Capital One Question

[failur3byh3art]

Hello everyone, I'm currently rebuilding my credit after 5 collection accounts and 2 charge offs. Last year Capital one was kind enough to give me a second chance with a secured platinum card and I initially loaded it with 500$. After 6 months I noticed 300$ was added to my limit and thought my card graduated but that was not the case. I did however check for prequalified offers and the QS1 popped up in which I decided to try and apply for and was approved! I recall reading somewhere that Capital one denies CLI's due to lack of usage of their card. I've been using these cards and immediately paying them off. My question is, does Capital one keep track of spending habits to determine graduations and QS1 increases? Also I usually always pay in full and then make small charges before the closing date to carry a balance over (just so there's record of card usage). It's my second month on my QS1 and I believe its on credit steps, but should I be using the card more and paying it off multiple times a month? Does Capital one care if I carry a tiny balance over to the next month?

[AverageJoesCredit]

Obviously the more spend you put on a Capitol One card the better but seeing as these are beginner cards im not sure it really matters so long as you pay on time. No use in trying to impress for a $100 increase. Use as you like and pay.

[gdale6]

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@failur3byh3art wrote:

Hello everyone, I'm currently rebuilding my credit after 5 collection accounts and 2 charge offs. Last year Capital one was kind enough to give me a second chance with a secured platinum card and I initially loaded it with 500$. After 6 months I noticed 300$ was added to my limit and thought my card graduated but that was not the case. I did however check for prequalified offers and the QS1 popped up in which I decided to try and apply for and was approved! I recall reading somewhere that Capital one denies CLI's due to lack of usage of their card. I've been using these cards and immediately paying them off. My question is, does Capital one keep track of spending habits to determine graduations and QS1 increases? Yes.

Also I usually always pay in full and then make small charges before the closing date to carry a balance over (just so there's record of card usage). It's my second month on my QS1 and I believe its on credit steps, but should I be using the card more and paying it off multiple times a month? Its up to you, Cap-1 doesnt care. When I had mine I ran through 4-5x the limit monthly with varying payments to free up the available credit.

Does Capital one care if I carry a tiny balance over to the next month? No, they want usage on their cards.

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Welcome to myFico

Adding: Its my understanding they no longer graduate secured cards so you might just want to close it out

[pinkandgrey]

There’s no need to let a balance report. Cap One can see how much you use your card regardless of what reports. Heavy usage and lots of payments should help you get your CLIs, but keep in mind that even your new QS1 may be in a bucket, so it may not grow to sky-high levels. Good luck! And congrats on approval!

[HighAchiever]

What she said... 

[aircobra]

FWIW, I have barely used my bucketed QS (was previously secured) the past few months and I just got a $1500 CLI a couple days ago. Of course, I could easily be an outlier but it's worth mentioning.

[Anonymous]

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@aircobra wrote:

FWIW, I have barely used my bucketed QS (was previously secured) the past few months and I just got a $1500 CLI a couple days ago. Of course, I could easily be an outlier but it's worth mentioning.

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I have had my QS for 2 1/2yrs (previously secured platinum) and it has never grown past the 300 credit steps bump i got when it was secured.  I have used it some from time to time, but nothing heavy since i have better cards. I just keep it open for the history more than anything. 

[failur3byh3art]

Thank you all for your responses! I'm still fairly trying to understand the credit systems. I'm rebuilding and now mid 600 range (trying to be as responsible as possible but properly spending within my limits). That is quite sad cap1 is no longer graduating secured cards =/. I would close the account but would also like to know if its possible to PC it to another card and get back my initial deposit. Do they do that? Or does the deposit simply stay in the card despite the PC. Also, I heard capital one allows people to have 2 cards max per customer. What are the steps in upgrading or getting another card? Say I close one of the cards, do I have to wait 6 months after that to apply for a card or can I apply right away either on their website or phone? Also I'm willing to be patient as I just started my rebuilding journey in October 2018. I made big mistakes 6 years ago when I was 23 but learned from it.

[Anonymous]

PC'ing from a Secured card to a non-secured card isnt something Cap One does... I remember reading a post here about that.

I agree with others, close the secured card, be happy you are no-longer in need of secured cards.. You have done a good job getting your credit rebuilt, stay the course, this is a slow and steady climb. Be patient, you will get better cards as time passes.

[Anonymous]

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@aircobra wrote:

FWIW, I have barely used my bucketed QS (was previously secured) the past few months and I just got a $1500 CLI a couple days ago. Of course, I could easily be an outlier but it's worth mentioning.

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My last CLI request came back with something extra with this months attempt, other than the generic INQ babble...

Recent use of this account's existing credit line has been too low

So, put something other than Hulu and my phone charge on it this month.  heh