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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?
@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.
@Anonymous wroteBTW...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
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!
@coreysw12 wrote:
@Anonymous wroteBTW...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
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.
@Anonymous 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.....