topic Re: Cap1 Credit Steps increase only $250? in Rebuilding Your Credit

Cap1 Credit Steps increase only $250?

Anonymous — Fri, 08 Apr 2016 15:17:07 GMT

I just got an email from Cap1 for my QS1 card, saying that I should expect a CLI from $500 to $750 after 5 on-time payments, which would be around October 2016. Has anyone else ever gotten an email with such a low CLI and then been surprised with a bigger increase? I was really hoping to jump up to $1500 with credit steps. Should I request an increase sooner than that? I PIF every month and in March ran about $1,300 through the card. I'm going to slow down on this card for a while since I just got a Discover IT secured with a $300 limit and the 1% & 2% on restaurants and gas cash back gets doubled at the end of the year.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Fri, 08 Apr 2016 15:21:23 GMT

Are you saying that you had a 500.00 limit and ran about 1300.00 on that card every month?

Re: Cap1 Credit Steps increase only $250?

Anonymous — Fri, 08 Apr 2016 15:22:34 GMT

That was my original e-mail too.

I asked for CLI after 3rd statement and went from $500 to $1500 and then credit steps kicked in after that 5th payment - and went to $2000 total.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Fri, 08 Apr 2016 15:31:41 GMT

Based on my own experience the steps program will bump you after 5 on time payments-starting after your first payment, so 6months after you open the account. I was able to get a CLI of $500 at the 3 month mark. I hit my 5th payment next month. I started out with a $300CL, through steps it was only going to increase to $500, but my CL is now $800. Idk if the increase from steps will only be $200 or more. Of course I'm hoping for more though.

Anyways, my advice, wait until your 3rd statement and then try for the CLI.

Re: Cap1 Credit Steps increase only $250?

Studio90x — Fri, 08 Apr 2016 19:44:18 GMT

I had the credit steps as well saying it'll increase to $500 ($200 increase from my SL). I got a CLI of $100 a couple months ago on my QS1 from the luv button, small due to small usage and this month my credit steps kicked in with a $350 increase.

On my Platinum card (now QS from PC request), I got a CLI $500 via luv button and my credit steps for it will kick in next month so I'm hoping for a nice increase on that one.

It seems the credit steps increase they tell us is actually just a minimum with basic usage and making the minimum payment but if you use the card more often and pay 3x the monthly payment (PIF is better) then you should see a nice increase from the credit steps.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Fri, 08 Apr 2016 19:55:22 GMT

@Anonymous wrote:
I just got an email from Cap1 for my QS1 card, saying that I should expect a CLI from $500 to $750 after 5 on-time payments, which would be around October 2016. Has anyone else ever gotten an email with such a low CLI and then been surprised with a bigger increase? I was really hoping to jump up to $1500 with credit steps. Should I request an increase sooner than that? I PIF every month and in March ran about $1,300 through the card. I'm going to slow down on this card for a while since I just got a Discover IT secured with a $300 limit and the 1% & 2% on restaurants and gas cash back gets doubled at the end of the year.

Yes, you can get a bigger increase. The numbers they quote are the minimum you will get. Yes, many people have gotten bigger. Yes, you can (and should) request an early increase. Typically on a $500 SL they will bump it to $1500 after two months (only if you ask), and Credit Steps increase at 6 months will take it to $2k. If you happen to have a sigificant score increase it could go higher.

When he account hit 12 months age it will be eligible for another increase, and every 6 months after.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Fri, 08 Apr 2016 20:43:42 GMT

@Anonymous wrote:
Are you saying that you had a 500.00 limit and ran about 1300.00 on that card every month?

Yes, I PIF at the end of every week. I figure, if I'm spending the money anyway I may as well get 1.5% back. I just it in place of a debit card...with the low limit I have to pay it weekly.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Fri, 08 Apr 2016 20:45:14 GMT

@Anonymous wrote:
That was my original e-mail too.
I asked for CLI after 3rd statement and went from $500 to $1500 and then credit steps kicked in after that 5th payment - and went to $2000 total.

Thanks, this is what I'm hoping to do as well. I just got my first statement so I'll wait until the June statement cuts and ask for the CLI.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Fri, 08 Apr 2016 20:46:25 GMT

@Anonymous wrote:
@Anonymous wrote:
I just got an email from Cap1 for my QS1 card, saying that I should expect a CLI from $500 to $750 after 5 on-time payments, which would be around October 2016. Has anyone else ever gotten an email with such a low CLI and then been surprised with a bigger increase? I was really hoping to jump up to $1500 with credit steps. Should I request an increase sooner than that? I PIF every month and in March ran about $1,300 through the card. I'm going to slow down on this card for a while since I just got a Discover IT secured with a $300 limit and the 1% & 2% on restaurants and gas cash back gets doubled at the end of the year.
Yes, you can get a bigger increase. The numbers they quote are the minimum you will get. Yes, many people have gotten bigger. Yes, you can (and should) request an early increase. Typically on a $500 SL they will bump it to $1500 after two months (only if you ask), and Credit Steps increase at 6 months will take it to $2k. If you happen to have a sigificant score increase it could go higher.

When he account hit 12 months age it will be eligible for another increase, and every 6 months after.

Thanks, this is what I'm hoping will happen to me as well. I'll wait until June and ask for the CLI. Wish me luck!

Re: Cap1 Credit Steps increase only $250?

Anonymous — Sun, 10 Apr 2016 02:20:03 GMT

I started out with a $500 limit on both my cards. I received an email saying that my credit steps would bring the card balance to $750. At the 2 1/2 month mark of having the card i got a 1k CLI on both the cards bringing them to $1500 each. We shall see what credit steps will do from there. It is possible to get a higher CL then what they initially quote you. Lots of good threads on here as to what steps you should take with these cards to maximize them. I ran about 3k through my cards in the 2 1/2 months that I had them. Keep us posted on your progress!!!

Re: Cap1 Credit Steps increase only $250?

shalane85 — Sun, 10 Apr 2016 03:31:30 GMT

I have the QS1 with 500 and a secured at 200. Should I close the secured and apply for the platinum? I'm hoping to get higher limits since I spend a lot of money each month.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Sun, 10 Apr 2016 03:58:39 GMT

i've been able to get mine up to 850. Asked for another increase and was told if I make 3 ontime payments i would get another.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Sun, 10 Apr 2016 04:19:31 GMT

mine started at 1000, ran alot through it for the first 3 months, requested a CLI on the 3rd statement recieved a 2k CLI, Still have about 1.5 months until it finishes the credit steps , I don't use 1 of them much anymore still use the QS1 alot so im expecting a good CLI. I think those are just guidleines but YMMV by the amount you use it. I trried to swipe it when i first got it a few times a day. Normally to get my coffee throughout the day,lunch, smokes, just everyday spending stuff that i normally spent cash on. Made my DW an authorized user and she swiped it for her coffee. I don't know if it's the amount you run through it or how much you use it, but i'd have 200 swipes a month on it, i'd pay it every few days to keep the balance low or at 0. it was money that i was already spending but instead of coming from cash or a debt card i was putting it on a CC and then going to the payement section from capital one and making payments from my checking account.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Sun, 10 Apr 2016 09:06:41 GMT

IMHO yes you should close the secured and apply for the other one. The secured will not grow as fast or as well for you. Once you can get unsecured cards you no longer have a need for the secured. With that being said, when you do close the secured line, make sure that you still will be able to have 3 credit cards reporting as revolving credit on your CR.

Re: Cap1 Credit Steps increase only $250?

Anonymous — Sun, 10 Apr 2016 09:26:01 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I just got an email from Cap1 for my QS1 card, saying that I should expect a CLI from $500 to $750 after 5 on-time payments, which would be around October 2016. Has anyone else ever gotten an email with such a low CLI and then been surprised with a bigger increase? I was really hoping to jump up to $1500 with credit steps. Should I request an increase sooner than that? I PIF every month and in March ran about $1,300 through the card. I'm going to slow down on this card for a while since I just got a Discover IT secured with a $300 limit and the 1% & 2% on restaurants and gas cash back gets doubled at the end of the year.
Yes, you can get a bigger increase. The numbers they quote are the minimum you will get. Yes, many people have gotten bigger. Yes, you can (and should) request an early increase. Typically on a $500 SL they will bump it to $1500 after two months (only if you ask), and Credit Steps increase at 6 months will take it to $2k. If you happen to have a sigificant score increase it could go higher.

When he account hit 12 months age it will be eligible for another increase, and every 6 months after.
Thanks, this is what I'm hoping will happen to me as well. I'll wait until June and ask for the CLI. Wish me luck!

Guess you missed the highlighted portions from Norman. Don't wait! Go on chat and request an increase now! You can beat that CLI only by requesting one.

Re: Cap1 Credit Steps increase only $250?

RonM21 — Sun, 10 Apr 2016 12:10:10 GMT

@Anonymous wrote:
IMHO yes you should close the secured and apply for the other one. The secured will not grow as fast or as well for you. Once you can get unsecured cards you no longer have a need for the secured. With that being said, when you do close the secured line, make sure that you still will be able to have 3 credit cards reporting as revolving credit on your CR.

I agree with this thought, plus you can grow more from there being unsecured, if done properly.

Re: Cap1 Credit Steps increase only $250?

shalane85 — Mon, 11 Apr 2016 18:59:58 GMT

It makes sense to close the capitalast one secured card. It's hard to use when my limit is 200, but will it reflect poorly on me to have an account open for 1 month and then close it? I don't want to hurt my chances of getting another capital one card. Since my score is only 600 and they approved me for QS1 maybe I would qualify for the platinum.

How long should I wait after closing the secured account?

Re: Cap1 Credit Steps increase only $250?

Anonymous — Mon, 11 Apr 2016 19:17:31 GMT

@shalane85 wrote:
It makes sense to close the capitalast one secured card. It's hard to use when my limit is 200, but will it reflect poorly on me to have an account open for 1 month and then close it? I don't want to hurt my chances of getting another capital one card. Since my score is only 600 and they approved me for QS1 maybe I would qualify for the platinum.

How long should I wait after closing the secured account?

Try applying for the Platinum card first - some people get approved for both unsecured cards without closing the secured card. If you get denied with no hard pull, then close the secured account and wait a day or so, to app again.

Re: Cap1 Credit Steps increase only $250?

shalane85 — Mon, 11 Apr 2016 19:58:05 GMT

I was denied the platinum

Re: Cap1 Credit Steps increase only $250?

shalane85 — Tue, 21 Jun 2016 22:52:03 GMT

I wanted to report an update. I started with the QS1 with a SL of $500 and CLI to $750 with steps. My 4th statement cut last week and I hit the luv bug. Was very surprised to see a CLI to 3,000!!! At the time my card was maxed out. I do use it often and pay it off at least 3x a month.

@Anonymous wrote:
I just got an email from Cap1 for my QS1 card, saying that I should expect a CLI from $500 to $750 after 5 on-time payments, which would be around October 2016. Has anyone else ever gotten an email with such a low CLI and then been surprised with a bigger increase? I was really hoping to jump up to $1500 with credit steps. Should I request an increase sooner than that? I PIF every month and in March ran about $1,300 through the card. I'm going to slow down on this card for a while since I just got a Discover IT secured with a $300 limit and the 1% & 2% on restaurants and gas cash back gets doubled at the end of the year.