topic Re: Capital One Credit Steps program answers in Credit Cards

Capital One Credit Steps program answers

espnjunkie — Wed, 25 Jan 2012 15:31:21 GMT

I just receive my first credit step cli from 500.00 to 750.00 this morning! Am moving in the right direction haha. I used the online chat with a specialist feature and asked if my account was eligible for any future increases. The CSR explained that if I pay on time and in full for the next 5 statements I will receive an increase to $1,000.00. I then asked if any more increases were available and he said that there is no limit to the increases as long as your card is open and in good standing. So apparently I can expect regular increases by doing that.

Who knows if it is actually true, but from what I have heard if you treat Capital One right they will give you what you deserve back.

Re: Capital One Credit Steps program answers

jeffery581 — Wed, 25 Jan 2012 15:36:48 GMT

I was in the credit step program. One increase in almost 2 years and thats it. There maybe different credit step programs though.

Re: Capital One Credit Steps program answers

flowfaster — Wed, 25 Jan 2012 15:37:48 GMT

IMHO that is a lie. You will be stuck at $750 for the life of the card. Do not get your hopes up with cap1.

Re: Capital One Credit Steps program answers

chan85 — Wed, 25 Jan 2012 15:38:10 GMT

i would take what they say with a BIG grain of salt, but charge something each month and make your payments and you might see an increase. i opened my card in 8/10, got the letter saying i would only have 1 step to 750, which i got at 6 or 7 months, and then around october or november of last year they bumped me to 2250. i had my netflix bill every month on it and made my regular payments and occasionally used it for other purchases. i have read from other posts that they talked to CSRs who said they had to continue the terms outlined for the credit steps in order to expect more increases. so don't SD and expect them to grant you any increases.

Re: Capital One Credit Steps program answers

pizzadude — Wed, 25 Jan 2012 15:39:02 GMT

@espnjunkie wrote:
I just receive my first credit step cli from 500.00 to 750.00 this morning! Am moving in the right direction haha. I used the online chat with a specialist feature and asked if my account was eligible for any future increases. The CSR explained that if I pay on time and in full for the next 5 statements I will receive an increase to $1,000.00. I then asked if any more increases were available and he said that there is no limit to the increases as long as your card is open and in good standing. So apparently I can expect regular increases by doing that.

Who knows if it is actually true, but from what I have heard if you treat Capital One right they will give you what you deserve back.

Sorry, but based on the reported experiences of people here, Peggy is very misinfomed.

Your letter that you received for the credit steps program will state the exact number of CLI that you are elligible for.

Re: Capital One Credit Steps program answers

espnjunkie — Wed, 25 Jan 2012 15:42:10 GMT

I do take it with a huge grain of salt from what I have read here on the boards. I do always pay on time and in full though. This is currently my only credit card so I have to wait one more month before generating fico scores. I do plan on applying for AMEX Zync and Citi Forward shortly after. If I get approved for them then I will only use the Cap1 card for coffe each month or something. It is nice that Capital One doesn't charge foreign transaction fees and they eat the Mastercard fee for you. It's worth keeping open just for that reason really.

Re: Capital One Credit Steps program answers

RyVision — Wed, 25 Jan 2012 15:43:25 GMT

@espnjunkie wrote:
I just receive my first credit step cli from 500.00 to 750.00 this morning! Am moving in the right direction haha. I used the online chat with a specialist feature and asked if my account was eligible for any future increases. The CSR explained that if I pay on time and in full for the next 5 statements I will receive an increase to $1,000.00. I then asked if any more increases were available and he said that there is no limit to the increases as long as your card is open and in good standing. So apparently I can expect regular increases by doing that.

Who knows if it is actually true, but from what I have heard if you treat Capital One right they will give you what you deserve back.

Fredo, you are my brother and I love you, now give me that kool aid, you've had enough

I got told the same thing on 2 of their cards, which I still have, both still at 750 (one may go to 1000, dunno). Since they told you 1000, you'll probably get it, after that...... we won't allow you to hold your breath

What they give you is a chance to build your score if you treat them right. On rare (RARE) occasion they do go past the CS program, but omg, it's rare and a loooong wait. You'll graduate to better lenders before you see over 1500 with cap one CS cards.

Re: Capital One Credit Steps program answers

espnjunkie — Wed, 25 Jan 2012 15:50:03 GMT

Haha I kinda expected as much. I don't plan on waiting around long enough to see any major increases from them. Even 750.00 is a joke limit (still moving in the right direction though). I graduated from University and am working full time on salary, I can handle more than that haha. As soon as I have fico scores I'm applying for AMEX Zync and Citi Forward. I'm not opening useless store cards, more starter/rebuilders, etc.

Re: Capital One Credit Steps program answers

RyVision — Wed, 25 Jan 2012 16:11:01 GMT

@espnjunkie wrote:
Haha I kinda expected as much. I don't plan on waiting around long enough to see any major increases from them. Even 750.00 is a joke limit (still moving in the right direction though). I graduated from University and am working full time on salary, I can handle more than that haha. As soon as I have fico scores I'm applying for AMEX Zync and Citi Forward. I'm not opening useless store cards, more starter/rebuilders, etc.

It sort of sounds like you're more building than re-building. Meaning you are new to credit with no negative history on file. So sounds like a good plan. 750 isn't a joke limit, it's a good starting limit for new credit to build a score and history. Everyone (well most of the time lol) has to crawl before they walk and then run. The fact that you're here looking at info before you even have scores is a great indicator on how you'll probably handle your credit.

Re: Capital One Credit Steps program answers

Anonymous — Wed, 25 Jan 2012 16:15:26 GMT

I am in the same boat as you. Got my CLI to 750 last week. I don't plan on having the card long enough to see if there are any more. Since I just got the Discover more with a 5,500 limit that tells me I am in prime territory right now so another 6 months to let my Discover and some inquiries age I will be apping for a travel card like the Cap 1 Venture or United Explorer card.

That seems to be the best with Cap 1 rebuilders. Just use them as long as necessary to get a prime card then move on.

Re: Capital One Credit Steps program answers

Smug — Wed, 25 Jan 2012 16:20:24 GMT

Hate to tell you that will be your last increase, for at least5 years, Cap 1 does not increase that being said, enjoy your card

Re: Capital One Credit Steps program answers

espnjunkie — Wed, 25 Jan 2012 16:20:27 GMT

That's correct, I am building my credit for the first time. Do you think six months of history with just the Capital One Cash Rewards for Newcomers with a 750.00 limit is enough to be approved for AMEX Zync or Citi Forward? My utilization is definitely under 10% and I pay on time and in full every month. Next month will be the six months mark and I kinda want to celebrate and apply for prime credit if possible. Is this a good idea or should I wait longer before taking the plunge and applying? Thoughts?

Re: Capital One Credit Steps program answers

RyVision — Wed, 25 Jan 2012 16:31:34 GMT

@espnjunkie wrote:
That's correct, I am building my credit for the first time. Do you think six months of history with just the Capital One Cash Rewards for Newcomers with a 750.00 limit is enough to be approved for AMEX Zync or Citi Forward? My utilization is definitely under 10% and I pay on time and in full every month. Next month will be the six months mark and I kinda want to celebrate and apply for prime credit if possible. Is this a good idea or should I wait longer before taking the plunge and applying? Thoughts?

Going on what I know now about the credit climate (things can always change). Unless you're intent on having those cards sooner, I would say Zync in December in order to lock in 2012 as your member since date with AMEX, then if approved (which I think you probably would be) consider another (Citi or what you want at that time) 6 months later. Any AMEX's you get after that will back date to the year you got your Zync and the month you get the new AMEX (which is why January is your best month for additional AMEX cards).

[EDIT]: December was to mean at least a 12 month wait. AMEX likes to see a year if possible for a more sure approval. You've already got some time on your history so AMEX should be your next card if you want one. That's my opinion on keeping the inq's down and most likely to be approved for the Zync (many get them sooner but it's iffy with less than a year for any AMEX).

Re: Capital One Credit Steps program answers

espnjunkie — Wed, 25 Jan 2012 16:41:30 GMT

Well waiting till August would mean one year of credit history. If at all possible I would like to have the Zync sooner rather than later haha. I understand my credit history is short and I only have one line of credit reporting. I guess the encouraging thing is that my payment history will be great and that the Zync really seems to be geared towards people my age, 23, and who have the beginnings of a great credit history. My concern is that if I wait longer than a year I shouldn't bother with the Zync and should just apply for one of their other charge cards perhaps? Zync seems like the best way for me to get a foot in the door the soonest. I have also heard that it is not much more difficult to be approved for the green card than the zync. One would think that if a person is willing to pay the annual fees that approval for charge cards would be pretty easy because you cannot carry a balance.

Re: Capital One Credit Steps program answers

RyVision — Wed, 25 Jan 2012 17:12:01 GMT

@espnjunkie wrote:
Well waiting till August would mean one year of credit history. If at all possible I would like to have the Zync sooner rather than later haha. I understand my credit history is short and I only have one line of credit reporting. I guess the encouraging thing is that my payment history will be great and that the Zync really seems to be geared towards people my age, 23, and who have the beginnings of a great credit history. My concern is that if I wait longer than a year I shouldn't bother with the Zync and should just apply for one of their other charge cards perhaps? Zync seems like the best way for me to get a foot in the door the soonest. I have also heard that it is not much more difficult to be approved for the green card than the zync. One would think that if a person is willing to pay the annual fees that approval for charge cards would be pretty easy because you cannot carry a balance.

If you wait the 12 months and would prefer the Green over the Zync and don't mind the higher AF, I'd think you'd be approved from the info you've given. The Zync would probably be approved before the 12 month time line, but you didn't seem in a rush (CCCs like when you don't seem in a rush).

Either way, you do want to be sure all 3 CB's have your history reporting and the AAoA and oldest account as well as a score is showing. You seem to have a good plan by picking AMEX as your first prime card, I see a very high score in your future actually

Re: Capital One Credit Steps program answers

espnjunkie — Wed, 25 Jan 2012 17:37:51 GMT

This board has been really helpful in figuring out how to begin a great credit history for myself. I'm not in a rush to get approved for new credit, but I do want ot sock drawer my Capital One card as soon as I can get something better. For what it is the card is great, no annual fee, 1% cash back, no foreign transaction fees...so for starting out it seemed like the way to go. Hmmm, I probably do not spend enough each year to justify a 95+ dollar annual fee yet. Zync seems good for now and I can always apply for something else down the road if I need to. Citi Forward is great for dining and entertainment rewards and carries no annual fee, plus not everywhere accepts AMEX.

So is it a good strategy to apply for Zync once I have fico scores, and if denied try for a recon? If that does not work then just wait a few more months and reapply?

Re: Capital One Credit Steps program answers

Anonymous — Wed, 25 Jan 2012 17:40:41 GMT

@espnjunkie wrote:
This board has been really helpful in figuring out how to begin a great credit history for myself. I'm not in a rush to get approved for new credit, but I do want ot sock drawer my Capital One card as soon as I can get something better. For what it is the card is great, no annual fee, 1% cash back, no foreign transaction fees...so for starting out it seemed like the way to go. Hmmm, I probably do not spend enough each year to justify a 95+ dollar annual fee yet. Zync seems good for now and I can always apply for something else down the road if I need to. Citi Forward is great for dining and entertainment rewards and carries no annual fee, plus not everywhere accepts AMEX.

So is it a good strategy to apply for Zync once I have fico scores, and if denied try for a recon? If that does not work then just wait a few more months and reapply?

sounds good to me

Re: Capital One Credit Steps program answers

RyVision — Wed, 25 Jan 2012 18:04:39 GMT

@espnjunkie wrote:
This board has been really helpful in figuring out how to begin a great credit history for myself. I'm not in a rush to get approved for new credit, but I do want ot sock drawer my Capital One card as soon as I can get something better. For what it is the card is great, no annual fee, 1% cash back, no foreign transaction fees...so for starting out it seemed like the way to go. Hmmm, I probably do not spend enough each year to justify a 95+ dollar annual fee yet. Zync seems good for now and I can always apply for something else down the road if I need to. Citi Forward is great for dining and entertainment rewards and carries no annual fee, plus not everywhere accepts AMEX.

So is it a good strategy to apply for Zync once I have fico scores, and if denied try for a recon? If that does not work then just wait a few more months and reapply?

As long as AMEX is your next card I think you'll get it without a recon (they don't usually recon well). If not, then wait and reapp. Your report won't say if it's a Zync or a Platinum btw, it will just say AMEX (which looks pretty good). I can't say much about Citi Forward (I'm not a big fan of Citi myself and no experience with the Forward) but I've heard others love it and have gotten great CLs and CLIs with it.

I have to add, there is no perfect CCC. All of them have their fans and their non-fans. It really boils down to what works for the persons situation and a bit of YMMV as how each individual is treated by a CCC (they all have their good and bad moments and quirks). I like AMEX for the member since date feature among a few other reasons, my other favs are Discover (they were very decent to me when I thought of them as less than usable and I like their CSRs), NFCU (so far, because I like their CSRs and terms), Chase to me is ok but picky, BoA isn't what it used to be many years ago but still ok, Cap 1 is dissed a lot but is willing to be a stepping stone (without them, there'd be a lot of people with no cards I think). Just some of my opinion on a few cards I've dealt with to some degree. You'll still want to exercise your Cap 1 from time to time when it's SD'd after you get AMEX btw.

Re: Capital One Credit Steps program answers

espnjunkie — Wed, 25 Jan 2012 18:16:53 GMT

I didn't know that, that sounds really good the way it is reported! Now lets say I apply and get approved for the Zync with NPSL. This may be hard to answer, but how much can you really spend in a month before they decline you? I know they say they take your normal spending into account to determine your limit, but what if you buy a new tv or computer in a month as well as your normal spending? Does this cause you to be declined with the Zync? Do you have higher limits with the green, gold and platinum cards?

Re: Capital One Credit Steps program answers

Anonymous — Wed, 25 Jan 2012 18:18:39 GMT

@espnjunkie wrote:
I didn't know that, that sounds really good the way it is reported! Now lets say I apply and get approved for the Zync with NPSL. This may be hard to answer, but how much can you really spend in a month before they decline you? I know they say they take your normal spending into account to determine your limit, but what if you buy a new tv or computer in a month as well as your normal spending? Does this cause you to be declined with the Zync? Do you have higher limits with the green, gold and platinum cards?

i put a 4k down payment on my boat with it,, i just called them 1st and asked