Vattené wrote:I've heard of people being loyal to Amex (based on the cards offered and the rewards/perks/prestige associated with them more than the actual payment network), but never Visa or MC.
Personally, I've never had any particular loyalty to Amex, Visa, or Mastercard, but I still consider myself fairly loyal to Discover...I mean I'm a rewards maximizer, so as loyal as I can be within reason. But hypothetically, Discover would be the last card I'd close and continues to be ranked as my #1 choice all else being equal.
Anyway, forrestst, I personally dislike Capital One, but
I don't think you made a mistake opening the card. A hard pull really isn't that serious and you should
see some benefit to your credit score from having a second card, even if it isn't a huge benefit. Are there better choices out there? Of course, but better unsecured choices you could get approved for with limited credit? Perhaps not. As CarefulBuilder pointed out, a deposit isn't always a very big deal either, but
it does depend on your personal finances. I can certainly understand if you'd rather not tie up the funds or have to come up with it upfront.
Regarding credit limit increases, yes, I think you stand a good chance of automatically getting some. Capital One has a program they call "Credit Steps" that automatically gives increases on, I think the 3rd and 6th statement as long as you make on-time payments each month. I'm not sure if it applies to all their cards, but I think it does. Forgive me if I'm wrong, I haven't had Capital One for years, and it was long before their Credit Steps program, but I *think* this is correct.
I believe you can also potentially get a SP (soft pull) increase in addition
to the automatic Credit Steps increases by requesting one after your 3-month increase and before your 6-month increase. Again, I may be off a bit on this info since I don't have first hand experience, but I think this is right.
All that aside, in general you can potentially receive SP Capital One CLIs every 6 months just be making requests online. You'll also potentially be able to PC (product change) your Platinum account to a rewards account like the QuickSilver1 or even a no-fee rewards account like the QuickSilver. But when and if you qualify for these upgrades is very much a YMMV (your mileage may vary) type thing. So stay optimistic, but don't hold your breath.
Anyway, congrats on your progress and keep us posted!