topic Re: CAP1 EXPERTS in Credit Cards

CAP1 EXPERTS

bsal — Fri, 26 Feb 2016 23:45:54 GMT

Need some advice today I applied for Cap1 platinum card and got approved for 1,000 I'm not satisfied with that amount do you think they would do a CLI when I receive the card or is it way too early to be asking for that ?

Re: CAP1 EXPERTS

Anonymous — Fri, 26 Feb 2016 23:52:35 GMT

You would get a big, fat no.

Re: CAP1 EXPERTS

Anonymous — Sat, 27 Feb 2016 00:00:18 GMT

@bsal wrote:
Need some advice today I applied for Cap1 platinum card and got approved for 1,000 I'm not satisfied with that amount do you think they would do a CLI when I receive the card or is it way too early to be asking for that ?

No, they won't do a CLI when you get the card. I know the limit is not what you want but with CAP 1, you have to have the card for a few months with some usage to get a CLI.

Good job on the approval though...

Re: CAP1 EXPERTS

Anonymous — Sat, 27 Feb 2016 00:03:11 GMT

Usually have to wait at least three months or you'll get the "your account is too new" message. Also, please use periods and punctuation in your questions.

Re: CAP1 EXPERTS

Anonymous — Sat, 27 Feb 2016 00:03:23 GMT

most likley not. typically you should see a nice increase after 5 months of high usage and on time payments.

Re: CAP1 EXPERTS

UncleB — Sat, 27 Feb 2016 00:52:42 GMT

Some folks, including myself, have been able to get a CLI after the third statement is generated. It's not guaranteed, though... YMMV.

Good luck!

Re: CAP1 EXPERTS

MyLoFICO — Sat, 27 Feb 2016 01:18:17 GMT

They won't. Get it, after 3 months hit the luv button after every bill. Soft pulls so no harm done.

Re: CAP1 EXPERTS

Anonymous — Sat, 27 Feb 2016 01:04:53 GMT

@bsal wrote:
Need some advice today I applied for Cap1 platinum card and got approved for 1,000 I'm not satisfied with that amount do you think they would do a CLI when I receive the card or is it way too early to be asking for that ?

No, card has to be actively used for a while. It's a soft pull luv button so you can try but they'll just tell you the account is too new and you need to wait at least 3 months.

Success with the luv button can start as early as 61 days for some people BUT if you wait until after the 3rd statement cuts its more likely. Then at 6 months or so if your card is in Credit Steps you'll get another bump, then it's every 6 months after that you can ask via the luv button without it being an insta-denial due to a recent credit limit change.

Re: CAP1 EXPERTS

Creditwiser — Sat, 27 Feb 2016 01:10:10 GMT

@Anonymous wrote:
@bsal wrote:
Need some advice today I applied for Cap1 platinum card and got approved for 1,000 I'm not satisfied with that amount do you think they would do a CLI when I receive the card or is it way too early to be asking for that ?
No, card has to be actively used for a while. It's a soft pull luv button so you can try but they'll just tell you the account is too new and you need to wait at least 3 months.

Success with the luv button can start as early as 61 days for some people BUT if you wait until after the 3rd statement cuts its more likely. Then at 6 months or so if your card is in Credit Steps you'll get another bump, then it's every 6 months after that you can ask via the luv button without it being an insta-denial due to a recent credit limit change.

Re: CAP1 EXPERTS

gdale6 — Sat, 27 Feb 2016 04:16:19 GMT

Hi there OP, I have removed your cross post on this topic from the Apps forum and combined it into this thread. Please do not cross post the same topic in multi forums it can lead to confusion by the members and it isnt inline with our TOS. I thank you for your understanding on this.

Re: CAP1 EXPERTS

bsal — Sat, 27 Feb 2016 04:31:21 GMT

Thank you all for your responce I guess i have to wait 3 months and hit that luv button

Re: CAP1 EXPERTS

Anonymous — Sat, 27 Feb 2016 07:25:47 GMT

@bsal wrote:
Thank you all for your responce I guess i have to wait 3 months and hit that luv button

You don't need to wait 3 months. Use it a lot and keep paying. That shows them your 1000 limit isn't enough and hit button after first statement they might increase. I got their QS1 and platinum with SL of 500 each used a lot paid total of probably 12 times between 2 cards. After 6 weeks or so one got increase to 3000 and other to 2000. Now I also have their QS 8000 CL and venture 15000 CL all in less than 8 months

Re: CAP1 EXPERTS

Anonymous — Sat, 27 Feb 2016 12:48:55 GMT

@bsal wrote:
Need some advice today I applied for Cap1 platinum card and got approved for 1,000 I'm not satisfied with that amount do you think they would do a CLI when I receive the card or is it way too early to be asking for that ?

Congrats on the Platinum card. I love mine but not as much as I love me QS1!!!

I see you've asked this question on several post. My question to you is, why didn't you app the QS1 right after the Plat? You've been around this forum for a long time and the Cap1 posts have been prolific lately with everyone talking about this process.

Anyway, within the next few days you should get an email with a banner that says "Five monthly payments to a higher credit line". This indicates that this card or cards are in the Credit Steps program meaning that you will get an auto CLI after the 6th statement 9with good pay history and no over limit charges) BUT you can most likely get another one somewhere in the middle (around the 3rd statement).

If you jump back on the pre-qual site his morning you should get the QS1 also and it will all be tied to the 1 HP (3B's of course) and you get one of the best 2-4-1's of all. BOth of these cards should be considered STEPS cards.

Re: CAP1 EXPERTS

EAJuggalo — Sat, 27 Feb 2016 12:58:28 GMT

Just a note, it may very well be a second HP on each Bureau since it is a different calender day. I app'd for mine within about three hours of each other at the beginning of the month, but those three hours covered midnight . I ended up with one set of pulls on Jan. 31 and another set on Feb. 1. Still well worth it to me to have both cards with the goal of combining them in the next 6-12 months.

Re: CAP1 EXPERTS

bsal — Sat, 27 Feb 2016 22:14:35 GMT

Thanks you guys for all the info. You are right I been on here long enough but I never really paid attention to cap1 as I did to all the tips and tricks for apping for NFCU CC

But this was what I was going to do. Since I got approved for 1k I was going to make a purchase for 100 bucks keep it at 10% credit utilization and just pay the minimum balance each time the bill was due still leaving a balance. What do you guys think ?

Re: CAP1 EXPERTS

Credit_hawk — Sun, 28 Feb 2016 02:12:36 GMT

Pay in full. Never carry a balance. If I were you, I'd let the statement cut with a $10 balance on the 5th and pay it off on the 7th.

Re: CAP1 EXPERTS

bsal — Sun, 28 Feb 2016 03:58:20 GMT

im not sure im understanding I was told to always leave a balace never have zero balace reporting uness i was reading this wrong

Re: CAP1 EXPERTS

Anonymous — Sun, 28 Feb 2016 04:15:11 GMT

Cap 1 is generally the first card people apply for when starting or rebuilding credit because of credit steps.

I had a nice chat with a Cap 1 supervisor about credit steps and how it worked. When you apply, they have a preset Cl for your profile group. You will get a portion of that to start. Generally, after 60 days they will release more of that limit if you request a cli. When you complete steps, if you have made payments on time and don't have a high utilization, you will get that full amount. Example, mine was $4.5k. I started with $1k, went to $3k, then $4.5k. You don't have to charge it to the max and pay every other day or week. They don't care about that because your steps limit was already determined. They do want you to prove you are a good credit risk. Use the card responsibly and show you will make your payments.

My first month, I used it like crazy and paid weekly. My 2nd month, I used it and paid the balance before the due date. The 3Rd month, I may have used it once or twice. After my 3Rd statement, I talked with the rep. I hung up and requested a Cli. I went from $1k to $3k. I didn't hardly use it the next few months. When steps ended, I went to $4.5k. Based on your numbers, you are in the similar group I was in. When your 6th statement cuts, you will get the final cli.

After steps, it will vary on what they do based on your account, not a profile. Some get upgrades, some just apply for Qs and Venture. After my 1 yr anniversary, I went to $6k. I am at an impass. I can't get them to pc my account and I don't want to have 3 more hp's just to get another account with them. I already have one. This account helped me obtain premium cc's with nice limits and aprs.

Re: CAP1 EXPERTS

GirlMelanie89 — Sun, 28 Feb 2016 04:15:13 GMT

@bsal wrote:
im not sure im understanding I was told to always leave a balace never have zero balace reporting uness i was reading this wrong

Hi! You dont want to leave a balance per se, yu just want balance to report to the CRA, and then immediately pay it off. Then rinse and repeat each month. Good luck!

Re: CAP1 EXPERTS

Credit_hawk — Sun, 28 Feb 2016 15:52:17 GMT

Bsal, what I'm saying is that you should never carry a balance unless you have to. In your case the best thing to do is let a small amount report when your statement cuts. The optimal amount is less than 1% of your limit but not 0. Once that balance reports to your credit report, pay it off in full. That way it still shows activity on your report without incurring any interest charges. I think that you just need to read up more on the way credit works. Most of the time your balance reports to credit bureaus when your statement cuts which is after your due date. So, why not pay it off immediately after it reports as to avoid interest charges and maintain your grace period?