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Capital 1 CLI question

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pat0812
Regular Contributor

Capital 1 CLI question

Hello,

 

i Have a capital 1 cc for 2 months now with a $500 CL

i was talking with their representative on the chat and asking about their policy of CLI and i got this answer:

 

Nelly: I reviewed your account and glad to tell you that, you have enrolled in Credit Steps program. Let me explain that for you.

Nelly: You will be disclosed a pre-qualified credit line amount above your initial credit line. You may be eligible to access the full pre-qualified line if they complete the following steps:

Nelly: Activate and use (any activity that would create a payment due) the card within the first 5 months of the account opening.

Nelly: Make the first five monthly payments on time.

you: so this is the second month now, 3 more to go, and then what happens ?

Nelly: The credit limit will be adjusted to the pre-qualified amount by:

Nelly: The 7th billing statement if customers do not miss a required step.

Nelly: The 10th billing statement if customers miss only one required step.

Nelly: If your credit limit is above $500 Then your credit limit will increase an additional $500 above your current credit limit.

Nelly: So, your credit limit will be increased to $1000.00.

 

Is that good news ?

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 1 of 6
5 REPLIES 5
jsucool76
Super Contributor

Re: Capital 1 CLI question


@pat0812 wrote:

Hello,

 

i Have a capital 1 cc for 2 months now with a $500 CL

i was talking with their representative on the chat and asking about their policy of CLI and i got this answer:

 

Nelly: I reviewed your account and glad to tell you that, you have enrolled in Credit Steps program. Let me explain that for you.

Nelly: You will be disclosed a pre-qualified credit line amount above your initial credit line. You may be eligible to access the full pre-qualified line if they complete the following steps:

Nelly: Activate and use (any activity that would create a payment due) the card within the first 5 months of the account opening.

Nelly: Make the first five monthly payments on time.

you: so this is the second month now, 3 more to go, and then what happens ?

Nelly: The credit limit will be adjusted to the pre-qualified amount by:

Nelly: The 7th billing statement if customers do not miss a required step.

Nelly: The 10th billing statement if customers miss only one required step.

Nelly: If your credit limit is above $500 Then your credit limit will increase an additional $500 above your current credit limit.

Nelly: So, your credit limit will be increased to $1000.00.

 

Is that good news ?


Everyone gets this on the "Average" cards. At 6 months you get a CLI, usually $250 or $500. It will most likely be the only CLI you get from them. 

Message 2 of 6
ceejx
Established Contributor

Re: Capital 1 CLI question


@pat0812 wrote:

Hello,

 

i Have a capital 1 cc for 2 months now with a $500 CL

i was talking with their representative on the chat and asking about their policy of CLI and i got this answer:

 

Nelly: I reviewed your account and glad to tell you that, you have enrolled in Credit Steps program. Let me explain that for you.

Nelly: You will be disclosed a pre-qualified credit line amount above your initial credit line. You may be eligible to access the full pre-qualified line if they complete the following steps:

Nelly: Activate and use (any activity that would create a payment due) the card within the first 5 months of the account opening.

Nelly: Make the first five monthly payments on time.

you: so this is the second month now, 3 more to go, and then what happens ?

Nelly: The credit limit will be adjusted to the pre-qualified amount by:

Nelly: The 7th billing statement if customers do not miss a required step.

Nelly: The 10th billing statement if customers miss only one required step.

Nelly: If your credit limit is above $500 Then your credit limit will increase an additional $500 above your current credit limit.

Nelly: So, your credit limit will be increased to $1000.00.

 

Is that good news ?


It's they're standard credit builder card. I have the same thing, I just completed my fifth month and I'm going from $300 to $500, even though I now have $28.5k more in credit available. But that said, this card helped me out, giving me a good credit line that convinced other creditors to give me credit.

 

This card well help you in the mean time, but won't grow with you, once you hit your $1000.00 limit that will be it. It's meant to be a stepping stone to better cards and likely has an annual fee along with it, so once you start getting prime cards and higher CLs you'll have to make the choice if you want keep it and pay the AF or close it.

 

Congrats on the card though, it's the first step to recovery! Smiley Happy

Message 3 of 6
migliogiorni
Established Contributor

Re: Capital 1 CLI question

Yep, congrats on your one and only cli with Cap One.

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Message 4 of 6
youngandcreditwrthy
Senior Contributor

Re: Capital 1 CLI question

Congrats!!!
However, just use this card for a year or so... Keep util down, and get a different, better card asap!!! Don't let Capital One get you trapped...as in don't let their eternal low limits affect your utilization to the point that you are never able to get a prime card. I spent three or four years thinking C1 would grow with me, and they never really did... I hate that wasted time; well, not wasted...lol I have many a card now.. But just a forewarning :-)

Good luck!!!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 5 of 6
amkari
New Contributor

Re: Capital 1 CLI question

I have the same card... Opened in April at $300 with a 'pre-approved' $200 bump at the 7th month. I alternate between it and a $500 Orchard Bank opened at the same time for all m y daily expenses... have probably ran $8000-$10000 through them in the last several months.

 

Opened my phone app to check available CL before I got gas today...  My account showed a $2000 CLI.  I even double checked my documents when I got home to see if the $2000 was a glitch and the paperwork only showed $200.  Nope, CLI was $2000 and I now show a total CL on this card of $2300. 

Mar 2012: 03/31/2012 - FICO EX 599 (auto loan pull) EQ 593 TU 602)
Oct 2012: 10/25/2012 - EX (tenant screening) 655 - EQ (myfico.com) 641 - TU (myfico.com) 622
Aug 2020: FICO 8: EQ 690, TU 685, EX 688
700s or Bust!
Message 6 of 6
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