Cap1 - Making progress

[CreditStan]

Greetings, so I was on this site all night until about 4 in the morning learning about so much valuable information. I built my credit up to 665 TU and 648 EF from 505. I recently used the luv button and got a CLI from 300 to 800 on my Plat card. The credit simulator is showing I should be in the low 700's, not sure how accurate that is. I'm due for a steps credit increase in May. Should I try to upgrade to a QS once I hit 700? I would love to start getting cash back. Thanks guys.

[Anonymous]

Congrats!! Keep studying hard!!

[Anonymous]

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@CreditStan wrote:

Greetings, so I was on this site all night until about 4 in the morning learning about so much valuable information. I built my credit up to 665 TU and 648 EF from 505. I recently used the luv button and got a CLI from 300 to 800 on my Plat card. The credit simulator is showing I should be in the low 700's, not sure how accurate that is. I'm due for a steps credit increase in May. Should I try to upgrade to a QS once I hit 700? I would love to start getting cash back. Thanks guys.

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The CLI probably won't boost you 40ish points.  You may bump up a few (single digits), but that's all.  After you get your CLI for the Credit Steps, call and ask if there are any offers on your account to upgrade the Platinum to the QS.  You don't need to wait for a specific credit score to do it.  Cap1 works well with alot of people who are rebuilding, so the offer may be there at that point.  If it isn't, just check back every 3-4 weeks until it becomes an option.

BTW, Cap1 loves to see their cards get USED.  Put everything you can through it, and pay it off (statement balance) in full every month (or pay multiple times per month to get more spending through the card).  The more you use it, the bigger your CLI will be.  I had my Platinum go from 1k -> 3.5k in 6 months, and my QS1 go from 500 -> 3k in 6 months as well.

[Pway]

Is this Capital One card the only card that you have with them?  I would suggest that you should app for the QS1, that way you could start earning cash back right away.  You have to have the offers available on your account in order to upgrade your account to the QS.  They does not go off of scores I don't believe when upgrading your account.  Although Capital One loves useage and large payments.  

Awesome job in the rebuild you have done already.

[CreditStan]

Only line I have, I chatted with them and was upgraded to a QS!

[Anonymous]

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@CreditStan wrote:

Only line I have, I chatted with them and was upgraded to a QS!

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CreditStan,

Those scores look like Credit Karma? You need your true FICO8 scores and you can get them at creditchecktotal.com for a $1-7day trial and if you can afford $15monthly, when you cancel within the 7day period they will offer you a 1/2 price deal.

It is commonly reported here that to maximize your scores you need to have 3 revolving accts and 1 installment loan. That being said, and not knowing where your scores came from or what is on your reports I agree with Pway that you should app the QS1. Not so much for the rewards (especially since you pulled the trigger and PC'd the Plat) but because it is within your reach as another positive TL, will be in the STEPS program so you can get 2 CLI's in the 6mth "Trial" period & can be combined with the QS after 6mths to create one, larger CL on a good prime CC.

There are other easy to qualify accts available to improve your scores that will report to all 3B's. I used this forums info to build my credit profile and while I have a couple of accts that I probably won't use again (and will close soon) they were tremendously helpful in getting my scores up. My siggy doesn't reflect it but I started with mid500's in November '15 and using info gleaned here got several items removed while adding positive TL's resulting in a near 100pt climb in about 120days

[Anonymous]

+1 on the monitoring service.  I know with Equifax and Transunion, when I went to cancel my trials, they offered me the server 50% off for 1 year to stay.