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Cap 1 Secured

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jordanmedical
Established Contributor

Cap 1 Secured

How long after doing your deposit did you recieve your card? Is phone or 'net faster?

 

 

How fast is increasing the cl through an additional deposit?

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Cap 1 Secured

Last September, my husband and I applied on the internet.  It took a month to get the cards and, when we added money to bring the credit limit up, it took 10 days for the money to clear through ACH.  Also, the card took awhile to report to all 3 CRAs and, at first, when we paid the bill, that took several days to clear.  Using secured credit cards, any kind -- I have 3 -- is a very slow process at first.  Our USAA secured card took the longest and our secured card from US Bank, while taking a long time, was actually the fastest of the 3.  I am very thankful for there being secured cards to use to build with but, they don't ever say "you'll receive your card in 5-7 days" like unsecured cards do. 

 

I wish you well on your credit journey! 

Message 2 of 7
BrokaToe
Established Contributor

Re: Cap 1 Secured

Generally with the Cap1 secured card, it will take around 3 weeks to receive your card in the mail after your deposit has been deducted from your bank account.  If you ordered a special card design, it could possibly take a little longer.  First you will receive an email stating your image has been approved, then you will recieve another letting you know your card has shipped.  Then usually within a week after that it should arrive in the mail.  This was my experience anyway, and from what I've read, others have had the same experience with this.


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Message 3 of 7
injustifiiable
Valued Contributor

Re: Cap 1 Secured

I have an exact timeline:

 

3/13 - Applied and approved

3/14 - Funded initial deposit

3/15 - Deposit leaves account

3/28 - Since I chose a custom image, I got an email saying my image was approved and I would be getting the new card in "7-10 days"

4/3 - Get an email from CapOne saying that the card was "shipped yesterday" and should be arriving in 7 days

4/4 - The card is in my mailbox.

 

I haven't made another deposit yet, but other posts here have said it could take up to 10 days for the additional credit to apply.

 

At least for me, it reported right after the first statement cut. I made a payment in the middle of the first month so that probably sped it along a bit.

 

Hope that helps!

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Message 4 of 7
jordanmedical
Established Contributor

Re: Cap 1 Secured

Thx guys, won't get a specialiaty design, don't wanna get too attached to this card lol.

 

Wonder why it takes so long, maybe they should have a wire option like Capital Bank's Secured Card.

 

Just did deposit and leave town in 3 weeks so I was worried.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Message 5 of 7
Revelate
Moderator Emeritus

Re: Cap 1 Secured


@jordanmedical wrote:

Thx guys, won't get a specialiaty design, don't wanna get too attached to this card lol.

 

Wonder why it takes so long, maybe they should have a wire option like Capital Bank's Secured Card.

 

Just did deposit and leave town in 3 weeks so I was worried.



Mostly because it can take on the order of 10 days, 3 on the ACH (I don't know why it's not a technical reason) and another 7 or so on the funds verification (anti-fraid / whatever else) for an initial deposit to go through.  The clock doesn't start on generating the card until that happens, and it looks pretty similar to a standard unsecured timeline after that.

 

It sucks, but it's the same amount of time it has taken me to open a remote checking account and do the initial funds transfer, or the Amex prepaid card, and there are plenty of other similar circumstances.  It's an artifact of our financial system unfortunately; however, when you consider that building one's credit score takes years, another month even of delay isn't exactly the worst thing in the world... it just can be inconvient timing sometimes.

 

If you're leaving for an extended period, just ask the post office to hold your mail, or ask a neighbor to help you out.

 




        
Message 6 of 7
Wolf3
Senior Contributor

Re: Cap 1 Secured


@jordanmedical wrote:

How long after doing your deposit did you recieve your card? Is phone or 'net faster?

 

 

How fast is increasing the cl through an additional deposit?


I made a lot of additional deposits.   They all took about 10 business days.

Message 7 of 7
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