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Does a Capital One Platinum Early CLI negate the CLI with Steps?

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Anonymous
Not applicable

Does a Capital One Platinum Early CLI negate the CLI with Steps?

Hi guys, I'm new to this forum. I have started to take my credit seriously only in the last few months, after having been a housewife who relied on her husband's cards for basic needs (I know, dumb), and a subsequent messy divorce which hurt my credit (the measly 3 accounts I had in my name were not my priority to stay on top of after I was rendered homeless until family took me in, it was that bad). So without getting into

the gory details, I started about a year ago after being denied something measly like a store card in the low 500's across the boards with:

An Open Sky (secured) card a year ago (200.00), and in November was approved for a Capital One Platinum with a starting CL of 300.00. Then I signed up with Self Lender. Dropped my score a bit at first but hoping it will bounce back (at least I've heard other people say in the long run it's good).

 

A couple of weeks ago, I decided to pull the trigger and app for another Cap One card & got the Cap One Walmart Mastercard with a 1,000.00 starting credit limit. Was kind of shocked as I had only had a short history, with the Cap One Platinum having had 2 statements generated by then. Then I searched for co-branded store cards with Cap 1 and was approved for Saks, Lord & Taylor & Kohl's (1500, 750 & 300 SLs). Seems Cap One has been showing me some love lately (I stupidly went on an app spree and no go with Chase, Discover, Citi, AMEX, and neither Synchrony nor Commenity will approve anything, I kept getting 7-10 or 30 messages and so far they're all denials. Nordstrom's I called in for a reconsider the man said too many inquiries over the last 7 days....whoops...)

Yes, I know I have to stop with the inquiries. I actually came here and registered today so I can keep myself in check, gain knowledge and support, and just let what I have now garden. And so now on to my question: 

 

With my Cap 1 Platinum, it shows that I need to make 3 more payments on time and then I will get an increase from 300 to 500 (I'm guessing automatically). If I'm not mistaken, this is known as the "credit steps". Last night I decided to pull the trigger early, not sure why. If I'm not mistaken again, this is what's known as the "Luv button". I went for it. It said that I was approved but it offered only a $100 increase from $300 to $400. I accepted I think out of pure relief that at least I wasn't denied. FFW to this morning. It's still showing in my app that I'm due for an increase after 3 more payments from $300 to $400 (does not show the $100 increase I just received in the credit steps bar, but the increase is reflected in my avail. credit). 

What I'm wondering is, by pulling the trigger and hitting the "Luv" button, did I just reset the clock on what would normally have been the CLI with the steps program in another three months? In other words, will I still get the CLI to 500 after 3 more payments? Or did accepting the 100.00 CLI last night override that and now I'll have to wait another 6 months instead of 3? Because if that's the case maybe I should cancel the 100.00 CLI and wait it out and see if I get any happy surprises after the Credit steps program matures in 3 months? 

Hope my question makes sense. 
Now to have the strength to not app for anything further... I think I have 13 hard inquiries now. Was happy I got the Cap 1 Walmart Mastercard & 3 of their store cards & just went a little nuts I know. 🙄 I should have stopped. They have dinged my credit by a few points, but it seems more of the damage was done in the sense that I started to get denied because of too many inquiries. I still have 2 old accounts that were sold to collection agencies, but one will drop off this year and the other in a couple of years. Not sure there's any point in pay for deletes, one the credit simulator says won't change my score if I pay, the other shows it would increase my score by about 15 points, but I'm nervous they wouldn't hold io their end and actually delete. So I signed up for Sky Blue Credit Repair a week ago, I'll give them 3 months if no joy I'll cancel. 

Current Scores are: 

TU 610 Equifax 639 Exp 622 

 

 

11 REPLIES 11
Brian_Earl_Spilner
Credit Mentor

Re: Does a Capital One Platinum Early CLI negate the CLI with Steps?

Before you were able to get an early CLI in addition to the steps increase. Recent datapoints suggest that you now only get part of your credit steps increase early. When it's time, you'll get the remaining amount from steps.

    
Message 2 of 12
Anonymous
Not applicable

Re: Does a Capital One Platinum Early CLI negate the CLI with Steps?

Thank-you so much for your helpful response! 

Message 3 of 12
Remedios
Credit Mentor

Re: Does a Capital One Platinum Early CLI negate the CLI with Steps?

Take what they are offering, every bit helps. Welcome to the forums!

Message 4 of 12
Anonymous
Not applicable

Re: Does a Capital One Platinum Early CLI negate the CLI with Steps?

Thanks for your reply! Was just wondering since I hit the love button a bit early would I still get the step total CLI in 3 mos... Smiley Happy

Message 5 of 12
Remedios
Credit Mentor

Re: Does a Capital One Platinum Early CLI negate the CLI with Steps?

As @Brian_Earl_Spilner stated above, you will.

Whatever they are offering you now may get deducted, but you're getting the rest.

I'd accept that $100.00 early, it's easier to manage if you have a bit more breathing room. 

Also, dont forget to try a PC to QS, that way you can get some cashback 

This is the link for PC 

 

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

 

It will prompt you to log in, and if a card with rewards is available,  take it.

 

Message 6 of 12
Anonymous
Not applicable

Re: Does a Capital One Platinum Early CLI negate the CLI with Steps?

Congrats on your Capital One store card approvals. I'm interested in your application/approval experience with Capital One as I also recently became a customer after being approved for their Walmart Mastercard Rewards. However,  when I called in to speak with anccount specialist about the Savorone, I was told that I needed to wait 6 months in between their apps? My last approval was in December. Wondered if the same applied to their cobranded cards but looks like you surpassed that rule!

Message 7 of 12
Anonymous
Not applicable

Re: Does a Capital One Platinum Early CLI negate the CLI with Steps?

I think co branded cards don't count in their 2 card limit..? Smiley Happy I could be wrong..

Message 8 of 12
Anonymous
Not applicable

Re: Does a Capital One Platinum Early CLI negate the CLI with Steps?

@KDF. Okay cool! That actually makes sense. 

Message 9 of 12
Anonymous
Not applicable

Re: Does a Capital One Platinum Early CLI negate the CLI with Steps?

As Remedios stated, follow that link. You may be eligible to change your vanilla Platinum to a cash back Quicksilver Plat. 1.5% cash back is better than none, and many people are offered the change when they get their partial steps increase. No cost to do it, and all the account age and info stays the same.

Message 10 of 12
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