Capital One Secured Card and I'm on my way...

[mocha82]

I applied for a Capital One Secured Mastercard and I was $200 CL w/ a $49 deposit.  I paid on the spot!  I had a charge-off with them that I recently settled.  I had applied for the same card back in Nov. of 2010 and they required a $200 deposit.  I'm assuming that my credit is finally moving in the right direction.  I have paid off all of my debt excluding the University of Phoenix charge-off  that I'm working with the Attorney General's office to get removed ($2210), my student loans, and a few medical bills that I am waiting to fall off once my insurance finally pays for them.  Yay me!  I'm so excited.  I hope Capital One are good with unsecured CLI.  I also have a Orchard Bank unsecured MC ($300 limit) that is currently at a $0 balance.  I am praying that the changes that I have made so far will help my score so that I can apply for a mortgage by the end of this year or the beginnign of 2012.  So far my score has gone from the high 400s to mid 500s.  Thanks to the myFico forums. 

[Wolf3]

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@mocha82 wrote:

I applied for a Capital One Secured Mastercard and I was $200 CL w/ a $49 deposit.  I paid on the spot!  I had a charge-off with them that I recently settled.  I had applied for the same card back in Nov. of 2010 and they required a $200 deposit.  I'm assuming that my credit is finally moving in the right direction.  I have paid off all of my debt excluding the University of Phoenix charge-off  that I'm working with the Attorney General's office to get removed ($2210), my student loans, and a few medical bills that I am waiting to fall off once my insurance finally pays for them.  Yay me!  I'm so excited.  I hope Capital One are good with unsecured CLI.  I also have a Orchard Bank unsecured MC ($300 limit) that is currently at a $0 balance.  I am praying that the changes that I have made so far will help my score so that I can apply for a mortgage by the end of this year or the beginnign of 2012.  So far my score has gone from the high 400s to mid 500s.  Thanks to the myFico forums. 

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   This is new.   Minimum Security Deposit :$49, $99 or $200 refundable deposit based on your credit   Minimum security deposit gets you a $200 line.

   That is a nice feature. 

[tobey]

Whaa?? This is new. I think Capital One owes me a $150 refund then...

[mocha82]

I would have felt the same way if I would have signed up back in November.  I think that secured cards are going to start making a come back because so many people are trying to rebuild their credit.  There is definitely a market for secured cards these days.

[mocha82]

I applied for this card on 02/23/2011.  The account was activated on 03/05/2011.  My due date was 04/06 and capital one just reported for the first time today (04/14/2011)  on my transunion and equifax report (experian hasn't reported yet).  My Equifax score dropped from 595 to 594.  I haven't received an alert for Transunion yet....

[texasman07]

I have had this Card Since September of 2010.  I had to Deposit 200.00$ Its a good Card. I use it an PIF every month. A month after I got my secured Card Cap1 sent me a pre approval in the mail for a Rewards No Hassel. I applied and got approved 500 CL with credit steps program to get to 750 for my next level.  I hit that next month. As for their Secured Card, its easy to add funds and increase your CL.  I think after 1 year they Unsecure the card but im not too sure on that. I called Customer Service and they told me to keep doing what Im doing and the card will unsecure. As for secured card I just got approved for a Bank of America Power Rewards SECURED CARD. I didnt even know they offered it but it was a counter offer to the regular unsecured card. 

[mocha82]

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@texasman07 wrote:

I have had this Card Since September of 2010.  I had to Deposit 200.00$ Its a good Card. I use it an PIF every month. A month after I got my secured Card Cap1 sent me a pre approval in the mail for a Rewards No Hassel. I applied and got approved 500 CL with credit steps program to get to 750 for my next level.  I hit that next month. As for their Secured Card, its easy to add funds and increase your CL.  I think after 1 year they Unsecure the card but im not too sure on that. I called Customer Service and they told me to keep doing what Im doing and the card will unsecure. As for secured card I just got approved for a Bank of America Power Rewards SECURED CARD. I didnt even know they offered it but it was a counter offer to the regular unsecured card. 

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Do you know what your scores were when you applied for each card?  I am interested in getting a unsecured card from Capital One as well.

[texasman07]

Im pretty sure they were above 610 but below 630.  Somewhere in that range. 

[texasman07]

Also I had at the time one Charge off for $500 in 2008 and one in Collections at that time for $500.00 (Same company they sold the account) I recently paid it off so now im collections free!!

[mocha82]

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@texasman07 wrote:

Also I had at the time one Charge off for $500 in 2008 and one in Collections at that time for $500.00 (Same company they sold the account) I recently paid it off so now im collections free!!

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I have 2 accounts.  I medical bill $1045.00 and one from University of Phoenix $2110.00  I plan to take care of them by the end of May.  Hopefully I will see a big increase if I PFD.