Capital One Unsecured Credit Steps

[Anonymous]

Hello All,

I had a capital one secured card and received my credit steps CLI increase after 6 months. After having that card for over a year I applied for an unsecured Capital One Platinum and was approved for a $300 CL.

I was under the impression this unsecured card would have the credit steps program. I have six closed statements I can view, I tried to manually request a CLI after 4 statements were cut and was denied due "recent use of this accounts credit line too low". 

So I picked up my usage , more frequent charges and full payoffs, even larger charges. All with "full payoff once balance posts" behaviors. Since then two more statements cut, I requested a CLI again.

The letter said "you recently requested a credit line increase. Unfortunately your account isn't eligible right now, here's why" and they cite recent utilization of credit limit is low. 

There's already been 6 closed statements and I was assuming I'd receive a standard credit steps CLI which I haven't yet.

anybody have any advisement on this?

[Horseshoez]

@Anonymous, I was kind of in your boat last year when my secured CapitolOne card was my only credit card, complete with, what is for me, a limit which was low enough to make the card unusuable.  Unlike you I was very impatient so I closed the card after having it for only six weeks and moved on to a secured card from my bank with a MUCH higher limit.  I figured CapOne would not be happy with me for paying off and closing the card so quicly after I'd gotten it, and assumed I'd never hear from them again.  Wrong!  Literally six months to the day after I closed my secured card, they sent me a pre-approval note via E-Mail for a Quicksilver card with a very nice limit.  I was pleasantly surprised and took them up on their offer. 

I have no idea if my experience can be considered the norm or not, but it ended up working to my benefit to close the secured card.  I guess as with much else in the credit arena, your mileage my vary.

[Anonymous]

@Anonymous 

Sorry Capital One won't raise your CL. 

Capital One is one of the few lenders that likes to see a balance carried month to month. I spoke to their EO when it was still open a few years ago and the manager told me "We like to see a balance carried so we are able to make money off the interest rate as well as lots of swipes". Exact words. It might have changed since then and it also could vary on a case-by-case basis. I truly believe it's either AI ( Artificial Intelligence ) or the internal algorithms that make ALL decisions. I doubt that any human is EVER INVOLVED in any lending decisions. I think their bread and butter is sub prime borrowers carrying a balance and people who have lots of swipes. Of course with every situation with any lender It always depends. 

With that being said I never EVER RECOMMEND carrying a balance. Never pay interest unless it is a dire emergency. 

These are just my own personal opinions. 

[CreditCrusader]

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@Anonymous wrote:

@Anonymous 

Sorry Capital One won't raise your CL. 

Capital One is one of the few lenders that likes to see a balance carried month to month. I spoke to their EO when it was still open a few years ago and the manager told me "We like to see a balance carried so we are able to make money off the interest rate as well as lots of swipes". Exact words. It might have changed since then and it also could vary on a case-by-case basis. I truly believe it's either AI ( Artificial Intelligence ) or the internal algorithms that make ALL decisions. I doubt that any human is EVER INVOLVED in any lending decisions. I think their bread and butter is sub prime borrowers carrying a balance and people who have lots of swipes. Of course with every situation with any lender It always depends. 

With that being said I never EVER RECOMMEND carrying a balance. Never pay interest unless it is a dire emergency. 

These are just my own personal opinions. 

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Plus, Capital One will hardly ever cancel low-limit cards for non-usage. They will CLD, but rarely cancel...and in the case of their QS1 rebuilder, they'll credit the annual fee almost every time you ask.

[Anonymous]

Thanks for your reply,

I was hoping to get an answer regarding why I might not have received "credit steps credit line increase" on my unsecured card.

I opened a secured card, 6 statements in I received my credit steps. Have had this card for roughly a year and a half now. I started with $99 deposit , added $150 of my own money (total $250) credit steps increased me to $550.

Almost 7 months ago I applied for an unsecured card and was approved for a credit line of $300. I have had 6 closed statements gone by on my unsecured. I have a larger credit line on my SECURED which is crazy imo. I'm just trying to see if unsecured capital one platinums still have credit steps program.

My 6th statement is for usage from: 

Feb 12-March 14

7th statement will be

March15-April 14.

[Anonymous]

I agree with the never carry balances. I would only ever consider it for purchases that are above $1,000 , maybe I'd feel like breaking it up into 2, 3 payments AT MOST over a max of two months.

So far, I haven't paid one cent in interest. I don't see how they'd get me to pay interest when I only have a $300 CL. I always pay in full as soon as the charge posts.

im just wondering why my unsecured card doesn't seem to have the "credit steps program increase" after 6 months of on time payments.

I did increase my "utilization" on my unsecured card, below are my statements, and the monthly charges. With a credit line being $300 and sticking to low utilization , what do they want my monthly charges to be? March I've charged and paid in full more than my entire credit line. Strange how they don't go "oh, he's paying in full, he's got the cash within X credit line, let's move it up" 

september 2020: $31

October 2020: $35

November: $77.96

-no December statement oddly-

January 2021: $201.39

febuary 2021: $129.60

march: $406.71

[Anonymous]

I stared with a 1k limit with quick silver.. I would put over 50% of spend on it... 2 months later they gave me a 2k cli... So it really depends on you and your spending habits that fit your budget.. big spend = bigger limits.

[OmarGB9]

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@Anonymous wrote:

I stared with a 1k limit with quick silver.. I would put over 50% of spend on it... 2 months later they gave me a 2k cli... So it really depends on you and your spending habits that fit your budget.. big spend = bigger limits.

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Not always....some people do as you did for MONTHS on end and yet they never get any sort of CLI.

OP, I'd simply call up Cap One and ask. It is kind of strange because usually all "starter" cards I've seen (secured, Platinum, Quicksilver One) are automatically enrolled in their credit steps program.

[Anonymous]

Ok so this is just my experience with Capital One. I am by no means as experienced as some of the other people on this forum.

I did the secured card as well. It graduated after 6 months. Every quarter (3 months) I request a CLI. It's slow and has only increased $100 every time I have requested it. In January, I requested again. Denied. Their reason: "recent utilization of this card is too low". I kept requesting, upping my usage on that card, but never over 30% and always paid in full. On the advice of a friend I carried a low balance once. Maybe $100... still denied. A few weeks ago, I maxed the card out. Let the statement cut. It hit my score and dropped it a few points.... next request for CLI was granted but again, only $100. I paid it off and haven't touched it again. It's ridiculous IMO.

I would be considering cancelling it but there's no annual fee and I'd rather cut loose my credit one card (which does have an annual fee and has never received a CLI) because I feel it is no longer helping me. 

I am not advising you to do the same. I am just sharing what I went through. I personally don't feel that it is worth it for the minimal increase I got.