Is Capital One Cash Rewards good for CLI or CS?

[Anonymous]

I've been a lurker here for a few weeks. I've gotten some awesome information. 6 months post bankruptcy. Currently have an auto loan ($11k) and a First Premier ($750 limit 30% util at moment).  Last month I received the Tires Plus/Firestone credit card ($900 limit currently 45% util. will be under 10% in two months). After a few searches, I just applied for and received a Cap1 Rewards Visa with $500 CL. One thing I don't remember from my research... Is this an ok card for CLI's? Do they do credit steps with this one? Being a rewards card, I just kind of assumed they would. I plan to keep this one around 7-10% util at all times. I really want a card I can grow. So I'm hoping this is it. Either way, it's much better than First Premier, so I can get rid of them before they charge me another AF.

Edit, well I just read more about them not being very good for CLI. No biggie as long as they will up it on their own occaisionally.

[trumpet-205]

Which one did you apply?

If it is an average credit version then it is almost certain there won't be CLI besides credit steps. If it is an excellent credit version then you may have a chance for some additional CLI. Judging from your CL I say you have an average version.

Either way get rid of that FP before AF comes in.

[bichonmom]

I can't say for sure, but probably not. I rec'd apps in the mail from them, which included the step program. From what I've read from others here, you need to be invited into the step program -- don't know why.

If you take a look at the webpage where you initially app'd, see if it says anything about step CLI.

That said, I don't think you necessarily need to be in the step pgm to get a CLI from them. I've read posts that run the gammut for Cap One. Some get CLIs to several thousand dollar CLs and others just never budge. There doesn't seem to be any rhyme or reason from what I can tell from the diff posts.

I just look at it as a good starter card and am presently looking for another CC to app for w/a decent CL since I'm not expecting (though am hoping) that my CL will get beyond $750 to $1000.

HTH!

[Anonymous]

It's the average version. It doesn't say anything about credit steps. Having a bankruptcy discharged less than a year ago, I knew there was no way they'd give me the excellent one. I was worried because they couldn't match me with a card on the prequalification screen. I've been checking that for a few months. If it wasn't for my reading here, I wouldn't have applied with Capital One for months. It's nice to have a decent card now. I'd like to see the CL grow to $1k, but if that can't happen with Cap1, that's alright. I'm just glad to have their card. It sounds like Barclays is probably my best bet for another card. Going to wait about 3-5 months for that one.

Oh, and I just got my wife the same card as well. Same limit. $500CL, 0% intro APR, 17.9% after (lowest they offer with the card). So since we got the lowest APRs too, I'm feeling pretty good right now. Maybe an Amex won't be years away. (obviously, won't be just months away either though). What I really want is a United Mileage Plus one. So that's really my goal.

[tray]

Congratulations, on your new cards and your credit rebuilding process quite a few people with myself included been in BK  and having poor credit, look at my siggy, credit repair takes a while, patience is needed, so in enough time you will have the credit cards you desire.  Although one suggestion, like the other poster stated I would get rid of the First Premier card this bank in particular does not LOOK GOOD on a credit report for any other creditor to see, will not grow with you,  and furthermore the fees they charge are horrendous.  Good Luck

[Anonymous]

Thank you. I plan on cancelling FP within the next  few months. They were a necessary stepping stone and now they've done their job.

[Anonymous]

I have the same Cap1 CC, I got it last year in my rebuilding process, started with a 500CL (Credit Steps) went to 750.

Almost a year old, perfect payment history PIF every month, called for a CLI several times, same story every single time.......

"You are the perfect customer, perfect pymt history blah blah and you are the perfect candidate for our periodic reviews, but sorry we do not accept customer initiated CLI's".

Its a great starter card, but that's all it will EVER be.

Best of Luck!

[Anonymous]

Good info. Thanks. I'd like to see it grow to $1k but if it makes it to $750 I'll be happy enough with it.

[Anonymous]

You just never know, Cap1 seems to have no rhyme or reason with their decisions.

[Anonymous]

I have a Cap 1 card and it started out with a CL of $300  it's now at a CL of $500, I just got the bump around February or so.I haven't had the card for a full year, but I want to know what this Credit Steps thing is an how to get it in, cuz I want to have a better CL.  So that I can get ride of my secured BoA credit card that has an AF on it.