topic Re: My take on Capital one credit steps program in Credit Cards

My take on Capital one credit steps program

orestrus — Thu, 29 Jan 2015 23:34:44 GMT

Im am one of many who wonders what the credit limit will be like after 6th statements.. Many folks reported different scenarios, and we all wonder why some get $500, while other ppl get $3k +. Well, i thjnk it all has to do with a credit score, wether youre building OR rebuilding your credit. Of course low balances and timely payments are essential. From what ive been reading, heave usage doesnt play a major role..Those who are new to the game, may in fact get highet limits. Again, these is only my take, and your opinions will be greatly appreciated.

Re: My take on Capital one credit steps program

Broke_Triathlete — Fri, 30 Jan 2015 00:05:00 GMT

Yes usage doesn't matter. I ran like $13K through my cards before steps hit. Originally a $500 increase

Re: My take on Capital one credit steps program

Anonymous — Fri, 30 Jan 2015 00:59:16 GMT

I think the initial credit line also factors in. I have seen the lower initial limits get bigger increases. I started at $1k so I am curious to see how that affects me in April. My beginning score was 608. Since then, I am up to 652. I expect it will be at least 660 (or higher) in April because one collection falls off and I will only have one very small medical collection left (if I don't dispute it). I really expect to go up to at least $2,500. If not, I will be on the phone with them. I use my card a lot and pay off weekly. I like the cash back feature.

Re: My take on Capital one credit steps program

Creditwiser — Fri, 30 Jan 2015 01:27:43 GMT

I too use my cards alot. Over 300 in rewards between the two cards at 6 and 5 months old. I recently completed my 5th statement on my 1k card and am patiently waiting for my CLI. 4th Statment just cut on my 3k card. I use these cards like debit cards and I pay them evey couple of days. A recent chat with them and they reminded me that the CLI can come at anytime between my 5th and 7th statement. The waiting is a drag but I will be sure to report on here what they gave me. If they dont give me the luv I feel I deserve, I'll be using those cards much less and leaning on my NFCU Cash Rewards Visa.

Re: My take on Capital one credit steps program

Imperfectfuture — Fri, 30 Jan 2015 01:51:29 GMT

@Anonymous wrote:
I think the initial credit line also factors in. I have seen the lower initial limits get bigger increases. I started at $1k so I am curious to see how that affects me in April. My beginning score was 608. Since then, I am up to 652. I expect it will be at least 660 (or higher) in April because one collection falls off and I will only have one very small medical collection left (if I don't dispute it). I really expect to go up to at least $2,500. If not, I will be on the phone with them. I use my card a lot and pay off weekly. I like the cash back feature.

Capital One has been known to use reports a few months old. I started with 300, then in November asked it to be upped because of better credit score. I am now at 1k, but my eq is way higher than when they upped the limit. They said I could probably see increase by March. We'll see what stays in my wallet, since I need that annual fee gone.

Re: My take on Capital one credit steps program

Snookie517 — Fri, 30 Jan 2015 02:05:25 GMT

my luck went pretty good with this , i had a 500 starting limit and was supposed to get bumped to 750 and to my surprise i was given 2500 ! AND if that wasnt weird enough in the same week they gave me a CLI on my 200 secured card , they bumped me to 500 ?! and my scores are not great and i have a ch 7 discharged in 2/2014 and like 10 new accounts ....... Side note, i have a lengthy question about what to do with my new credit situation as well as my story that im looking for advice on over on another thread i think titled light after ch 7 if anyone has a chance .

Re: My take on Capital one credit steps program

Anonymous — Fri, 30 Jan 2015 12:27:40 GMT

I was approved for a QS1 for $500 credit limit in 12/14 with EQ 604 EX 612 TU 614 scores. I received an email earlier this month stating that I was in the Credit Steps program and if I made on time payments for six months I'd receive an increase to $750! Well, since last month I have added Chase $2k, BoA increased to $1,500 and Amex ED $3,500 PRG NPSL. And my scores have climed to EQ 756 EX 737 TU 757. So am I still look at a $250 bump or will they more than likely give me a decent increase?

Re: My take on Capital one credit steps program

taxi818 — Fri, 30 Jan 2015 12:45:26 GMT

No way to really tell. My scores did go up about 70 points from when I first got qs1. Last April.

I think usage at high was 40 percent. Multiple pay per month.

Started at 500 limit. At 6 months. Went to 3500. Then upgraded to no AF qs. No problem. Still my lowest card at moment. But I'm loyal as I burned them 10 years ago. They still have me another chance. Even sent me email and said they hope for relationship for many years. I will keep no matter what.

Re: My take on Capital one credit steps program

Anonymous — Fri, 30 Jan 2015 15:08:26 GMT

It is hard to tell what will happen. I started with a Secured Platinum, added to the deposit to make a $850 CL. Also have a QS, $1000 CL. Secured is on it's 9th statement. Always PIF, weekly. After seeing others getting CLI on secured cards, I hit the luv button, only to receive the 'This account is not eligible for CLI' message. So limit may very well have something to do with it. My QS will cut it's 5th statement in March, we'll see...

Re: My take on Capital one credit steps program

matolen — Fri, 30 Jan 2015 15:34:11 GMT

Your scores jumped a lot in one month! Can you share any helpful information?