topic Re: Capital One Baffles Me in Credit Cards

Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 00:28:39 GMT

My first card of my rebuld was my 99 dollar 200 limit secured MC which Credit Stepped on time to 500 and its been like that ever since.

On the day that card got the steps increase I was preapproved for a QS1 with a starter limit of 300, which I still have today.

March 15, 2017 was the open date of my Secured (Statement Date is always the 11th, credit steps hit right at the six month mark as advertised)

QS1 open date is Sept 12th, Statement date is always the 7th and up until today it has been saying for the last two straight months on the website (the credit steps tracker) that my steps increase will be on March 15th.

So today I log in to review my newly cut statement from last night, and the date has changed to April 14th.

I will answer the following three questions before anyone responds.

1. I have never paid late, I am always early, sometimes two or three weeks early.

2. I have never gone over my limit, in fact I have never come within 50 dollars of my limit

3. I have pushed almost 3000 worth of spend through this card in the six months ive had it (yes, use it and pay it, sometimes same day)

Why is cap one screwing with my dates? I hopped in chat and the CSR did nothing but copy and paste the Credit Steps program terms (blah blah five payments, blah blah one time increase, etc) No explanation of why my date changed.

On top of that, my Secured cards year anniversary statement is in three days, and this concerns me greatly as this is the statement that card "should" unsecure at.

I am baffled. It seems like Cap One is stringing me along with these toy limits and nowhere to go.

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 00:33:44 GMT

Starter accounts are forever seen as starter accounts, regardless of sound credit behavior and profile strengthening.

You can grab a Capital One card at a time where your credit score is 590 and it won't matter in 2 years if your score is 850, as that account will forever be viewed as a starter account. Your only option is to give up on it and open a new account under more favorable terms with Capital One.

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 00:35:55 GMT

Yeah that I know BBS, but this is the hard coded limit increase we are promised on account open day if we are in good standing.

For some reason they kicked the can down the road on me

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 00:40:59 GMT

Spoke to a second CSR just now.

Clarified to me my actual date should be April 14th? which is Bull**bleep** because March 12th would be my six month so April 12th at the latest would be my seventh, in any case, still no reason why it said March 15th up until now.

I give up

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 00:56:08 GMT

Did you by any chance have 1 month that a balance did report, causing the month delay in credit steps?

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 01:02:41 GMT

Ok so I lied about giving up

Third CSR (man that chats been on fire tonight) - this one seemed to have a clue and had some critical thinking skills

We figured out what happened, and... its kinda bizarre since CapOne has never been known for this (Amex is, but capone has never required what im about to explain)

Credit Steps requires you to make five monthly payments on time. But, it means those payments have to be generated by the system.

Meaning, if you pay early before your statement cuts and it shows a zero or negative balance reporting to the CRA and thus "no minimum payment due" that month's payment does not count.

So for me, I paid off my QS1 twice in February and once three days ago. Because I didnt let a balance report last month or this month, the month of March was basically "skipped" internally. From their end I wont have a balance due for this month either, EXCEPT for the fact that MyFico 3B posted on the same date as my statement cut, and the system will recognize me paying that bill as my last month needed, even though it wasnt on the formal statement.

Sound confusing, it is. Basically I paid too soon >_> As in, I paid my bill for the next month before the next month even knew I had a bill. All of the charges I paid off were in Pending Status and not posted as yet (i was trying to avoid a big Util hit on statement day, so i pushed payment on the 4th, it posted on the sixth, and the pendings didnt post until the 7th on statement day, thus i basically prepaid my monthly bill.)

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 01:04:58 GMT

So essentially I learned today that Capital One Credit Steps is EXACTLY like the Amex Everyday probationary period. You must generate a statement balance each month and make at least a minimum payment. Do not pay off to zero more than one month at a time or you will skip months and delay your steps increase.

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 01:05:51 GMT

@Anonymouswrote:
Ok so I lied about giving up

Third CSR (man that chats been on fire tonight) - this one seemed to have a clue and had some critical thinking skills

We figured out what happened, and... its kinda bizarre since CapOne has never been known for this (Amex is, but capone has never required what im about to explain)

Credit Steps requires you to make five monthly payments on time. But, it means those payments have to be generated by the system.

Meaning, if you pay early before your statement cuts and it shows a zero or negative balance reporting to the CRA and thus "no minimum payment due" that month's payment does not count.

So for me, I paid off my QS1 twice in February and once three days ago. Because I didnt let a balance report last month or this month, the month of March was basically "skipped" internally. From their end I wont have a balance due for this month either, EXCEPT for the fact that MyFico 3B posted on the same date as my statement cut, and the system will recognize me paying that bill as my last month needed, even though it wasnt on the formal statement.

Sound confusing, it is. Basically I paid too soon >_> As in, I paid my bill for the next month before the next month even knew I had a bill. All of the charges I paid off were in Pending Status and not posted as yet (i was trying to avoid a big Util hit on statement day, so i pushed payment on the 4th, it posted on the sixth, and the pendings didnt post until the 7th on statement day, thus i basically prepaid my monthly bill.)

Exactly what I thought, you had 1 month that a balance did not report, causing the delay.

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 01:13:58 GMT

@Anonymouswrote:
@Anonymouswrote:
Ok so I lied about giving up

Third CSR (man that chats been on fire tonight) - this one seemed to have a clue and had some critical thinking skills

We figured out what happened, and... its kinda bizarre since CapOne has never been known for this (Amex is, but capone has never required what im about to explain)

Credit Steps requires you to make five monthly payments on time. But, it means those payments have to be generated by the system.

Meaning, if you pay early before your statement cuts and it shows a zero or negative balance reporting to the CRA and thus "no minimum payment due" that month's payment does not count.

So for me, I paid off my QS1 twice in February and once three days ago. Because I didnt let a balance report last month or this month, the month of March was basically "skipped" internally. From their end I wont have a balance due for this month either, EXCEPT for the fact that MyFico 3B posted on the same date as my statement cut, and the system will recognize me paying that bill as my last month needed, even though it wasnt on the formal statement.

Sound confusing, it is. Basically I paid too soon >_> As in, I paid my bill for the next month before the next month even knew I had a bill. All of the charges I paid off were in Pending Status and not posted as yet (i was trying to avoid a big Util hit on statement day, so i pushed payment on the 4th, it posted on the sixth, and the pendings didnt post until the 7th on statement day, thus i basically prepaid my monthly bill.)
Exactly what I thought, you had 1 month that a balance did not report, causing the delay.

Whats worse is that I literally missed the post date by like 3 hours (the payment posted at 5pm causing a 200 dollar statement credit at the time the statement cut at 8pm or so.

This is what I get for pushing payments. And here ive been for months saying PIF is overrated, right? -_-

Re: Capital One Baffles Me

Gmood1 — Fri, 09 Mar 2018 01:25:35 GMT

Not you to "Thecreditgame". I thought I've seen you post about NOT paying these balances off too fast? 😉

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 01:27:23 GMT

@Gmood1wrote:
Not you to "Thecreditgame". I thought I've seen you post about NOT paying these balances off too fast? 😉

I know... i know.

>=/ The one time i screw up, and its counter to my own advice.

Re: Capital One Baffles Me

Gmood1 — Fri, 09 Mar 2018 01:29:35 GMT

I know it's not you. Someone here has the newer members thinking they build credit by making 25 payments a month on the same card.😂

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 01:40:04 GMT

Wow, thank you for this post. I guess I was lucky. This is my 6th month and I this was my first time letting statement cut without a balance. (I wanted to see what AZEO would do to my score and let another card report a 9% balance).

Today I got my $500 increase (SL was $1K). I have a new CO1 account (only $500 SL) and it is also in credit steps. I guess I will have let that card show a statement balance for the next few months so I can get the increase.

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 04:13:32 GMT

@Anonymouswrote:
So essentially I learned today that Capital One Credit Steps is EXACTLY like the Amex Everyday probationary period. You must generate a statement balance each month and make at least a minimum payment. Do not pay off to zero more than one month at a time or you will skip months and delay your steps increase.

So I'm a noob who just got approved for an Amex Everyday. What you're saying is that I should always let a balance report and then PIF? I was thinking of making some payments, but letting it report to zero.

Re: Capital One Baffles Me

UpperNwGuy — Fri, 09 Mar 2018 11:54:35 GMT

@Anonymouswrote:
@AnonymousSo I'm a noob who just got approved for an Amex Everyday. What you're saying is that I should always let a balance report and then PIF? I was thinking of making some payments, but letting it report to zero.

Exactly. Many on this board will disagree with me, but my five rules for payments are:

1. Only make one payment a month.

2. Pay either the statement balance or the current balance, not some other amount.

3. Don't attempt to pay pending transactions.

4. Make that payment after the statement cuts, never before.

5. Use the "pull" method for paying. Don't "push" the payment from your checking account.

Re: Capital One Baffles Me

AverageJoesCredit — Fri, 09 Mar 2018 12:16:46 GMT

I agree with UpperNwGuy. Just let a statement generate. Its not like someone still cant make a payment. If you are on credit steps , just use your card, make sure you let them generate a statement with a balance due then pay it. I just pay my creditors from their websites so i guess thats called pulling? So long as money is 8n checking should be no problems.

Spread the word Gmood, spread the truth

Re: Capital One Baffles Me

Dalmus — Fri, 09 Mar 2018 15:57:01 GMT

And here's the big thing that people always overlook in their obsession with reporting a $0 balance... Assuming your UTIL is under control, it simply doesn't matter whether you PIF before or after the statement cut.

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 16:01:44 GMT

I don't know who started the multiple payments per month, pay before the statement generated pablum. But it is the exact wrong approach for a CLI from Cap1. I know from experience that the easiest way is to use the cap1 card as your sole credit card for a few months (I ran a $1000 a month), let the statement generate, then pay THE STATEMENT BALANCE (not the total balance);by the due date. Do that for 6 months and you will likely get a CLI.

Re: Capital One Baffles Me

SarahJo — Fri, 09 Mar 2018 16:08:00 GMT

@Anonymouswrote:
@Anonymouswrote:
So essentially I learned today that Capital One Credit Steps is EXACTLY like the Amex Everyday probationary period. You must generate a statement balance each month and make at least a minimum payment. Do not pay off to zero more than one month at a time or you will skip months and delay your steps increase.
So I'm a noob who just got approved for an Amex Everyday. What you're saying is that I should always let a balance report and then PIF? I was thinking of making some payments, but letting it report to zero.

The two programs are NOT the same, I have been through them both. Capital One Credit Steps is most certainly different than the Amex program. In my experience, your card "graduation" date may have changed, I can't tell you why, but I will say mine followed the exact same timeline. I never once let a balance report on the Capital One card, and paid several times throughout the month to make it so. As for the Amex, I started with my $500 limit and, as it states in the paperwork, you must let a small balance report, which I did. $10-$20 balance, statement cut and paid off. Capital One starter Platinum Card with a beginning $300 limit in 2016 is now a Venture One card, and Amex has graduated to the limit in my signature in 7 months.

Re: Capital One Baffles Me

Anonymous — Fri, 09 Mar 2018 17:35:42 GMT

@UpperNwGuywrote:
@Anonymouswrote:
@AnonymousSo I'm a noob who just got approved for an Amex Everyday. What you're saying is that I should always let a balance report and then PIF? I was thinking of making some payments, but letting it report to zero.
Exactly. Many on this board will disagree with me, but my five rules for payments are:
1. Only make one payment a month.
2. Pay either the statement balance or the current balance, not some other amount.
3. Don't attempt to pay pending transactions.
4. Make that payment after the statement cuts, never before.
5. Use the "pull" method for paying. Don't "push" the payment from your checking account.

The only one that matter is #4. Other ones have no effect on anything. I got my Amex BCE 7 months ago with a 1k limit. Now it is 6k. Followed zero of those rules. Didn't even use it after the first month and got my 250 dollar sign-up bonus. Made multiple payments, made them of various values. Let no balance hit.