Approved for QuicksilverOne!!

[Anonymous]

(New to the forum)
A little background on me. I am almost 25 years old and I am rebuilding my credit after trashing it when I graduated high school. I opened credit cards/accounts and did not pay the bills. Until this year, I really didn't think about my credit score until I started seeing everyone else being able to use credit for those low-on-cash emergencies. January of this year I checked my TU score and it was 436. I applied and got approved for the CapitalOne Secured Mastercard. I put the $200 deposit down and every month I charge $20 or less and PIF before the due date. I just checked my scores Saturday morning and my TU is now 523, EX 523, and EQ 527. I use credit karma and they said my approval odds for QuicksilverOne were "good". I gave in, applied, and BOOM! Approved for $500 CL.
My question: Does everyone get the "$2,000 CL increase" after 5 on-time monthly payments or does it vary?

[I-think-I-can]

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!

[needtodobetter]

I believe it is set up to be a 50% increase over your current limit. So $250, bringing your limit to $750. Some people have luck getting additional cli before and after the step increase. Good luck! Great job on your increased scores. Keep up the great work

[rockbttm442]

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. 

[Anonymous]

They tell you how much you are guaranteed to receive but many will get moRe. I started with 300 and theu said I would get 500.

[rockbttm442]

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. 

[-Cal-]

congrats

[Anonymous]

congrats.

[Erusidhion]

    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.

[Anonymous]

Thanks everyone!! This is so exciting.
I plan to use no more than 30% and PIF. Hopefully that works. I am just stoked to even have an unsecured card.
BTW, what is the "love button" ?