Cap one Plat credit steps

[Anonymous]

I just got the Cap one Plat card and was wandering, what are the "credit steps" people are having to do for the increase?

[AverageJoesCredit]

Credit Steps just refers to the 6 statement cuts you have to maintain good payment history at the begining of account opening.

[Anonymous]

If you have it for six months and make at least one purchase and your account is in good standing they will raise your limit by 250 dollars.  By the time you get it you won't care that you got it.  My six month statement hits in August and I am debating just shutting it down. 

[Anonymous]

OK, so do they expect you to spend a certain amount each month? I was thinking about just using this to pay for gas every month which usually comes to around $100 give or take $25 or so depending on weeks in month. My limit is 1000.

[Anonymous]

Wow! Is that really all you get?

[Anonymous]

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@Anonymous wrote:
OK, so do they expect you to spend a certain amount each month? I was thinking about just using this to pay for gas every month which usually comes to around $100 give or take $25 or so depending on weeks in month. My limit is 1000.

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If your initial limit is a 1000 dollars maybe your step was higher.  They should have sent you an email with the details. If this is your only card then spend away. If you have any card with any sort of rewards I would focus on another card.  My score has gone from 528 when initially approved for the card,  to 710 today and I asked for a CLI and was denied after 5 months.  From what people have posted on here Cap 1 has been very stingy with CLI lately.   If you just want more Credit Line you can get a Comenity card as some of them you can get a increase every 31 days.  

As this card really is pretty worthless.  Low credit lines, high interest,  small credit line increase and no rewards as soon as you can get a better card you most likely will sock drawer it anyway. 

[Anonymous]

They have not sent me any email about credit step yet, but I did just receive the card Monday July 10. And I do have other cards (cap one qs1, lowes, citi diamond preferred, chase freedom unlimited, and bofa) when I initially applied for cap one Plat I did not realize it was really geared for rebuilding, but I am still in that process anyway really. My cap one qs1 is my reward card with a low limit of 1250. I have had c1 qs1 card for over 2 years now and I just usually get 250 increases every so often. I just thought that the qs1 card was not all great since I was getting low increases on it. It's still all a learning experience for me.

[Anonymous]

Quicksilver 1 is meant for rebuilding as well.  The regular Quicksilver is meant as there go to rewards card for people with decent credit. 

[Anonymous]

I didn't get my credit steps email until almost a month after I had the card.  Everyone's step limit increase is going to be a little different based on your profile.  The email DH and I received stated we would both get a $500 increase.  We accepted the card to start our rebuild.  I was happy because it wasn't secured and it doesnt have an annual fee.  The APR is ridiculous, but so far I havent paid or plan to pay interest.  Hoping to get it PC'd to a quick silver, then after credit steps get a new quicksilver, rinse and repeat, and then combine the limits.  These forums and the people here are invaluable.  You will find all the info you need to become more educated on your journey.  Good luck. 

[Anonymous]

So Capital One will let you combine all your limits onto one card?