Capital One Credit Steps Program

[fricnfrac1]

Just received my Cap 1 rewards card with a $300 limit. Came lightening fast. Was approved last thurs and got it yesterday.

I was reading up on the Credit steps program and was wondering if they still offer this. It appears you wont know if you are in the program until

they send you a letter? Is this true? Any updates would be appreciated.

Very happy and grateful  I have a rewards card now. I know BOA has one, but I'm not calling them for anything. Staying under the radar for a while.

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[Anonymous]

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If your limit is $300, I bet you are in the "Credit Steps" program.  I have two cards:

The first started at $300, went to $750 after the 4th Statment, then $1500 after 7th Statement. (Opened in Jan 2009)

The second started at $500, went to $750 after the 4th Statment, and I EXPECT it will go to $1000-1500 in about 2 months.  (Opened Jan 2010)

Note- Mine are NOT rewards card, so might be a chance this does not apply.

They will send you a brochure vaguely explaining this.  Two rules:  Never go overlimit, never pay late.  Use it a lot, and PIF is my advice to show you will be an active revenue producer for them.

These are rebuilder cards, so they probably will not ever see higher than the final CLI.  Cap 1 only allows 2 cards with them, and I don't think they will product change with these.  You would have to close the Credit Steps card, and apply for (and hope for) a better card/CL.   (If you ever need someone to laugh hysterically at you, call them and ask for a CLI)

Hold onto this card, progress through the "steps", and keep it for the sentimental value when you are an 800 member.  Unless the annual fee irks you.

With your rising scores, open an account at a Credit Union (search this forum for glowing posts) and sit on it for 6 months.  Then try for an unsecured card and if you don't get it put $$$$$ into a secured card with them.   Quick advice as long as I am here talking.

Smitty

[fricnfrac1]

Thanks so much for this info! I will do research as to whether the fact I have a rewards card disqualifies me. It's exciting though!

And I'm grateful to have the cards I have. The rewards part is good though, as I buy alot of gas and groceries, and had the BOFA card, but didnt

have the rewards card with them.
Thanks again and keep up the good work!

[Anonymous]

I was wondering this too. Received my card in April, not a rewards, (did not want an AF). I have a $500 limit..woohoo I have not received anything about the credit steps program either.

FICO's: TU: 671  EQ: 636

[fricnfrac1]

I was hit with a $39 fee. SO, it's not that bad. It's worth it to me, as I am credit building and Im grateful CC companies are showing me some love.

I suppose when I have a better credit record, I will have better leverage.

[fricnfrac1]

I emailed Cap 1 and they stated that I am in the program...great!

[Anonymous]

I don't know if this will still work or not but when I got a credit steps card a year and a half ago this is what I did.

Sign up to pay your account online so you can make multiple payments in a month then buy something you would have paid for with cash or a debit card and pay it off a few days later. Do this a couple times a month. After your 3rd statement drops and you have paid your balence off a handful of times call the back door number and ask for a CLI. If you don't get it call again in a month after the 4th statement. It seems to me that if you caught a window were you met the CLI requirments but they hadn't raised your limit through Credit Steps program yet you would get approved for the CLI and then still get your credit steps increse as well. Repeat again in before the next auto increase through the program.

I got 2 cards 6 months apart and did this on one but not the other and the difference is $1500 in credit limit. The first card I got I wasn't making multiple payments on and was told that I didn't have enough payment history for a CLI when I called. YMMV but it is worth a shot.

[ngerasimatos]

Wait, so what are the limits on each card? 

[Anonymous]

Both started out @ 500, one is now 1100 and the other is 2600

[brianbbrown]

I remember 18 months ago, I received a Capital One Standard MC with a CL of $300;  In the mailer, it said I was already enrolled in the Credit Steps Program.  This MC is now stuck at $1000.

Last week, I used the pre-selected site and was prequalified for the Capital One Cash Rewards, so I applied.  I now have 2 Capital One Cards.  I received the card with a CL of $500, but nothing in the mailer indicated Credit Steps.

I hope later I will be enrolled and not stuck with a $500 CL with a $39 annual fee.

BTW, I had a CO with Capital One about 4 years ago and settled the balance, so Capital One doesn't Blacklist!

EQ 605

Transunion 630