Is this a good plan?

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scarchelli
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Is this a good plan?

Postby scarchelli » Fri Jan 29, 2016 1:36 am

Hello, first post here, hopefully the right spot.

As of right now, I have a barclays with 1k cl, qs1 with 1.5k (says 750 until statement on the 9th of feb) and a dcu visa with 3k. I also am an au on a 15k discover (says 11k until statement on 9th). Aaoa is .8 years on feb 1st, uti is a bit high at 22%. All reports are 100% clean.

My plan is to freeze ex, app for venture, then app for venture one the same day, obviously meet the bonuses on both cards before combining for a nice limit. Then I will pc to a qs. Point of this is because I read cap one gives out very generous SLs for the venture and venture one.

Think I should wait until my uti is lower next month and/or my qs1 reflects the new cl? Qs1 will report $0 on the 9th, discover au will be waaaay lower, barclays will post $0 on the 8th. Tu will likely take a few days because they are slow, so maybe app around the 14th or so?

Reason I want to do it sooner than later is I want to app for a discover it before the double cash back promo ends. They will pull ex for me.

Sorry if freezing reports isnt allowed to be discussed here. Thanks.


takeshi
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Re: Is this a good plan?

Postby takeshi » Fri Jan 29, 2016 9:51 am

Revolving utilization has a significant impact. While 22% is under the generally suggest 30% max it is also far from ideal. Don't rely on just the creditor/product for limit. Your credit profile and income will determine what you qualify for.

scarchelli
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Re: Is this a good plan?

Postby scarchelli » Fri Jan 29, 2016 10:49 am

Tu fico via cct was 711 on jan 2nd, eq was 646 but a collection got deleted and ex is 720. Income is 50k.

yfan
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Re: Is this a good plan?

Postby yfan » Fri Jan 29, 2016 2:56 pm

scarchelli wrote:My plan is to freeze ex, app for venture, then app for venture one the same day, obviously meet the bonuses on both cards before combining for a nice limit. Then I will pc to a qs. Point of this is because I read cap one gives out very generous SLs for the venture and venture one.

There's only one problem with your plan. The Venture and the QS have different types of rewards. QS is straight cashback, Venture's "cashback" can only be redeemed against travel purchases. Meaning, you won't be able to take your Venture "miles" and turn into cashback if you PC to QS. You would lose the rewards.

Also, there's no guarantee that Capital One will allow a PC to a QS. In my experience, they only allow PCs if an offer for the product you are changing to already exists for you.

scarchelli
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Re: Is this a good plan?

Postby scarchelli » Fri Jan 29, 2016 7:58 pm

yfan wrote:
scarchelli wrote:My plan is to freeze ex, app for venture, then app for venture one the same day, obviously meet the bonuses on both cards before combining for a nice limit. Then I will pc to a qs. Point of this is because I read cap one gives out very generous SLs for the venture and venture one.

There's only one problem with your plan. The Venture and the QS have different types of rewards. QS is straight cashback, Venture's "cashback" can only be redeemed against travel purchases. Meaning, you won't be able to take your Venture "miles" and turn into cashback if you PC to QS. You would lose the rewards.

Also, there's no guarantee that Capital One will allow a PC to a QS. In my experience, they only allow PCs if an offer for the product you are changing to already exists for you.


I see, so basically if I met the bonus with a venture, they wouldn't change the miles to statement credit for a qs, also assuming I even had an offer for one?

I also heard people redeem miles for travel, then cancel the trip and keep the points. So, if I didn't have an offer for a qs, I guess I could do that?

yfan
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Re: Is this a good plan?

Postby yfan » Mon Feb 01, 2016 1:16 pm

scarchelli wrote:I see, so basically if I met the bonus with a venture, they wouldn't change the miles to statement credit for a qs, also assuming I even had an offer for one?

Correct.

I also heard people redeem miles for travel, then cancel the trip and keep the points. So, if I didn't have an offer for a qs, I guess I could do that?

I wouldn't go that route. Even if it does work (Cap One is pretty good at clawing back your reward when you cancel something), if Capital One finds out, they can blacklist you. You can, however, redeem your Venture miles for retail gift cards at full value prior to PCing.

scarchelli
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Re: Is this a good plan?

Postby scarchelli » Mon Feb 01, 2016 10:00 pm

yfan wrote:
scarchelli wrote:I see, so basically if I met the bonus with a venture, they wouldn't change the miles to statement credit for a qs, also assuming I even had an offer for one?

Correct.

I also heard people redeem miles for travel, then cancel the trip and keep the points. So, if I didn't have an offer for a qs, I guess I could do that?

I wouldn't go that route. Even if it does work (Cap One is pretty good at clawing back your reward when you cancel something), if Capital One finds out, they can blacklist you. You can, however, redeem your Venture miles for retail gift cards at full value prior to PCing.


The gift card thing is good to know. Just need to figure out if I think it's worth it to get high limit cards to potentially influence discover to give me a higher sl. Doesn't seem like it matters, honestly. They gave my dad 11k when he had just a $1400 barclays and a $1500 merrick card.



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