Thanks Cap One Credit Steps!

[Anonymous]

I had read about the C1 credit steps program but didn't realize it was an automatic enrollment. I got an email to say my unsecured cc with $300 limit would increased to $500 after 5 on time payments. Yay!

If that happens I will close my C1 secured card with a $200 limit and get my $200 back without affecting my total available credit.

Just wanted to share in case anyone was curious about the program.

Fyi, I have an unpaid CO with them from 2012. I applied for a secured cc in April 2014 and was approved. In October I applied for my unsecured and was also approved. I tried the preapproval process and got the blurb about not having anything to recommend but gave me one I might like. YMMV.

[Anonymous]

---

@Anonymous wrote:
I had read about the C1 credit steps program but didn't realize it was an automatic enrollment. I got an email to say my unsecured cc with $300 limit would increased to $500 after 5 on time payments. Yay!

If that happens I will close my C1 secured card with a $200 limit and get my $200 back without affecting my total available credit.

Just wanted to share in case anyone was curious about the program.

Fyi, I have an unpaid CO with them from 2012. I applied for a secured cc in April 2014 and was approved. In October I applied for my unsecured and was also approved. I tried the preapproval process and got the blurb about not having anything to recommend but gave me one I might like. YMMV.

---

Thanks For Sharing.

[Anonymous]

I also started out in the Credit Steps program. I received a "pre-approved" offer back in June with the standard $300 limit. I have a car loan and personal loan (both have never had a late or missing payment) but my score would never move above 590. I never considered getting a credit card because I didn't think I would be approved. What I didn't realize was the lack of having credit cards was the reason my score never moved.

I took the offer (the 12 months 0% interest is nice) and got the card. I used it minimally and payed on time every time, just like the program required. Then, just a couple of weeks ago I got an email from Capital One telling me my CL had been increased $2000! So I went from a $300 CL to $2300 CL in just five months. Curious, I checked my score and discovered it had climbed 47 points to 637. On a whim I applied for a walmart card to take advantage of their 0% interest promotion and was approved for a $700 CL.

My wife and I have always wanted to build a house on our property, but because I didn't understand how credit scores worked, I couldn't get my score up. I foolishly thought that simply paying off the car and personal loan would boost my score. Now, thanks to Capital One and the Credit Steps program, I have started learning everything I can about my credit. By the spring of 2016 we should be able to get a construction loan. The most important thing I have learned is that just because you have the credit available, it doesn't mean you have to use it. I never would have started on the path to good credit if I hadn't received that pre-approved offer in the mail. Sure, the interest rate is high after the 12 month promotional period, but my opinion is, you don't have to pay what you don't owe. Never carry a balance, and you'll never pay interest. 

[Anonymous]

Congrats!!  I just got an increase on my capitalone secured card. Went from 200.00 to 500.00.  Was very surprised. 

[Anonymous]

Thank you for sharing smokeyhill. Good stuff! I'm working towards getting an investment property. I have 100% equity in my house but can't get a loan because my credit score is too low. Hoping to get started by summer of 2015. Sounds like it's feasible.

[Anonymous]

Hi scottbu70. I'm wondering if you meant unsecured.

[Anonymous]

I thought making on time installmeny payments would fix my credit too. It turns out that credit utilization is a huge scoring factor. I had no idea.

[Cageym]

When I started with a 550 score I got one with a $500 limit that went up to $750. I used it as a basis to get more cards. That Cap1 card is now a Venure with a 10k limit. It really is a good start for building/rebuilding. 

[Anonymous]

I have two cards from Capital One that are in the rebuilding steps program, but have not seen a CL increase.  I've had the cards for 5 and 6 months and each hold a zero balance.  When should I expect to see an increase? Do I need to keep a small balance on them to get the bump in limit?

[Cageym]

If it is going to it will be after 5 payments, maybe with a bit of a delay. So around 6 months or so I think. if not by the 7th go online and hit up the chat feature and ask about it.