I received a Cap1 card in February for 1k and got a letter for the credit steps on march 13th. Stating 5 payments and I will receive a 500 increase if paying on time. There is a date on the credit steps endin Sept 2013. Let's see if it allows me to get the max on the card of 3k by that month next year.
I'm pretty happy with my newcomer card, it's my first unsecure card and they were the only ones willing to give me a chance of credit worthiness.
I'm sure by then I'll be much happier with a nice prime card with the greater potential to grow by then :-)
I'm pretty happy with my newcomer card, it's my first unsecure card and they were the only ones willing to give me a chance of credit worthiness.
I'm sure by then I'll be much happier with a nice prime card with the greater potential to grow by then :-)
Starting Score: 0 No score until August 2011
I am coming around to the point of view that Cap1 is getting bad press by too many. Sure, for MOST builders/rebuilders, they "only" step you once, but at least they give you SOME CLI. How about OB...who either gives NO CLI or insults you with a $20 increase...with a higher AF! Credit One is even worse...they usually try to CHARGE YOU for a CLI, if it ever comes at all!
Cap1 is very useful and the best option out there for sub-prime CC borrowers, IMHO. People would really do well to remember that before ripping them (mea culpa...been there myself)
I have only received one increase on my cap plat. from 300 to 500, I got a sony rewards in Feb. for 750, and received a notice about making 5 payments and then I get 500 added for total for 1250. My DH got a cap plat for 500 increased to 750 then up to 1750. So I gues you do either get one or two increases.
I have heard a lot of bad things about cap, but they gave me a second chance, even after about 6 years ago they filed a judgement against me to collect what I did owe them. Who else do you know that would give second chances after something like that. 
@Hampton08 wrote:From what I understand and have been treated. Cap One is not giving any consumer requested credit increases.
My first experience with them, they gave me a card (now this is after six years after my BK was discharged) with a 500 Limit. After six months they increased it to 1000 and then another six months to 1500. Now after three years of paying on time, more than the minimum, and never late, (these remarks are from there call center rep) I cannot get an increase at all. They keep telling me that my card has a 1500 credit limit on it and that I donot qualify for any other type of card or program.
I would have to say that Cap One is only for people with very low scores that are trying to rebuild their credit, but as a mainstay card that will from time to time get an increase, I would have to say don't waste your time or energy. Keep the card until your BK falls off your report then apply for a regular bank card and not these
sub-prime lender banks.
I have to disagree with you here. Cap One offers decent cards to people with good credit. My BF loves his Cap One Cash Back card! And I have friends that love the Venture card.
If you have a rebuilder card then think of it as just that.
@CreditCrusader wrote:I am coming around to the point of view that Cap1 is getting bad press by too many. Sure, for MOST builders/rebuilders, they "only" step you once, but at least they give you SOME CLI. How about OB...who either gives NO CLI or insults you with a $20 increase...with a higher AF! Credit One is even worse...they usually try to CHARGE YOU for a CLI, if it ever comes at all!
Cap1 is very useful and the best option out there for sub-prime CC borrowers, IMHO. People would really do well to remember that before ripping them (mea culpa...been there myself)
+1
Found this entry.
I used Capitol One some time ago to build back my credit.
They gave me another chance and by starting with $700.00 after 5 payments it went to $1500.00
It was $1000.00 untll recently then they just increased my credit to an additional $2500.00 after a year on this card and making payments on time and overpaying.
I called them to say - "clearly" there must have been a mistake and they told me the credit was increased" so I was shocked, happy, but of course concerned.
I hope this does not mess up my FICO score.
Anyone have any incite?
@laella wrote:Found this entry.
I used Capitol One some time ago to build back my credit.
They gave me another chance and by starting with $700.00 after 5 payments it went to $1500.00
It was $1000.00 untll recently then they just increased my credit to an additional $2500.00 after a year on this card and making payments on time and overpaying.
I called them to say - "clearly" there must have been a mistake and they told me the credit was increased" so I was shocked, happy, but of course concerned.
I hope this does not mess up my FICO score.
Anyone have any incite?
Congrats and no it won't hurt your scores but in fact may help with UTL
I have a Capital One Cash Rewards credit steps card that I opened in March of 2012. It came with a $300 limit. After the 5 months of Credit Steps, it went to $500. I hadn't been using since I got the last increase until a month or so ago. I charge $400 to it, and paid it off immeditely. Then I hit the CLI button on their website, and it went to $1,000. Make sure you are trying the CLI button on their website. If that doesn't work, try to executive office.
$7.5K 
$23K 
$5k 
$300(SEC) 
$500 
$300 
$1,500 
$800 
$800
I guess I'm the outlier since I got an initial CL of 3000 on the Classic Platinum when I apped earlier this month. I had no revolving TL's and also no inquiries at the time, and I have a closed and paid off CapitalOne account on my CR as well. I'm also in Credit Steps, so that should take me to 3500. The classic has the $39 AF btw.
