Credit Steps?

[Anonymous]

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heirophant wrote:

Here is a bit of advice about over-limit fees.  I went over-limit on my HSBC card once.  I knew it, too.  They will approve something as long as it is under $5 over your credit limit.  However, I called them about it and was informed that they process payments before charges, so I took a chance.  I immediately made a payment online and hoped that it would go through before the charge was finalized.  They both went through on the same day.  The payment was processed first.  No overlimit fee.  So, the lesson is if you know you are going to go overlimit, make a payment right away and you stand a chance of staying within the cardmember agreement.

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Thats interesting info!  I had no idea.  I try to stay so far away from my limits I've luckily never come close.  You never know when an emergency might come up though and to know that, as soon as I get to internet access, it can be rectified is good to know.

[Anonymous]

Just to clarify, I wasn't trying to berate either of you.  I reread my previous post just now and realized it may not have come across in the spirit in which it was meant.

[Anonymous]

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cheddar wrote:

Just to clarify, I wasn't trying to berate either of you.  I reread my previous post just now and realized it may not have come across in the spirit in which it was meant.

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Oh cheddar, I didn't take it that way.  Most lenders don't even like you to get within a stones throw of the limit.  If you exceed it, here are penalties.  Credit steps seems to be a card to keep people on the traight and narrow.  They probably wanted to call it Baby Seps but thought customers would be offended.

[CreditDrama85]

Brammy--

you should know that capital one is not like most lenders; ive read articles that talk about the practice of capital one offering multiple cards AND the fact that they expect consumer to exceed their cl.

the obvious changes that are being made: reporting the cl to bureaus, being more willing to increase cl through back door #, and offering credit steps....is cap one trying to reduce criticism.

anyhow, yes i was upset that i didnt receive a cli because i exceeded my cl by 2.00. some say i have no right to be upset and that i technicially broke the rules.

WELL i am upset! i see it from the standpoint of having several other cap one cards with good history. any lender in their right mind wanting to keep my business would increase my cl.

by the time capital one decides to increase my cl, my credit will be in awesome condition and i will insist that all account be closed; i will gladly take a reduction in my fico score for the peace of mind that will come will closing all cap one accounts.

[Anonymous]

Credit,

You seem to be taking everythng personally.  My response was to my feelings about Cheddar's comment.  Cap1 is what Cap1 is there is no getting around it.  They Credit steps program, as they like to call it, it based on very strict lending standards.  Any lender would do the same thing with a OTL in the first six months.  Heck I was rate jacked and denied CLIs for a long time on another card for just using over 50% of the limit as the result of a move.  My response?......move on as soon as it was feasible.  As soon as better cards started coming in and I was approved I took it and closed the other card.  Guess what?  They wanted me back andthy are now one of my better cards.

If you have a Credit Steps cards you have one of Cap1's subprime cards.  Subprime lenders seem to be a whole lot stickier than other lenders cause thet feel they are giving you a chance to prove yourself.

[Anonymous]

Well, I guess I wont be seeing a CLI in the 3 month time frame like I expected on one of my Cap1 cards.  I havent seen the overlimit fee come up yet.  But I am pretty sure that it is coming the next statement. 

Message Edited by landocalrissian on 12-03-2007 06:18 PM

[CreditDrama85]

maybe i should give cap one a chance...just when i decided i had had enough....i got a 600 cli for a total cl of 1,100....finally a step in the right direction

[Anonymous]

I talked to a csr at CapitalOne last night and he told me that if I keep following the credit steps, I should get an automatic CLI on the CapitalOne Visa card that I went 8 dollars over the limit on by the 7th billing cycle. I am glad that I paid it off immediately and now have a zero balance on that card. I have not gone over the limit on my other CapitalOne Visa and I should get the automatic increase on that card very soon.

[Anonymous]

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CreditDrama85 wrote:

maybe i should give cap one a chance...just when i decided i had had enough....i got a 600 cli for a total cl of 1,100....finally a step in the right direction

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You have NO idea how happy I am to here that...CONGRATS!!!!!!

[MsKmm00]

Is this something offered/advised of as soon as you receive your card in the mail?