How does Capital One Credit Steps program work?

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Rodney W
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How does Capital One Credit Steps program work?

Postby Rodney W » Fri Feb 04, 2011 3:07 pm

Two questions.

How does the Capital One Credit Steps work?

And is program still available in 2011?

I came across something talking about it on my fico but it was from 3 years ago. It is a program for bad or fair credit and you start off with a low limit of $300. Then there are milestones for making payments on time and each time one is reached Capital One gives a credit limit increase. There were folks saying their scores were in the 600s and this credit steps program was helping to give a boost. I could use something like this but I cannot locate information about its current availability.


Rodney W
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Postby Rodney W » Sun Feb 06, 2011 4:02 pm

Bump.

If anyone has an update on the Capital One credit steps program I would be grateful to hear it.

ashleyAMX
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Postby ashleyAMX » Mon Feb 07, 2011 8:21 am

I am not sure if its the steps program. But, I know if you pay 5 payments on time on the 7th statement you will have a balance increase. I called and asked about upgrading.


gb329
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Postby gb329 » Fri Feb 18, 2011 8:49 am

Program still active. I have two cap one accts. perfect payment hist & credit hist. One acct over two years old, never rec'd increase, not in credit steps program. second acct opened recently, between 1st & 2nd stmt rec'd credit steps letter, after 5 on time pymts will rec 50% increase. don't know why new acct is in program and two year old acct isnt.

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The "credit steps" program...

Postby CLInewbie » Thu Jan 26, 2012 1:06 pm

I've been doing a bit of reading and I see a lot of people talking about the Capital One credit steps program. Apparently, if one is enrolled in the program, their credit limit increases a bit every few months or so.

I just received my card (no hassle cash rewards) and paperwork in the mail a couple of weeks ago, and I'm looking over it again and I see no mention of a "credit steps" program, or any mention of automated credit limit increases. I also looked in the documents section of my account online and there are no documents listed there.

Does this mean I'm not enrolled in the program and that I won't be receiving any automated credit limit increases, or is that not the case?

Thanks!

xfstar
 
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Postby xfstar » Wed May 15, 2013 2:53 pm

This is part of a transcript I had while requesting a credit increase with Capital One, after I was told I was in this credit steps program.

Shelton: Credit Steps is a program for designated customers who successfully complete a series of steps to receive access to a higher credit limit.
Shelton: You will be disclosed a pre-qualified credit line amount above the initial credit line. You may be eligible to access the full pre-qualified line if you complete the following steps:
Shelton: Activate and use (any activity that would create a payment due) the card within the first 5 months of the account opening.
Shelton: Make the first five monthly payments on time.
Shelton: Credit Steps provides a one-time credit limit increase. Once receiving the credit limit increase, you are no longer part of the Credit Steps program.
Shelton: The credit limit will be adjusted to the pre-qualified amount by:
Shelton: The 7th billing statement if you do not miss a required step.
Shelton: The 10th billing statement if you miss only one required step.
Shelton: The adjustments will be made as follows:
Shelton: If you initial credit line is above $500 then the full pre-qualified credit line is the initial credit line plus an additional $500.
Shelton: Once you complete the five payments on your account you'll see a automatic increase in the 7th billing statement.
Shelton: Some helpful things to keep in mind so you may be eligible are to make your payments on time, avoid exceeding your credit limit, don't have any returned checks, and abide by your customer agreement.

MemberSince99
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Postby MemberSince99 » Thu May 16, 2013 6:21 pm

It's been a while, but from what I remember they tell you if you are in the steps program and also typically send you a letter about it.

If you follow common sense rules of good credit, then you get one CLI at the end of the steps period. That is probably the only one you will ever get with that card (that still beats the number that Discover will give you).

Good tips to remember when you have this Cap One card are be very careful. Fuel pre-authorizations can be 200 dollars in some areas and only come off a couple of days later. That's 2/3 of your available limit just to fill your tank so don't go and spend 150 on groceries right after spending 45 to fill your tank and think you are good - you may not be depending on the pre-auth. Monitor that thing. Pay off the balance as soon as possible, then since they tend to hold payments for 10 days when you are new, call them to get them to restore your credit or again you will run into problems.

This stuff is all Cap One specific, and just the nature of a rebuilder card with them. Despite the PITA of it all, they are still the best way to rebuild or start out, other than a local credit union or say a BofA secured card or some such. (By far they are better than First Premeire and Credit One).



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