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Credit Steps question...

Regular Contributor

Credit Steps question...

Hey gang,

 

I noticed a few folks on here saying they got another bump in their credit line after their 5th statement cut. I haven't, and I'm curious if I should.

 

I got my CapOne card last May with a $500 limit. Received my Credit Steps letter a few weeks later, which only addressed doing my first three months' payments on time to get a $750 level. Did that, got the increase in September....and nothing since. I'm guessing that means I won't get anymore, but I'm just curious how some folks got another bump after 5 months.


Starting Score: TU: 550 EQ: 556 (pulled 6/2010)
Current Score: (pulled 4/18/11) TU: 668(pulled 4/18/2011) EQ: 741
Goal Score: Above 700 on both


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8 REPLIES
Established Contributor

Re: Credit Steps question...

That's the bigest Cap-1 mystery of the Millennium.  Even their Senior Escalations Account Specialists cannot explain why some people receive additional CLIs and others don't except that it's a random thing (they actually said that to me).  I don't believe many of them are on the same page.  If you ask one specialist about the offer, you will get an answer of "multiple steps", but call back and you will get a completely different answer.  As usual, the current specialist will tell you that the prior specialist was incorrect.

Valued Contributor

Re: Credit Steps question...

 


KeepSwimming wrote:

Hey gang,

 

I noticed a few folks on here saying they got another bump in their credit line after their 5th statement cut. I haven't, and I'm curious if I should.

 

I got my CapOne card last May with a $500 limit. Received my Credit Steps letter a few weeks later, which only addressed doing my first three months' payments on time to get a $750 level. Did that, got the increase in September....and nothing since. I'm guessing that means I won't get anymore, but I'm just curious how some folks got another bump after 5 months.


 

What keeps you stuck to cap 1? New to credit or rebuilding?

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Established Contributor

Re: Credit Steps question...

Yeah, they have less than a year of Cap-1 history.  Most usually give it a solid year before dumps-ville.

Regular Contributor

Re: Credit Steps question...

Hey guys,


Thanks for the replies. Smiley Happy

 

Honestly, I hate my CapOne card b/c the limit is so darn low. I travel constantly and it would be nice to have a limit high enough to accommodate that until I get my reimbursement checks to PIF.

 

The only thing really keeping me from pulling the trigger on a newer card is my one low bureau score. I can't get that sucker to move up anymore, it seems. I've been considering pulling the trigger on a BofA because I have my checking with them and make a healthy income these days, but I really hate to waste an inquiry also....the eternal dilemma.


Starting Score: TU: 550 EQ: 556 (pulled 6/2010)
Current Score: (pulled 4/18/11) TU: 668(pulled 4/18/2011) EQ: 741
Goal Score: Above 700 on both


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Valued Contributor

Re: Credit Steps question...

 


KeepSwimming wrote:

Hey guys,


Thanks for the replies. Smiley Happy

 

Honestly, I hate my CapOne card b/c the limit is so darn low. I travel constantly and it would be nice to have a limit high enough to accommodate that until I get my reimbursement checks to PIF.

 

The only thing really keeping me from pulling the trigger on a newer card is my one low bureau score. I can't get that sucker to move up anymore, it seems. I've been considering pulling the trigger on a BofA because I have my checking with them and make a healthy income these days, but I really hate to waste an inquiry also....the eternal dilemma.


 

Unless you have some baddies out there, you should get the card happily.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Regular Contributor

Re: Credit Steps question...

I have a few derogs that won't budge, all from 2+ years ago. I've GW'd/PDF'd my tush off, but one set is for Sallie Mae, and we know how that goes. I did have success with several, but I think I'm kinda where I am at this point.

 

I had excellent credit history for 10 years, a 6-8 month stint of reduced/no income in 2008, so I have various derogs here and there from that dragging me down. Only 2 inqs, both last May, so I have kept my hands off app'ing for anything that wasn't necessary.

 

I still fear my derogs are too recent to get approved for anything, so I'm scared to apply. I got my CapOne last May before I embarked on my credit cleanup, and my scores have gone up 100+ points since that time. I've started getting offers again, but they're random ones from HSBC and BBVA Compass. (Although AmEx has been sending stuff about once every 2 weeks lately.) I didn't know if BofA might take me since I bank with them....


Starting Score: TU: 550 EQ: 556 (pulled 6/2010)
Current Score: (pulled 4/18/11) TU: 668(pulled 4/18/2011) EQ: 741
Goal Score: Above 700 on both


Take the FICO Fitness Challenge
Valued Contributor

Re: Credit Steps question...

 


KeepSwimming wrote:

I have a few derogs that won't budge, all from 2+ years ago. I've GW'd/PDF'd my tush off, but one set is for Sallie Mae, and we know how that goes. I did have success with several, but I think I'm kinda where I am at this point.

 

I had excellent credit history for 10 years, a 6-8 month stint of reduced/no income in 2008, so I have various derogs here and there from that dragging me down. Only 2 inqs, both last May, so I have kept my hands off app'ing for anything that wasn't necessary.

 

I still fear my derogs are too recent to get approved for anything, so I'm scared to apply. I got my CapOne last May before I embarked on my credit cleanup, and my scores have gone up 100+ points since that time. I've started getting offers again, but they're random ones from HSBC and BBVA Compass. (Although AmEx has been sending stuff about once every 2 weeks lately.) I didn't know if BofA might take me since I bank with them....


Hold tight. Getting sub prime offers is generally a good sign. To me this indicates that if you hold your nerves for about 2-3 months, you will stop getting these offers and have about 2-3 months of no offers and then you should start getting offers from prime vendors. I will expect you to be good around late summers.

 

 

The other thing here is, as you don't have too may inq, you may want to pull the trigger with a couple of banks. Only apply for their lower end cards like chase freedom etc.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Highlighted
Regular Contributor

Re: Credit Steps question...

Thanks, Vish. Smiley Happy Somehow I knew you'd have good advice, I see you on the credit boards a lot. My feeling was like yours....the subprime cards are definitely hitting me up, which means I'm on the incline. I really don't want to apply to those, and then get hung up on that rung even longer.

 

I'd rather wait through the summer (and a chunk of my derogs will turn 3 yrs old at that point) and then app, with the hopes of landing a better card. Thanks for the advice...interesting that the subprime ones stop, there's a quiet period and the better ones start. Just that in-between time where you're not subprime, but not quite to prime yet, I suppose?

 

I'll keep gutting it out with my puny CapOne...man, do I hate paying for travel expenses through checking. Have I mentioned I'll never, ever, ever pay anything late the rest of my life, EVER? Smiley Happy


Starting Score: TU: 550 EQ: 556 (pulled 6/2010)
Current Score: (pulled 4/18/11) TU: 668(pulled 4/18/2011) EQ: 741
Goal Score: Above 700 on both


Take the FICO Fitness Challenge