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Brief history with Capital One. Had a secured card for $200 that I had to put a $99 deposit on 7 months ago in my rebuilding process and at the beginning of May I found out the card went unsecured one random day when I logged into my App and saw a $500 Credit Availability. I was notified by customer service it went unsecured and my $99 was being refunded in the next two months. Since I was starting to feel confident with my Ex FICO over 650 at this point with my EQ/TU in the 620's, I decided to apply for the Cap One QS1 and was approved for $300. I have had one month with this card which has been very nice, a little bit of cash back and I have been spending then paying it right off.
Well I just received this email from Capital One basically encouraging me to stick with it and also to let me know, after 5 on-time payments, I will automatically get a credit increase to $500 by December. Didn't mention anything about keeping a balance, utilization, nothing, just pay the minimum payment for 5 months and I will get an auto CLI.....anyone else seen this before?
Needless to say I was happy. I've been in rebuilding mode for close to 2 years, after a horror show with student loans/bad car loan, My Credit Karma vantage was a 404 back in March of 2016. So to be in this spot, with also an Amex Green on my resume. I am one very happy Credit Rebuilder! I'm back in the garden and I'm looking at that CLI as my next goal. I recently had a Credit One card get an auto CLI from $300 to $500 and since I never use that card now, it's helping my utilization rates grow so much. Little by little, you really do just have to trust the process.
@CreditRebuilder2020
Congratulations on your rebuilding success! You're certainly on the right track.
To answer your question: This is the 1st time I've seen Cap1 put this in writing.
Use the card. Make 5 minimum payments on time. Earn an increase.
But mind you, this is a minimum standard. If you employ the AZEO
method to credit card management, chances are excellent that you will
accelerate this time table and earn CLIs even faster with higher FICOs.
Please keep us posted on your progress. Keep up the great work!
Thank you! And yes I'm aware this is a minimum standard and I could ask for a CLI, etc over then next few months.
The email notification was just kinda cool to see. I hadn't seen that before and for people who are in rebuilding mode, just an extra little nice way of keeping you focused on the right track
Capital One has been so good to me and their customer service is outstanding.
When you're coming back from the pitts of hell, these little niceities mean so much.