Cap 1

[Anonymous]

This is my first post on the forums.

First of all, I would like to thank everyone on this board for the great advise!

But, I do have a few qestions for all the cap 1 cardholders on here.

I applied for a cap 1 card a few weeks ago and recieved it in the mail today. It is my first card. I really dont have any credit at all and this card has a lousy credit limit of 300. I was told that I am in the credit steps program, but was wonderng how realistic it is to get a limit increase before then? How soon is too soon to call and ask via the backdoor number?

[bichonmom]

If you search under "cap one" or "cap 1" you will find many threads talking about the step program. 99% of the time, it seems that the cards will not go beyond the max CL of your step program, and they will not give any increases early.

People have tried running lots of money through the card and paying several times a month (So for example, on your $300 card, you could charge $200 and pay it part-way through your statement period, then charge another $200 and pay it 2 weeks later. So you've charged $400 on your $300 card in one month without going over your CL.) Anyway, people have done that in the hopes of getting larger CLIs or a CLI after the step program ended, and they've been denied. Cap One seems quite odd when it comes to CLIs. The rare person has posted a large CLI out of the blue -- but that seems to be the exception and not the rule.

[Walt_K]

There are a couple people that have reported putting a large amount of usage through their card and getting their step increase a month early, but I wouldn't count on it.  As for the card going beyond it's step limit, I think that is probably more likely than you getting an increase before your first schedule increase, but again, difficult to predict.  My card was originally in the steps program with a $500 limit.  I've had it for about two years.  It's currently at $2500 CL.  I used it fairly heavily for the first year.  Hardly used it at all in the last 9 months.  Since I rarely use it now, I don't anticipate seeing any further increases.

[slarano]

Think of your Capital One card as a credit builder card. Essentially, it is. See what credit steps can do for you, and in a year or so (considering you say you have no credit history to speak of), your credit profile will be open for one or two more cards one step above Cap1.

[Anonymous]

ThomasSEO:  If you are unhappy with your CL, why not close the account?  Maybe Barclays or Am Ex will give you a better deal?

[tinuviel]

---

@Anonymous wrote:

ThomasSEO:  If you are unhappy with your CL, why not close the account?  Maybe Barclays or Am Ex will give you a better deal?

---

With no credit history at all? I don't think that the OP is likely to get approved by either of them. Right now, this is about building, and that takes time. I'd say keep the 300CL card, use it well, wait for the CS increase, and go from there. With responsible use, the OP will be well positioned in a year to apply for a card with better potential to grow.

[Anonymous]

I understand that tinuviel, but the OP is unhappy with his CL.  Why do business with a company you don't like or one which you feel is insulting or not appreciative of your worth?  Or, you can accept the fact that this is the best one can do given one's personal circumstances and the bank is not to blame for offering very modest CL to an applicant they never heard of just weeks ago and who has a blank credit file or a credit file full of red flags (whichever is the case here.)  Years ago I'd have been on Cloud 9 for half of that limit from Visa, MC, or AE just to get my foot in the door.

And if a larger CL is desired, I'm sure some CCC's would offer up to $2K on a secured card.  And then there's the whole issue of credit unions which are more forgiving or understanding than banks.

[tinuviel]

---

@Anonymous wrote:

I understand that tinuviel, but the OP is unhappy with his CL.  Why do business with a company you don't like or one which you feel is insulting or not appreciative of your worth?  Or, you can accept the fact that this is the best one can do given one's personal circumstances and the bank is not to blame for offering very modest CL to an applicant they never heard of just weeks ago and who has a blank credit file or a credit file full of red flags (whichever is the case here.)  Years ago I'd have been on Cloud 9 for half of that limit from Visa, MC, or AE just to get my foot in the door.

And if a larger CL is desired, I'm sure some CCC's would offer up to $2K on a secured card.  And then there's the whole issue of credit unions which are more forgiving or understanding than banks.

---

Good points. But, s/he's already used 3 inqs, and * IF * the s/he's already started to use the card, then s/he's also on the hook for the AF. In that case, why not get a year's worth of use out of it?

And yes, if s/he needs/wants a higher CL for right now, then a secured card would be a good option.

[Anonymous]

Yes, I am already on the hook for that annual fee. I hate that the most, I think. I am tryig to build my credit the best I can, but unfortunately aside from some student loans, I dont have any credit history to speak of, so I guess you're probably right in that I should just keep this card and go with it...as far as uti is concerned, does it really matter for me this early in the credit game? should i be reporting only 10% on this card? That is only a measly 30 bucks

[Anonymous]

Also, do you think being added as an anuthorized user on one of my dad's cards(he has one with a really high limit and has had it for 15 years) would help me out?