04-21-2009 07:06 AM
04-21-2009 07:34 AM
Credit steps is Capital One method of increasing your CL by a certain amount (say $500 at a time) at 3 months interval after issuing the initial CL. It is automatic and your CL will be increased as long as you do not get over the limit or miss any payment/has late payment.
There are two steps, you get the first CLI after the 3rd statement, but most people including me had the increase on our 4th statement.
In my case, I got a preapproval in mail and when I applied online it was approved instantly. It's not necessarily a credit rebuilding process, but you can view it so if it helps you build your credit. The best part is that you may also get 0% APR for the first 6-12 months depending on your credit scores and the card you applied for.
I think you can apply on Capital One website for the card, but you need to make sure that the particular card you select have the Credit Steps built in. If you have all your 3 credit scores above 600, you may qualify for anything between $300 and $1000, but the good thing is that your CL will be increased over the 7 months period after the initial CL is approved.
I love Capital One and they have been generous with me in regards to the program. You may also get blank checks in the mail for BT with 0% APR for 6 months. That is the part I like most.
I just don't understand why people here bash Capital One. Even in these bad economic climate, they are not CLD people like other major banks and are still giving people 0% APR balance transfer. IMHO, they deserve better than they are portrayed.
05-19-2009 09:55 AM
Can you add credit steps to your current card?