Capital One Quicksilver

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6 posts
Michael
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Capital One Quicksilver

Postby Michael » Sat Mar 01, 2014 10:35 am

I applied for this card and was accepted in July of 2013.

I had been using it as my "main" card, with a $15000 limit. My second card is AMEX BCP for groceries (6%) and gas (3%).

I recently applied for an increases and was declined by Cap One because "monthly expenditures are not high enough to warrant limit increase."

I called Cap One and explained that I charge about $4000 monthly and that I did not want to charge that amount on a $15000 card because that would be close to 33% utilization, and that I needed another $2000 to feel more comfortable as that being my "main" card for everyday purchases other than groceries or gas. They said that they would "reconsider" this and get back to me in 10 days.

My AMEX has a $30,000 limit.

If Cap One turns me down again, should I still use it as my "lead" card? I like the 1.5% on everything, but do not want to ruin my utilization.

P.S. I also have Discover IT ($15000) and Chase Freedom ($56500) but they are in the 'sockdrawer' with one monthly recurring charge on each, to keep them active. :cool:


MemberSince99
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Postby MemberSince99 » Sat Mar 01, 2014 11:17 am

I'm just dying to know why a card with over a 56k limit would be in the sock drawer. Seems to me that would give you pretty low utilization.


I'm not a big defender of Cap One but they are right if you really think about it. 15k from them and Discover is like 56k from Chase. And that 33% is on ONE card - your overall utilization would be pretty tiny and it wouldn't demolish your score as you may be thinking.


But if you wanna use your Amex as your primary card, go for it. I tend to worry less about rewards than about who I want to give the business to, though the 5% categories grab my attention every time. It's your credit and your life. I still can't imagine not using that Freedom or the IT for their 5% categories though, or sock drawering a card with a limit like that but what do I know.

Michael
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Postby Michael » Sat Mar 01, 2014 1:01 pm

Thanks for your advice.

You are correct that I should feed the cards that I want to do business with.

My two oldest cards are Freedom (2002) and AMEX (2001), so I should probably give them my "loyalty."

Discover is 2005, so maybe I should do their 5% categories, too.

Maybe Cap One should be in the drawer instead !!

thom02099
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Postby thom02099 » Sat Mar 01, 2014 5:17 pm

There ya go....problem solved!

Personally, I'd go with the BCP as my daily go-to card...that loyalty thang....

Rotate the others as needed/desired.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

takeshi
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Postby takeshi » Sat Mar 01, 2014 10:42 pm

Michael wrote:IIf Cap One turns me down again, should I still use it as my "lead" card?

That's really your call. I gave up on them long ago.

MemberSince99 wrote:I'm just dying to know why a card with over a 56k limit would be in the sock drawer. Seems to me that would give you pretty low utilization.

If the Freedom doesn't suit the OP Chase does allow for PC's and CL reallocations as well.

MemberSince99
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Postby MemberSince99 » Sun Mar 02, 2014 7:32 am

takeshi wrote:That's really your call. I gave up on them long ago.


If the Freedom doesn't suit the OP Chase does allow for PC's and CL reallocations as well.



Agreed. I can't for the life of me understand sock drawering it.



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