Interesting e-mail from Capital One

[Outdoorstech1]

Received an email today from Capital One after my first statement saying:  "information about your credit line."   Kinda nice of them to send me this info.

Make sure you’re ready for unexpected and everyday expenses—no matter when they pop up—with our Credit Steps program.

In two easy steps, you can increase your current credit line from $1,000 to $1,500. And, you’ll have access to your new line no later than February 2015.*

Use your card in the first five months

+

Make your first five monthly payments on time

=

$1,500

[JSS3]

I'm helping my aunt and her husband with their credit. She's rebuilding while he's establishing. He's on his fourth statement. She was so busy running errands and forgot to pay it for him. He was one day late and got hit with a $25 late fee. I wonder if this will affect his credit steps? It does state "first 5 on time payments" I sure hope he gets an increase on his $300 CL in two months. 

[jsucool76]

This is what is known as the cap1 "Credit Steps Program."  (more like the credit step program)

I got a $500 CLI from that program =] 

[taxi818]

They are saying that to encourage you to use and pay for card.

and they will. But listen and listen good. Right now. Capital one is on the Attack. even  you got that letter. they have really been aggrresive the last. year.

I got same letter as you and after 5 months according to letter. i would go from 500 dollars to 750

But when the time came. exactly 5 months to the day. BAM!!!!!!!! $3000 instead of 250.

I would use the hell out it if i were you. and pay multiple times a month. Because they will reward you dearly .

Don't know what happen. but they are on the attack to other lenders.

[taxi818]

JSS3 wrote

I'm helping my aunt and her husband with their credit. She's rebuilding while he's establishing. He's on his fourth statement. She was so busy running errands and forgot to pay it for him. He was one day late and got hit with a $25 late fee. I wonder if this will affect his credit steps? It does state "first 5 on time payments" I sure hope he gets an increase on his $300 CL in two months. 

Well he can virtually kiss it goodbye. sorry

[pip3man]

Back in 2011 when I was in that program, I missed a payment by 1 day as well. Although I didn't get hit with a late fee, however it extended the period to an extra 3months so instead of getting it in 5-6 statements I got it on the 9th statement. Back then the rep told me paying late violated the terms of the credit step program but if it's only one occurrence I'll get the CLI at a later time and it turned out exactly as she said.. Anyways this was in 2011 so u might wanna call in to re-verify as things may have changed.

[Anonymous]

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@Outdoorstech1 wrote:

Received an email today from Capital One after my first statement saying:  "information about your credit line."   Kinda nice of them to send me this info.

Make sure you’re ready for unexpected and everyday expenses—no matter when they pop up—with our Credit Steps program.

In two easy steps, you can increase your current credit line from $1,000 to $1,500. And, you’ll have access to your new line no later than February 2015.*

Use your card in the first five months

+

Make your first five monthly payments on time

=

$1,500

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Just replied to another post similar to this...  http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Credit-Steps-Program/td-p/1626932

[lg8302ch]

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@JSS3 wrote:

I'm helping my aunt and her husband with their credit. She's rebuilding while he's establishing. He's on his fourth statement. She was so busy running errands and forgot to pay it for him. He was one day late and got hit with a $25 late fee. I wonder if this will affect his credit steps? It does state "first 5 on time payments" I sure hope he gets an increase on his $300 CL in two months. 

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Does it allow to set up auto-pay? If yes then I would strongly recommend to do that for the minimum payment as safety net.

[Kevin5974]

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@JSS3 wrote:

I'm helping my aunt and her husband with their credit. She's rebuilding while he's establishing. He's on his fourth statement. She was so busy running errands and forgot to pay it for him. He was one day late and got hit with a $25 late fee. I wonder if this will affect his credit steps? It does state "first 5 on time payments" I sure hope he gets an increase on his $300 CL in two months. 

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No, he shouldn't. He couldn't go the five months. It's rather simple.

[keithbward]

if you miss a payment it will go to the 10th month...after the 9th statement is cut.