topic Re: Credit Steps? in Credit Cards

Credit Steps?

Anonymous — Fri, 30 Nov 2007 23:45:18 GMT

Hello I have noticed ppl mentioning this "credit steps" program re: Cap 1. I have a Cap1 credit card, can someone explain? Thanks

Re: Credit Steps?

Anonymous — Fri, 30 Nov 2007 23:49:41 GMT

basicly, make 3 payments on time don't go overlimit, biunce a payment, you get an auto cli.

Re: Credit Steps?

Anonymous — Fri, 30 Nov 2007 23:50:24 GMT

oh I'd LOVE to explain...just kidding, lol

Basically, you get your original CL which is probably 300-500. Then after three months of paying on time, not going overlimit, and paying in full or whatever you decide to do...they automatically increase your limit by a few hundred more. It'll give more info in the mailer.

Re: Credit Steps?

CreditDrama85 — Sat, 01 Dec 2007 00:03:54 GMT

except for people like me who pay in full, and exceed the stupid cl by literally 2.00 and are then charged a 39.00 over limit fee, and informed that they are not eligible for credit steps.

never using the card again

Re: Credit Steps?

Anonymous — Sat, 01 Dec 2007 00:17:01 GMT

Yeah that is a little ridiculous.

Looks like you took a credit trip and fell into crapone hell.

Re: Credit Steps?

Anonymous — Sat, 01 Dec 2007 16:54:07 GMT

I went over the limit on my new card by 8 dollars and they did not hit me with a over the limit fee yet. Will they?? I had paid my balance if full this week (308 dollars). This is my second cap 1 card and I already have another going through this credit steps process. I hope they don't deny me a cli's on both cards even though I went over the limit on one.

Re: Credit Steps?

Anonymous — Sat, 01 Dec 2007 18:15:52 GMT

CreditDrama85 wrote:
except for people like me who pay in full, and exceed the stupid cl by literally 2.00 and are then charged a 39.00 over limit fee, and informed that they are not eligible for credit steps.

never using the card again

Well, in all fairness, you did go over the limit. The whole point of Credit Steps is to give you an opportunity to show that you know how to use your card, regardless of any mistakes you may have made in the past. If you make those mistakes again, well.....

Re: Credit Steps?

Anonymous — Sat, 01 Dec 2007 21:22:11 GMT

I can't argue with this one bit. You are correct. No excuses.

Re: Credit Steps?

CreditDrama85 — Sun, 02 Dec 2007 00:35:18 GMT

i cant argue either, i did technically exceed the cl......which is why i wont be using the card in the future unless the cl is raised.

wont be making the same mistake twice.

and btw to the other person who exceeded the cl, usually the fee wont be charged to the account until the closing day of the statement. (even if you pay the acct under the cl b4 the statement closes, u will still see a fee with the date you were over your cl listed)

Re: Credit Steps?

heirophant — Sun, 02 Dec 2007 01:44:19 GMT

Here is a bit of advice about over-limit fees. I went over-limit on my HSBC card once. I knew it, too. They will approve something as long as it is under $5 over your credit limit. However, I called them about it and was informed that they process payments before charges, so I took a chance. I immediately made a payment online and hoped that it would go through before the charge was finalized. They both went through on the same day. The payment was processed first. No overlimit fee. So, the lesson is if you know you are going to go overlimit, make a payment right away and you stand a chance of staying within the cardmember agreement.

Re: Credit Steps?

Anonymous — Sun, 02 Dec 2007 01:47:14 GMT

heirophant wrote:

Here is a bit of advice about over-limit fees. I went over-limit on my HSBC card once. I knew it, too. They will approve something as long as it is under $5 over your credit limit. However, I called them about it and was informed that they process payments before charges, so I took a chance. I immediately made a payment online and hoped that it would go through before the charge was finalized. They both went through on the same day. The payment was processed first. No overlimit fee. So, the lesson is if you know you are going to go overlimit, make a payment right away and you stand a chance of staying within the cardmember agreement.

Thats interesting info! I had no idea. I try to stay so far away from my limits I've luckily never come close. You never know when an emergency might come up though and to know that, as soon as I get to internet access, it can be rectified is good to know.

Re: Credit Steps?

Anonymous — Sun, 02 Dec 2007 06:58:54 GMT

Just to clarify, I wasn't trying to berate either of you. I reread my previous post just now and realized it may not have come across in the spirit in which it was meant.

Re: Credit Steps?

Anonymous — Sun, 02 Dec 2007 14:34:22 GMT

cheddar wrote:

Just to clarify, I wasn't trying to berate either of you. I reread my previous post just now and realized it may not have come across in the spirit in which it was meant.

Oh cheddar, I didn't take it that way. Most lenders don't even like you to get within a stones throw of the limit. If you exceed it, here are penalties. Credit steps seems to be a card to keep people on the traight and narrow. They probably wanted to call it Baby Seps but thought customers would be offended.

Re: Credit Steps?

CreditDrama85 — Sun, 02 Dec 2007 15:26:46 GMT

Brammy--

you should know that capital one is not like most lenders; ive read articles that talk about the practice of capital one offering multiple cards AND the fact that they expect consumer to exceed their cl.

the obvious changes that are being made: reporting the cl to bureaus, being more willing to increase cl through back door #, and offering credit steps....is cap one trying to reduce criticism.

anyhow, yes i was upset that i didnt receive a cli because i exceeded my cl by 2.00. some say i have no right to be upset and that i technicially broke the rules.

WELL i am upset! i see it from the standpoint of having several other cap one cards with good history. any lender in their right mind wanting to keep my business would increase my cl.

by the time capital one decides to increase my cl, my credit will be in awesome condition and i will insist that all account be closed; i will gladly take a reduction in my fico score for the peace of mind that will come will closing all cap one accounts.

Re: Credit Steps?

Anonymous — Sun, 02 Dec 2007 15:54:34 GMT

Credit,

You seem to be taking everythng personally. My response was to my feelings about Cheddar's comment. Cap1 is what Cap1 is there is no getting around it. They Credit steps program, as they like to call it, it based on very strict lending standards. Any lender would do the same thing with a OTL in the first six months. Heck I was rate jacked and denied CLIs for a long time on another card for just using over 50% of the limit as the result of a move. My response?......move on as soon as it was feasible. As soon as better cards started coming in and I was approved I took it and closed the other card. Guess what? They wanted me back andthy are now one of my better cards.

If you have a Credit Steps cards you have one of Cap1's subprime cards. Subprime lenders seem to be a whole lot stickier than other lenders cause thet feel they are giving you a chance to prove yourself.

Re: Credit Steps?

Anonymous — Tue, 04 Dec 2007 02:18:29 GMT

Well, I guess I wont be seeing a CLI in the 3 month time frame like I expected on one of my Cap1 cards. I havent seen the overlimit fee come up yet. But I am pretty sure that it is coming the next statement.

Message Edited by landocalrissian on 12-03-2007 06:18 PM

Re: Credit Steps?

CreditDrama85 — Tue, 04 Dec 2007 03:27:45 GMT

maybe i should give cap one a chance...just when i decided i had had enough....i got a 600 cli for a total cl of 1,100....finally a step in the right direction

Re: Credit Steps?

Anonymous — Tue, 04 Dec 2007 19:11:00 GMT

I talked to a csr at CapitalOne last night and he told me that if I keep following the credit steps, I should get an automatic CLI on the CapitalOne Visa card that I went 8 dollars over the limit on by the 7th billing cycle. I am glad that I paid it off immediately and now have a zero balance on that card. I have not gone over the limit on my other CapitalOne Visa and I should get the automatic increase on that card very soon.

Re: Credit Steps?

Anonymous — Tue, 04 Dec 2007 19:34:30 GMT

CreditDrama85 wrote:

maybe i should give cap one a chance...just when i decided i had had enough....i got a 600 cli for a total cl of 1,100....finally a step in the right direction

You have NO idea how happy I am to here that...CONGRATS!!!!!!

Re: Credit Steps?

MsKmm00 — Thu, 28 Feb 2008 16:24:27 GMT

Is this something offered/advised of as soon as you receive your card in the mail?