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Upgrading Current Credit Card
Posted on 6/22/24 at 9:36 am
Posted on 6/22/24 at 9:36 am
I’ve had the same card forever. Capital One Quicksilver, 1% cash back on all purchases, no annual fee. I put about $3000 on the card and pay in full every month. Credit score is low 800’s high 700’s depending on which bureau.
I’m about to start construction on my new home and plan to put a lot of what I can on the card to build points. I know applying for a new card would impact my credit but I’m always getting offers from capital one to upgrade to a new card without applying. These cards have better rewards. Does upgrading work the same as opening a new account? I don’t want to do anything that will affect my loan.
I plan on asking my loan agent about this but it’s Saturday and it was on my mind.
I’m about to start construction on my new home and plan to put a lot of what I can on the card to build points. I know applying for a new card would impact my credit but I’m always getting offers from capital one to upgrade to a new card without applying. These cards have better rewards. Does upgrading work the same as opening a new account? I don’t want to do anything that will affect my loan.
I plan on asking my loan agent about this but it’s Saturday and it was on my mind.
This post was edited on 6/22/24 at 9:41 am
10
Posted on 6/22/24 at 9:42 am to GAFF
Had you asked this before you applied for the loan, we could have given more interesting advice. As is, you’re likely just going to need to wait until Monday to talk to your loan officer. Depending on your situation, even a soft credit pull could cause you harm.
Posted on 6/22/24 at 10:04 am to GAFF
Get the Venture X if you want to stick with Capital One but keep the Quicksilver. You can transfer all your quicksilver points to the Venture X
Opening new cards doesn't really do anything to your credit
Opening new cards doesn't really do anything to your credit
Posted on 6/22/24 at 11:09 am to GAFF
If the talk on Monday goes well I'd be looking at getting into a premium Chase card like the Sapphire line. UR points are awesome.
Posted on 6/22/24 at 11:37 am to GAFF
quote:
I know applying for a new card would impact my credit
It'll drop it maybe 5 points at most. And it will recover pretty quickly.
You just don't want to open like 10 cards a year.
Shop around, there are a lot better cards out there than the one you have and with your score you should be able to get just about whatever you want.
This post was edited on 6/22/24 at 5:33 pm
Posted on 6/22/24 at 12:09 pm to GAFF
quote:
Does upgrading work the same as opening a new account? I don’t want to do anything that will affect my loan.
In my experience, the answer is yes & no. There is an inquiry on your credit report, but not a hard hit. Also, when you upgrade you get to keep the history so it doesn’t look like a whole new card which will effect average age of credit. Small effect, but at this point ima small effect could give your loan officer heartache. As others said, best to run it by them first; but I’ll suspect they won’t care if you open the new card w Chase as long as you don’t go on a spending spree outside of the renovations
Posted on 6/22/24 at 1:49 pm to GAFF
I love Savor by capital one. You get 4% on all restaurants, amusement parks, concerts, sporting events, 2% on most gas and groceries and 1% on everything else, I make back close to 2k every year (yes we spend a lot but I put almost all purchases o. It)
Posted on 6/22/24 at 2:28 pm to GAFF
Wouldn't the upgrade be considered the same account?
Posted on 6/22/24 at 2:38 pm to Pelican fan99
quote:converting doesn't hurt at all. that's a soft not hard check.
Opening new cards doesn't really do anything to your credit
Posted on 6/22/24 at 3:00 pm to faraway
Sure but upgrading doesn't always get you the sign up bonus
Posted on 6/24/24 at 10:26 pm to GAFF
Capital One Venture X is the best standard CC IMO and you can upgrade it to that without a credit pull. But I'd wait until loan is final and just get a new card then so you get the sign up bonus, unless you have a specific trip to rush the upgrade for. Hit the sign up bonus and apply for a new card. Rinse and repeat and never pay for travel again.
This post was edited on 6/24/24 at 10:28 pm
Posted on 6/25/24 at 6:02 am to GAFF
quote:
Capital One Quicksilver, 1% cash back on all purchases, no annual fee.
Should be 1.5%. Site says "Earn unlimited 1.5% cash back on every purchase, every day."
Posted on 6/25/24 at 6:10 am to LSUFootballLover
quote:
I love Savor by capital one. You get 4% on all restaurants, amusement parks, concerts, sporting events, 2% on most gas and groceries and 1% on everything else
There are two kinds of Savor, one with a $95 annual fee and one with no fee.
$95 annual fee card: Earn unlimited 4% cash back on dining, entertainment & popular streaming services, plus 3% at grocery stores, and 1% on all other purchases.
No fee card (Savor One): Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores, plus 1% on all other purchases.
You have to decide whether an extra 1% cashback on your dining, entertainment, and streaming services is worth the $95 annual fee. It takes $10,000 of spending on those categories to earn $100 at 1%.
Posted on 6/25/24 at 8:59 pm to TheChiefHasArrived
I’m not really a traveler and have found the cash back is more beneficial for me. Any recommendations for a cash back card?
Posted on 6/27/24 at 8:05 am to GAFF
Do you want cash back or travel miles? Cash back is all about where you spend your money. E. G Verizon via card
3.1/5
·
WalletHub
4.4/5
·
NerdWallet
The Points Guy
Verizon Visa Card review: Full details - The Points Guy
Apr 17, 2024
Verizon
Verizon Visa® Card | Earn up to 4% in rewards
Save on your Verizon bill every month with Verizon Visa® Card. Use your card to pay your Verizon bill on Auto Pay every month and save. Plus, earn up to 4% ...
Benefits
…
: 4% on gas and grocery store purchases. 3% on dining purchases, including take-out and delivery. 2% on Verizon purchases, 1% everything else, cash can be used to reduce credit card bill. Sam's club has a similar card and money used at Damd6, both are no fee. Where do you want to use your cash? Look at discover card also
3.1/5
·
WalletHub
4.4/5
·
NerdWallet
The Points Guy
Verizon Visa Card review: Full details - The Points Guy
Apr 17, 2024
Verizon
Verizon Visa® Card | Earn up to 4% in rewards
Save on your Verizon bill every month with Verizon Visa® Card. Use your card to pay your Verizon bill on Auto Pay every month and save. Plus, earn up to 4% ...
Benefits
…
: 4% on gas and grocery store purchases. 3% on dining purchases, including take-out and delivery. 2% on Verizon purchases, 1% everything else, cash can be used to reduce credit card bill. Sam's club has a similar card and money used at Damd6, both are no fee. Where do you want to use your cash? Look at discover card also
Posted on 6/27/24 at 4:24 pm to 756
quote:
Where do you want to use your cash?
Usually I just let it build until it’s enough to make a full monthly payment. Then just start over.
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