Capitol One credit steps.

Anonymous · ‎08-20-2019

Hello. I signed up however it was not easy because I live in Canada. I have a guaranteed Cap1 card unsecured with a CL of $300. I called Cap1 and they stated I am not eligible for the credit step auto CLI. I need to wait 1 year. My credit score is 675 now after using this card for 3 months. I have kept my utilization to exactly 1% for 3 months had it reported with on time payments. I thought the credit step was available to everyone but not in Canada. This is my first card.I do have a 2nd bankruptcy which I know will be on my Transunion until Feb.2021. CAP1 states that I cannot even ask for a CLI until the year is up which will be June 2020. This is a big letdown. I am trying to get to 700. I am thinking the reason is because of the 2nd bankruptcy. I started at 575 credit score 3 months ago and now at 675. I have 2 HP,s on Transunion only. I applied for a Scotiabank value visa and was denied and they never sent me an adverse action letter. My question is would it be wise to wait for a year for Cap1 to increase my limit or maybe wait 6 months and apply for another line of credit when my score is above 700. I apologize in advance if this is not the right forum to post asking for help.Thanks.

FireMedic1 · ‎08-21-2019

Welcome. Did you get a US or Canada Cap1 card. Maybe the rules are different there. Have you tried the CLI button on the website? Is your billing address in Canada? Maybe someone here can help you better that lives there.

Anonymous · ‎08-24-2019

Thanks for replying. I have the Canadian version of this guaranteed unsecured CC. The credit steps program is not available for this card however the QS and platinum card have the credit steps program. I will wait for a few more months and use the preapproval site and hopefully snag the QS Cap1 card. Also on my Cap1 app there is no option or LUV button available.I will just be patient for now and continue rebuilding. I am glad I found this excellent forum. Thank You.

KLEXH25 · ‎08-24-2019

The score improvement from 575 to 675 is great! At this point, it seems you just have to be patient and let time do it’s thing. In the meantime, continue to use the card and let it report with low utilization. Research other lenders in Canada and see what their criteria is before applying again and wasting HPs. If any lenders have prequalified applications, try those first to see what offers are available. Good luck!

FireMedic1 · ‎08-24-2019

@Anonymous wrote:
Thanks for replying. I have the Canadian version of this guaranteed unsecured CC. The credit steps program is not available for this card however the QS and platinum card have the credit steps program. I will wait for a few more months and use the preapproval site and hopefully snag the QS Cap1 card. Also on my Cap1 app there is no option or LUV button available.I will just be patient for now and continue rebuilding. I am glad I found this excellent forum. Thank You.

If you decide to go for the Plat. Yes. QS1 no. Same cash back but the QS1 is $39.00 a year. You can upgrade the Plat to regular QS and no annual fee. If thats possible in Canada.

Anonymous · ‎08-24-2019

Thank You. I will do some "gardening" for a few months to get to at least 700. Cheers from Canada.