To answer your question if you were given a credit steps card. I would not request a CLI anytime in the near future. You will need to show responsible use of the new credit limit for at least 6 months, and you may receive another auto CLI based on score improvements and the way you use the card responsibly. But with that said some Credit Steps cards increase slowly because it is designed to over time grow.
You can actually ask for a CLI before your steps complete and may or may not receive part of your steps increase early. After your increase, you are eligible to receive another CLI after 181 days from each APPROVED increase. If you request and are denied, there is no timer that resets and you may ask again at any time at no penalty to you. If you are denied the first time there is absolutely nothing wrong with continuing to ask every month until you're approved. If denied, be sure to read over what their reasoning was for the denial and address that, as it will help with your likelihood of success in future endeavors. Cap1 likes it when your use a good portion of your credit line; they do not generally grant increases unless the card sees lots of swipes, and larger payments. Cap1 CLIs have seemed to be a little smaller lately, but they're definitely still dishing them out to those they deem worthy.
@Ficoproblems247 - @ I disagree with you, and I'll explain why. While you may apply for a CLI before, with a credit steps card I've found it is not often approved because they got in a certain bucket. For example, if you start with a credit steps and your score becomes 700 magically in 6 months even if you request a CLI on your credit steps it will have a lower limit then if you applied for a new card because of its bucket until the OP receives product upgrade that moves him to a new bucket
Also applying every month for CLI is a surefire way to not see one. That is the definition of credit seeking tendencies, by nature is a risk to lenders. Credit is grown over time not over night as I've heard many of the elders on this forum say and tell me time and time again.
@cyrusvalentino wrote:@Ficoproblems247 - @ I disagree with you, and I'll explain why.
While you may apply for a CLI before, with a credit steps card I've found it is not often approved because they got in a certain bucket.
There are numerous accounts of members being approved for CLIs before their steps completed. Why would you not want part of your increase early? Especially with a card that has a toy limit that you're trying to put enough spend through to show Cap1 you need a CLI.
For example, if you start with a credit steps and your score becomes 700 magically in 6 months even if you request a CLI on your credit steps it will have a lower limit then if you applied for a new card because of its bucket
until the OP receives product upgrade that moves him to a new bucket
I am sorry, but this is false. A product change/upgrade does not re-bucket the card. Same account, different reward structure. A platinum converted to a QS does not get a new bucket, they just take the navy blue bucket and paint it shiny silver.
Also applying every month for CLI is a surefire way to not see one. That is the definition of credit seeking tendencies, by nature is a risk to lenders.
Again, not true at all. I have had a CLI literally 2 months in a row from one of my lenders because I consistently ask after every bill cycle. The answer is not always yes, obviously, but they have never shown any disdain in my persistence. It is NOT the definition of credit seeking. Credit seeking is applying for new lines of credit at an unhealthy rate. Growing your current lines through SP CLIs is called gardening and is encouraged. Obviously hitting up the banks that need a HP for your CLI over and over is not what OP is wanting to do. Cap1 is completely computer driven. Asking for a CLI will simply give them the information showing they are either eligible or ineligible at this time, nothing more. They're not going to take any AA from asking if they currently qualify for an increase.
Credit is grown over time not over night as I've heard many of the elders on this forum say and tell me time and time again.
1. Based on my 10 years with Capital One and 4 credit steps cards that were later combined I go off my experience and those of what the executive office has told me not metrics or luck of the draw.
2. Because at the end of the day your CLI when you hit the credit steps graduation will be what was originally stated. Seldom does it increase beyond that at graduation due to the bucket it is in. Will it hurt? No. But what is the point? There yet again this attempting to rush building or rebuilding is not sound advice.
3. A product change CAN change the bucket. You are correct it does not always. You usually can tell based on if it is a Platnium, World Mastercard, or the many other buckets. But it does occur, and I know many people who have been placed in a new bucket. This also as advised above is directly from the executive office.
4. Based on advisory from Cap1 executive office and other banks in fact repeatedly applying for CLI even if logged internally as opposed to HP can be decrease the level of any increase when awarded as it is in fact credit seeking tendency. Meaning you are more likely to default because you are showing an unusual need for CLI.
While these are based on my experiences and conversations with the executive office. I'm sure others will have different experiences and opinions and I respect that.
But the one fact that is true, and undisputed is that a rebuild or build takes time. You cannot rush it, and I believe encouraging responsible use and non credit seeking tendencies to be the way to recommend. It will take time, and showing responsible use.