Capital One Secured MasterCard - No More Deposits?

[jeffery581]

I would let it grow with you. Maybe in time they will unsecure.

[Anonymous]

I think the problem that Capital One was running into was that people would just raise their credit limit by doing a deposit instead of paying off the existing balance. Well, people usually look down on secured cards but let's face it ¯\_(ツ)_/¯ Capital One already gives you $200 at the start. That gives you the potential of a 2,800 limit. It's not like you're losing any money, in fact you're earning interest on it.

It was the deal of all deals. It's a good thing it doesn't go into effect until January because I have a huge balance I need to pay down first.

[Anonymous]

Seems as if it is designed to move you quickly away from the secured card.  Say you only have a few hundred dollars then you would have to constantly charge and pay to keep UTI down and would almost through necessity close out the card before a years time for another subprime card, rather than  add funds and continue to use the card as your score improves. 

[Anonymous]

Do people even keep the secured cards? I say why not. I'm not in a hurry to close the account. Especially when I can't get a mid range card yet. You know what they say, the longer the credit history the better.

People shouldn't be so quick to close their secured cards. They're keepers. Discover is nice but you know what? It's not good enough to be a daily driver card. So, I will need to hunt for a 3rd card.

[jeffery581]

Correct me if I am wrong but a credit report doesn't specify secured or unsecured. Even if they did if that's the worst thing on your reports with a high score and decent cards later I would change anything or worry about it.

[Anonymous]

Jeffrey my Discover card reports as Secured.

[Anonymous]

My hubby's doesn't report as secured. Haven't gotten mine yet so I can't say for it.

[Anonymous]

I think I got a screenshot.

[Anonymous]

They just came out with a rebuild platinum. Check it out on their sit.

[Anonymous]

Rebuild platinum? Don't we already have that?