I've been doing some reading and have been able to find some information on Capital One Credit Steps Program, has anyone done this and if so how do you apply?
I am currently in the program. When I applied for the card I did not know they automatically put me in it. After I had the card for a couple of weeks I received a letter stating I was in the credit steps program and after, so many months of on-time payments (not sure exactly how many because I didn't keep the letter but I think it was 4 or 5) they would increase my credit limit by $200. It's not a lot but I don't really care. I am using the card to rebuild so it works for me.
Is the card you have with them secured or unsecured?
All cards me or hubby have received with Cap1 has been automatically put on the program. All are unsecured. Even a small business card hubby got.
i'm adding a ditto here, i didnt know id be in it then i was. said after 6 months id be up from 500 to 750
ill welcome the increase because i hate paying multiple times per month
Do they do the steps different for different people? My steps are 500. I started at 1,000 and now I'm 1,500. And is it every 3 months? Or you only get one increase?
Yeah they are different. All our cards are for different amounts and some are after 3rd on-time payment and others are after 5-6 months.
Everyone gets enrolled. If you use your card in the first 90 days and dont go over the limit and arent late on payments you will get your first CLI at the 5th statement cut. Some also get one on the 7th statement cut.
From what I have seen if you have a 300 dollar card you get bumped to 500... with a 500 you get 750 and with a 1000 you get 1500.
Then you may or may not get a second CLI.
I have one that says:
1. Use your card at least once.
2. Make your first 5 monthly payments on time.
And another one that says:
1. Use your card in the first 90 days.
2. Don't go over your credit line.
3. Make your first 3 monthly payments on time.
So some are before 5 months.
Also one says an "additional $...." while the other says "for a $.... credit line". So it does appear there are 2 different ways of them having you "step up".
On that one that says make your three payments on time right below that it should say and you will get the cli by the 5th statement. Am I wrong?
Yeah, you are right. And the other one says on the 7th statement. Didn't catch that line.
i think they should give earlier and ligher CLIs for people who pay 10x the minimum payments..and early too!