Cap One Credit Steps + Discover IT Pre-Approval (should i?)

[dpsyche4]

First post here hoping for some insight. 

Here's a little background:

I currently have a Capital One QS1 Unsecured - with a SL $300 just recently hit the LUV button and got approved for a $100 increase - total now $400 which is better than nothing. I am enrolled in the credit steps program due for auto increase soon. (6th month statement cut off is on the 18th of July) But I am being told that I won't see any increase until the 7th billing statement, which has me pretty antsy because I was told by the 5th. In addition, I have been pushing large amounts through monthly and making several payments and looking at other options in the interim, but I am being told after speaking w/ a rep that I will only get  a $200 increase, yet I am seeing others posting they're CLI are way larger than this, although told the same - fingers crossed, although a bit disappointed until I actually see what happens.

But this triggered me to look elsewhere "just in case" - so, after some research and forum reading - I was able to find that I can do Pre-Approvals - SP on the credit so I went ahead and tried and saw that Discover IT has mentioned the have a pre-approval just for me (one of their cards). So I'm totally stoked. I am thinking of applying, however, I wanted some insight on whether or not I should WAIT until credit steps applies their increase... or do it before hand. I don't want to jump the gun on this and have it affect how much I am due for (totally NOT sticking to the idea that I am only getting $200 more). 

All feedback is completely appreciated. I've learned most if not all of what I know from this forum. 

[Jnbmom]

Do you any other cards? Do you what your FICO scores are? 

Discover preapprovals are pretty legit.

[dpsyche4]

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@Jnbmom wrote:

Do you any other cards? Do you what your FICO scores are? 

Discover preapprovals are pretty legit.

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No its the only card I have at the moment. 584 trans and 590 equifax. 

[egghead88]

Congrats on your 100 cli from CapOne. You will receive your credit steps increase as soon a your 6 statement cut. If your statement cuts on the 18th, you will see your cli on the 19th. The amount of your cli depends on what your CapOne credit steps welcome email stated. It’s pretty standard if you were given a 300 cl, then you will receive a new cli of 500(600 when you factor in your recent cli).

[dpsyche4]

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@egghead88 wrote:
Congrats on your 100 cli from CapOne. You will receive your credit steps increase as soon a your 6 statement cut. If your statement cuts on the 18th, you will see your cli on the 19th. The amount of your cli depends on what your CapOne credit steps welcome email stated. It’s pretty standard if you were given a 300 cl, then you will receive a new cli of 500(600 when you factor in your recent cli).

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Thank you! I really am hoping for higher CL since I've seen many people receive higher limits because of their monthly usage, than again I feel like I am setting myself up for disappointment if I expect anything higher than $600 as you say. Fingers crossed. Hopefully in a week I have good news to share. But really looking into this Discover IT pre-approval - thinking a week won't hurt to wait. 

[outofcredit]

My experience with Capital One was the 100 cli after the 4th statement cut, new limit 400.  After the 6th statement cut I received a credit steps increase to 750.  

[Anonymous]

Discover pre approval is pretty legit. Discover was my first card and I was given a 1500 SL. Since you're credit profile is relatively new, I doub't the cl of cap one would affect discover as you would be given a sl relative to that of a new credit profile. Also, you need to wait till your statement cuts after the increase and cap one to report it to the credit beaureus for it to show up on your report which probably would be after you're 8th statement gets reported and discover does it monthly soft pull and that report has the increased limit. The least you probably would get from discover is a 1500 sl. I would be very surprised if it's lesser than that. Since, you're pre approved you might actually be approved for far higher limit than that. Good Luck!!

[dpsyche4]

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@outofcredit wrote:

My experience with Capital One was the 100 cli after the 4th statement cut, new limit 400.  After the 6th statement cut I received a credit steps increase to 750.  

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Did you run through more than credit limit several times a month? My monthly average usage is almost $1,000+. 

[dpsyche4]

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@Anonymous wrote:

Discover pre approval is pretty legit. Discover was my first card and I was given a 1500 SL. Since you're credit profile is relatively new, I doub't the cl of cap one would affect discover as you would be given a sl relative to that of a new credit profile. Also, you need to wait till your statement cuts after the increase and cap one to report it to the credit beaureus for it to show up on your report which probably would be after you're 8th statement gets reported and discover does it monthly soft pull and that report has the increased limit. The least you probably would get from discover is a 1500 sl. I would be very surprised if it's lesser than that. Since, you're pre approved you might actually be approved for far higher limit than that. Good Luck!!

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I think my worry is that they take into consideration my current credit score which in this case would drop because of the hard pull associated to the Discover card application.

[Anonymous]

But if you're pre approved they won't HP you. The credit report they currently have based on which they're pre approving you is the one they would use to offer you your terms for the CC. Since they already feel it is good enough to pre approve you for the card, I don't think you should have any issues.