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Cap 1 Secured?

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Erika3o3
Regular Contributor

Cap 1 Secured?

Looking for reviews on this card. Is it a good starter card for rebuilding? Also if approved how long does it take to get the card in the mail?

Fico 8 Scores as of 5/29/21
Equifax: 606 / Transunion 641 / Experian 647

Captial One Platinum: $500
Capital One QuickSilver: $2000
Discover IT: $1,500
Kohls: $300
Message 1 of 6
5 REPLIES 5
Wolf3
Senior Contributor

Re: Cap 1 Secured?


@Erika3o3 wrote:

Looking for reviews on this card. Is it a good starter card for rebuilding? Also if approved how long does it take to get the card in the mail?


Of the major banks, I think it is a good choice.    Not too hard to qualify.    Reports to all CB as regular card (not secured).  Very easy to add to the deposit and build it up over time.    Might get an unsecured CLI at 6 months.   Good history with it will help get a a decent card with them later.

It did well for me.

 

It may take 2 to 4 weeks before you get your card in the mail.

 

Message 2 of 6
SamsungHDTV
Established Contributor

Re: Cap 1 Secured?


@Wolf3 wrote:

@Erika3o3 wrote:

Looking for reviews on this card. Is it a good starter card for rebuilding? Also if approved how long does it take to get the card in the mail?


Of the major banks, I think it is a good choice.    Not too hard to qualify.    Reports to all CB as regular card (not secured).  Very easy to add to the deposit and build it up over time.    Might get an unsecured CLI at 6 months.   Good history with it will help get a a decent card with them later.

It did well for me.

 

It may take 2 to 4 weeks before you get your card in the mail.

 


Pros:

Easy to qualify (as most secured cards are)

Reports as regular card

Easy to add deposits

Free credit report and FAKO score (Probably best feature)

 

Cons:

Does not graduate (or atleast thats what they told me via chat)

$3000 maximum limit with deposits (other banks offer higher, only a CON if you plan to deposit more than this over time, I'm maxed.)

 

Overall:

$29 annual fee is not bad for secured card, it will serve its purpose. I wouldn't count on it graduating. As for me I don't need it to, I'm planning to close as soon as I get better cards. 

 

Message 3 of 6
Ravensfan2001
Established Contributor

Re: Cap 1 Secured?


@SamsungHDTV wrote:

@Wolf3 wrote:

@Erika3o3 wrote:

Looking for reviews on this card. Is it a good starter card for rebuilding? Also if approved how long does it take to get the card in the mail?


Of the major banks, I think it is a good choice.    Not too hard to qualify.    Reports to all CB as regular card (not secured).  Very easy to add to the deposit and build it up over time.    Might get an unsecured CLI at 6 months.   Good history with it will help get a a decent card with them later.

It did well for me.

 

It may take 2 to 4 weeks before you get your card in the mail.

 


Pros:

Easy to qualify (as most secured cards are)

Reports as regular card

Easy to add deposits

Free credit report and FAKO score (Probably best feature)

 

Cons:

Does not graduate (or atleast thats what they told me via chat)

$3000 maximum limit with deposits (other banks offer higher, only a CON if you plan to deposit more than this over time, I'm maxed.)

 

Overall:

$29 annual fee is not bad for secured card, it will serve its purpose. I wouldn't count on it graduating. As for me I don't need it to, I'm planning to close as soon as I get better cards. 

 


Where do you find the free credit report and score?


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 4 of 6
Revelate
Moderator Emeritus

Re: Cap 1 Secured?

Second best secured card (BOFA, or NFCU as well if you have access being better) in my opinion with a slew of good features.  Well worth it.

 




        
Message 5 of 6
SamsungHDTV
Established Contributor

Re: Cap 1 Secured?

mycreditinform.com is the actual website. You need to sign up through cap 1 though, so I'd suggest you contact them on how to sign up. I think there is a sign up package but i forgot

Message 6 of 6
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