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Established Contributor
Posts: 591
Registered: ‎05-05-2012
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Cap One Secured Question.

Hi everyone. I have a CapOne Q.

I have the capone secured a little over a year now with a 400.00 cl. I SD this card because iti has such a low limit. I want to raise the cl (I have no faith CapOne doing an auto cl on it's own and knowing how stingy they are) should i raise i on my own by making a deposit?
I got them waive the fee for this year and i found out that it doesn't report as "secured" card, but rather as a credit card.

Also do they hp for making a deposit and whats the maximum amount for a deposit? Or should i close it completely?

Thanks in advance.


Gardening Since: March 4, 2013.
In My Wallet: Chase: Freedom Visa Signature | Sapphire Preferred World Mastercard. |
Super Contributor
Posts: 7,318
Registered: ‎12-11-2011
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Re: Cap One Secured Question.

No HP for making a deposit.

Your secured card can have a limit up to $3,000.if the fee is waived i would keep it unless you need the deposit back. The cap1 secured, like you said, doesnt report as secured so if you've got the cash to throw in there it can help you get a higher starting limit on an unsecured card from another bank when you app.
Established Contributor
Posts: 591
Registered: ‎05-05-2012
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Re: Cap One Secured Question.

Thanks! That's what i was thinking. I'll probably make the deposit and keep it SD and just charge a small amount per month to keep it active. As long as it helps me it can't hurt to keep it.
Gardening Since: March 4, 2013.
In My Wallet: Chase: Freedom Visa Signature | Sapphire Preferred World Mastercard. |
Moderator
Posts: 14,062
Registered: ‎04-15-2011
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Re: Cap One Secured Question.

How's your CR looking now?  Are you close to apping for unsecured?

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Established Contributor
Posts: 591
Registered: ‎05-05-2012
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Re: Cap One Secured Question.

I actually have prime cards, with chase, citi, bofa, WF an even an Amex. The thing was the Capone has the lowest Cl compare to the rest so i just wanted to see if it was a good idea to bump up it's limit on my own since i don't expect Capone to do it or i i should just close it completely.
Gardening Since: March 4, 2013.
In My Wallet: Chase: Freedom Visa Signature | Sapphire Preferred World Mastercard. |
Contributor
Posts: 83
Registered: ‎06-02-2012
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Re: Cap One Secured Question.


ObeyJohnny12 wrote:
I actually have prime cards, with chase, citi, bofa, WF an even an Amex. The thing was the Capone has the lowest Cl compare to the rest so i just wanted to see if it was a good idea to bump up it's limit on my own since i don't expect Capone to do it or i i should just close it completely.

If I were you , I would not worry about a limit on Cap1 for a second , and close it in a heartbeat , forget about putting your cash in it.


Starting Score: FICO EQ-660 TU-658 07/2012
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Established Contributor
Posts: 712
Registered: ‎06-11-2012
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Re: Cap One Secured Question.

Raising the limit to the Capital One would've helped if you did it before applying for prime cards. First prime card would've given you $4000-6000 and second would probably try to match that.


DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Cap One Secured Question.

There is no point in keeping the card as you no longer need it to build credit.    I would close it.

Contributor
Posts: 75
Registered: ‎07-15-2011
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Re: Cap One Secured Question.

You could increase your deposit to the maximum of $3000 then close it to have the $3000 report to the CBs. Capital One is pretty quick at returning the deposit so if you could spare the money for a month....

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Cap One Secured Question.


jmcmillan wrote:

You could increase your deposit to the maximum of $3000 then close it to have the $3000 report to the CBs. Capital One is pretty quick at returning the deposit so if you could spare the money for a month....


Better plan on 3 months for money tied up.   They say 60 days and for me it took a little longer.    Probably not worth the trouble, IMO. 

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