very difficult to get approved or at least approved with decent limits.

 

After done applying, work on credit limit increases.

 

2 hours ago, Knight said:

 

1,500 Apple via Goldman Sachs

1,000 AMEX Blue Cash Everyday

 

I think it is low because my revolving credit is fairly new with a low CL. I have only 6 months of reported CC activity and it is via a secured card with a $300 limit. 

 

 

Yes, your credit history is very thin and that has an effect.  I'm not sure what you put as income, but that may be a factor.  Also, any old derogatory data clinging to your reports could be a major roadblock.  

 

2 hours ago, Knight said:

 

That is exactly my point. Besides my secured CC which is from a local bank, I want to have accounts from reputable institutions. So far, I have Apple and American Express.

 

Apple and AmEx are reputable.  No current or future creditors will give a rat's arse if you have Citi, B of A, Chase or other "reputable" lenders.  Virtually all application decisions are automated these days and they look at the numbers, not the names.  Pick cards that fit your spending and offer the benefits you need.  

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