Cap One "Credit Steps"

[CreditDrama85]

my newest card from Cap One has this; supposedly after 90 days you get a cli. has this happened to anyone yet? how much was your cli by?

[Anonymous]

dw got 200 after third payment, as promised.

[FretlessMayhem]

I am due for a $500 increase sometime here shortly. Probably when they generate the next bill.

[Anonymous]

From $300 to $500  - and Iasked for a CLI and was told 'not eligable' then it 'appeared in two days.  Not complaining at all.  Cap 1 is having some financial probs - so they need new, good accounts - and they are a company that can grow with you (very slowly though)

[Anonymous]

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Lady_Scarlet wrote:

From $300 to $500  - and Iasked for a CLI and was told 'not eligable' then it 'appeared in two days.  Not complaining at all.  Cap 1 is having some financial probs - so they need new, good accounts - and they are a company that can grow with you (very slowly though)

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It's a little frustrating to say the least.  How can I use a card with a $300 limit?  Use 1-$29 to keep it 1-9 percent util?

[Anonymous]

Cynical, the trick is to make several "interim payments" between statements, throughout the month.

When I had my Cap1 card with $700 cl on it(started with the standard $300, got cli several months later, then stayed that way for 5 years), that's what I did. In fact, I PIF'd then sockdrawered it.

[Anonymous]

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Sylviatob wrote:
Cynical, the trick is to make several "interim payments" between statements, throughout the month.

When I had my Cap1 card with $700 cl on it(started with the standard $300, got cli several months later, then stayed that way for 5 years), that's what I did. In fact, I PIF'd then sockdrawered it.

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My only worry is that the balance won't be reported to the CBR if I pay in the middle of a cycle.  Well, I guess what we're trying to accomplish is achieving a higher limit so it will be easier to play the utilization game, right?

I just don't want to use the card and risk the balance being reported to the cbr and it looking like 289/300.  When does Cap One report?

[Anonymous]

It will be a lot of work for you, if you're wanting to keep the utils down, to be sure.

Before I wised up and registered online with them, I was calling the # on the back of the card every other day to check balances, available credit, etc.

Your first step should be to simply call them and find out when it reports to the CRA'S.For me they report the day after the statement due date.

I do all my bill paying through my bank's electronic bill payment system(I bank at Chase). For Cap1, it takes 2 days to deliver my payment to them, via that method.

I've done what a lot of people have done here, and that is to start a manilla file folder labeled "Credit". I keep everything there, except paid statements(They go in an expandex file, kept until the statements overflow out of it). I've marked the inside front cover: CCC; telephone numbers; Billing Statement Date; CRA reporting date; CRA's used. The inside back cover I record FICO scores by month;websites and Passwords to everything credit related. It's served me well. I keep CR's, ALL correspondence from everybody, even old pre-approved letters, etc, etc, etc.

Gads, I'm rambling again. Sowwy.

[CreditDrama85]

cap one reports the day after the statment closes; and then once again a few days after the first payment is made, before the due date.

[Anonymous]

I sought and received a Cap One Platinum MC in 9/2006. It had an initial CL of $500 and w/ Credit Steps, was increased $250 within three billing periods. Unfortunately, it is now maxed and at the godawful default APR to boot (my fault of course)... I really don't like Cap One; I consider them one of those annoying subprime starter cards w/low initial CLs and high APRs with which you must prove yourself.

I'm more annoyed with my BF's experience than mine, however. Case in point: he had a Student Platinum Visa which started w/a CL of $250 in 2002. He received a CLI of $250 which brought the CL to $500. His card was both lightly and heavily used in 5 years, but the balance was always PIF and not by minimum payment only (we're talking a mere 500 here). Long story short, his credit isn't bad by any means, all mid-600's, could be better; he called Cap One to ask if he could convert his card to one of their prime cards with a lower APR and higher CL (zero balance when inquiring) and was Declined!

Don't really understand that. Anyway, Credit Steps does work, and as you work at your credit for awhile, consider being one Credit Step ahead of Cap One, and apply for a Real Card whenever you deem you're able.

Message Edited by amygdala on 11-13-2007 10:38 PM