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beachcity87

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Risk/ Reward of Applying/getting refused for a New Credit Card?
Facts:
Ive had a capital one secured master card for 2.5 years
Always pay in full and on time.
I put about 500 a month on it.
They gave me a credit increase to $1300
Credit score 620

I want to apply to a capital one card with reward points however i worried that a refusal to accept my application might harm my credit.
What are my chances of getting this card? QuicksilverOne Cash Rewards Credit Card
and what is the risk/reward?

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I was in the same situation. Capital One Secured for 2 1/2 years, paid in full every single month ($500 on it). Felt like I'd earned the right to graduate to unsecured cards. I was afraid to try, but the only way to find out is to give it a shot! I applied for an unsecured Wells Fargo Student Card (I'm in college) first, and was instantly approved. Only got a $350 limit on the spot, but within 2 weeks they increased it to $600. Then I applied for the Chase Freedom and was approved instantly for $2200! (I wanted to start using rewards cards and phase out the use of the secured card with no rewards). The one I really wanted I got a 7-10 day notice. I am determined to pay each and every card in full every month until my score goes up enough to get the best rewards and not have to worry about denials anymore. It sounds like you've proven yourself quite a bit but something is keeping your score on the low side - I think with that score it would be risky to apply for the unsecured cards yet. If you get a retail store card or another secured card and bring your score up 30-40 points it would improve your chances significantly. The Quicksilver One may be a good option for you at that point because if you are denied you can call the reconsideration line and ask them to look up your excellent standing with them on the other card. Good luck! Capital One Secured was a lifesaver for me, I hope it helps you too!

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I think your chances are pretty good, and you need to take this step in order to improve your credit worthiness.  Besides, inquiries only count for 10% of your score, which is pretty small.  Best of luck!

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