12-08-2012 08:30 AM
On September 28, 2012 my lady friend was approved for secured card with a minimum deposit of $99.00.
We sent Capital One $200.00 and she was given a CL of $301.00.
November 19, 2012 I was approved with a minimum deposit of $200.00 so I sent them $400.00. I was expecting a CL of $600.00 to $750.00. When my card arrived yesterday the CL was for $400.00.
I set up online banking with them while doing so this is part of the chat that took place.
Chat Information Welcome to our Capital One chat service! One of our Account Specialists will be right with you. This chat will be monitored and recorded.
Chat Information, Whom do I have the pleasure of chatting with today?
Is this a new or existing request that you need assistance with today?
You: Hello new
Tracie: How can help you?
You: I was somewhat surprised to see today when I got my card that the limit was the amount I deposited. I thought you would match me dollar for dollar on everything after $50.00
I certainly understand your concern.
No need to worry.
I will be happy to help you!
Let me review your account and check this for you.
To better assist you, I will need to verify a few pieces of information so that I may access your account to check on that for you. Is that ok?
In order to access your account, please provide your name (exactly as it appears on your credit card), zip code, date of birth and last four digits of your Social Security number.
You: Brett XXXXXXXXXXXXXXXXX
To ensure I have the correct account can you please provide me with the last four digits of your Capital One account number?
I appreciate your time.
Brett, thank you for allowing me to review your account.
Brett, as per your account the credit limit is $400.00 and the available credit is $400.00.
You: Yes I know, I deposited $400.00 with you thought you would match it
I do see that as per your account, Minimum Credit Limit is $200.00 and Current Credit Limit is $400.00.
Yes, I do see that you have made a deposit of $400.00 on 11/20/2012.
Therefore, your credit limit is showing $400.00 on your account, since you've made a deposit on your account.
You: Don't you match it dollar for dollar after the first $50.00. $350.00me $350.00you and $50.00 basic deposit for a credit limit of $800.00
Let me check this for you.
You: sorry $750.00
You: Thank You
Basically, any deposit that you make over the minimum-security deposit amount will increase the credit limit with a 1:1 ratio. For example, the credit limit is increased $1 for every $1 deposited up to a $3,000 credit limit.
You: I didn't get the 1:1 ratio I only got the $400.00 that I deposited
Let me explain this for you.
As you have made a deposit of $400.00 which is already showing up on your account, however if you wish to make a additional deposit you can go ahead and make an additional deposit on your account.
This will show an increase on your credit limit on your account.
You: Okay I have another question When can I pay the $29.00 annual fee
You can make the payment once the first statement get generates on your account. Since you account was newly opened on 11/30/2012.
The first statement will get generate on 12/24/2012.
You: Thank You
Then I called and someone told me that he would see if my CL could be raised but no promises. He ended up transferring me to their secured card specialist and basically I was told no that my CL is $200.0 and they contribute nothing to it.
I paid the $29.00 today even though the first statement has not yet been generated because this morning I was told by CapOne that I could.
I’m confused, did Capital One change their policy in the last couple of months?
12-08-2012 09:00 AM
12-08-2012 09:04 AM
I got a Capital One secured card. Nothing has changed. They do not match what you send in. From what I have read and my own experience the initial credit limit is set at $200 dollars. Anything over $200 raises your credit limit.
Based on your post. They basically did not offer you any credit. They required the entire credit limit.
Your "lady friend" got a $101 dollar credit limit to start with.
Capitol One asked for $49 deposit
Sent in $49 and received $200 credit card (actual credit given $151)
Put $800 more to get limit to $1000 in August 2012
So when I close account, I will receive $849 back.
They do give credit increase after 6 months. I seen several post of $100 increase.
Hope that brings clarity. Also know that the card does not graduate. I was unaware of this when I applied.
12-08-2012 09:06 AM
She has 17 baddies on her credit report I on the other hand have . Makes no sense to me.
I ingnortly thought all offers were the same. I'm to old to not relize the small print is important.
12-08-2012 09:15 AM
Do you have any other credit cards open?
12-08-2012 09:26 AM
Yes WellFargo $300.00 secured and Applied $200.00 secured. Zero balance on Applied and $3.00 on WF. Charge a pack of gum or ice cream on them and of course PIF 4 or 5 days after the statement date.
12-08-2012 09:53 AM
Don't think you are wasting the money. It will just take some time an patience and you will see how fast your credit score grows.
Many threads suggest 3 revolving credit cards will maximize a credit score. Not sure how long you had the other secured cards, but you have enough for now.
Just let them grow for 6 months to a year and do not apply for anything else. Keep the utliziation below 10%. I do 7% since myFICO states high achievers utilization is 7%. My score has gone up an average of 10 points a month since I started rebuilding. And I only carry a balance on 1 card.
If you have recent lates, start paying them on time. If you have any collections, work on offering pfd. Don't give up. It was very hard for me to even pull my credit report after bankruptcy. I waited a year before I started my rebuild.
12-08-2012 09:59 AM
Thanks thats encouraging. No lates, and the one collection is with Midland. I pay them every month.
Want to apply for a VA Mortgage in April when our rental lease is up but AoA's might be agianst me.
12-08-2012 02:56 PM
No problem. I think you should research threads on mortgage and go in and build a relationship with a loan officer since you know which company you want to deal with. I went to a open house for a condo and they had several loan officers there. Brought a hard copy of my report and two lenders looked at it and gave me advise. I hope you are able to get your mortgage in April.