This is good to hear. I started my Cap1 Secured earlier this month, and I'm really hoping my excellent payment history leads to a nice CLI at the 5 month mark.
Have you had any issues with Cap1 putting extra-long holds on your payments? Every payment I've made in the last two weeks has gotten a six-day hold. (I bank with Simple, an online bank owned by BBVA Compass.) So, I called when my available credit hit zero and I'd made all the payments required to bring it back up to $300 and had no pending transactions.
The agent I spoke with said the reason all my payments were getting the extra-long holds had to do with the frequency of my payments. Seriously? Right now, this is my only actual credit card, and I use it much like a debit. Purchase something, wait for it to post to my balance, pay it off. Lather, rinse, repeat. The agent I called about the holds told me I should only be paying once a month, and when I said that's not an option for me as I'm rebuilding my credit and need to avoid high utilization, she told me to pay twice a month, tops.
At this point, I'm wondering whether I should even keep using it at all. If I just stop using it, what happens with the 5mo CLI? Does anyone know? I mean, I guess I could use it to charge up about $30 (10% of CL) once a month, then pay THAT off, but it just seems like something else I'd have to remember to do. The way I'm doing it now, believe it or not, is convenient. I pay all but $10 or so just so there's *some* util for Cap1 to report.
Anyone else experiencing these issues? Will I still get my CLI, you think? Was that agent correct in telling me that the numerous payments are causing the long holds?
Oh.. I should also mention that I opened a new checking account over the weekend and I'm going to be using that for Cap1. It's Old National Bank, which is exclusive to the Midwest if I remember correctly, but it's a better-known bank than the Simple brand. Maybe that'll help?
I would check with Discover and Merrick Bank for unsecured prequals.
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In a way the rep was right. 2x a month is fine. Discover did the same to me when I thought I paid off the balance before statement cut. Didnt see a pending charge. When it posted I tried to pay it to stay AZEO and the site said it could take up to 8 days. Took 5. I had a total of 5 cards with Cap1. Down to 3 after closing the starters. Use the card, pay every 2 weeks. Yes some spending may not go on the card until you get a higher CL. They want use and PIF. The computer is making sure your payments post before taking another payment. You'll see. Next business day payments will post to Cap1. Congrats BTW!
Congratulations on your increase!
Keep using that card the right away and it should graduate to a regular Cap1 Card a year to 18 months from when you opened it.
You ought to call them see if you can get some type of rewards and your options to increase your credit line.