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Cap1 CreditSteps question

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Frequent Contributor

Cap1 CreditSteps question

My Cap1 is apparently a "credit steps" card... the SL is $2,000, and Cap1 says it'll be increased to $2,500 (yay?) after 5 on-time payments.

 

Question is - do I actually have to use the card and make payments every month to get the CLI? I used the card fairly heavily in the first month, but then I haven't used it even once in the last 45 days. My statement is going to close soon with $0 balance, and I will have no payment due... does that still count as an "on time payment" towards my first 5 on-time payments?

 

The TOS says I have to 1) use the card at least once, and 2) make 5 on-time payments. I used the card, but really I'll probably only make 1 "on-time payment" after 5 months, as the card is pretty much idle these days since I have much better cards to use now.

 

Do I need to start charging some small stuff to it, or will 1 month of charges paid in full, plus 4 months of "no payment due" suffice?

    Total CL: $21,100
Fico 8 Scores:
12/2018:
03/2019:
06/2019:
09/2019:
Goals:   550 by 12/2018 600 by 3/2019   650 by 6/2019   700 by 1/2020   750 by 1/2021 800+ by 1/2022
8 derog. (all settled 1/2019)     |     Inquiries: 10, 9, 6     |     AoOA: 10.0yr     |     AAoA: 5.2yr     |     AoYA: 0.4yr
Message 1 of 13
12 REPLIES 12
Valued Contributor

Re: Cap1 CreditSteps question

I can’t tell you for sure, but buying lunch twice a month and PIF through the duration of the steps program is easy enough to do for the chance of getting a card that, judging by your SL, has a great chance to grow quite large. I’d use it at least until steps is done, and reevaluate then.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 2 of 13
Regular Contributor

Re: Cap1 CreditSteps question


@coreysw12 wrote:

My Cap1 is apparently a "credit steps" card... the SL is $2,000, and Cap1 says it'll be increased to $2,500 (yay?) after 5 on-time payments.

 

Question is - do I actually have to use the card and make payments every month to get the CLI? I used the card fairly heavily in the first month, but then I haven't used it even once in the last 45 days. My statement is going to close soon with $0 balance, and I will have no payment due... does that still count as an "on time payment" towards my first 5 on-time payments?

 

The TOS says I have to 1) use the card at least once, and 2) make 5 on-time payments. I used the card, but really I'll probably only make 1 "on-time payment" after 5 months, as the card is pretty much idle these days since I have much better cards to use now.

 

Do I need to start charging some small stuff to it, or will 1 month of charges paid in full, plus 4 months of "no payment due" suffice?


I have the same questions coreysw12.  I have the QS1 on credit steps and will have my 3 statement post tomorrow.  I am going to try for a CLI and if only a small amount, decline it and wait for the 5 mo increase.  I have let a small balance carry each month for the first 2 months but did not this month, so statement will post with $0.  I’m curious if I will still get another green check for month 3 if I technically have no balance to make a payment on.  I will report back in the next day or 2 and let you know the outcome.

 

BTW...nice SL on a credit steps.  Mine was only $500.  I have heard of people at $500 getting bumped to $2500 after the steps program is complete, but also a lot of others who only get the minimum.  I have been pumping a lot of spending through it and paying off 3 - 4 times a month.  

Rebuilding Since 2016
6/5/2019 - Fico 8 Scores - EQ 672 TU 683 EX 674
6/15/2019 - FICO 8 Scores - EQ 682 TU 698 EX 690
8/10/2019 - FICO 8 Scores - EQ 706 TU 705 EQ 689
9/15/2019 - FICO 8 Scores - EQ 710 TU 713 EX 690
Message 3 of 13
Contributor

Re: Cap1 CreditSteps question

I have a cap1 platinum on credit steps and my card is due for the increase in July. So yo answer your question, yes you have to use the card, and make the minimum payment every statement for 5 months to get the increase.
current scores








Gardening since 6/03/19
Cap1 Qs $400
Cap1 plat-$300 on steps
Citi secured-$300
Gettington-$500 about to be replaced by Amazon builder.
Message 4 of 13
Contributor

Re: Cap1 CreditSteps question

I would think a zero balance would go towards it, but just like all other cards the bank wants usage 🤷🏿‍♂️
current scores








Gardening since 6/03/19
Cap1 Qs $400
Cap1 plat-$300 on steps
Citi secured-$300
Gettington-$500 about to be replaced by Amazon builder.
Message 5 of 13
Frequent Contributor

Re: Cap1 CreditSteps question


@DB2019 wrote

BTW...nice SL on a credit steps.  Mine was only $500.  I have heard of people at $500 getting bumped to $2500 after the steps program is complete, but also a lot of others who only get the minimum.  I have been pumping a lot of spending through it and paying off 3 - 4 times a month.  

Thanks, I thought it was weird I got approved for that too... I've burned Cap1 on three prior credit cards (1 of them 10 years ago, the other 2 very recently, only settled them this last January). I was surprised to even be approved at all, let alone for a $2k SL.On an unrelated note, Chase was also extremely quick to forgive me, giving me two awesome cards last month after also burning a past account with them and settling finally only this last January. Discover is still holding a grudge Smiley Very Happy

 

Anyways, I also thought it was odd that Cap1 sent me an email shortly after I opened my account, that said exactly what my CLI would be in 5 months if I stayed current on the account. Some people have had to wait and see what they get, but with me they said my CL will be exactly $2500 after 5 months. I am thrilled with my SL, but the 5mo CLI (+25%) isn't very exciting. Still, I'm happy and grateful that Cap1 is even giving me the time of day at all!

    Total CL: $21,100
Fico 8 Scores:
12/2018:
03/2019:
06/2019:
09/2019:
Goals:   550 by 12/2018 600 by 3/2019   650 by 6/2019   700 by 1/2020   750 by 1/2021 800+ by 1/2022
8 derog. (all settled 1/2019)     |     Inquiries: 10, 9, 6     |     AoOA: 10.0yr     |     AAoA: 5.2yr     |     AoYA: 0.4yr
Message 6 of 13
Regular Contributor

Re: Cap1 CreditSteps question


@coreysw12 wrote:

@DB2019 wrote

BTW...nice SL on a credit steps.  Mine was only $500.  I have heard of people at $500 getting bumped to $2500 after the steps program is complete, but also a lot of others who only get the minimum.  I have been pumping a lot of spending through it and paying off 3 - 4 times a month.  

Thanks, I thought it was weird I got approved for that too... I've burned Cap1 on three prior credit cards (1 of them 10 years ago, the other 2 very recently, only settled them this last January). I was surprised to even be approved at all, let alone for a $2k SL.On an unrelated note, Chase was also extremely quick to forgive me, giving me two awesome cards last month after also burning a past account with them and settling finally only this last January. Discover is still holding a grudge Smiley Very Happy

 

Anyways, I also thought it was odd that Cap1 sent me an email shortly after I opened my account, that said exactly what my CLI would be in 5 months if I stayed current on the account. Some people have had to wait and see what they get, but with me they said my CL will be exactly $2500 after 5 months. I am thrilled with my SL, but the 5mo CLI (+25%) isn't very exciting. Still, I'm happy and grateful that Cap1 is even giving me the time of day at all!


Funny, I had 2 accounts that I burned Cap1 for, ended up settling for less.  My credit steps showed up in the app when I log in.  Shows each month and what my limit will increase to ($750).  I’m hoping it ends up being much higher.  I’ve had no luck with chase.  Wasted a HP with them and the letter I received basically said “HA HA, yeah right, you’ll never have this card!”  🤣. I’ll try again in 21 months when I’m back under 5/24.

Rebuilding Since 2016
6/5/2019 - Fico 8 Scores - EQ 672 TU 683 EX 674
6/15/2019 - FICO 8 Scores - EQ 682 TU 698 EX 690
8/10/2019 - FICO 8 Scores - EQ 706 TU 705 EQ 689
9/15/2019 - FICO 8 Scores - EQ 710 TU 713 EX 690
Message 7 of 13
Regular Contributor

Re: Cap1 CreditSteps question

So my statement cuts today, not available online yet. I am not going to request CLI until after it cuts, probably tomorrow. Interestingly enough, since I received the card I periodically check the pre-qual site and it has always said they couldn’t match me to any products. Well I decided to check earlier today and now I am matched to the QS1 & Platinum. I just wonder if this has anything to do with the 3rd month in the Credit Steps. Seems to coincidental to not be.
Rebuilding Since 2016
6/5/2019 - Fico 8 Scores - EQ 672 TU 683 EX 674
6/15/2019 - FICO 8 Scores - EQ 682 TU 698 EX 690
8/10/2019 - FICO 8 Scores - EQ 706 TU 705 EQ 689
9/15/2019 - FICO 8 Scores - EQ 710 TU 713 EX 690
Message 8 of 13
Regular Contributor

Re: Cap1 CreditSteps question

I just requested a CLI after receiving my 3rd check mark on Credit Steps. I didn’t get the same 2-3 day message or an approval. This time I received:

“One if our credit line specialists is reviewing your account. You’ll receive a communication with our results in approximately 10 business days”.

Anyone received this message before?
Rebuilding Since 2016
6/5/2019 - Fico 8 Scores - EQ 672 TU 683 EX 674
6/15/2019 - FICO 8 Scores - EQ 682 TU 698 EX 690
8/10/2019 - FICO 8 Scores - EQ 706 TU 705 EQ 689
9/15/2019 - FICO 8 Scores - EQ 710 TU 713 EX 690
Message 9 of 13
Regular Contributor

Re: Cap1 CreditSteps question


@DB2019 wrote:
I just requested a CLI after receiving my 3rd check mark on Credit Steps. I didn’t get the same 2-3 day message or an approval. This time I received:

“One if our credit line specialists is reviewing your account. You’ll receive a communication with our results in approximately 10 business days”.

Anyone received this message before?

Sorry for hijacking this thread, but wanted to continue sharing some DP’s.  

 

I received a letter tonight online and they have requested that I send them documentation to verify my income.  Seems a bit overkill on a $500 CL, but I am going to send and follow this one through.  Here is the language in the letter for those interested:

 

Thanks for requesting a credit line increase. We've reviewed your request and need to verify some information to give you a final decision.


Please verify the following information within 30 days of the date above :
1. Total Annual Income

 

Then on the second page, there is a list of approved documents, I.e. W2, form 1040, 1099, 2 Paystubs, Letter of Employment, etc.

 

Only a fax number provided to send it in.  Will be disappointing if all this is for a $100 CLI.....

Rebuilding Since 2016
6/5/2019 - Fico 8 Scores - EQ 672 TU 683 EX 674
6/15/2019 - FICO 8 Scores - EQ 682 TU 698 EX 690
8/10/2019 - FICO 8 Scores - EQ 706 TU 705 EQ 689
9/15/2019 - FICO 8 Scores - EQ 710 TU 713 EX 690
Message 10 of 13
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