topic Re: Capital One CLI on Credit Steps - Questions and Observations in Bankruptcy

Capital One CLI on Credit Steps - Questions and Observations

daveg38 — Sun, 10 Jul 2016 14:50:01 GMT

So I am about 2 months discharged on my Ch7.

I got a Capital One card, and during the process, tried to pick the reps brain on what my card's 'perceived' CLI will be at the end of my steps.

He said $500. Meaning my CLI will get a paltry $200 increase (currently at $300).

So I read other people in Credit Steps who do a 61 day CLI and go well beyond what I assume is their 'perceived' increase.

This is all confusing to me.

So I decided to approach getting a more generous line by trying to overload CO's internal algorithm with charges and payments.

This is where I am at:

June: $661 charged, $661 paid ($0 balance reporting, $300 limit)

July: going to be about $725 (and $725 paid on a $300 limit)

Here are a few questions that would definitely help me discern if this is worth it or not:

1) When Capital One says a specific 'cap' has been established on your account, is it not possible to exceed this until after credit steps?

2) Does paying 7 times in two months count towards their 'seven on time payments'? Or do I have to allow a balance to report?

3) Do these repetitive charges/payments actually work?

Thanks, myFico experts. Any guidance is appreciated (and needed).

Re: Capital One CLI on Credit Steps - Questions and Observations

Anonymous — Sat, 16 Jul 2016 01:07:48 GMT

I was in your situation and just as confused 6 months ago, so here's my experience so far.

I was approved in January for QS1 with $300 CL, used it for as much as possible and PIF weekly. 61 days after activation, I requested a CLI through the website and was increased to $800.

Thanks to a tip from the forums, I applied a few weeks later for the MC Platinum with 0% Intro APR, was approved for $1000, and after first statement, called and was able to upgrade to Quicksilver with No AF. After the 61 days again, recieved an increase to $2000.

From what I've read, and in my personal experience, this a great way to to get started with CapOne, but YMMV.

As for the Credit Steps, it says after 5 payments, but it really means 5 statements, and that the increase will be applied by the 7th statement. I was also told mine would got up $200, from $300- $500. I'm expecting my 6th statement on my QS1 next week, so I can update you on if my increase from credit steps took effect, or next month when I get my 7th statement.

Also, the $200 CLI through Credit Steps he gave you should be the minimum you receive, but may be all you get. I was a CS rep for CapOne years ago when the program came out and saw some get the minimum, some get more. Again, I can update you on my experience when I get mine.

Definitely try for the increase after the 61 days, it doesn't do a HP, so you have nothing to lose.

If you feel a little daring, try what I did with the MC Platinum(doing the prequal on the website helped me get the nerve to apply a second time).

I do HIGHLY suggest you use your QS1 as much as possible. In just 6 months, I've earned $232.90 in cash back using my QS cards for anything I could.

Good luck!!!!! 😀

Re: Capital One CLI on Credit Steps - Questions and Observations

Datx — Sat, 16 Jul 2016 02:52:21 GMT

Ginger17 - Very valuable information. I was just approved for a $300 QS1 and I plan to use the card as you stated. Thank you so much for posting your experience with the card. Really do appreciate it.

Re: Capital One CLI on Credit Steps - Questions and Observations

Anonymous — Sat, 16 Jul 2016 03:08:02 GMT

Here is my personal experience with Cap one:

4/27/2016: Discharged from CH7 BK

4/27/2016: Applied for and received a Platinum card with $3000 SL

From here I charged the hell out of the thing, literally running all of my family's regular spend through it (about $2,500/mo), paying it down each paycheck but allowing a balance to report each month - I had intended to keep it reporting under 9%, but due to some circumstances and personal laziness, it reported with 11% the first month, and 14% the second.

7/10/2016: paid the balance to exactly $10 and let the card sit unused for a few days

7/14/2016: Requested CLI - received $4000 increase to $7000 total

Your mileage may vary, but what I've learned both from reading and my own experience is this - Cap One wants to see you use the hell out of what they've given you internally, but like any other creditor wants to see very low balances at the end of your billing cycle.

Also, paying it down to nearly but not completely nothing before requesting the CLI is VERY important, as it tells the computer "You see I've spent a lot, and you can see the card is still active, but right this minute I could walk away if you don't play nice" - which generally encourages it to play nice

Good Luck!

Re: Capital One CLI on Credit Steps - Questions and Observations

Scupra — Sat, 16 Jul 2016 04:16:42 GMT

Cap1 has definitley shown they like to see usage and base their CLI's heavily on it. The credit steps increase is all over the board, sometimes small and other times over a 100% increase.

I would absolutely ask for a CLI before the credit steps increase. We have seen time and time again it does not hinder the credit steps CLI.

Re: Capital One CLI on Credit Steps - Questions and Observations

jinxd — Sat, 16 Jul 2016 05:00:57 GMT

My recent experience -

I was issued a QS1 with a $300 balance on 4/15/16 (prior to discharge on 6/20/16). My 3rd statement cut today but I jumped the gun and requested a CLI yesterday, approved for $800. I've been running $300-500 through it each month with 2 or 3 payments a month.

For what it's worth, my previous experience with CapOne credit steps was slightly different. Way back when, they gave me a $300 CLI. I was running close to $1k through it each month, leaving about $10 for the statement balance. When I attempted to get it increased they were adament that I had to wait until the 6th statement cut. At that point they auto CLI'd to $500 and it sat there for another 2 years until they finally gave me $2k. By that point I had another 2 cards with them totaling $10k. All 3 were burned in the BK (2 of them CO'd in 2014).

Re: Capital One CLI on Credit Steps - Questions and Observations

Anonymous — Sat, 16 Jul 2016 06:36:16 GMT

I was just approved yesterday for $300 Platinum MC but denied the QS1. Would it have told me about the credit steps when approved or will that be on the letter I receive? Also, I plan using it extensively and pay it off before the statement cuts. Should I leave $10 balance on it? Also, when do you think I should apply again for the QS1?

Re: Capital One CLI on Credit Steps - Questions and Observations

jinxd — Sat, 16 Jul 2016 07:34:52 GMT

@Anonymous wrote:
I was just approved yesterday for $300 Platinum MC but denied the QS1. Would it have told me about the credit steps when approved or will that be on the letter I receive? Also, I plan using it extensively and pay it off before the statement cuts. Should I leave $10 balance on it? Also, when do you think I should apply again for the QS1?

I have the QS1 and I didn't apply online so I'm not sure about being notified when approved but I got an email a month later about the credit steps ...

Increase your credit line to:
$500
by paying your bill on time for
your next five monthly payments.

Obviously YMMV but my 3rd statement just cut and they bumped me to $800 yesterday. I do leave a few dollars on it so a balance reports. I haven't app'd for the Platinum but was considering it in another 3 months just based off of what I've read of others experiences.

Re: Capital One CLI on Credit Steps - Questions and Observations

daveg38 — Sat, 16 Jul 2016 12:37:44 GMT

@Anonymous wrote:
I was in your situation and just as confused 6 months ago, so here's my experience so far.

I was approved in January for QS1 with $300 CL, used it for as much as possible and PIF weekly. 61 days after activation, I requested a CLI through the website and was increased to $800.

Thanks to a tip from the forums, I applied a few weeks later for the MC Platinum with 0% Intro APR, was approved for $1000, and after first statement, called and was able to upgrade to Quicksilver with No AF. After the 61 days again, recieved an increase to $2000.

From what I've read, and in my personal experience, this a great way to to get started with CapOne, but YMMV.

As for the Credit Steps, it says after 5 payments, but it really means 5 statements, and that the increase will be applied by the 7th statement. I was also told mine would got up $200, from $300- $500. I'm expecting my 6th statement on my QS1 next week, so I can update you on if my increase from credit steps took effect, or next month when I get my 7th statement.

Also, the $200 CLI through Credit Steps he gave you should be the minimum you receive, but may be all you get. I was a CS rep for CapOne years ago when the program came out and saw some get the minimum, some get more. Again, I can update you on my experience when I get mine.

Definitely try for the increase after the 61 days, it doesn't do a HP, so you have nothing to lose.

If you feel a little daring, try what I did with the MC Platinum(doing the prequal on the website helped me get the nerve to apply a second time).

I do HIGHLY suggest you use your QS1 as much as possible. In just 6 months, I've earned $232.90 in cash back using my QS cards for anything I could.

Good luck!!!!! 😀

Thank you, the areas in red are what confuses me (and angers me) about CO.

First, it's 61 days after ACTIVATION, not when they opened the account. I activated mine on 6/4 but the account was opened 5/26.

The rep I talked to said $200 above my current line was my cap. And I'm thinking to myself, "gee, that's swell. I spend my line and pay it off ever 8 days right now as it is."

I've earned $14.70 cash back to date. Yeah, nothing to write home about, but Capital One got crazy on my last payment - held it for 7 days. That slowed down progress. If it wasn't for me calling in and three-way calling my bank, I'd be 5 days behind my spending schedule.

Capital One I think hates me. Never had a card with them over $750. But then again, I've never tried the aggressive approach in getting CLI's, either.

Re: Capital One CLI on Credit Steps - Questions and Observations

Vegas4Play — Tue, 19 Jul 2016 08:08:44 GMT

Make a CLI increase via the luv button on the cap one site 3 months after you have had the card if denied then try month 4, with hevay usage you should get a CLI and then when credit steps kicks in you should get another CLI. I think he meant you would get $500 t add to your $200.00 to give you $700

Re: Capital One CLI on Credit Steps - Questions and Observations

Anonymous — Sun, 24 Jul 2016 04:58:23 GMT

Update:

My 6th statement just cut today, and I got a $500 increase from Credit Steps up to $1300 for my card that was originally $300.

😀

Re: Capital One CLI on Credit Steps - Questions and Observations

Datx — Sun, 24 Jul 2016 05:09:54 GMT

@Anonymous wrote:
Update:

My 6th statement just cut today, and I got a $500 increase from Credit Steps up to $1300 for my card that was originally $300.

😀

Awesome. And congrats! I'm excited on what can become of my QS1 in 6 months.

Re: Capital One CLI on Credit Steps - Questions and Observations

Anonymous — Sun, 24 Jul 2016 06:30:16 GMT

That's awesome news. I just activated my Platinum MC the other day. I'm using it heavy and paying all but a small amount. Hopefully after 2 months I get a CLI the again after the 5th payment.

Re: Capital One CLI on Credit Steps - Questions and Observations

newbiewife — Sun, 24 Jul 2016 14:08:03 GMT

Do you guys any of you burned cap on chap 7 bk?

Re: Capital One CLI on Credit Steps - Questions and Observations

Datx — Mon, 25 Jul 2016 18:17:15 GMT

@newbiewife wrote:
Do you guys any of you burned cap on chap 7 bk?

Yes. Unfortunately I did have to include Cap One in my BK.

Re: Capital One CLI on Credit Steps - Questions and Observations

Datx — Wed, 17 Aug 2016 13:04:50 GMT

daveg38 - I noticed you have updated your Cap One card in your siggy since you started this thread. Looks like you are at a $800 CL now from the $300 you started with. Do you mind sharing how or when you received the increase? Was it a requested CLI or automatic, etc.

My second statement cuts this coming Friday. I been putting alot through my QS1 and just had to pay off the balance again today so I can start using the card again in a few days. Planning to try for a CLI once my statement cuts for the 2nd time. Not sure if this is the best time to try, or do i need to wait longer.

Re: Capital One CLI on Credit Steps - Questions and Observations

Anonymous — Wed, 17 Aug 2016 16:53:37 GMT

@Datx wrote:
daveg38 - I noticed you have updated your Cap One card in your siggy since you started this thread. Looks like you are at a $800 CL now from the $300 you started with. Do you mind sharing how or when you received the increase? Was it a requested CLI or automatic, etc.

My second statement cuts this coming Friday. I been putting alot through my QS1 and just had to pay off the balance again today so I can start using the card again in a few days. Planning to try for a CLI once my statement cuts for the 2nd time. Not sure if this is the best time to try, or do i need to wait longer.

What worked my my case (and got me a 125% CLI) was to:

1. wait until at least 61 days from the date the card was activated

2. stop using the card (to allow all pending activity to post - max 5 days)

3. Pay down the balance to $10

4. Allow 24hrs for the $10 balance to update internally

5. push luv button

6. profit

7. resume using the card

There is the tried and true formula - Good Luck!

Re: Capital One CLI on Credit Steps - Questions and Observations

jmclaughlin1982 — Wed, 17 Aug 2016 18:30:17 GMT

Thanks for all the info everyone!

I did not realize anything about Credit Steps, I'll have to contact Capital One and see if they can do anything for me.

One thing I wanted to point out, in case anyone isn't aware, Capital One has a new policy of one application every 6 months. If you get a card and even do the pre qual less than 6 months later they will not approve.

I got my secured about 3 months ago, a month before DC and just waiting for the 6 month mark to app for QS! I use the husband's card but I want my own badly!

Re: Capital One CLI on Credit Steps - Questions and Observations

Datx — Thu, 18 Aug 2016 03:45:14 GMT

@Anonymous wrote:
@Datx wrote:
daveg38 - I noticed you have updated your Cap One card in your siggy since you started this thread. Looks like you are at a $800 CL now from the $300 you started with. Do you mind sharing how or when you received the increase? Was it a requested CLI or automatic, etc.

My second statement cuts this coming Friday. I been putting alot through my QS1 and just had to pay off the balance again today so I can start using the card again in a few days. Planning to try for a CLI once my statement cuts for the 2nd time. Not sure if this is the best time to try, or do i need to wait longer.
What worked my my case (and got me a 125% CLI) was to:

1. wait until at least 61 days from the date the card was activated
2. stop using the card (to allow all pending activity to post - max 5 days)
3. Pay down the balance to $10
4. Allow 24hrs for the $10 balance to update internally
5. push luv button
6. profit
7. resume using the card

There is the tried and true formula - Good Luck!

Thanks for the info. Looks like I will have to wait until next month to ask for a CLI then. I activated my card on July 14th