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Cap One Secured Card Cli deposit?

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Anonymous
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Cap One Secured Card Cli deposit?

Hi all,

 

I have had a secured cap one card for about 10 months now. At the 6 month mark i recieved a cli increase which has brought my card to a $500 limit. I have recently recieved a letter stating i wont be allowed to increase my limit through deposit starting Jan 19,2016. Is there any good reason to increase before this date? I only have one other secured card and that has a $300 limit. 

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Cap One Secured Card Cli deposit?


@Anonymous wrote:

Hi all,

 

I have had a secured cap one card for about 10 months now. At the 6 month mark i recieved a cli increase which has brought my card to a $500 limit. I have recently recieved a letter stating i wont be allowed to increase my limit through deposit starting Jan 19,2016. Is there any good reason to increase before this date? I only have one other secured card and that has a $300 limit. 


No don't bother putting more money into it, it's time for unsecured card. Check their prequal
Message 2 of 8
Anonymous
Not applicable

Re: Cap One Secured Card Cli deposit?

I have tried but same message "couldnt match my records to a card offer". I thought it was a good sign when they gave me the $300 credit limit increase after 6 months but according to the site i still dont qualify. I still think about trying to apply anyway, and if i get denied i can call them to recon. I am an authorized user on a family members quicksilver and platinum card as well. They have also used and payed the card responsibly, so i am unsure if my scores or whats keeping me from getting an unsecured card of my own. My scores are in the mid 500's with transunion being the highest at 561. My thinking was also maybe having a card with a high credit limit will help my chances getting higher credit limits with other lenders later on.

Message 3 of 8
brother7
Established Contributor

Re: Cap One Secured Card Cli deposit?


@Anonymous wrote:
No don't bother putting more money into it, it's time for unsecured card. Check their prequal

I agree with richardbb85.

Secured cards should be viewed as stepping stones to unsecured cards. You state you have 2 unsecured cards. If you have managed your credit wisely (no lates), identify the date when 1) your oldest card is at least one year old and 2) your most recent inquiry is at least 6 months old. Make it a point to get your utilization for each card (the balance reported to the CRA) <10%. Then see what cards you prequalify for (some major card issuers will have a "See if you're prequalified" link). If you can prequalify for some sort of rewards card, that'd be GREAT!

 

Good luck!

 

EDIT: I noticed your credit score is in the 500s. That's what is holding you back. There must be more of your credit report than you're telling us. My new advice is to pull your credit reports from the 3 CRAs and see what negative items can be contested/removed. Based on your score in the 500s, it will be a while before you'll qualify for an unsecured card on your own. Gotta clean the credit report up first.



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Message 4 of 8
Anonymous
Not applicable

Re: Cap One Secured Card Cli deposit?


@Anonymous wrote:

I have tried but same message "couldnt match my records to a card offer". I thought it was a good sign when they gave me the $300 credit limit increase after 6 months but according to the site i still dont qualify. I still think about trying to apply anyway, and if i get denied i can call them to recon. I am an authorized user on a family members quicksilver and platinum card as well. They have also used and payed the card responsibly, so i am unsure if my scores or whats keeping me from getting an unsecured card of my own. My scores are in the mid 500's with transunion being the highest at 561. My thinking was also maybe having a card with a high credit limit will help my chances getting higher credit limits with other lenders later on.



Still apply for the platinum and QS1. You should get it

Message 5 of 8
Anonymous
Not applicable

Re: Cap One Secured Card Cli deposit?

I am def thinking of just applying. My report is def not great, and while I have managed to get a few things removed still needs about another year before most items that are left on it fall off. The items that have recently appeared are all medical collections as I have been ill the last few years.

Message 6 of 8
Anonymous
Not applicable

Re: Cap One Secured Card Cli deposit?


@Anonymous wrote:

I am def thinking of just applying. My report is def not great, and while I have managed to get a few things removed still needs about another year before most items that are left on it fall off. The items that have recently appeared are all medical collections as I have been ill the last few years.


Instead of trying to add more money, I would work on trying to settle some of those medical collections and attempting PFD.  I'm sorry you have been ill; I hope your doing better now.   If you have maintained a good payment history with the cards you have and eliminate some of the collections, you should see a rise in your score hopefully enough to get you into Platinum/QS range.  Good luck.Smiley Wink

Message 7 of 8
ryox03
Regular Contributor

Re: Cap One Secured Card Cli deposit?


@Anonymous wrote:

I have tried but same message "couldnt match my records to a card offer". I thought it was a good sign when they gave me the $300 credit limit increase after 6 months but according to the site i still dont qualify. I still think about trying to apply anyway, and if i get denied i can call them to recon. I am an authorized user on a family members quicksilver and platinum card as well. They have also used and payed the card responsibly, so i am unsure if my scores or whats keeping me from getting an unsecured card of my own. My scores are in the mid 500's with transunion being the highest at 561. My thinking was also maybe having a card with a high credit limit will help my chances getting higher credit limits with other lenders later on.


Don't worry about the prequal. I have been approved for the QS1 and QS and I have NEVER had anything show up there. Ymmv of course.

$1,000 Amex ED, Amex PRG- NPSL,$5,000 Quicksilver Visa, $3750 CO Quicksilver One, $3,300 BarclayCard Rewards,$2000 Paypal Credit, $3500 Walmart, $1700 Target. $5000 Kay Jewlers, $3500 Amazon Prime Store Card, $1,600 Discover IT

652 EQ 661 TU 650 EX 4/19/2016
Message 8 of 8
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