topic Re: Is Capital One Cash Rewards good for CLI or CS? in Credit Cards

Is Capital One Cash Rewards good for CLI or CS?

Anonymous — Sun, 22 May 2011 02:55:12 GMT

I've been a lurker here for a few weeks. I've gotten some awesome information. 6 months post bankruptcy. Currently have an auto loan ($11k) and a First Premier ($750 limit 30% util at moment). Last month I received the Tires Plus/Firestone credit card ($900 limit currently 45% util. will be under 10% in two months). After a few searches, I just applied for and received a Cap1 Rewards Visa with $500 CL. One thing I don't remember from my research... Is this an ok card for CLI's? Do they do credit steps with this one? Being a rewards card, I just kind of assumed they would. I plan to keep this one around 7-10% util at all times. I really want a card I can grow. So I'm hoping this is it. Either way, it's much better than First Premier, so I can get rid of them before they charge me another AF.

Edit, well I just read more about them not being very good for CLI. No biggie as long as they will up it on their own occaisionally.

Re: Is Capital One Cash Rewards good for CLI or CS?

trumpet-205 — Sun, 22 May 2011 03:01:30 GMT

Which one did you apply?

If it is an average credit version then it is almost certain there won't be CLI besides credit steps. If it is an excellent credit version then you may have a chance for some additional CLI. Judging from your CL I say you have an average version.

Either way get rid of that FP before AF comes in.

Re: Is Capital One Cash Rewards good for CLI or CS?

bichonmom — Sun, 22 May 2011 02:58:45 GMT

I can't say for sure, but probably not. I rec'd apps in the mail from them, which included the step program. From what I've read from others here, you need to be invited into the step program -- don't know why.

If you take a look at the webpage where you initially app'd, see if it says anything about step CLI.

That said, I don't think you necessarily need to be in the step pgm to get a CLI from them. I've read posts that run the gammut for Cap One. Some get CLIs to several thousand dollar CLs and others just never budge. There doesn't seem to be any rhyme or reason from what I can tell from the diff posts.

I just look at it as a good starter card and am presently looking for another CC to app for w/a decent CL since I'm not expecting (though am hoping) that my CL will get beyond $750 to $1000.

HTH!

Re: Is Capital One Cash Rewards good for CLI or CS?

Anonymous — Sun, 22 May 2011 15:43:33 GMT

It's the average version. It doesn't say anything about credit steps. Having a bankruptcy discharged less than a year ago, I knew there was no way they'd give me the excellent one. I was worried because they couldn't match me with a card on the prequalification screen. I've been checking that for a few months. If it wasn't for my reading here, I wouldn't have applied with Capital One for months. It's nice to have a decent card now. I'd like to see the CL grow to $1k, but if that can't happen with Cap1, that's alright. I'm just glad to have their card. It sounds like Barclays is probably my best bet for another card. Going to wait about 3-5 months for that one.

Oh, and I just got my wife the same card as well. Same limit. $500CL, 0% intro APR, 17.9% after (lowest they offer with the card). So since we got the lowest APRs too, I'm feeling pretty good right now. Maybe an Amex won't be years away. (obviously, won't be just months away either though). What I really want is a United Mileage Plus one. So that's really my goal.

Re: Is Capital One Cash Rewards good for CLI or CS?

tray — Sun, 22 May 2011 16:12:39 GMT

Congratulations, on your new cards and your credit rebuilding process quite a few people with myself included been in BK and having poor credit, look at my siggy, credit repair takes a while, patience is needed, so in enough time you will have the credit cards you desire. Although one suggestion, like the other poster stated I would get rid of the First Premier card this bank in particular does not LOOK GOOD on a credit report for any other creditor to see, will not grow with you, and furthermore the fees they charge are horrendous. Good Luck

Re: Is Capital One Cash Rewards good for CLI or CS?

Anonymous — Sun, 22 May 2011 16:25:51 GMT

Thank you. I plan on cancelling FP within the next few months. They were a necessary stepping stone and now they've done their job.

Re: Is Capital One Cash Rewards good for CLI or CS?

Anonymous — Sun, 22 May 2011 16:55:28 GMT

I have the same Cap1 CC, I got it last year in my rebuilding process, started with a 500CL (Credit Steps) went to 750.

Almost a year old, perfect payment history PIF every month, called for a CLI several times, same story every single time.......

"You are the perfect customer, perfect pymt history blah blah and you are the perfect candidate for our periodic reviews, but sorry we do not accept customer initiated CLI's".

Its a great starter card, but that's all it will EVER be.

Best of Luck!

Re: Is Capital One Cash Rewards good for CLI or CS?

Anonymous — Sun, 22 May 2011 17:25:06 GMT

Good info. Thanks. I'd like to see it grow to $1k but if it makes it to $750 I'll be happy enough with it.

Re: Is Capital One Cash Rewards good for CLI or CS?

Anonymous — Sun, 22 May 2011 18:12:01 GMT

You just never know, Cap1 seems to have no rhyme or reason with their decisions.

Re: Is Capital One Cash Rewards good for CLI or CS?

Anonymous — Mon, 23 May 2011 00:39:55 GMT

I have a Cap 1 card and it started out with a CL of $300 it's now at a CL of $500, I just got the bump around February or so.I haven't had the card for a full year, but I want to know what this Credit Steps thing is an how to get it in, cuz I want to have a better CL. So that I can get ride of my secured BoA credit card that has an AF on it.

I Re: Is Capital One Cash Rewards good for CLI or CS?

chan85 — Mon, 30 May 2011 00:07:01 GMT

If they haven't sent you anything in the mail saying you are in the credit steps program, then you aren't in. There isn't a way to ask to get in, it's something they offer. You can call them and ask are you enrolled in the program, perhaps you missed the notice? I say that because it's unlike them to just randomly give you the bump from $300 to $500. You may have another credit step coming.

Re: I Re: Is Capital One Cash Rewards good for CLI or CS?

Anonymous — Mon, 30 May 2011 00:14:34 GMT

Just got approved. $500 is my initial CL. I have not received the card yet. I did get the rate info yesterday. No mention of credit steps with that, so I'm guessing I was not enrolled in that. Oh well. I'll just stick a bill or two on autopay on it and leave it at home. If they auto CLI me, cool. If not, no matter bc my util will report 0%.

Re: I Re: Is Capital One Cash Rewards good for CLI or CS?

JonStur — Mon, 30 May 2011 17:26:15 GMT

I got my card in Jan. initial limit $1,000. I didn't know I was in the Steps until they sent me a letter and email about a week later. They indicated I would receive a $500 increase between 5th to 7th statement which should be shortly. I had to use it at least once a month and obviously stay within my limit and pay on time, so I'll see if my increase comes soon, even though since my scores are now much higher I'll probably apply for one of the prime cards anyway.