approved for CAP 1

[Anonymous]

I caught app fever and since I was approved for walmart earlier this week, i figured i must be in good shape score-wise. got an email from cap 1 to use the card selector and took a shot. approved for the cap1 platinum, but CL is only $300. I am okay with that right now as a few months ago I was denied. How are they with CLI??

[tinuviel]

Congrats on the approval!

It seems very likely that your card will be enrolled in their credit steps program. If so, you'll get a letter in the mail informing you of such, and telling you that you'll be eligible for a CLI of a certain amount after a specified number of months. The conditions of the CLI include: using the card, staying under your CL and not missing any payments.

After you've received the CLI through the credit steps program, it's very hit or miss as to whether or not you'll ever receive another CLI. I would consider this card to be a stepping stone to better cards. IMO, I do believe that it's a good rebuilder card, but once you've used it for about a year or so, you'll want to look at cards that will do a better job of growing with you.

But for now, enjoy your new card!

[CreditWorld2013]

Okay, to be blunt you should have spent more time researching before the app! They almost never give out CLI's with the exception of the Credit Steps Program. After the Credit Steps are up you may be stuck at that limit forever or if you are a lucky and devoted one...whenever Capital One decides to be generous they will give you one. Some people get them after 5 years, 7 years, some shorter or longer. In any case Congratulations on the new approvals. 

[ihatemyscore]

Awesome you were approved! Keep your utilization low, make your payments ontime and do not max it out! Ever

[Anonymous]

my offer said use your card once and make 5 months payments on time with auto cli by the 7th cycle, hasn't actually shown up on my credit report yet though

[Anonymous]

 Nothing specified any "STEPS" program.  I had the choice of the cash or the platinum and went with the platinum for the 0% apr until february. 

[tinuviel]

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@Anonymous wrote:

 Nothing specified any "STEPS" program.  I had the choice of the cash or the platinum and went with the platinum for the 0% apr until february. 

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You should be receiving something in the mail about it soon. It's very common for Cap1 to do this with their builder/rebuilder cards.

[jacksonvillejaguar]

Congrats, but they are not very good with CLI. I opened a $2,000 secured card with them 5/11 they gave $151 unsecured so the total on the card was $ 2151. I applied for an unsecured card 10/11 and was approved for a 1,000 CL. They put me on an automatic increase program for a $500 bump if I used the card once and paid on time 6 months for which I did. I called them and asked if I would receive another one and they said no, but I can call back from time to time and see if they are having a promotion for an increase

.

[amkari]

I got the same card, same limit a couple weeks ago, it arrived yesterday and when I called to activate the CSR informed me I was in the credit steps program.  Make sure payments are current for 5 statement cycles and receive $200 CLI on the 7th statement cycle.  After that he recommended waiting 6-12 mo and requesting a CLI.

I had previous cards with them... a $300 card ended up at $750 or so and a $500 card ended up at just over $1000.  I imagine they've tightened up since the economy tanked... I defaulted on those 2 cards in Aug of 2008 when I was laid off and had no income for 8 months. 

At any rate, I'm planning on using the heck out of that one and the new Orchard $500 limit and leaving the $1k USAA AMEX at home for the next year or so and see what happens.  :-)