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Welcome to the forum and congrats on your approval! I am not sure how the credit steps work but I am sure someone will chime in soon with an answer for you!
My understanding is Cap 1 likes heavy utilization. My third state just cut a few days ago. Like you I was also approved for $300. I charge about $500 a month I make multiple payments a month. I pay it all down to about $5-10 before the statement cuts so hopefully I can see a nice increase. Good luck to you on your journey.
They told me the same medwar1. My buddy also had a $300 limit after 4 statements they increased his CL to $2300. I've read others getting $500, $750, $1000 even $3300.
congrats
congrats.
Congratulations!
It probably wouldn't hurt to hit the love button about 3-5 days after your statement cuts each month to see if you can get a head start on getting some CLIs before your credit steps hits. I just got a Quicksilver One and a Platinum with $500 limits but never got any paperwork stating what my credit steps increase would be. Is it something that comes in the mail, e-mail or something you can see online? I thought I read you could see it in 'Documents' on the website but there's nothing there at this time. Maybe I'll get a huge increase if they aren't stating what it will be.... one could hope!
And as far as heavy usage giving you a better chance at CLIs? Maybe. I think it's different for everyone's credit profile. Some people get CLIs with their card maxed out which you would think would be impossible; whether or not they have a 0% promo or pay interest. Some get CLIs from only keeping their card active by using it once every 6 months. I gave up on trying to figure out the whole CLI thing. Just hit the love button as much as you want depending on the creditor. Obviously some hard pull like Chase and AMEX makes you wait 180 days inbetween CLIs?
You know what a CLI denial is really for? Free credit reports. :-P At least a lot of them are starting to e-mail you a link to see the adverse action/denial letters. I really am a fan of that instead of getting tons of stuff in the physical mail.