Cap1 Credit Steps increase only $250?

[shalane85]

I have the QS1 with 500 and a secured at 200. Should I close the secured and apply for the platinum? I'm hoping to get higher limits since I spend a lot of money each month.

[Anonymous]

i've been able to get mine up to 850. Asked for another increase and was told if I make 3 ontime payments i would get another. 

[Anonymous]

mine started at 1000, ran alot through it for the first 3 months, requested a CLI on the 3rd statement recieved a 2k CLI, Still have about 1.5 months until it finishes the credit steps , I don't use 1 of them much anymore still use the QS1 alot so im expecting a good CLI. I think those are just guidleines but YMMV by the amount you use it. I trried to swipe it when i first got it a few times a day. Normally to get my coffee throughout the day,lunch, smokes, just everyday spending stuff that i normally spent cash on. Made my DW an authorized user and she swiped it for her coffee. I don't  know if it's the amount you run through it or how much you use it, but i'd have 200 swipes a month on it, i'd pay it every few days to keep the balance low or at 0. it was money that i was already spending but instead of coming from cash or a debt card i was putting it on a CC and then going to the payement section from capital one and making payments from my checking account. 

[Anonymous]

IMHO yes you should close the secured and apply for the other one. The secured will not grow as fast or as well for you. Once you can get unsecured cards you no longer have a need for the secured. With that being said, when you do close the secured line, make sure that you still will be able to have 3 credit cards reporting as revolving credit on your CR. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I just got an email from Cap1 for my QS1 card, saying that I should expect a CLI from $500 to $750 after 5 on-time payments, which would be around October 2016. Has anyone else ever gotten an email with such a low CLI and then been surprised with a bigger increase? I was really hoping to jump up to $1500 with credit steps. Should I request an increase sooner than that? I PIF every month and in March ran about $1,300 through the card. I'm going to slow down on this card for a while since I just got a Discover IT secured with a $300 limit and the 1% & 2% on restaurants and gas cash back gets doubled at the end of the year.

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Yes, you can get a bigger increase. The numbers they quote are the minimum you will get. Yes, many people have gotten bigger. Yes, you can (and should) request an early increase. Typically on a $500 SL they will bump it to $1500 after two months (only if you ask), and Credit Steps increase at 6 months will take it to $2k. If you happen to have a sigificant score increase it could go higher.  

When he account hit 12 months age it will be eligible for another increase, and every 6 months after.

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Thanks, this is what I'm hoping will happen to me as well. I'll wait until June and ask for the CLI. Wish me luck!

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Guess you missed the highlighted portions from Norman. Don't wait! Go on chat and request an increase now! You can beat that CLI only by requesting one.

[RonM21]

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@Anonymous wrote:

IMHO yes you should close the secured and apply for the other one. The secured will not grow as fast or as well for you. Once you can get unsecured cards you no longer have a need for the secured. With that being said, when you do close the secured line, make sure that you still will be able to have 3 credit cards reporting as revolving credit on your CR. 

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I agree with this thought, plus you can grow more from there being unsecured, if done properly.

[shalane85]

It makes sense to close the capitalast one secured card. It's hard to use when my limit is 200, but will it reflect poorly on me to have an account open for 1 month and then close it? I don't want to hurt my chances of getting another capital one card. Since my score is only 600 and they approved me for QS1 maybe I would qualify for the platinum.

How long should I wait after closing the secured account?

[Anonymous]

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@shalane85 wrote:
It makes sense to close the capitalast one secured card. It's hard to use when my limit is 200, but will it reflect poorly on me to have an account open for 1 month and then close it? I don't want to hurt my chances of getting another capital one card. Since my score is only 600 and they approved me for QS1 maybe I would qualify for the platinum.

How long should I wait after closing the secured account?

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Try applying for the Platinum card first - some people get approved for both unsecured cards without closing the secured card. If you get denied with no hard pull, then close the secured account and wait a day or so, to app again.

[shalane85]

I was denied the platinum

[shalane85]

I wanted to report an update. I started with the QS1 with a SL of $500 and CLI to $750 with steps. My 4th statement cut last week and I hit the luv bug. Was very surprised to see a CLI to 3,000!!! At the time my card was maxed out. I do use it often and pay it off at least 3x a month. 

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@Anonymous wrote:

I just got an email from Cap1 for my QS1 card, saying that I should expect a CLI from $500 to $750 after 5 on-time payments, which would be around October 2016. Has anyone else ever gotten an email with such a low CLI and then been surprised with a bigger increase? I was really hoping to jump up to $1500 with credit steps. Should I request an increase sooner than that? I PIF every month and in March ran about $1,300 through the card. I'm going to slow down on this card for a while since I just got a Discover IT secured with a $300 limit and the 1% & 2% on restaurants and gas cash back gets doubled at the end of the year.

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