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Cap one secured

Established Member

Re: Cap one secured

It finally started reporting on Experian today, so hopefully it will be on the other 2 soon.  


Starting Score: 4/1/10 - EQ558, TU548, EX564(FAKO)
Current Score: 9/4/10 - EQ665, TU691, EX702(FAKO)
Goal Score: 750


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Message 41 of 49
Established Member

Re: Cap one secured

So I can confirm that it does not report as secured, what a bonus!  I checked my Equifax report, from EQ and it looks like a regular card.  I'll have to start putting more money in to the deposit and raise my limit.  


Starting Score: 4/1/10 - EQ558, TU548, EX564(FAKO)
Current Score: 9/4/10 - EQ665, TU691, EX702(FAKO)
Goal Score: 750


Take the FICO Fitness Challenge
Message 42 of 49
Regular Contributor

Re: Cap one secured

How long after you got your card did it start reporting ? They mailed my card out on 6/24/10 so, I'll probably have it tomorrow 6/28/10. I'm just curious as to how long it takes for them to start showing up on the CRA's. I have CCMP through USAA so, I'll be checking my reports daily. Thanks in advance.Smiley Happy

Message 43 of 49
Regular Contributor

Re: Cap one secured


NWJenA wrote:

So I can confirm that it does not report as secured, what a bonus!  I checked my Equifax report, from EQ and it looks like a regular card.  I'll have to start putting more money in to the deposit and raise my limit.  


What is the difference if it reports as secured or not? Does that affect your FICO score, or maybe the way lendors look at you???

 

Also... I didn't know you could still add money after you made your first deposit. Thats awesome!!!


Starting Score: 640
Current Score: 744
Goal Score: 800


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Message 44 of 49
Established Member

Re: Cap one secured

Upon manual review a lender would see Secured... I'm also an Authorized user and it reports as such on my credit reports.  However the scoring doesn't take into account authorized or secured, so it really helps my Fico scores overall.  Yet, if I need to buy a car, home, or get a loan, then the lender would see one Authorized, one Secured, and one regular credit card, and it would probably hurt my chances of securing a loan or I would get a interest rate... I'm not positive, but that's what I've gathered from the forums.   

 

I'm really pleased with Cap One so far, at least with the ease of adding to my limit.  I will be curious to see how they do non secured CLI's, as mentioned on the website. 


Starting Score: 4/1/10 - EQ558, TU548, EX564(FAKO)
Current Score: 9/4/10 - EQ665, TU691, EX702(FAKO)
Goal Score: 750


Take the FICO Fitness Challenge
Message 45 of 49
Regular Contributor

Re: Cap one secured

I finally got my card in the mail today & I set up the online banking part. I already setup a charge on my card for USAA credit monitoring which is $12.50 per month & it'll be a recurring charge each month. That's all I'll be using my Capital One card for for establishing credit. I'll post back in the future to keep everyone informed of any CLI that I may get in the future since they said you can earn unsecured increases with timely payments & monthly charges to your card. They haven't taken the AF of $ 24.00 yet so, I'm assuming they'll do it when the 1st bill comes.

Message 46 of 49
Contributor

Re: Cap one secured

I couldn't resist. I applied and was approved for this card last night. It's a very painless process, I was apporoved and they said the card would be on its way before I even knew what happend! Plus they don't take your money until you've actually been approved. Other companies should take note there.

 

I forgot to enter my email address though, apparently it's optional. Hopefully they don't have anything important to tell me between now and when the card gets here...


Starting Score: 737
Current Score: 777
Goal Score: 850


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Message 47 of 49
New Member

Re: Cap one secured

I applied for this card and got an instant online approval.  However, I have yet to receive any kind of email regarding this card and the money has already been taken from my bank account.  Is this normal?  I called yesterday and the rep stated that it was still processing and I should receive my card in 10-14 days.  I understand that, but I thought that I would receive some type of correspondence after applying. Hmmm...

Message 48 of 49
New Visitor

Re: Cap one secured

I HAVE ONE & SO FAR ITS BEEN GOOD. ONLY PROBLEM WAS IT TOOK LIKE ABOUT A MONTH FOR ME TO RECIEVE IT, AFTER THEY TOOK MY DEPOSIT OUT OF MY ACCOUNT. THEY DIDNT REPORT UNTIL THE DAY AFTER THE FIRST BILL WAS DUE. THEN I SAW IT ON ALL 3 CREDIT REPORTS. PNC ALSO OFFERS A SECURED CARD & THEY REPORTED THE AFTER I USED THE CARD Smiley Happy

Message 49 of 49