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I was wondering about the Credit Steps process after receiving my Cap 1 card shortly after my discharge as well. Below lists the details of my experience. My original CL of $1000 has increased over time (see below). I never carried a balance that would incur finance charges/interest. I charged approximately $4500 and made approximately $4500 in payments during my first six statements. My Cap One card usage and payment history was as follows:
Statement #1 (9/2013)
Charges = 318.19
Payments = 168.19
Balance = 150
Statement #2
Charges = 314.25
Payments = 384.25
Balance = 80
Statement #3
Charges = 1342.07 (Never exceeded the CL. Made two payments.)
Payments = 1134.07
Balance = 288
Statement #4
Charges = 711.75
Payments = 999.75
Balance = 0
Statement #5
Charges = 1106.17 (Never exceeded the CL. Made two payments.)
Payments = 831.17
Balance = 275
Statement #6
Charges = 684.42
Payment = 959.42
Balance = 0
After my sixth statement cut I received an automatic Credit Steps CLI of $4k. This brought my total CL to $5k. I received an additional automatic CLI three months later of $1k bringing my total CL to $6k. I hit the SP CLI button a week and a half ago and received an additional $2k CLI a few days later. My total CL currently is $8k. I have never paid interest by paying this account in full monthly. My account usage/balance after my original Credit Steps CLI has ranged from $1700 to $4200 with payments ranging from $1700 to $2500.
I have Cap1 Platinum card and been in the credit steps program since July 15th, 2014 and the original CL granted was $1000. I used the first two statements to payoff the balances but in my third thru sixth statements i only paid the minimum balance allowed. It is a requirement of credit steps that you never miss a payment to get your CLI. They also tell you while in credit steps what the increase will be should you follow the right steps. ( i was told an increase of $500 i.e from1k to $1500).
The next three statements from my 7th thru 9th statement, i transfered balances from other credit cards and maxxed out the limits i was given. Obviously i had no purchase activity during the 7th thru the 9th statements, and it showed.
I just asked for a CLI recently and was denied. So i m obviously stuck at the maxxed out card.
I sincerely think given my spending habits i m better off having only $500 CL for this cap 1 card. The other card i have is a Secured card for almost a year now and $250 CL.
It is with Merrick Bank, i dont think they graduate it to an unsecured.
So my next steps for me is to bring this Cap1 balance to within 25-30% of the balance by making small payments almost every week and not using it again.
I have worked too hard to improve my credit report & scores and i believe i deserve only two significant credit cards.
I see everyone here wanting way too high CL's on their cards, i feel i have lot to loose if i m given a higher credit limit.
@Anonymous wrote:I see everyone here wanting way too high CL's on their cards, i feel i have lot to loose if i m given a higher credit limit.
You have nothing to lose by getting higher limits if you use them responsibly.
thats exactly right. responsible use it is.