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i used to have a cap one card and i remember they increased it with me only putting a few things the whole time and only paying some in full but that was 3 years ago things might have changed now
Torry590, don't break your bank over a Cap1 card. You're enrolled in the Credit Steps program which pretty much guarantees a small CLI that will post at the beginning of your 6th month. Anything after that is a mystery to all of us because there's no logic to their process -- it's random, if any.
Just use the card for normal purchases and it's your choice whether to PIF or carry a balance, but you don't have to "use the heck out of the card" because there's no such thing as being recognized for "extra" usage at Capital One.
I got a capital one platinum mastercard in November of last year with $500 CL. Got a letter in the mail about being in credit steps in January. Used my card basically to the max, but didn't go over. Paid the minimum each month on time, and received an increase to $750 in May. I really doubt PIF versus carrying a balance really matters on cards like this. All that matters are two things: Pay on time and Balance < CL. That's it at this point. Utilization is secondary to payment history in my opinion when it comes to folks who need a card like this for credit repair/rebuilding. I think you get more benefit out of a card if you use it to the max and just make payments on the balance until that intro APR falls off (0% for 12 months in my case). Interest free loan.
Yeah, just make you sure you pay on time each month (you don't have to PIF, just make sure you make your minimum payment) and you don't go over the limit, and you'll get the first credit step bump.
But in my case, and from what their reps have told me, there's only one step to the credit steps program now. After that you'll be stuck in the "we periodically review accounts" limbo, and there's no guaranteeing when you'll get the next CLI.
@JayRizzo wrote:Torry590, don't break your bank over a Cap1 card. You're enrolled in the Credit Steps program which pretty much guarantees a small CLI that will post at the beginning of your 6th month. Anything after that is a mystery to all of us because there's no logic to their process -- it's random, if any.
Just use the card for normal purchases and it's your choice whether to PIF or carry a balance, but you don't have to "use the heck out of the card" because there's no such thing as being recognized for "extra" usage at Capital One.
+1....Cap 1 will not give you big CLI. A couple hundred here and there if you are lucky. Just use Cap 1 as a stepping stone to your next CC, which is a prime card (Citi, Discover, Chase, Amex). You would want at least 1.5-2 yrs of revolving CC reporting like a Cap 1 to be able to get in the door with a prime lender. Building credit takes time...if anything, save $$$, open a checking/savings account and try to get a CC with your bank down the road. Just save your hard inquiry if you can resist.
I've read that 1 applicant has a CC for 1.5yr, perfect payment history, no baddies, clean CRs, EQ fico of 706 and he was approved for $4K with a CITI Forward. But in the end YMMV....good luck.
I have had the Cap1 card since novemeber, no missed payments, stayed within CL, and I was just approved today for Citi Forward $4K CL. My report had 6-7 hard inquires, one charge-off from 2008, AoA 4yrs, EQ 686, TU 694 when I applied. Stick with it and it will pay off in time.
@KBraggs wrote:I have had the Cap1 card since novemeber, no missed payments, stayed within CL, and I was just approved today for Citi Forward $4K CL. My report had 6-7 hard inquires, one charge-off from 2008, AoA 4yrs, EQ 686, TU 694 when I applied. Stick with it and it will pay off in time.
How recent are those 6-7 inquires? I always heard Citi won't approve anyone with more than 3 in the last six months. Did they give you a hard time at all?
@Bourne wrote:How recent are those 6-7 inquires? I always heard Citi won't approve anyone with more than 3 in the last six months. Did they give you a hard time at all?
About half were about a year old, and the other 3-4 were all within the last 6 months and wer all CC inquires (BoA, Amex, Chase). I signed up for the college account. Got a call 2 days later requesting I fax/mail a copy of my student ID or paid tution bill. Got the email of approval this morning.
There could be some confounding factors that worked in my favor though; I had a citi card as my very first CC for about 1.5 years $5K CL, no missed payments, and closed the account. I am also still an AU on my father's citi card $14K CL, just for the age, no missed payments. The good relationship we've maintained with Citi may have had strong bearing on their decision, so its tough to say my situation is a good baseline.