@Anonymous wrote:
I was denied a secured card from HSBC, which really depressed me until I was approved by Capital One. I have until July 2nd to give my deposit over the phone or online. Much more convenient than HSBC. Anyways, they asked for at least $99 and I can increase my limit anytime by sending in more at any time. My question is if I send the $99 now so that I can begin rebuilding my credit asap, will it have any kind of negative impact on my score when I send more $$ later to increase my limit. I would like to have up to a $500 limit but cannot send it all now. Just wondering since I'd like to be very careful what I do. Your advice is greatly appreciated.
Thanks in advance.
It's going to help you build a better relationship with Capital one by opening up a secured card. Send in the 1st $99 than send in more or what you can down the road. Even though it's a secured card, manage your utilization well. In other words, if you have $99, don't spend over $50. Pay it down before the statement is dued on your card. Keep doing that and after 6 months with Capital One, call in and ask for the card to become unsecured. Once they see you are reponsible, they may unsecured the card and grant you a CL of $500. Good luck !
