topic Re: Cap1 low limit qs1, no credit steps? in Credit Cards

Cap1 low limit qs1, no credit steps?

Anonymous — Fri, 19 Jun 2020 15:22:34 GMT

Is it possible to have a low-limit cap1 card that is not bucketed?

Background, I started with a platinum with an initial $300 limit that upped to $500 via credit steps. I am given to understand this means the card is bucketed. I PC'd it to a QS and am resigned to it having a low limit.

I also applied for a QS1 and was approved also at $300, but there is no indication of credit steps on my profile like there was with my other. Is it possible that this card is not bucketed despite the low limit?

Thanks!

Re: Cap1 low limit qs1, no credit steps?

Brian_Earl_Spilner — Fri, 19 Jun 2020 15:47:22 GMT

All of their cards now have a steps like increase. If they're calling it credit steps, it's probably bucketed. If you have a low limit, it's probably bucketed.

Re: Cap1 low limit qs1, no credit steps?

glockrunner — Fri, 19 Jun 2020 16:17:55 GMT

Capital One is a joke. I made the mistake of applying for them over a year ago. Pulled 3 credit bureaus for the crappy Platimum. Got a $2k limit and after 6 months got an auto increase to 2.5k. They will no longer give me a CLI because I am not charging 1k a month for their crappy card with high interest. Nor will the let me upgrade to a QS. I was charging $400-500 a month but that wasn't good enough.

Over the past 8 months, I have acquired a NAVY cash rewards card and an AMEX PCP. Both give me money back and have a total credit limit of 51k between the 2 cards. Capital One will hold you back and I would recommend moving to other cards that will grow.

Soon I will be closing CO!

Re: Cap1 low limit qs1, no credit steps?

Anonymous — Fri, 19 Jun 2020 16:18:24 GMT

That's too bad. So even if I don't see the credit steps tracker on my dashboard, I should at least see a small CLI in 5-6mos?

Re: Cap1 low limit qs1, no credit steps?

Brian_Earl_Spilner — Fri, 19 Jun 2020 16:35:34 GMT

@Anonymous wrote:
That's too bad. So even if I don't see the credit steps tracker on my dashboard, I should at least see a small CLI in 5-6mos?

Yes. Credit steps usually requires a balance to post to your statement for 5 consecutive months along with on time payments. I don't think we've tracked whether the regular increase requires both of those.

Re: Cap1 low limit qs1, no credit steps?

Anonymous — Fri, 19 Jun 2020 16:57:12 GMT

@glockrunner wrote:
Capital One is a joke. I made the mistake of applying for them over a year ago. Pulled 3 credit bureaus for the crappy Platimum. Got a $2k limit and after 6 months got an auto increase to 2.5k. They will no longer give me a CLI because I am not charging 1k a month for their crappy card with high interest. Nor will the let me upgrade to a QS. I was charging $400-500 a month but that wasn't good enough.
Over the past 8 months, I have acquired a NAVY cash rewards card and an AMEX PCP. Both give me money back and have a total credit limit of 51k between the 2 cards. Capital One will hold you back and I would recommend moving to other cards that will grow.
Soon I will be closing CO!

To be fair, comparing NFCU limits, and Amex limits even, to most banks isn't really a comparison.

Capital One gives starter cards to anyone, whether it's to build or rebuild, I'm guessing it must've helped you right?

Re: Cap1 low limit qs1, no credit steps?

glockrunner — Fri, 19 Jun 2020 17:04:14 GMT

@Anonymous wrote:
@glockrunner wrote:
Capital One is a joke. I made the mistake of applying for them over a year ago. Pulled 3 credit bureaus for the crappy Platimum. Got a $2k limit and after 6 months got an auto increase to 2.5k. They will no longer give me a CLI because I am not charging 1k a month for their crappy card with high interest. Nor will the let me upgrade to a QS. I was charging $400-500 a month but that wasn't good enough.
Over the past 8 months, I have acquired a NAVY cash rewards card and an AMEX PCP. Both give me money back and have a total credit limit of 51k between the 2 cards. Capital One will hold you back and I would recommend moving to other cards that will grow.
Soon I will be closing CO!
To be fair, comparing NFCU limits, and Amex limits even, to most banks isn't really a comparison.

Capital One gives starter cards to anyone, whether it's to build or rebuild, I'm guessing it must've helped you right?

Sure it's fair! I had other cars too besides Capital One. I didn't know better about cards and thought it was a good card until I came to this board and learned. You can have your opinions on what you like and I have my opinion on what I think is a good card. I was just offering my advice to the OP and your comment isn't all all related to what he was asking.

Re: Cap1 low limit qs1, no credit steps?

glockrunner — Fri, 19 Jun 2020 17:07:13 GMT

@Anonymous wrote:
That's too bad. So even if I don't see the credit steps tracker on my dashboard, I should at least see a small CLI in 5-6mos?

Not necessarily and probably doubtful. If you get one it will be small

Re: Cap1 low limit qs1, no credit steps?

krmurrayjr10 — Fri, 19 Jun 2020 18:13:49 GMT

I started my rebuild with Capital One many years ago. I applied first for a QS One and received a $500 limit, followed by their "Platinum" a few months later, also with a $500 limit. Both received their "steps" increases to $750 within the first year.

Fast forward many years, after several product changes, CLIs, and 1 account combination, and 2 cards with a $500 per card SL each have become 1 Venture card with a $6500 limit.

I hardly use it now, but the greatest CLIs came during times when I was using the card(s) heavily and making large payments. Some of the CLIs came unsolicited. Conclusion: the cards can grow, but will only do so if your credit report isn't showing distress and if you're making heavy, responsible use of their card(s).

Re: Cap1 low limit qs1, no credit steps?

MerMer495 — Fri, 19 Jun 2020 18:47:46 GMT

Cap1 was my first unsecured credit card when i started my rebuild 3 years ago. My first card was the Platinum with a SL of $300 then bumped up to $500 after credit steps. I applied for the QuickSilver and got the same deal as the Platinum. I've PC'd the Platinum to a QS1. I've gotten 2 CLI of $100 on each card which bumped the limits to $700 each. These cards did what they are supposed to do and I've "out-grown" them.

I'm trying to figure out how can I get rid of the QS1 with the AF. If i dont get a PC offer i may just try to get these account to $1000 each then probably combine the accounts together. The way it's going now I might get there in 1.5 years LOL

Re: Cap1 low limit qs1, no credit steps?

Ficoproblems247 — Fri, 19 Jun 2020 20:57:29 GMT

Capital One is not a bad lender, but you need to have clear expectations. You cannot expect a low limit bucketed card of theirs to grow. These are sub-prime cards that are issued to you to help you rebuild your profile. I can tell you with 100% certainty that I would take a Platinim Cap1 card to help me achieve a rebuild over a Credit One or a First Premier any day of the week. My first Cap1 card started as a QS1 with a $1K limit. After 5 years of heavy use, 2 CLIs, and 2 PCs it's now a regular QS, but the CL is still only $5K. I would not expect this card to grow much higher than it is because I was approved for it when my scores and profile were way worse than they are now. After I built a relationship with them, cleaned up my profile, and raised my scores, they approved me for a Savor with a $15K SL, then gave me another $1K on top of that after 91 days. Since I was approved under far different circumstances for my 2nd card through them, it falls into a completely different category in their eyes. You just can't set the expectations that rebuilder cards will ever grow into high limit rewards cards.

Re: Cap1 low limit qs1, no credit steps?

Anonymous — Fri, 19 Jun 2020 21:02:11 GMT

@glockrunner

All I'm saying is NFCU will give a goldfish a 25K limit and Amex will give you something if you have a pulse...

Why give out a CLI if you don't use it --most major banks will do the same thing, or give out a higher limit on a new card, it's commonplace.

If you want to compete NFCU and Amex limits, know that CapOne has a max 1MM limit per card compared to NFCU 80K total and Amex purported 100K revolving.

Re: Cap1 low limit qs1, no credit steps?

glockrunner — Fri, 19 Jun 2020 21:41:18 GMT

@Anonymous wrote:
@glockrunner

All I'm saying is NFCU will give a goldfish a 25K limit and Amex will give you something if you have a pulse...

Why give out a CLI if you don't use it --most major banks will do the same thing, or give out a higher limit on a new card, it's commonplace.

If you want to compete NFCU and Amex limits, know that CapOne has a max 1MM limit per card compared to NFCU 80K total and Amex purported 100K revolving.

I'd rather be a NFCU goldfish getting a high credit limit and 1.5% cash back and 9.65% interest rate than a Crapital One card with no cash back and 24% interest rate and no chance of upgrade. Yeah, I'll suffer with my NFCU and AMEX cards! I guess they are small beans