CapOne Secured Card

[Anonymous]

I have  bad credit I am trying to rebuild. My scored hovers around 550-575. Will $200 on a secured card help build my credit any? Is there a better minimum I should get do show improvement on my score? Don't know if it's worth it to put more on a card, that will never go unsecured.

[Anonymous]

I have  bad credit I am trying to rebuild. My scored hovers around 550-575. Will $200 on a secured card help build my credit any? Is there a better minimum I should get do show improvement on my score? Don't know if it's worth it to put more on a card, that will never go unsecured.

[Anonymous]

My wife and her sister had scores in the mid to high 500s and were both approved for unsecured CapOne cards recently. If you have no credit cards, then opening a few (3 seems to be the magic number) will help your credit file.

[Anonymous]

I will try those. WF and BoA denied for their secured cards. So a $200 cl will do some good?

[Anonymous]

It would help your score immensely- if you do not already have any Credit cards. I got the secured card back in Dec 2014 and it improved my score. I also got the CapOne QS One six months later (June 2015). I hear they both go hand in hand. CapOne has a prequal site that will tell you what you best qualify for. But yeah, a CC tradeline will help you. Good Luck!

[Anonymous]

I just signed up for the secured card too.... & thats odd my scores are a bit lower than yours & I got approved for $99 down.

If you dont want to put up the $200 right now, i'd suggest fingerhut or sct just to get some revolving showing on your report if you dont have any just yet.

[Anonymous]

I believe $200 would be the credit limit, not the deposit. But I could be wrong.

[EAJuggalo]

Most secured cards the deposit is the credit limit.  Swing over to CapOne's prequal site and see if you get offered a Platinum or Quicksilver One.  If not then come up with $300 to get the CapOne secured, it may never unsecure but it will open the doors quickly to CapOne unsecured cards.  Use the secured card and allow it to post a very small balance, less than 10% is good.  That should start raising your scores and allowing you better card opportunities.

[Anonymous]

If you go Cap One secured (if they don't offer you a Plat or QS1 and you don't want to wait the 5 months for a Builder Program card to start reporting), then the $200 is probably fine if you really don't want to tie up much money.  If you treat it right, after 5-6 statements they give an unsecured CLI of $300 putting the card at $500 and at that point you may be able to get a QS1 as well, or at least not too terribly long after you get your secured card Credit Steps increase.  I got mine 3 months after my secured card's credit steps hit but then again I didn't try right after so I may have been eligible to get it before that (and mine was a cold app - I didn't have anything come up on the prequal page).

[Anonymous]

I have had my Cap1 Secured card since July and never recieved a CLI even though i have maintained 15% uti and never missed a payment, so its not a gurantee that you will get a CLI on the secured card. HOWEVER, I reapplied for the QS1 and the Platinum and was approved on both this time for a $500 CL so I do feel like the Secured definatly served its purpose even though it never got a CLI. 

[lindsaydruart]

The Cap One Secured card does not graduate but it opens the doors for the higher ranking cards.