topic Re: Interesting e-mail from Capital One in Credit Cards

Interesting e-mail from Capital One

Outdoorstech1 — Tue, 19 Aug 2014 00:05:35 GMT

Received an email today from Capital One after my first statement saying: "information about your credit line." Kinda nice of them to send me this info.

Make sure you’re ready for unexpected and everyday expenses—no matter when they pop up—with our Credit Steps program.

In two easy steps, you can increase your current credit line from $1,000 to $1,500. And, you’ll have access to your new line no later than February 2015.*

Use your card in the first five months

Make your first five monthly payments on time

$1,500

Re: Interesting e-mail from Capital One

JSS3 — Tue, 19 Aug 2014 00:20:46 GMT

I'm helping my aunt and her husband with their credit. She's rebuilding while he's establishing. He's on his fourth statement. She was so busy running errands and forgot to pay it for him. He was one day late and got hit with a $25 late fee. I wonder if this will affect his credit steps? It does state "first 5 on time payments" I sure hope he gets an increase on his $300 CL in two months.

Re: Interesting e-mail from Capital One

jsucool76 — Tue, 19 Aug 2014 00:31:06 GMT

This is what is known as the cap1 "Credit Steps Program." (more like the credit step program)

I got a $500 CLI from that program =]

Re: Interesting e-mail from Capital One

taxi818 — Tue, 19 Aug 2014 01:19:50 GMT

They are saying that to encourage you to use and pay for card.

and they will. But listen and listen good. Right now. Capital one is on the Attack. even you got that letter. they have really been aggrresive the last. year.

I got same letter as you and after 5 months according to letter. i would go from 500 dollars to 750

But when the time came. exactly 5 months to the day. BAM!!!!!!!! $3000 instead of 250.

I would use the hell out it if i were you. and pay multiple times a month. Because they will reward you dearly .

Don't know what happen. but they are on the attack to other lenders.

Re: Interesting e-mail from Capital One

taxi818 — Tue, 19 Aug 2014 01:21:07 GMT

JSS3 wrote

Well he can virtually kiss it goodbye. sorry

Re: Interesting e-mail from Capital One

pip3man — Tue, 19 Aug 2014 04:27:16 GMT

Back in 2011 when I was in that program, I missed a payment by 1 day as well. Although I didn't get hit with a late fee, however it extended the period to an extra 3months so instead of getting it in 5-6 statements I got it on the 9th statement. Back then the rep told me paying late violated the terms of the credit step program but if it's only one occurrence I'll get the CLI at a later time and it turned out exactly as she said.. Anyways this was in 2011 so u might wanna call in to re-verify as things may have changed.

Re: Interesting e-mail from Capital One

Anonymous — Tue, 19 Aug 2014 04:32:09 GMT

@Outdoorstech1 wrote:
Received an email today from Capital One after my first statement saying: "information about your credit line." Kinda nice of them to send me this info.

Make sure you’re ready for unexpected and everyday expenses—no matter when they pop up—with our Credit Steps program.

In two easy steps, you can increase your current credit line from $1,000 to $1,500. And, you’ll have access to your new line no later than February 2015.*

Use your card in the first five months
+
Make your first five monthly payments on time
=
$1,500

Just replied to another post similar to this... http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Credit-Steps-Program/td-p/1626932

Re: Interesting e-mail from Capital One

lg8302ch — Tue, 19 Aug 2014 06:18:13 GMT

@JSS3 wrote:
I'm helping my aunt and her husband with their credit. She's rebuilding while he's establishing. He's on his fourth statement. She was so busy running errands and forgot to pay it for him. He was one day late and got hit with a $25 late fee. I wonder if this will affect his credit steps? It does state "first 5 on time payments" I sure hope he gets an increase on his $300 CL in two months.

Does it allow to set up auto-pay? If yes then I would strongly recommend to do that for the minimum payment as safety net.

Re: Interesting e-mail from Capital One

Kevin5974 — Tue, 19 Aug 2014 06:28:27 GMT

@JSS3 wrote:
I'm helping my aunt and her husband with their credit. She's rebuilding while he's establishing. He's on his fourth statement. She was so busy running errands and forgot to pay it for him. He was one day late and got hit with a $25 late fee. I wonder if this will affect his credit steps? It does state "first 5 on time payments" I sure hope he gets an increase on his $300 CL in two months.

No, he shouldn't. He couldn't go the five months. It's rather simple.

Re: Interesting e-mail from Capital One

keithbward — Tue, 19 Aug 2014 06:42:14 GMT

if you miss a payment it will go to the 10th month...after the 9th statement is cut.

Re: Interesting e-mail from Capital One

Kirmie2010 — Tue, 19 Aug 2014 08:50:48 GMT

You can try calling and getting them to remove it as late payment. Ive heard of others doing that but it wasnt in regards to credit steps just to get it off their reports. Short of that, his credit steps program probably restarts after the missed payment. But I am not sure That sucks though, minimum payment of only 25 and missing it

I got the same (except lower limits ) letters in the mail from both my cards 2 days apart Every time I try for a CLI I get another letter in the mail outlining the credit steps program again. I know I am supposed to wait but clicking the CLI button does not seem to hurt.