I currently have 3 Capital One cards, a VX (11.5k CL opened 7/2023), QS ($2300 CL opened 2/2022), and SavorOne ($4500 CL opened 9/2022). The SavorOne started at $3000 CL and it's curently at $4500. $1200 came from a transfer of limit from my QS and only $300 was from a CLI so I think this is likely bucketed (maybe not the lowest of low but still bucketed). FICO 8 scores were 659-665 at the time of approval and I was only approved for the "good credit version" and while I don't carry a balance it has pretty rough 30.74% APR.
Yesterday, I was screwing around with the preapproval tool (not planning to apply for anything) and to my surprise everything comes up as preapproved. The thought crossed my mind today to possibly apply for a new SavorOne or Savor (my dining and entertainment spend can justify the $95 AF ) in hopes that I'd get the sub, a better starting CL (maybe not bucketed or in a better bucket), and a slightly better APR (the highest APR offered is better than my current). I would then close the older "good credit" SavorOne (maybe transfer some of that limit too beforehand if they would let me) or sock drawer it. Meeting the sub requirement on either card wouldn't be a problem. Am I crazy for considering this, and would Capital One even approve me? I know the preapprovals from them are solid, but nothing is guaranteed, probably even moreso with 3 of their cards already. My other cards not previously mentioned are Amex BCP ($5k CL opened 1/2023) and Discover It Chrome($3.8k CL opened 11/2021).
Savor is a great card IMO.
I am lucky to have been grandfathered in at $0 AF.
It is a risk though opening new card.
Cap One cares more about use of limit than they used to.
I had $80k between QS, Savor, and Venture at one time.
Now it's $50k.
GL!
@Shooting-For-800I appreciate the feedback. My VX and S1 are my #1 and 2 cards spend cards so I think I can do decent on that front without any significant spend changes, but it's still a matter of whether they would approve me. I use my BCP pretty regularly too since it's my grocery, streaming, and gas card, but it's still not going to be a top spend for me. QS and Chrome get relatively low, but consistent usage. If I need to I can trim those down a bit further to just enough to keep active levels if it would help.
Capital One has been known to limit the number of personal "core" cards it will approve for a person (business and co-brands cards are treated separately). Some on this forum believe that number is generally 2, but I see that you already have 3. My main Capital One concern for you isn't your spend level, but the fact that you already have 3 "core" cards.
@NoHardLimits wrote:Capital One has been known to limit the number of personal "core" cards it will approve for a person (business and co-brands cards are treated separately). Some on this forum believe that number is generally 2, but I see that you already have 3. My main Capital One concern for you isn't your spend level, but the fact that you already have 3 "core" cards.
You can have 2 of their starter/rebuilder cards and 5 total personal cards (unless that's changed recently).
@Zoostation1 wrote: "Am I crazy for considering this"
YES! lol
You have 5 cards, 3 with Cap1 and 1 soon to be Cap1(Disco) Stop putting all your eggs in one basket! Go find something else 🙄😂
you'd still be in the BK bucket, so I wouldn't expect a much higher limit
if they are pre-approving for a SUB, that might be a risk worth taking? but I wouldn't expect a higher limit.
if you want a higher limit to get a higher limit on your report get a navy fed card tbh
@GZG wrote:you'd still be in the BK bucket, so I wouldn't expect a much higher limit
if they are pre-approving for a SUB, that might be a risk worth taking? but I wouldn't expect a higher limit.
if you want a higher limit to get a higher limit on your report get a navy fed card tbh
The preapproval had the sub, if it didn't I wouldn't even consider it. When I opened the S1 I was only getting the no sub preapprovals and the $3k was my highest limit. I wouldn't be expecting any sort of real high SL but I figured maybe it would be a bit better even with the BK since the scores are somewhat higher and they were willing to give me a VX last summer. Regarding NFCU - I will probably open one with them at some point down the road when I have more history with them, but I also don't have much of my spend to give them either.
@CYBERSAMThis would just be an easy sub for me to reach on a keeper card that wouldn't require any significant changes to my spend. If I were to do this and get approved, I would likely end up closing the original no sub S1 in the not too distant future. I'm also well aware most of my cards are with C1, and won't be putting all my eggs in one basket for the long term. I joined NFCU a couple months ago and will likely apply for a card with them when that relationship is more established just to diversify more.