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CLI with Cap One credit steps

Frequent Contributor

CLI with Cap One credit steps

I've been charging up my capital one cards and making several payments a month to get a high CLI after 6 months. The other day I got a letter in the mail from them saying my cards have been enrolled in credit steps and just making on time payments will get me bumped from 300 to 500. My question is.....am I looking at a 200$ increase since I'm in credit steps or is there a chance they will bump me to 1000 or 1500 for using the cards alot??
MyFico scores as of 8/13/2016

Message 1 of 5
4 REPLIES
Regular Contributor

Re: CLI with Cap One credit steps

I was wondering about the Credit Steps process after receiving my Cap 1 card shortly after my discharge as well. Below lists the details of my experience. My original CL of $1000 has increased over time (see below). I never carried a balance that would incur finance charges/interest. I charged approximately $4500 and made approximately $4500 in payments during my first six statements. My Cap One card usage and payment history was as follows:

 

 

 

Statement #1 (9/2013)

 Charges = 318.19

 Payments = 168.19

 Balance = 150

 

Statement #2

 Charges = 314.25

 Payments = 384.25

 Balance = 80

 

 Statement #3

 Charges = 1342.07 (Never exceeded the CL. Made two payments.) 

 Payments = 1134.07

 Balance = 288

 

 Statement #4

 Charges = 711.75

 Payments = 999.75

 Balance = 0

 

 Statement #5

 Charges = 1106.17 (Never exceeded the CL. Made two payments.) 

 Payments = 831.17

 Balance = 275

 

 Statement #6

 Charges = 684.42

 Payment = 959.42

 Balance = 0

 

After my sixth statement cut I received an automatic Credit Steps CLI of $4k. This brought my total CL to $5k. I received an additional automatic CLI three months later of $1k bringing my total CL to $6k. I hit the SP CLI button a week and a half ago and received an additional $2k CLI a few days later. My total CL currently is $8k. I have never paid interest by paying this account in full monthly. My account usage/balance after my original Credit Steps CLI has ranged from $1700 to $4200 with payments ranging from $1700 to $2500.

 

   

 

 

Chapter 7 Discharge Aug 2013 Starting Score: Oct. 2013 EQ FICO 651
February 2016 EQ FICO 699 Mortgage 716
February 2016 TU FICO 688 Mortgage 738
February 2016 EX FICO 693 Mortgage 742
Cap One QS World MC $11k; Cap One Venture Sign VS $15k; NFCU VS Sign Cash Rwds $16.1k; NFCU Plat VS $11k; Barclay Rwds MC $2000; Lowes $12k; Neiman Marcus $2k; Barclaycard (AU) $24K; Discover (AU) $15.5k New Mortgage January 2016
GOAL 715 FICOs on ALL 3 CRs by OCTOBER 2016
Message 2 of 5
Established Contributor

Re: CLI with Cap One credit steps

I have Cap1 Platinum card and been in the credit steps program since July 15th, 2014 and the original CL granted was $1000. I used the first two statements to payoff the balances but in my third thru sixth statements i only paid the minimum balance allowed. It is a requirement of credit steps that you never miss a payment to get your CLI. They also tell you while in credit steps what the increase will be should you follow the right steps. ( i was told an increase of $500 i.e from1k to $1500).

 

The next three statements from my 7th thru 9th statement, i transfered balances from other credit cards and maxxed out the limits i was given. Obviously i had no purchase activity during the 7th thru the 9th statements, and it showed.

 

I just asked for a  CLI recently and was denied. So i m obviously stuck at the maxxed out card.

I sincerely think given my spending habits i m better off having only $500 CL for this cap 1 card. The other card i have is a Secured card for almost a year now and $250 CL.

It is with Merrick Bank, i dont think they graduate it to an unsecured.

 

So my next steps for me is to bring this Cap1 balance to within 25-30% of the balance by making small payments almost every week and not using it again.

I have worked too hard to improve my credit report & scores and i believe i deserve only two significant credit cards.

 

I see everyone here wanting way too high CL's on their cards, i feel i have lot to loose if i m given a higher credit limit.

 

 

 

Message 3 of 5
Frequent Contributor

Re: CLI with Cap One credit steps


maharshi wrote:

I see everyone here wanting way too high CL's on their cards, i feel i have lot to loose if i m given a higher credit limit.

 

 

 


 


You have  nothing to lose by getting higher limits if you use them responsibly.



EQ08 676 TU08 665 EX08 674 Total Credit Line: 54,500Utilization: 1%Inquiries: EQ9 EX17 TU16
Message 4 of 5
Established Contributor

Re: CLI with Cap One credit steps

thats exactly right. responsible use it is.

 

Message 5 of 5