About Credit Steps (Capital One)...

Anonymous · ‎03-28-2011

I just got my Capital One Standard Platinum Card. It came with a small letter talking about credit steps (which I have read about on this forum). It basically says that I need to make sure that I make my payments on time for the first 5 months and then I should expect a CLI by my 7th statement. I thought that you usually get a CLI after your 3rd and 7th statements, did they change this or was I just misinformed? Also, should I consider calling and asking for a CLI after my 3rd invoice has been paid? I know that getting a CLI from Capital One is like trying to staighten curls, but I guess it worth a shot ...but only if you guys think so.

vish1 · ‎03-28-2011

Credit steps can be different for different people. It won't hurt to ask for a CLI after 4 statements being paid off (3 is too early)

Anonymous · ‎03-28-2011

@vish1 wrote:
Credit steps can be different for different people. It won't hurt to ask for a CLI after 4 statements being paid off (3 is too early)

Yes, it is different for different people. To the OP: You received the same CS terms that I did. However, after 4 statements I asked if I could possibly get it early. They evaluated my account and approved, and it just kicked in a couple of days ago with my 6th statement. So, use the account, stay under the CL, PIF and if perhaps even more than once a month to keep your util low. Good luck!

Anonymous · ‎03-28-2011

Congrats on your new credit steps card!

Mine started at $500; after 3 months went to $750; after 4 more months went to $2,250. May to December. They were all auto CLI's (I didn't really know about user requested CLI's last year which was probably better - less obsessing when it just happens on its own. Watched pot and all that....

Good luck.

JayRizzo · ‎03-28-2011

Yes, the offer varies from person to person and from account to account. If you limit is < $500, then your CLI will go to $500; if at $500 CLI goes to $750, etc.

Also, some are after 3 months (expect it to post on 4th month); 5th month (post on 6th month).

Unfortunately, there's only one increase. The steps refer to the criteria of steps that you must comply in order to qualify for your increase: 1) Not over the limit 2) Not late 3) Use the card within first 90 days

Do not continuously call for CLI requests, they will not be approved and their system logs each time you ask. Check the "Documents" link on their website when you check your balance. Senior Account Managers (a step above Sr. Account Specialists) have told that too many requests puts you on their internal "bad list" with Santa, so be careful.

Just like Ficofox stated... less obsessing about CLIs will get you in GOOD with Capital One for automatic CLIs over time.

Anonymous · ‎03-28-2011

GREAT, I had tried for a CLI by calling the main customer service number and then again using the backdoor number, both of which were denied. And somehow it shows that i applied three times because I got three letters in the main about it. What is even better is that I had that credit steps program which said after 5 on time payments i would get a CLI, now at 7 on time payments, no CLI. Upset to say the least.... This 500 limit is killing me. Cant even pay for all my books at school at one time.

JayRizzo · ‎03-28-2011

jchristo, just to be clear... Capital One considers a payment to equal a billing cycle (a month), not a single payment. So when you say after 5 payments, they're talking about 5 months (not 5 times you made a payment).

If you see 2 dates on your letter, the first date, for example, would say "...after 5 months...". BUT, if you mess up within that first 5 months by missing a due date or going over your limit, then that second date is when you must wait for the increase as "...7 months...".

So, Capital One is actually giving you another chance if you mess up during Credit Steps.

Anonymous · ‎03-28-2011

I have been stuck at $750 for 4yrs. I have never been late, never over the limit. I have tried calling but get told they cannot do customer initiated credit increases.

I finally was approved for Barkleys card and very rarely use crap one for this reason. Only use it for my fico monitoring but sense they decided to increase their fee to $14.95 a month that is going also.

Anonymous · ‎03-28-2011

JayRizzo,
When I said payments, I meant months, sorry about that.

I have actually made over 19 payments over the 7 months I have had the card because of the low limit.
It is frustrating having the money to spend and not being able to use the card on larger purchases.

JayRizzo · ‎03-28-2011

Whooooa!!! Ok, something went wrong in this case! Since you are in the Credit Steps program and have successfully fulfilled your obligations, give them a call right away!!! Ask to speak to a Senior Account Manager (not sr. acct specialist). If you've ever overpaid your account, their system sometimes does this hiccup thing and will think your account went negative rather than having a positive balance. Have someone review your account to see if the system automatically removed you from the Credit Steps program.

That 800-707-0489 number is what I supplied to MyFico as the Escalation Department for Capital One -- this is where you ask for a Sr. Account Manager to review your account.