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Capital One CLI on Credit Steps - Questions and Observations

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daveg38
Established Contributor

Capital One CLI on Credit Steps - Questions and Observations

So I am about 2 months discharged on my Ch7.

 

I got a Capital One card, and during the process, tried to pick the reps brain on what my card's 'perceived' CLI will be at the end of my steps.

 

He said $500.  Meaning my CLI will get a paltry $200 increase (currently at $300).

 

So I read other people in Credit Steps who do a 61 day CLI and go well beyond what I assume is their 'perceived' increase.

 

This is all confusing to me.

 

So I decided to approach getting a more generous line by trying to overload CO's internal algorithm with charges and payments.

 

This is where I am at:

 

June: $661 charged, $661 paid ($0 balance reporting, $300 limit)

July: going to be about $725 (and $725 paid on a $300 limit)

 

Here are a few questions that would definitely help me discern if this is worth it or not:

 

1) When Capital One says a specific 'cap' has been established on your account, is it not possible to exceed this until after credit steps?

 

2) Does paying 7 times in two months count towards their 'seven on time payments'? Or do I have to allow a balance to report?

 

3) Do these repetitive charges/payments actually work?

 

Thanks, myFico experts. Any guidance is appreciated (and needed).

 

Ch7 Discharge: 5/14/2016 | Target RedCard $900 | Merrick DYL $500
Message 1 of 19
18 REPLIES 18
Anonymous
Not applicable

Re: Capital One CLI on Credit Steps - Questions and Observations

I was in your situation and just as confused 6 months ago, so here's my experience so far.

 

 

I was approved in January for QS1 with $300 CL, used it for as much as possible and PIF weekly. 61 days after activation, I requested a CLI through the website and was increased to $800. 

 

Thanks to a tip from the forums, I applied a few weeks later for the MC Platinum with 0% Intro APR, was approved for $1000, and after first statement, called and was able to upgrade to Quicksilver with No AF. After the 61 days again, recieved an increase to $2000. 

 

From what I've read, and in my personal experience, this a great way to to get started with CapOne, but YMMV. 

 

As for the Credit Steps, it says after 5 payments, but it really means 5 statements, and that the increase will be applied by the 7th statement. I was also told mine would got up $200, from $300- $500. I'm expecting my 6th statement on my QS1 next week, so I can update you on if my increase from credit steps took effect, or next month when I get my 7th statement. 

 

Also, the $200  CLI through Credit Steps he gave you should be the minimum you receive, but may be all you get. I was a CS rep for CapOne years ago when the program came out and saw some get the minimum, some get more. Again, I can update you on my experience when I get mine.

 

Definitely try for the increase after the 61 days, it doesn't do a HP, so you have nothing to lose. 

 

If you feel a little daring, try what I did with the MC Platinum(doing the prequal on the website helped me get the nerve to apply a second time).

 

I do HIGHLY suggest you use your QS1 as much as possible. In just 6 months, I've earned $232.90 in cash back using my QS cards for anything I could. 

 

Good luck!!!!! 😀

Message 2 of 19
Datx
Valued Contributor

Re: Capital One CLI on Credit Steps - Questions and Observations

Ginger17 - Very valuable information. I was just approved for a $300 QS1 and I plan to use the card as you stated. Thank you so much for posting your experience with the card. Really do appreciate it. 

Message 3 of 19
Anonymous
Not applicable

Re: Capital One CLI on Credit Steps - Questions and Observations

Here is my personal experience with Cap one:

 

 

4/27/2016: Discharged from CH7 BK

 

4/27/2016: Applied for and received a Platinum card with $3000 SL

 

From here I charged the hell out of the thing, literally running all of my family's regular spend through it (about $2,500/mo), paying it down each paycheck but allowing a balance to report each month - I had intended to keep it reporting under 9%, but due to some circumstances and personal laziness, it reported with 11% the first month, and 14% the second.

 

7/10/2016: paid the balance to exactly $10 and let the card sit unused for a few days

 

7/14/2016: Requested CLI - received $4000 increase to $7000 total

 

Your mileage may vary, but what I've learned both from reading and my own experience is this - Cap One wants to see you use the hell out of what they've given you internally, but like any other creditor wants to see very low balances at the end of your billing cycle.

 

Also, paying it down to nearly but not completely nothing before requesting the CLI is VERY important, as it tells the computer "You see I've spent a lot, and you can see the card is still active, but right this minute I could walk away if you don't play nice" - which generally encourages it to play nice

 

Good Luck!

Message 4 of 19
Scupra
Super Contributor

Re: Capital One CLI on Credit Steps - Questions and Observations

Cap1 has definitley shown they like to see usage and base their CLI's heavily on it. The credit steps increase is all over the board, sometimes small and other times over a 100% increase.

I would absolutely ask for a CLI before the credit steps increase. We have seen time and time again it does not hinder the credit steps CLI.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
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797 TU FICO 04/2022
793 EX FICO 04/2022
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Message 5 of 19
jinxd
Valued Member

Re: Capital One CLI on Credit Steps - Questions and Observations

My recent experience -

 

I was issued a QS1 with a $300 balance on 4/15/16 (prior to discharge on 6/20/16). My 3rd statement cut today but I jumped the gun and requested a CLI yesterday, approved for $800. I've been running $300-500 through it each month with 2 or 3 payments a month.

 

For what it's worth, my previous experience with CapOne credit steps was slightly different. Way back when, they gave me a $300 CLI. I was running close to $1k through it each month, leaving about $10 for the statement balance. When I attempted to get it increased they were adament that I had to wait until the 6th statement cut. At that point they auto CLI'd to $500 and it sat there for another 2 years until they finally gave me $2k. By that point I had another 2 cards with them totaling $10k.  All 3 were burned in the BK (2 of them CO'd in 2014). 

Message 6 of 19
Anonymous
Not applicable

Re: Capital One CLI on Credit Steps - Questions and Observations

I was just approved yesterday for $300 Platinum MC but denied the QS1. Would it have told me about the credit steps when approved or will that be on the letter I receive? Also, I plan using it extensively and pay it off before the statement cuts. Should I leave $10 balance on it? Also, when do you think I should apply again for the QS1?
Message 7 of 19
jinxd
Valued Member

Re: Capital One CLI on Credit Steps - Questions and Observations


@Anonymous wrote:
I was just approved yesterday for $300 Platinum MC but denied the QS1. Would it have told me about the credit steps when approved or will that be on the letter I receive? Also, I plan using it extensively and pay it off before the statement cuts. Should I leave $10 balance on it? Also, when do you think I should apply again for the QS1?

I have the QS1 and I didn't apply online so I'm not sure about being notified when approved but I got an email a month later about the credit steps ...

 

Increase your credit line to:
$500
by paying your bill on time for
your next five monthly payments.

Obviously YMMV but my 3rd statement just cut and they bumped me to $800 yesterday. I do leave a few dollars on it so a balance reports. I haven't app'd for the Platinum but was considering it in another 3 months just based off of what I've read of others experiences. 

 

Message 8 of 19
daveg38
Established Contributor

Re: Capital One CLI on Credit Steps - Questions and Observations


@Anonymous wrote:

I was in your situation and just as confused 6 months ago, so here's my experience so far.

 

 

I was approved in January for QS1 with $300 CL, used it for as much as possible and PIF weekly. 61 days after activation, I requested a CLI through the website and was increased to $800. 

 

Thanks to a tip from the forums, I applied a few weeks later for the MC Platinum with 0% Intro APR, was approved for $1000, and after first statement, called and was able to upgrade to Quicksilver with No AF. After the 61 days again, recieved an increase to $2000. 

 

From what I've read, and in my personal experience, this a great way to to get started with CapOne, but YMMV

 

As for the Credit Steps, it says after 5 payments, but it really means 5 statements, and that the increase will be applied by the 7th statement. I was also told mine would got up $200, from $300- $500. I'm expecting my 6th statement on my QS1 next week, so I can update you on if my increase from credit steps took effect, or next month when I get my 7th statement. 

 

Also, the $200  CLI through Credit Steps he gave you should be the minimum you receive, but may be all you get. I was a CS rep for CapOne years ago when the program came out and saw some get the minimum, some get more. Again, I can update you on my experience when I get mine.

 

Definitely try for the increase after the 61 days, it doesn't do a HP, so you have nothing to lose. 

 

If you feel a little daring, try what I did with the MC Platinum(doing the prequal on the website helped me get the nerve to apply a second time).

 

I do HIGHLY suggest you use your QS1 as much as possible. In just 6 months, I've earned $232.90 in cash back using my QS cards for anything I could. 

 

Good luck!!!!! 😀


 

Thank you, the areas in red are what confuses me (and angers me) about CO.

 

First, it's 61 days after ACTIVATION, not when they opened the account. I activated mine on 6/4 but the account was opened 5/26.

 

The rep I talked to said $200 above my current line was my cap. And I'm thinking to myself, "gee, that's swell. I spend my line and pay it off ever 8 days right now as it is."

 

I've earned $14.70 cash back to date. Yeah, nothing to write home about, but Capital One got crazy on my last payment - held it for 7 days. That slowed down progress. If it wasn't for me calling in and three-way calling my bank, I'd be 5 days behind my spending schedule.

 

Capital One I think hates me. Never had a card with them over $750. But then again, I've never tried the aggressive approach in getting CLI's, either.

 

 

Ch7 Discharge: 5/14/2016 | Target RedCard $900 | Merrick DYL $500
Message 9 of 19
Vegas4Play
Valued Contributor

Re: Capital One CLI on Credit Steps - Questions and Observations

Make a CLI increase via the luv button on the cap one site 3 months after you have had the card if denied then try month 4, with hevay usage you should get a CLI and then when credit steps kicks in you should get another CLI. I think he meant you would get $500 t add to your $200.00 to give you $700

Fico 8's TU 756/ EQ 754/ EX 743- 8/2020// AAoA 5.7 years // Lines August 2020 = 619k Personal - Business 61k // Inquiries 6 TU - 0 Exp - 0 Eq.
Message 10 of 19
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