Credit Card Center Advertiser Disclosure†
12-01-2009 08:37 AM
To all of you with those credit steps Capital One cards that won’t seem to budge and to those who are just starting or in the process of rebuilding your credit:
Around 3 years ago I opened up a Capital One card with a starting balance of $300. At the time I didn’t realize this was a credit steps card but looking back I’m pretty sure that is what it was. I received two credit increases – one to $500 and the next to $750 but I was a few days late on a payment and have not received any additional increases since. Fast forward two years where now I am much more educated on the Fico process and credit cards in general, I never expected this card to increase any more than $750. I thought it had hit a ceiling for this type of card due to my late payment (lass than 30 days) so long ago. I logged into my account last night to change my phone number and to just double check the balance on the card. I was absolutely floored to see my available credit of $4,550! At some point within the last couple weeks I got a credit increase of around $4,000! I couldn’t (and still can’t!) believe it! I had considered closing this account or trying to merge it with a different type of card a few months back because I thought it was a dead end card that will never grow with me. Since it’s my oldest and longest running good standing revolving credit tradeline I decided to leave it alone. I’m glad I did! I still won’t use the card very much but now it’s my highest limit card that should help me obtain prime credit at a decent amount when I am ready to start applying again.
About 18 – 24 months ago I started the journey to repair my credit with the help of these forums and it was a long, difficult road. I almost gave up out of frustration a time or two but I kept sending the GW and PFD letters and was successful on some of my baddies but not all of them. It’s finally nice to start reaping some of the benefits of all my hard work and persistence. Keep it at and stay the course! Good things will happen! Time heals all wounds and there is no better example than your credit score.
12-01-2009 12:03 PM
12-13-2009 11:32 PM
I just received a credit limit increase as well. When I first got the card I did the steps program as well. Was on time with my payments and pd more that min amount. Back then it was raised to 500.00. I have the card for two years I think but not more than 3. For one year I pd the card on time and they would not grant me a credit increase. This year I forgot a payment and pd late and this is the year they increase it 5000.00, I also thought it was a dead end card that was going no where. I really dont use my cc's unless I am being really cheap then I may make a charge of 12.00. I know it crazy, but heeey!!
I did not even request an increase, after the first year when I did everything right and they still would not grant me and increase I said forget it... and never asked again....and look now!!!
12-14-2009 10:36 AM
Ok, you all have me convienced. I'm hanging on to my Cap One card to see what happens. I have had mine so around 2 years and about 3 months so maybe i'll get the CLI around 3 years.
12-14-2009 10:54 AM
i've had my cap one visa since october 2007. i too started with a $300 limit which was bumped up to $500 and then $750 (credit steps). it finally got up to $1500 sometime in march 2008. i opened a second cap one card, a $500 limit mastercard, in october 2008. they increased my limit to $1000 on my mastercard sometime in december 2008.most of my CLI's were customer-initiated.
i decided to combine my mastercard into my visa in december of 2008, for a visa with a total CL of $2500. i called into the backdoor number yesterday to see if i can get an increase on my visa, but they said i was not eligible for an internal review until march 2010 because they "increased my limit to $2500." i politely corrected the CSR that it was not a CLI, but rather a result of combining both cards. she said it doesn't matter i pay in full every month and never carry a balance. i havent paid a single cent in interest since opening the card, so i'm a little frustrated that they don't trust me with more credit just yet.
i am happy to hear these CLI stories. they inspire me to be more patient. but only a little