Denied, then approved?

[Anonymous]

Hi everyone.

I recently applied for the Capital One Secured MasterCard, and I instantly got denied because of the associates recommended me to apply as a full-time employee, even though I am a full time student. After days of calling and talking to people from Capital One, I got approved with a credit line of $200 after making my deposit. Although, I got a hard inquiry on my credit score and I still don't know if it's going to go away. 

Help, please? Thank you.

[Anonymous]

Whenever you apply for credit, even secured cards, you are going to get an inquiry on your credit file. Capital One pulls from all 3 bureaus. 1 inquiry won't hurt you. Inquiries fall off your report after 2 years. 

[Anonymous]

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@Anonymous wrote:

Hi everyone.

I recently applied for the Capital One Secured MasterCard, and I instantly got denied because of the associates recommended me to apply as a full-time employee, even though I am a full time student. After days of calling and talking to people from Capital One, I got approved with a credit line of $200 after making my deposit. Although, I got a hard inquiry on my credit score and I still don't know if it's going to go away. 

Help, please? Thank you.

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Congrats on your approval! Is it customary for Cap 1 to pull a credit report for their secured card? As far as I know, anytime a person applies for credit an inquiry (SP or HP) is needed. I'm sure others will chime in. 

[Anonymous]

In 6 months of god use and keeping it paid, they'll graduate it to a regular CC and give you a 300 CLI. They're great for rebuilding and after a year, those INQ's will not matter.

[fltireguy]

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@Anonymous wrote:
In 6 months of god use and keeping it paid, they'll graduate it to a regular CC and give you a 300 CLI. They're great for rebuilding and after a year, those INQ's will not matter.

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I don't know where you get your info, CapOne secured cards do NOT grduate. Ever.

[Anonymous]

First-hand experience fltireguy.

I sent a deposit of $49, they gave me a limit of $200, couple months later, I bumped it another $200 cash giving me a $400 limit. At the 6 month mark, they gave me a $300 CLI and converted it to a regular CC and took the "deposit more funds" link away.

So yes, it does graduate. I was never able to merge it with my QS, nor PC to something else, but for all intents and purposes, it did graduate from a secured card to a credit card.

I only speak from experience.

[Anonymous]

Gardener76 did you end up getting the deposit you left at time of application refunded to you? or did they keep it and give you a cli?

[Anonymous]

They kept it and gave the CLI, making my available credit $700. When I closed it last month, they refunded the $249 I had invested in it.

It's a good card to rebuild with, it served its purpose, then i closed it. It'll stay on my reports as a positive tradeline for 10 years.

[Closingracer99]

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@fltireguy wrote:

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@Anonymous wrote:
In 6 months of god use and keeping it paid, they'll graduate it to a regular CC and give you a 300 CLI. They're great for rebuilding and after a year, those INQ's will not matter.

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I don't know where you get your info, CapOne secured cards do NOT grduate. Ever.

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They do....