Great video! Just subscribed🎉

Good stuff here. For Capital One, they have a cobranded card now with REI (outdoor retailer). This was somewhat recent (REI used to be with US Bank), but certainly worth mentioning as I'm sure there are plenty of people out there with this card.

@realprofessoroak

Жыл бұрын

Thanks, and yes that is a good offering that wouldn't count towards the card limit.

Great video Mr Professor Oak!

@realprofessoroak

Жыл бұрын

Thanks!!

Data point for C1: I was able to open a standard Venture and SavorOne card within a week of each other. I was not aware of the rule they had, and as a result it might have caused my SavorOne to be bucketed (low credit limit). Mileage will definitely vary, but I’ve also heard that the 2 card rule with C1 has lightened up. I will apply for the Venture X next year to find out.

How new is that Capital One rule? My mom has a quicksilver, savor one and a venture x

I set a minimum 3 month rule for myself personally, and been hitting some more business cards to keep below 5/24 to keep my options open!

@realprofessoroak

10 ай бұрын

Business cards are definitely a great way to stay under the limits for personal cards while still capitalizing on those sign-up bonuses

I keep hearing capital one only allows 2 cards but I have 3 from them. Each a different type( quicksilver, savior and venture) but 3 total carrs

I didn't know about the capital one rule I already had 2 credit cards with them, but I got approved for the Venture X. The other accounts were both 7 yrs old and in perfect standing so that might be why

@realprofessoroak

Жыл бұрын

Yes, it would seem that Capital One has been more lenient on its 2 card policy especially for folks that have had an existing account or relationship with them for years.

Great video, are you sure on the 2 credit cards per capital one account? Source? I had a platinum as my first card then upgraded that to the quicksilver and this month I got a savor one but I also want the Venture or the X…

@realprofessoroak

Жыл бұрын

Thanks, and I was told by Capital One's customer service when I inquired that the limit on personal cards is two with the exception of co-branded and business cards, or any that were opened prior to the implementation of the rule in 2011. That being said, it appears that there are some exceptions so I am looking into what they might be.

@ErikLysak

Жыл бұрын

@@realprofessoroak Was on one of John Liang's Livestream, he couldn't confirm or deny the rule. But one of the viewers has a Quicksilver + Venture and was also recently approved a Venture X. So I'm thinking just a good credit score and good history with the company will probably give you an excellent chance to get a 3rd card!

Would have loved to see how often you can apply for chase cards like you did for Amex. I think I’ve heard you can’t apply for more than 1 or 2 in 30 days?

@realprofessoroak

Жыл бұрын

From both anecdotal experience and what's provided on Chase's website, it doesn't look like there is a hard rule on limits for applying, although generally they limit approvals to 2 per every 30 day rolling period.

Not sure if the capital one 2 card rule is recent. I have 5 dating back 19 years!! Good info Thanks

@realprofessoroak

Жыл бұрын

I believe it is a fairly recent rule but there are some exceptions, glad to hear it was helpful!

I downgraded my Barclays Red Aviator. Any thoughts on when I could apply for it again? Thx!

@realprofessoroak

Жыл бұрын

I'd say that you can always call the issuer to see if they would be able to upgrade your card without having to apply for a new one. That being said, if you are trying to apply again for the sign-up bonus, I am not sure they would offer the bonus again since you previously had the card before downgrading.

6:40 There’s only two downgrade options for the Amex platinum. Neither of which have no annual fee unfortunately

@realprofessoroak

Жыл бұрын

Yes you are right about this, the lowest downgrade option is the Green Card which has a fee. The example should have been with the Hilton Honors Aspire which can be downgraded to a $0 annual fee offering, and same with the Delta SkyMiles Reserve.

I just got into cards. 30 years old and never got my own prior. I went all out my first month. 😅 5 cards in under 30 days. 5 out of 6 approvals. I’m now going to wait 6 months but it will be difficult for me.

@realprofessoroak

Жыл бұрын

Good to hear you got mostly approvals going full throttle on those cards all in one month, but it definitely is a good idea to give it some time to let the impact on your credit settle.

Great info. Knowing these rules are important but they dont apply every time. These rules can also flexible. I have 12 open Amex accounts. 7 credit cards and 5 Charge cards. I also received hard inquiries on my first 2 Amex cards from Transunion and Experian. As for Chase, I was able to get the Chase IHG Business card at 13/24. I have content showing all these cards and the reasons that I believe I am able to get approved. I also have 33 total cards

@SledgeIncTeam

Жыл бұрын

@@MrBankRelations I don't think its that Chase is more laxed on Hotel cards, they are more laxed when they have a limited time offers. Thats why I applied for the IHG Business. There was a limited time 165k offer with 3k spend at the time when I applied

Has anyone gotten past capital ones rule of 2?

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5 Amex credit cards could be easy to reach if you have 2 or 3 Hilton open at once

@realprofessoroak

Жыл бұрын

This is true, but the 5-card limit does not include charge cards like the Platinum or Gold, which adds some flexibility.

@SledgeIncTeam

Жыл бұрын

@@realprofessoroak The 5 card limit is also flexible with some customers. I have 7 Amex credit cards and 5 Amex Charge cards

But what about your first Cap one card? I got denied for a Venture for having too many new accounts. How long do they want from my last approval eith another card before i can apply for my first capital one card? Atleast Chase is clear on that. C1 only has a rule between their own cards

@coreyw5981

Жыл бұрын

@@MrBankRelations i have none. this would be my first. Do i have to not apply for anything else in that 6-12 months?

@realprofessoroak

Жыл бұрын

If this is your first Capital One card, I'd focus more on making sure your credit is absolutely solid and you haven't applied to a bunch of new cards recently. I would say it doesn't hurt to have a checking account with Capital One as well, or any other products with them before applying as I mentioned with the other issuers, just to show a history of account standing with them.

So explain to me how i have 4 capital one personal cards

@lobcityfd

2 ай бұрын

I about to say the same. I have 3 , just recently approved for the savor card

If I have a corporate charge card does that count towards my personal limit?

@realprofessoroak

11 ай бұрын

Generally speaking, corporate charge cards would not count towards your personal credit card limits unless the issuer lumps together all cards regardless of type.

@Skyfuu

11 ай бұрын

@@realprofessoroak thank you! Also one more question. Because I have this Amex corporate card I can get a statement credit on a personal green gold or platinum card. Is that credit only for one card or can I get that statement say if I got both the gold and platinum card?

@realprofessoroak

11 ай бұрын

@@Skyfuu You're welcome, and you would have to call AMEX to confirm about the statement credit validity but usually those credits can only be applied once/to one card.

can you have too many credit cards or can you just collect them all

@TheKennyJrNichols

Жыл бұрын

Pokémon 🗣️

I actually currently have 3 capital one cards.

@realprofessoroak

Жыл бұрын

Interesting, I believe the 2 personal card rule was implemented in 2011 and does not include co-branded or secured credit cards, and of course any business cards you might have with them. If the ones you have are outside of those parameters I'd be curious to know what the exception could be.

@Adiscretefirm

Жыл бұрын

@@realprofessoroak I think the introduction of the Venture line has changed that. It made sense when they were sub prime focused, but they don't want to deny annual fee cards to qualified applicants because you carry a 15 year old Quicksilver

I have 3 capital one credit cards

@realprofessoroak

Жыл бұрын

Nice

@wai-keanjackson311

Жыл бұрын

I don't know if I got lucky, but I just wanted to put some data points. I started with the Quicksilver One when I was new to credit, then I got the Savor One and then another Quicksilver. Still have all three. I know you should never pay an annual fee, but it's my oldest account, so I pay the 30 dollars on the QS One.

The last part of your video is incorrect. You cannot downgrade the annual fee AMEX charge cards (Green/Gold/Platinum) to a no annual fee version. You have to cancel it if you want no annual fee. If it's your only AMEX card that earns MR points, you can open a AMEX Rewards Checking Account to keep your MR points.

@realprofessoroak

Жыл бұрын

As a matter of fact, this is not true. You CAN downgrade the charge cards when you contact AMEX, and they'll generally provide retention offers before you downgrade. Try it out for yourself.

@SectionChief

Жыл бұрын

Yep. Was just about to type a similar comment. Having the no annual fee Amex EveryDay® Credit Card is a way to keep your MR points active if you were to cancel all of your charge cards but you can’t downgrade said Plat/Gold/Green to the Amex EveryDay® Credit Card, you must apply for it separately. Green is the lowest downgrade level for a charge card.

@SledgeIncTeam

Жыл бұрын

@@SectionChief True

@iFapToBieber

Жыл бұрын

​@@realprofessoroakYeah but your video says downgrading the Platinum into a no annual fee card. AMEX only allows you to downgrade into cards of the same family. You can only go Platinum -> Gold -> Green. Try it yourself.