Capital One - Credit Steps

[favor4me2]

I called Cap1 after my 2nd statement and was denied. I pd my card off and looked on line the next day and they had increased my cl by $500.

[Anonymous]

I always have a ton of questions, but I appreciate everyone's advice.

I apped and got a 3K Cap one Card in February '09, along with Capital One Step letters saying that around the third statement, I would get a $500 CLI and another one on the 6th statement, if I follow the steps.  My third statement should be coming around 4/28/09.

However, I called a few weeks ago and had them combine a capital one card I already had with a CL of $800 to the $3K CL card.  I now have a $3800 CL.  From what I'm reading, should I call and ask for an increase and then get another one when the step kicks in?  Or should I just leave all well enough alone?

[shalane85]

I opened my CC back in July 2008. I recieved a cli in Nov. 08 from $500 to $750. So in Feb. I called to see if I was still elgible for the credit steps since I've never been late, overlimit, etc.. so at first the CSR at the backdoor # told me I wasnt elgible.  As a matter of fact several CSR told me they didnt see anything that I was still part of credit steps. SO I became tired and frustrated as we all are who are stuck at these $300 and $500 limits. So I kept calling until I could get anybody to tell me something. Then one day last month I called and got this CSR on the phone, he tells me that he has to research the acct and puts me on hold for 10 min. When he comes back he says that he spoke with his supervisor and they said I would recieve a CLI in April. Well I was so excited I didnt ask any questions. He told me that my cl would go from 750 to 1000.

Well that was good enough for me. SO how about today I check my statement and my cl was increased to $1250. Unbelievable!

[hawkeye33]

Congrats. Getting a single card with CL over $1K makes you start to feel like you're on your way back to being a human being to creditors, eh?

[Anonymous]

I just called Cap 1 for a cli and was denied. The rep said because of the economy cap 1 is cutting back on their cli. I did receive the credit steps letter in the mail and the rep told me I'll get a $200 increase on my 4th or 5th statement then a $250 increase on my 7th statement. My cl now is just $300 and I got the card in June, just thought I'd try after reading all the post on here. I also asked her if this was a hard or soft pull and she said soft.

[iDShaDoW]

I'm actually quite shocked by Cap1 today.

I've had a card with them for almost 6 or 7 years now I think and they've had me at a $500 credit line for forever.  They've sent me stuff in the mail saying I was eligible for a credit line increase, APR reduction, or rewards program (my choice) in the past.  I called and they said I was ineligible for the CLI or APR reduction which I thought was funky.

I had a completely perfect record with them as well and never missed a late payment.

Fast forward to today, I decide to come here and read a few posts on Cap1 and decided to log into my online Cap1 account.

For some reason, with no notification of any sort from Cap1 or contact on my side to them, it reads that my credit line with them is now $4500.  And just last month I managed to mess up and miss a mid-month payment deadline by about a week and a half since I was on vacation at Myrtle Beach...

Seems weird that they'd give me a CLI after my first ever late payment after 6 or 7 years... maybe the late payment caused them to do a soft pull on my credit and they saw that I was using my BoA card a lot and never missed a payment with BoA while I was charging like $5-20 every few months with Cap1?

Now I just have to get my free annual credit reports, and see if they'll GW my 1 late payment with them (if they actually reported it which from others' experiences they most likely did) and then check my latest FICO scores.

I'm still kinda shocked to see this considering my past experiences with them while trying to get a CLI... wish they gave me an even $5000 credit line but I guess I can't complain.

Message Edited by iDShaDoW on 08-08-2009 02:51 PM

[IrishPM]

I obtained a CC from Cap One in April 2008 and my credit scores were in the 690's so I didn't think that I was one of those that would be enrolled in the "credit steps" program but I received a letter in the mail from Cap One stating that if I made my payments on time and stayed within my credit limit ($300) they would increase my CL to $500. Well, it's been 1 year and 4 months since obtaining the card and I got the $200 CLI. However, I have not had any other CLI since. My scores are 700+ now and I don't expect to get any increase from Cap One. I'll just keep the card open and use it sparingly for small purchases and pay in full each month. My goal is to get my Citi Card line of credit increased since I've been with them for over 10 years and I have a much better shot at getting that accomplished than dealing with Cap One.

[Anonymous]

I have a love hate relationship with Cap One.  I love them because they removed all my lates from years ago and reopened my same 2001 account.  I hate them because they don't give me CLI.  They want me to apply for other cards with them. Currently, I suspended all charges on the card.  I have Cap 1 in timeout until July 2010.

Cap 1 has to earn its way out of timeout with me.  I didn't understand how they could give me a personal loan for $10,000, but not raise my credit limit.  I paid the personal back within a year.  I only got it because it was offered and it was an opportunity to increase my FICO scores. 

[Anonymous]

How did you get a loan with them? Do you bank with them?

[Anonymous]

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@Anonymous wrote:
How did you get a loan with them? Do you bank with them?

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They have to send you an invitation.  I got the invitation back in October 2007.   I only have a credit card with them. 

Message Edited by DI on 08-08-2009 08:36 PM