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Contributor
pat0812
Posts: 91
Registered: ‎09-10-2012
0

Capital 1 CLI question

Hello,

 

i Have a capital 1 cc for 2 months now with a $500 CL

i was talking with their representative on the chat and asking about their policy of CLI and i got this answer:

 

Nelly: I reviewed your account and glad to tell you that, you have enrolled in Credit Steps program. Let me explain that for you.

Nelly: You will be disclosed a pre-qualified credit line amount above your initial credit line. You may be eligible to access the full pre-qualified line if they complete the following steps:

Nelly: Activate and use (any activity that would create a payment due) the card within the first 5 months of the account opening.

Nelly: Make the first five monthly payments on time.

you: so this is the second month now, 3 more to go, and then what happens ?

Nelly: The credit limit will be adjusted to the pre-qualified amount by:

Nelly: The 7th billing statement if customers do not miss a required step.

Nelly: The 10th billing statement if customers miss only one required step.

Nelly: If your credit limit is above $500 Then your credit limit will increase an additional $500 above your current credit limit.

Nelly: So, your credit limit will be increased to $1000.00.

 

Is that good news ?


Starting Score: EQ 683 TU 714
Current Score: EQ 683 TU 714
Goal Score: EQ 740 TU 740


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Valued Contributor
jsucool76
Posts: 2,836
Registered: ‎12-11-2011
0

Re: Capital 1 CLI question


pat0812 wrote:

Hello,

 

i Have a capital 1 cc for 2 months now with a $500 CL

i was talking with their representative on the chat and asking about their policy of CLI and i got this answer:

 

Nelly: I reviewed your account and glad to tell you that, you have enrolled in Credit Steps program. Let me explain that for you.

Nelly: You will be disclosed a pre-qualified credit line amount above your initial credit line. You may be eligible to access the full pre-qualified line if they complete the following steps:

Nelly: Activate and use (any activity that would create a payment due) the card within the first 5 months of the account opening.

Nelly: Make the first five monthly payments on time.

you: so this is the second month now, 3 more to go, and then what happens ?

Nelly: The credit limit will be adjusted to the pre-qualified amount by:

Nelly: The 7th billing statement if customers do not miss a required step.

Nelly: The 10th billing statement if customers miss only one required step.

Nelly: If your credit limit is above $500 Then your credit limit will increase an additional $500 above your current credit limit.

Nelly: So, your credit limit will be increased to $1000.00.

 

Is that good news ?


Everyone gets this on the "Average" cards. At 6 months you get a CLI, usually $250 or $500. It will most likely be the only CLI you get from them. 

Wallet: Capital One Quicksilver 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 3000CL, Walmart Discover: 3500CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 2000CL, Citi Forward: 2600CL, Bank Of America Student Travel Rewards: 2700CL, Amex PRG
Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012
0

Re: Capital 1 CLI question


pat0812 wrote:

Hello,

 

i Have a capital 1 cc for 2 months now with a $500 CL

i was talking with their representative on the chat and asking about their policy of CLI and i got this answer:

 

Nelly: I reviewed your account and glad to tell you that, you have enrolled in Credit Steps program. Let me explain that for you.

Nelly: You will be disclosed a pre-qualified credit line amount above your initial credit line. You may be eligible to access the full pre-qualified line if they complete the following steps:

Nelly: Activate and use (any activity that would create a payment due) the card within the first 5 months of the account opening.

Nelly: Make the first five monthly payments on time.

you: so this is the second month now, 3 more to go, and then what happens ?

Nelly: The credit limit will be adjusted to the pre-qualified amount by:

Nelly: The 7th billing statement if customers do not miss a required step.

Nelly: The 10th billing statement if customers miss only one required step.

Nelly: If your credit limit is above $500 Then your credit limit will increase an additional $500 above your current credit limit.

Nelly: So, your credit limit will be increased to $1000.00.

 

Is that good news ?


It's they're standard credit builder card. I have the same thing, I just completed my fifth month and I'm going from $300 to $500, even though I now have $28.5k more in credit available. But that said, this card helped me out, giving me a good credit line that convinced other creditors to give me credit.

 

This card well help you in the mean time, but won't grow with you, once you hit your $1000.00 limit that will be it. It's meant to be a stepping stone to better cards and likely has an annual fee along with it, so once you start getting prime cards and higher CLs you'll have to make the choice if you want keep it and pay the AF or close it.

 

Congrats on the card though, it's the first step to recovery! :smileyhappy:

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

NFCU VISA $17.5k / USAA AMEX $6k / USAA AMEX $4k / USAA VISA $4k / CHASE FREEDOM $3k / Capital One $500
Established Contributor
migliogiorni
Posts: 657
Registered: ‎06-27-2012
0

Re: Capital 1 CLI question

Yep, congrats on your one and only cli with Cap One.

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Senior Contributor
youngandcreditwrthy
Posts: 6,155
Registered: ‎08-16-2012
0

Re: Capital 1 CLI question

Congrats!!!
However, just use this card for a year or so... Keep util down, and get a different, better card asap!!! Don't let Capital One get you trapped...as in don't let their eternal low limits affect your utilization to the point that you are never able to get a prime card. I spent three or four years thinking C1 would grow with me, and they never really did... I hate that wasted time; well, not wasted...lol I have many a card now.. But just a forewarning :-)

Good luck!!!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
New Contributor
amkari
Posts: 59
Registered: ‎03-14-2012
0

Re: Capital 1 CLI question

I have the same card... Opened in April at $300 with a 'pre-approved' $200 bump at the 7th month. I alternate between it and a $500 Orchard Bank opened at the same time for all m y daily expenses... have probably ran $8000-$10000 through them in the last several months.

 

Opened my phone app to check available CL before I got gas today...  My account showed a $2000 CLI.  I even double checked my documents when I got home to see if the $2000 was a glitch and the paperwork only showed $200.  Nope, CLI was $2000 and I now show a total CL on this card of $2300. 


Starting Score: 03/31/2012 - FICO EX 599 (auto loan pull) EQ 593 TU 602)
Current Score: 10/25/2012 - EX (tenant screening) 655 - EQ (myfico.com) 641 - TU (myfico.com) 622
Goal Score: We’ll start with 650 across the board 


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